Mosaic launches international major cyber protection

Specialty insurer Mosaic has introduced that it’s now underwriting major cyber insurance coverage globally.

Mosaic will provide $20 million in capability throughout its community of underwriting hubs. The corporate launched the brand new protection in partnership with cyber threat administration platform Protected Safety to embed real-time cyber threat information into its underwriting course of.

Cyber was Mosaic’s first product in 2021, and has turn into an more and more vital part of the corporate’s specialty portfolio as cyber threats have turn into extra widespread and critical, the company said. The first providing builds companions with prime breach specialists to assist insured small companies get better rapidly from a cyber occasion.

“We’re excited to supply a major cyber insurance coverage resolution throughout all Mosaic’s underwriting areas,” mentioned Yosha DeLong, international head of cyber at Mosaic. “We’ve got all the time had the imaginative and prescient of being a major resolution and offering insureds with a real associate in a time of disaster. The cyber market has skilled main shifts in the previous couple of years, and we goal so as to add stability and safety to the first market.”

“We’re happy to partner with Mosaic in introducing the subsequent era of real-time, inside-out cyber insurance coverage underwriting,” mentioned Steven Schwartz, vp of insurance coverage technique and underwriting at Protected Safety. “Our partnership with Mosaic is industry-first, dynamically linking safety controls to insurance coverage protection with coverage incentives that allow belief, transparency, and resilience throughout the worth chain.”

Mosaic’s cyber insurance coverage coverage contains:

• Clear, concise and complete wording for each first- and third-party safety and privateness occasions, together with legal responsibility, regulatory proceedings, enterprise interruption, breach response prices, voluntary shutdown, betterment, and bricking coverages
• Diversified capital by means of Mosaic’s mannequin, which delivers syndicated placements to shoppers throughout the globe by means of established underwriting partnerships
• Skilled cyber underwriting groups in seven regional facilities: London, Bermuda, Chicago, New York, Toronto, Frankfurt and Dubai
• Entry to Protected Safety’s real-time evaluation of an organization’s enterprise-wide cyber threat
• An internet response and restoration roadmap that connects insureds with cyber occasion specialists
• Mosaic’s claims workforce, which has full claims-settlement authority

Cyber is the fastest-growing of Mosaic’s seven traces of enterprise, the corporate mentioned. Mosaic’s different divisions embody transactional liability, environmental legal responsibility, monetary establishments, political threat, political violence, {and professional} legal responsibility.

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