Mosaic announces global primary cyber product

Mosaic announces global primary cyber product | Insurance Business Canada

Cyber

Mosaic announces global primary cyber product

Company to offer US$20 million in capacity across its network of underwriting hubs

Specialty insurer Mosaic has announced that it is now underwriting primary cyber insurance globally.

Mosaic will offer US$20 million in capacity across its network of underwriting hubs. The company launched the new 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 in 2021, and has become an increasingly important component of the company’s specialty portfolio as cyber threats have become more widespread and serious, the company said. The primary offering builds partners with top breach specialists to help insured small businesses recover quickly from a cyber event.

“We’re excited to offer a primary cyber insurance solution across all Mosaic’s underwriting regions,” said Yosha DeLong, global head of cyber at Mosaic. “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.”

“We’re pleased to partner with Mosaic in introducing 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 Mosaic is industry-first, dynamically linking security controls to insurance coverage with policy incentives that enable trust, transparency, and resilience across the value chain.”

Mosaic’s cyber insurance policy includes:

Clear, concise and comprehensive wording for both first- and third-party security and privacy events, including liability, regulatory proceedings, business interruption, breach response costs, voluntary shutdown, betterment, and bricking coverages
Diversified capital through Mosaic’s model, which delivers syndicated placements to clients across the globe through established underwriting partnerships
Experienced cyber underwriting teams in seven regional centres: London, Bermuda, Chicago, New York, Toronto, Frankfurt and Dubai
Access to Safe Security’s real-time analysis of a company’s enterprise-wide cyber risk
An online response and recovery roadmap that connects insureds with cyber event specialists
Mosaic’s claims team, which has full claims-settlement authority

Cyber is the fastest-growing of Mosaic’s seven lines of business, 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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