Mosaic 1609 and other participating Lloyd’s syndicates have partnered with Safe Security to streamline cyber insurance solutions through newly launched facility Incyde Risk.
According to the announcement, the new facility will provide up to $25mn in capacity on a primary and first-excess basis, with a lead-line by Mosaic 1609, and supported by other Lloyd’s syndicates, to mid market US corporate risks.
Mark Wheeler, Co-CEO of Mosaic, said: “The partnership is profound, as it pairs expert underwriting with highly specialised risk assessment and quantification.
“Safe Security is the de facto industry standard to measure, manage, and transfer cyber risk, and its resulting analytics allow enhanced risk selection combined with objective client differentiation. Such a dynamic scenario equips Incyde Risk to deliver preferential coverage and pricing that reflect individual clients’ demonstrable commitment to cyber security.”
Co-created with technology firm Safe Security, Incyde Risk focuses on US companies with more than $100mn in revenue across financial services, retail, professional services, wholesale, and technology.
Additionally, it also offers customers global 24/7 incident response and experienced in-house claims handling by Mosaic.
The primary customer segment is to be served by Safe. Saket Modi, Co-Founder and CEO of Safe Security, commenteD: “Safe is thrilled to partner with Mosaic and leading Lloyd’s syndicates as the core technology driving the next generation of cyber insurance underwriting with Incyde Risk.
“This is a true testament to the value of quantitative, inside-out underwriting and the changing relationship between insured and insurer. It enables us to add more value to our customers, reducing volatility and adding significant efficiency to the underwriting process with comprehensive insurance aligned with their actual cyber-risk posture.”
Safe’s technology non-intrusively assesses cyber risk on an “inside-out” basis to better understand an organisation’s real-time breach likelihood across a variety of cyberattacks, the transparent dollar-value risk per attack, plus any specific security gaps that could impact the customer’s overall cyber-risk exposure and underwriting.
The firm’s platform simultaneously accumulates cyber-risk telemetry and signals, using APIs, from more than 100 cloud, software as a service (SaaS), cybersecurity products, and external threat intelligence.
Steven Schwartz, VP, Insurance Strategy & Underwriting for Safe Incyde Risk, added: “Our mission is to accelerate and align the global cyber-risk transfer marketplace through transparent underwriting, underpinned by quantified, inside-out cyber-risk data and assessments.”
