Mosaic Offers $25m In Customized Coverage
Mosaic Insurance has launched a suite of specialized financial institutions products, offering $25 million in investment management insurance [IMI], blended with cyber and other coverage for asset managers, funds, and associated directors.
A spokesperson said, “The global company’s new asset manager form combines professional indemnity, IMI, directors and officers [D&O], crime, and cyber coverages for managers and their funds. Clients can choose fully blended or standalone limits available on a modular basis. Coverage highlights include: first-party cyber coverage; broad mitigation and cost of correction coverage; and broad third-party crime coverage. Separate fund D&O wording is also available on an open-market basis, or via Mosaic’s online portal.”
“Asset managers are operating in an increasingly complex environment, navigating the challenges of market volatility, elevated interest rates, and continued threats of economic recession,” said Tom Dilley, Mosaic’s Global Head of Financial Institutions. “Mosaic is delighted to release a product suite tailored for these professionals, coupling our market-leading claims and underwriting service with a broad mixture of products, combining traditional IMI coverages with first-party cyber coverage.”
The spokesperson said, “Through a 2023 partnership with tech pioneer Safe Security, Mosaic integrates granular telematics into its cyber underwriting process, shaping more accurate risk modelling, correlated with pricing and policy terms. The platform delivers real-time insights into the likelihood of cyber breaches across corporate environments using APIs. The data includes transparent dollar-value risk assessments per attack and pinpoints specific vulnerabilities that could impact cyber ratings and underwriting outcomes.”
“This is another great example of Mosaic’s cross-team collaboration, in this case, Financial Institutions and Cyber divisions working together seamlessly and proactively to provide our clients with access to truly blended insurance cover,” said James Tuplin, Head of International, Cyber, at Mosaic. “Our approach ensures all their needs are met in one place by one insurer.”
The spokesperson said, “The customized product suite underscores Mosaic’s well-established expertise, claims reputation, and underwriting leadership in the sector. Brokers can leverage the specialty insurer’s award-winning digital fund portal to receive real-time price indications on a 24/7 basis for frictionless processing.
“Financial institutions and cyber are two of seven lines of specialty business Mosaic underwrites. The firm also offers coverage for transactional liability, political risk, political violence, environmental liability, and professional liability.”
