Mosaic in $20m US syndicated cyber capacity deal with Transverse

Global specialty insurer  Mosaic has partnered with hybrid fronting carrier  Transverse Insurance Group to activate $20 million in cybersecurity capacity in the US market.

Cybersecurity is a core area of expertise for Mosaic, where it is developing aggregation studies, risk-assessment, loss-prevention and response capabilities through advanced data analysis and objective differentiation in client selection.

Transverse, launched in 2018 with offices in New York, New Jersey and Texas, serves the programme, managing general agency (MGA), and reinsurance markets.

The strategic partnership is an expansion of Mosaic’s syndicated programme launched in December, which invites capital from commercial carriers to write complex specialty risks in regional markets worldwide.

The initiative, brokered by Acrisure and based on London’s subscription market, matches Mosaic’s proprietary capital through its Lloyd’s Syndicate 1609 with trade-partner capacity for commercial clients at a time of rapidly rising demand for coverage driven by increasing threats from cyber warfare, data breaches, ransomware, and other attacks on systems and software.

“We’re thrilled to work with Transverse as a fronting partner to facilitate US-market access to those participating in our syndicated capital business,” said Mosaic’s Chris Brown (pictuered), EVP, Syndicated Capital Management. “The distribution advantage allows our leading cyber team to deploy additional stable, syndicated capacity at a time of critical need. The arrangement also epitomizes our objective of connecting capital directly with designated exposures in specific territories. By doing so, we construct optimally customized portfolios of risk for our capital partners.”

Erik Matson, chairman, CEO and co-founder of Transverse, said: “We look forward to partnering with Mosaic for this US-syndicated cyber capacity programme. Mosaic has a proven track record in the specialty underwriting space, and its team brings deep knowledge to this program. With the need for cyber security at an all-time high, we believe this partnership adds value to the market.”

Yosha DeLong, Mosaic’s global head of cyber, who runs a team of eight cyber specialists based in the US, UK and Bermuda, noted: “Through the cyber lens, a lot of companies are becoming more circumspect around exposure and are moving more carefully. We’ve got market-leading talent, we’re growing, and we’re looking for opportunities.”

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