Newcomer Mosaic launches global cybersecurity underwriting teams in US and UK
Global specialty insurer Mosaic will begin underwriting cyber insurance globally from April 1, through teams based in Chicago and London.
Founded by Mitch Blaser last month, Mosaic combines Lloyd’s Syndicate 1609 with a wholly-owned syndicated capital management agency and underwriting hubs in Bermuda, London, the US, and Asia. The company is focused on several complex lines of specialty business which are being launched throughout 2021.
Mosaic’s cybersecurity and privacy coverage is designed to protect diverse industry types and focus on supporting insureds’ ability to not only proactively prevent an attack, but also respond and minimise damage in the aftermath.
The company said it plans to capitalise on strong relationships with US and international retail brokers and clients and leverage its underwriters’ market leadership—including regular collaboration with the FBI, Department of Homeland Security, and National Institute of Standards & Technology (NIST) in the US, the UK National Cyber Security Centre, and the European Union Agency for Cybersecurity (ENISA), to shape industry best practices.
Mosaic’s cybersecurity team in the US and UK includes Yosha Delong, SVP, head of cyber underwriting, who has more than 24 years’ experience in managing liability, professional and cyber lines; James Tuplin, SVP, head of international cyber underwriting, who has more than 18 years of experience underwriting international commercial risk, with a focus on the cyber and tech, media and telecom (TMT) sector; and Brian Dusek, VP, head of cyber underwriting (US), who has more than 20 years of experience as a lawyer, monitoring counsel, claims and insurance professional.
“By establishing an experienced, market-leading team with proven track records and reputation, our cyber risk unit will build an influential global franchise in this very complex class,” said Mosaic CEO Mitch Blaser. “Heightened threats from cyber warfare, data breaches, ransomware and other attacks on systems and software are well recognized and the danger of disruption to industries and economies is significant. We believe this line of business will become increasingly relevant.”
Mosaic offers a broad range of cyber coverages designed to protect insureds from emerging threats facing companies and mitigate incident costs, ranging from crisis services and legal defense to business interruption and data recovery. Primary and excess coverage will focus on middle-market businesses in a variety of industries.
With an ability to lead primary business in both the US and London markets, Mosaic will offer maximum capacity of $10 million for any one risk in North America and up to £10 million internationally.
“Protection for digital assets is becoming ever more critical as new threats emerge daily,” said DeLong. “We look forward to building our cyber portfolio and encouraging deeper understanding and preparation against these incidents and exposures to help industries prioritize a larger cybersecurity culture.”
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