Mosaic Launches Coverage With Safe Security

Mosaic announced it is underwriting primary cyber insurance globally, offering $20 million in capacity across its network of underwriting hubs.

A spokesperson said, “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. 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.”

The spokesperson said, “The Mosaic Cyber Insurance Policy offers:

• Clear, concise, and comprehensive policy wording for both first-party and third-party security and privacy events, including liability, regulatory proceedings, business interruption, breach response costs, voluntary shutdown, betterment, and bricking coverages
• 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 seven regional centers: London, Bermuda, 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 cyber-event 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 supports insureds’ ability to not only proactively prevent an attack, but respond and minimize damage in the aftermath.

“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 market demand, global uncertainty, and an 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.”

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