Mosaic has announced that it is underwriting primary cyber insurance globally and offering $20 million in capacity across its network of underwriting hubs. The specialty insurer has launched a new coverage in partnership with tech company Safe Security to embed real-time cyber-risk data into its underwriting process.
Mosaic’s primary product leverages Safe Security’s cyber-risk platform, offering inside-out evaluation to organizations and rewarding their investment in security solutions through premium-rate incentives
Cyber was Mosaic’s first product in 2021. It has since become an increasingly important part of its specialty portfolio amid rising threats from cyber warfare, data breaches, ransomware, and other attacks on systems and software.
Mosaic’s primary offering builds on the past two years of successful excess coverage in the vital sector, and partners with expert breach specialists to help insured businesses rapidly recover from a cyber event.
Yosha DeLong, Mosaic’s Global Head of Cyber said, “We’re excited to offer a primary cyber insurance solution across all Mosaic’s underwriting regions. We have always had the vision of being a primary solution and providing insureds with a true partner in a time of crisis. The cyber market has experienced major shifts in the last few years, and we aim to add stability and security to the primary marketplace.”
The new Cyber Insurance Policy offers precise, concise, and comprehensive policy wording for both first-party and third-party security and privacy events, including liability, regulatory proceedings, business interruption, breach response costs, voluntary shutdown, betterment, and bricking coverages.
It also has diversified capital through Mosaic’s model which delivers syndicated placements to clients globally through established underwriting partnerships. The claim team is based globally in London, Bermuda, Chicago, New York, Toronto, Frankfurt and Dubai.
It will also provide customers access to Safe Security’s real-time, inside-out analysis of a company’s enterprise-wide cyber risk, allowing the most accurate exposure analysis, coverage, and pricing for brokers and insureds through both Mosaic and SafeInside.
An online response and recovery roadmap, connecting insureds with cyber-event specialists who help them navigate any cyberattack has been set into place under this policy. Primary and excess policies are designed to protect diverse industry types for stand-alone cyber coverage. Mosaic will support insureds’ ability to not only proactively prevent an attack, but respond and minimize damage in the aftermath.
The company plans to capitalise on strong collaboration with public agencies to combat theft of data and intellectual property by cybercriminals as well as to help shape industry best practices.
Mosaic’s cyber team has worked 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).
Steven Schwartz, VP of Insurance Strategy & Underwriting, Safe Security said, “We’re pleased to partner with Mosaic in introducing the next generation of real-time, inside-out cyber insurance underwriting. Our partnership with Mosaic is industry-first, dynamically linking security controls to insurance coverage with policy incentives that enable trust, transparency, and resilience across the value chain.”
Driven by market demand, global uncertainty, and an increasing number of attacks, cyber is the fastest growing of Mosaic’s seven lines of business. The company’s other divisions include transactional liability, environmental liability, financial institutions, political risk, political violence, and professional liability.
