Mosaic brings new tech E&O and cyber excess capacity to market as demand rises
Global specialty insurer Mosaic has expanded its cyber offering with a new excess errors and omissions (E&O) coverage aimed at protecting technology sector companies from rapidly emerging liability risks.
Mosaic will offer the excess capacity and technology E&O coverage to businesses ranging from artificial intelligence, virtual reality, edtech, and IT consulting firms to data analytics companies, software as a service (SaaS), and peer-to-peer platforms.
Underwritten via Mosaic’s Syndicate 1609 with capacity from both Mosaic and partner carriers, the product will be available globally through Mosaic’s cyber hubs in London, Bermuda, and the US, with a minimum attachment point of $10 million.
Tech E&O protects against costly liability or losses stemming from third-party use of products or services. The rise in cyber exposure brought on by cyber warfare, data breaches, ransomware and other attacks on system and software increases related risks to software and hardware manufacturers, electronics and service providers, and telecoms systems.
Launched in February 2021, Mosaic combines Lloyd’s Syndicate 1609 with a wholly-owned syndicated capital management agency, enabling the company to source and underwrite business in regions around the world. Its six lines of business launched to date include: transactional liability, cyber, political risk, political violence, financial institutions, and professional lines.
“We’re excited to announce the progression of our cyber strategy and product offering as we expand into technology E&O,” said Yosha DeLong (Pictured Left), Mosaic’s global head of cyber. “The ability to offer tech E&O and cyber on an excess basis is focused on providing needed solutions to the challenges faced by our clients in an increasingly interconnected world.”
James Tuplin (Pictured Center), Mosaic’s head of international, cyber, added: “I've been writing tech E&O for nearly 15 years and while today’s headlines are focused on cyber, the underlying need for tech companies to purchase protection has also increased. Clients & brokers are asking for more capacity, but have been unable to find it. We’re happy to support them with this new excess capacity we’re bringing to the market.”
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