Mosaic Launches Global Primary Cyber Coverage | Insurance Business America
The company will offer $20 million in capacity across its network of underwriting centers
insurance news
By Ryan Smith
Specialist insurer Mosaic has announced that it is now taking out primary insurance for cyber attacks worldwide.
Mosaic will offer $20 million of capacity across its network of underwriting hubs. The company launched the new insurance coverage in partnership with cyber risk management platform Safe Security to embed real-time cyber risk data into its underwriting process.
Cyber was Mosaic’s first product of 2021 and has become an increasingly important part of the company’s specialty portfolio as cyber threats have become more widespread and severe, the company said. The primary offering builds partners with top security breach specialists to help insured small businesses recover quickly from a cyber incident.
“We are pleased to offer a primary cyber insurance solution for all of Mosaik’s insurance regions,” said Yosha DeLong, Mosaic’s Global Head of Cyber. “Our vision has always been to be a primary solution, offering policyholders a true partner in times of crisis. The cyber market has undergone major changes in recent years and our goal is to bring more stability and security to the primary market.”
“We are excited to be working with Mosaic to introduce the next generation of real-time, inside-out cyber insurance underwriting,” said Steven Schwartz, vice president of insurance strategy and underwriting at Safe Security. “Our partnership with Mosaik is unique in the industry, dynamically linking security controls with insurance coverage with policy incentives that enable trust, transparency and resilience across the value chain.”
Mosaic Cyber Insurance includes:
- Clear, concise, and comprehensive language for both first- and third-party security and privacy events, including liability, regulatory process, business interruption, security breach response costs, voluntary closure, enhancement, and bricking coverages
- Diversified capital through Mosaic’s model, delivering syndicated placements to clients globally through established underwriting partnerships
- Experienced cyber underwriting teams in seven regional hubs: London, Bermuda, Chicago, New York, Toronto, Frankfurt and Dubai
- Access to Safe Security’s real-time analysis of an organization’s enterprise-wide cyber risk
- An online response and recovery roadmap connecting insureds with cyber event specialists
- The Mosaic claims team has full claims authority
Cyber is the fastest growing of Mosaic’s seven businesses, the company said. Mosaic’s other divisions include Transactional Liability, Environmental Liability, Financial Institutions, Political Risk, Political Violence and Professional Liability.
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