Mosaic & other Lloyd’s syndicates partner to launch new $25m cyber facility
Global specialty insurer Mosaic and other Lloyd’s syndicates have partnered with Safe Security to launch a new cyber facility that will provide up to $25 million in capacity.
Incyde Risk, a new cyber facility powered by Safe Security, led by Mosaic 1609, and supported by other participating Lloyd's syndicates, will provide capacity on a primary and first-excess basis, focusing on mid-market US corporate risks.
Incyde Risk is focused on US companies with more than $100 million in revenue across financial services, retail, professional services, wholesale and technology. Claims will be handled by Mosaic.
Safe said its technology is designed to assess cyber risk on an “inside-out” basis to better understand an organisation's real-time breach likelihood across a variety of cyberattacks, the transparent dollar-value risk per attack, plus any specific security gaps that could impact the customer's overall cyber-risk exposure and underwriting. Its platform simultaneously accumulates cyber-risk telemetry and signals, using APIs, from more than 100 cloud, software as a service (SaaS), cybersecurity products, and external threat intelligence.
Mark Wheeler (pictured right), co-chief executive officer (CEO) of Mosaic, said: “The partnership is profound, as it pairs expert underwriting with highly specialised risk assessment and quantification.
“Safe Security is the de facto industry standard to measure, manage, and transfer cyber risk, and its resulting analytics allow enhanced risk selection combined with objective client differentiation. Such a dynamic scenario equips Incyde Risk to deliver preferential coverage and pricing that reflect individual clients' demonstrable commitment to cyber security.”
Saket Modi (pictured left), co-founder and CEO of Safe Security said: “Safe is thrilled to partner with Mosaic and leading Lloyd's syndicates as the core technology driving the next generation of cyber insurance underwriting with Incyde Risk.
“This is a true testament to the value of quantitative, inside-out underwriting and the changing relationship between insured and insurer. It enables us to add more value to our customers, reducing volatility and adding significant efficiency to the underwriting process with comprehensive insurance aligned with their actual cyber-risk posture.”
Steven Schwartz, vice president, insurance strategy & underwriting for Safe Incyde Risk, said: “Our mission is to accelerate and align the global cyber-risk transfer marketplace through transparent underwriting, underpinned by quantified, inside-out cyber-risk data and assessments.”
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