Mosaic builds cyber underwriting unit in Bermuda
Mosaic Insurance is building out a cybersecurity underwriting unit in Bermuda, to align its global business strategy around the fast-growing risk.
The specialty insurer has transferred its cyber team underwriter George Cole (pictured) from London to the company’s Bermuda corporate headquarters, following his temporary secondment to the island late last year. The move adds another cyber underwriting hub to Mosaic’s expanding network; the company currently has cyber underwriters in London, New York, and Chicago, with plans to add more in Toronto and Frankfurt later this year.
“Bermuda is a center of excellence for underwriting and it’s going to be a really important market for the growth of cyber insurance,” said Yosha DeLong, Mosaic’s global head of cyber.
“There’s a lot of thought leadership and innovation coming out of the Bermuda market, in the cyber space, in particular,” said DeLong. “Part of that can be attributed to this market’s ability to be nimble when looking at product solutions, and it’s going to be a great opportunity. I envision Mosaic launching new products out of Bermuda as we further develop this business line around the world.”
Amid the global rise in ransomware and other impactful attacks, cybersecurity is a core area of expertise for Mosaic and one of its six specialty products that reflect a high technical barrier to entry. The company’s other lines include transactional liability, political risk, political violence, financial institutions, and professional liability.
Cole will underwrite cyber opportunities coming through the Bermuda marketplace, focused on securing high-excess layers of coverage for Mosaic’s global clients. Mosaic intends to provide cyber solutions and thought leadership in major insurance hubs across the globe, with Bermuda playing an important part in that distribution strategy.
“I’m excited to progress our cyber strategy in Bermuda and build out a well-balanced cyber portfolio,” said Cole. “The opportunity we have in Bermuda—to gain visibility into the global market, understand our customers’ changing cyberrisk requirements, and offer commensurate risk-transfer solutions—is unlike that of any other marketplace in the world.”
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