Mosaic has announced it will be underwriting primary cyber insurance globally, offering US$20 million in capacity across its network of underwriting hubs.
As part of the initiative, the specialty insurer will embed real-time cyber-risk data into its underwriting processes in partnership with SaaS software firm Safe Security.
Mosaic’s Cyber Insurance Policy will offer policy wording for both first-party and third-party security and privacy events.
This will include liability, regulatory proceedings, business interruption, breach response costs, voluntary shutdown, betterment and bricking coverages.
It will also deliver syndicated placements to clients globally through established underwriting partnerships, as well as access to Safe Security’s real-time analysis of a company’s cyber risk.
Safe Security’s software can identify exposure analysis, coverage, and pricing for brokers and insureds through Mosaic x SafeInside.
In addition, Mosaic’s initiative will offer an online response and recovery roadmap to insureds, connecting them with cyber-event specialists who can help them navigate any cyberattack.
To date, Mosaic’s cyber team has worked with the FBI, Department of Homeland Security, and the US’ National Institute of Standards & Technology to combat theft of data and intellectual property by cybercriminals.
Mosaic has cyber underwriting and claims teams in Chicago, New York, Toronto, London, Frankfurt and Dubai.
Yosha DeLong, global head of cyber at Mosaic, says: “We’re excited to offer a primary cyber insurance solution across all Mosaic’s underwriting regions. 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, vice president of insurance strategy and underwriting at Safe Security, comments: “Our partnership with Mosaic is an industry-first, dynamically linking security controls to insurance coverage with policy incentives that enable trust, transparency and resilience across the value chain.”
