Mosaic is putting together a cybersecurity underwriting unit to be based in Bermuda.
Citing a desire to align its global business strategy around what it calls a ‘fast-growing risk’, the insurer has moved George Cole, its cyber team underwriter, there from London. Cole will be one of a host of cyber underwriters that the firm has in London, New York, and Chicago. There are already plans to add more in Toronto and Frankfurt in 2022.
Yosha DeLong, global head of cyber for Mosaic, said: ““I’m excited to progress our cyber strategy in Bermuda and build out a well-balanced cyber portfolio. The opportunity we have in Bermuda—to gain visibility into the global market, understand our customers’ changing cyber risk requirements, and offer commensurate risk-transfer solutions—is unlike that of any other marketplace in the world.”
According to Mosaic, Cole will underwrite cyber opportunities coming through the Bermuda marketplace, focused on securing high-excess layers of coverage for the company’s global clients. Mosaic intends to provide cyber solutions and thought leadership in insurance hubs across the globe, with Bermuda playing an important part in that distribution strategy.
The company also said that 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.
Mosaic said it can provide coverage across major insurance placement hubs. The company will be looking to further build out its Bermuda presence in this line, with the hiring of an additional cyber underwriter there this year.
With cyber underwriters now in place in the UK, US, and Bermuda markets, Mosaic said it can provide coverage across major insurance placement hubs. The company will be looking to further build out its Bermuda presence in this line, with the hiring of an additional cyber underwriter there this year.
It is also looking to develop aggregation studies, risk-assessment, loss-prevention, and response capabilities to ensure its cyber underwriting product is informed by advanced data analysis.
The company has been looking to expand its cyber work in recent weeks, having signed to partner with Transverse on US syndicated capacity at the beginning of February. According to Cole’s LinkedIn page, he was hired by Mosaic in August last year, indicating that work to buttress the company’s cyber offerings has been in play for some time.