Mosaic Insurance unveils new proposition for asset managers and funds
Mosaic Insurance unveils new proposition for asset managers and funds | Insurance Business Canada
Professional Risks
Mosaic Insurance unveils new proposition for asset managers and funds
Offering combines investment management insurance with cyber
Professional Risks
By
Terry Gangcuangco
Mosaic Insurance has introduced a suite of products for asset managers, funds, and associated directors, combining investment management insurance (IMI) with cyber protection and other coverages.
The US$25 million financial institutions proposition for asset managers and their funds spans professional indemnity, IMI, directors and officers (D&O), crime, and cyber insurance. Its flexibility allows clients to either opt for a fully integrated policy or select standalone options on a modular basis.
Key features include first-party cyber coverage, broad mitigation and cost of correction coverage, and extensive third-party crime coverage. Additionally, separate fund D&O wording is available either on an open-market basis or through Mosaic’s online portal.
Tom Dilley (pictured), global head of financial institutions at Mosaic, highlighted the complexities faced by asset managers in the current landscape that is marked by market fluctuations, high interest rates, and the persistent risk of economic recession.
“Mosaic is delighted to release a product suite tailored for these professionals, coupling our market-leading claims and underwriting service with a broad mixture of products, combining traditional IMI coverages with first-party cyber coverage,” Dilley said.
James Tuplin, international head for cyber at Mosaic, commented: “This is another great example of Mosaic’s cross-team collaboration; in this case, financial institutions and cyber divisions working together seamlessly and proactively to provide our clients with access to truly blended insurance cover. Our approach ensures all their needs are met in one place by one insurer.”
The new offering comes hot on the heels of a major enhancement at Mosaic. In 2023, the insurer partnered with technological innovator Safe Security. The collaboration has enabled the incorporation of granular telematics into Mosaic’s cyber underwriting process, allowing for more precise risk assessment and pricing.
Aside from cyber and financial institutions, Mosaic also underwrites transactional liability, political risk, political violence, environmental liability, and professional liability.
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