Good news for brokers, as Mosaic has announced it is underwriting primary cyber insurance globally, offering $20 million in capacity across its network of underwriting hubs. The specialty insurer launched the new coverage under a pioneering partnership with tech leader Safe Security to embed real-time cyber-risk data into its underwriting process.
Cyber has been difficult to write for some businesses and public sector departments as in the past security breaches and data loss incidents have occurred. But Mosaic has taken the partner approach, where everyday cyber security becomes part of the operational culture – has to be a better way.
Here’s the word;
Mosaic’s primary product leverages Safe Security’s award-winning cyber-risk platform, offering inside-out evaluation to organizations 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.
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, ransomware, 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.”
“We’re pleased to partner with Mosaic in introducing the next generation of real-time, inside-out cyber insurance underwriting,” said Steven Schwartz, VP, Insurance Strategy & Underwriting, 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.”
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