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Mosaic and Safe Security offer global cyber cover

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Mosaic Insurance, the Bermudian-based global specialty insurer, is underwriting primary cyber insurance globally, offering $20 million in capacity across its network of underwriting hubs.

It launched the new coverage under a pioneering partnership with tech leader Safe Security to embed real-time cyber-risk data into its underwriting process.

Mosaic’s primary product leverages Safe Security’s award-winning cyber-risk platform, offering inside-out evaluation to organisations and rewarding their investment in security solutions through premium-rate incentives.

Participating clients will be the first to benefit from the Mosaic x SafeInside partnership.

Mosaic’s cyber team has worked with the FBI, Department of Homeland Security, and National Institute of Standards & Technology in the US; the UK National Cyber Security Centre; and the European Union Agency for Cybersecurity.

Driven by market demand, global uncertainty, and an increasing number of attacks, cyber is the fastest growing of Mosaic’s seven lines of business.

Cyber was Mosaic’s first product in 2021 and has become an increasingly important part of its specialty portfolio amid rising threats from cyber warfare, data breaches, ransom ware, 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 top-level breach specialists to help insured businesses rapidly recover from a cyber event.

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

“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.”

Steven Schwartz, VP, insurance strategy & underwriting, Safe Security, said the collaboration is introducing the next generation of real-time, inside-out cyber insurance underwriting.

He said: “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.”

Primary and excess policies are designed to protect diverse industry types -- from financial services and retail to manufacturing and construction -- for stand-alone cyber coverage.

Mosaic said it supports insureds’ ability to not only proactively prevent an attack, but respond and minimise damage in the aftermath.

The specialty insurer said it capitalises 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 other divisions include transactional liability, environmental liability, financial institutions, political risk, political violence, and professional liability.

Steven Schwartz, VP, insurance strategy & underwriting, Safe Security

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Published May 12, 2023 at 7:38 am (Updated May 12, 2023 at 7:38 am)

Mosaic and Safe Security offer global cyber cover

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