Mosaic Launches Global Primary Cybersecurity Coverage with Safe Security Partnership
Mosaic today announced it is underwriting primary cyber insurance globally, offering up to $20-million limits 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.
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. Its primary offering builds on the past two years of successful excess coverage in the vital market, 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.”
The Mosaic Cyber Insurance Policy offers:
- Clear, concise, and comprehensive policy wording for coverage of regulatory proceedings defense costs, business-interruption expenses, voluntary shutdown, inclusive of betterment & bricking coverage.
- Diversified capital through Mosaic’s unique model which delivers syndicated placements to clients globally through established underwriting partnerships.
- Deeply-experienced cyber underwriting and claims teams in six regional centers: London, Chicago, New York, Toronto, Frankfurt and Dubai.
- Access to Safe Security’s real-time, inside-out analysis of a company’s enterprise-wide cyber risk, allowing the most accurate exposure analysis, coverage, and pricing for brokers and insureds through Mosaic x SafeInside.
- An online response and recovery roadmap, connecting insureds with hotline specialists who help them navigate any cyberattack.
- Mosaic’s highly-skilled claims team, which has full claims-settlement authority.
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 focuses on supporting insureds’ ability to not only proactively prevent an attack, but also respond and minimize damage in the aftermath of one.
The specialty insurer capitalizes 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. To date, Mosaic’s cyber team has worked with the FBI, Department of Homeland Security, and National Institute of Standards & Technology (NIST) in the US; the UK National Cyber Security Centre; and the European Union Agency for Cybersecurity (ENISA).
Driven by high market demand, global uncertainty, and the increasing number of attacks, cyber is the fastest growing of Mosaic’s seven lines of business. The company’s other divisions include transactional liability, environmental liability, financial institutions, political risk, political violence, and professional liability.
Mosaic is a next-generation, global specialty insurer harnessing visionary leadership, exceptional underwriting talent, a focus on complex product lines, and a digitized operating model. Coupling Lloyd’s Syndicate 1609 with a wholly-owned syndicated capital management agency, Mosaic is uniquely positioned to offer capacity and custom service to clients in markets around the world. We leverage the legacy of Lloyd’s, along with the market’s global license network and financial-strength ratings: A+, Strong Outlook (Standard & Poor’s); A, Excellent Outlook (AM Best); AA-, Very Strong Outlook (Fitch Ratings). Visit mosaicinsurance.com and follow us at @Mosaic1609.
About Safe Security
Safe Security is the leader in cyber risk management SaaS platforms. SAFE has redefined cyber risk measurement and management with its real time, data driven approach that empowers enterprises, boards, regulators and cyber insurance carriers to understand cyber risk in an aggregated and granular manner. Using Safe's predictive AI driven data models, co-developed with MIT, customers are now empowered to translate the bits and bytes of cyber risk into dollars and cents so that they can prioritize their cyber investments to most effectively mitigate their risk and understand the return on security investments. SafeInside is our next-generation cyber risk quantification and underwriting platform, enabling real-time, inside-out cyber insurance underwriting. Having raised over $100m, Safe is growing over 200% year-over-year and serves some of the largest global enterprises. visit https://www.safe.security/cyber-insurance and follow us at @SafeCRQ