Mosaic Insurance has entered the digital asset market, launching a combined cyber and financial institutions crime product.

The firm aims to provide robust protection to the rapidly growing, yet historically underserved sector.

According to the company, the new modular product suite offers stand-alone or blended coverage across cyber, technology errors and omissions and crime. It is tailored to complex, evolving risks faced by digital asset businesses.

The solution provides up to $10 million in capacity for cyber and tech, and up to $5 million for crime exposures, underwritten via Mosaic’s worldwide agency network on behalf of its Lloyd’s Syndicate 1609 and backed by its A+-rated global carrier partners.

“The solution is designed for a broad spectrum of digital asset clients, spanning fast-growing innovators to mature market participants and including exchanges, custodians, trading platforms, blockchain analytics firms, miners, exchange-traded funds structures, real world asset platforms and wallet providers,” the company stated. “These businesses have often faced fragmented market responses, with narrow cover, limited capacity or declinations driven by perceived volatility or regulatory uncertainty.”

Mosaic’s global head of cyber, Brian Bonkoski, said Mosaic is bringing the first comprehensive Lloyd’s A+-rated cyber, tech E & O and crime capacity to the digital asset space. It is a true differentiator, delivering a level of trust and financial strength that has been lacking in this space, he said.

“With global regulatory licences and underwriting hubs in London, the US, Bermuda, Canada, Europe, Dubai and Singapore, we offer seamless coverage to clients, regardless of domicile or the jurisdictions they serve,” Mr Bonkoski said.

Line sizes and policy structure mirror those accessible to Mosaic’s non-digital asset clients and the product offers cyber, tech and crime coverage from a single underwriting platform, removing common coverage gaps.

The launch is underpinned by Mosaic’s first strategic partnership in the sector with Native, a specialist broker in digital assets.

Through the Native Risk Collective, companies that integrate approved vendors and services that improve their risk posture can get enhanced coverage and better premiums.

“Digital asset clients have long needed insurance that understands their risks, offers meaningful capacity, and brings a long-term view,” said Kieran Quigley, vice-president, underwriter, cyber. He spearheaded the firm’s entry into the sector. “We have listened to clients and brokers and built solutions that reflect the ambition and growing sophistication of this space. We are proud to support innovators driving the next wave of global economic change.”

Mosaic’s global head of financial institutions Tom Dilley said the market is calling for a smarter, joined-up approach to underwriting digital asset risk.

“Mosaic is answering that call with a credible, thoughtful solution,” Mr Dilley said.

Cyber and financial institutions liability are two of seven lines of speciality business at Mosaic; the others include environmental liability, transactional liability, political risk, political violence, and professional liability.