Mosaic boosts cyber capacity to plug Canada market gap
Bermuda-based specialty insurer Mosaic Insurance has ramped up its cyber-risk offering in Canada, increasing capacity to CAD$40 million ($25 million) per risk as it looks to address a growing protection gap across all provinces and territories.
The increase more than doubles Mosaic’s previous limit of $10 million in the region and brings Canada up to Mosaic’s existing global levels.
The added capacity provides brokers and insureds with greater flexibility for more resilient programme design, while enhancing the management of larger cyber risks, Mosaic said.
Brian Bonkoski, Mosaic’s global head of cyber, said: “This step-change in cyber capacity for Canada not only addresses a critical market gap, but also builds on Mosaic’s innovative approach to specialty insurance, delivering smarter, more flexible solutions for brokers and clients alike.”
Mosaic’s suite of primary and excess cyber products includes security and privacy liability, business interruption, voluntary shutdown, cyber extortion, and tech errors and omissions coverage to industries ranging from manufacturing and retail to construction, financial services, and technology.
Recent innovative additions include cover for some GenAI risks, protection for digital asset business, and reinstatements that offer options to purchase automatic fresh limits of capacity if an incident wipes out coverage, or a capacity tower runs out.
Ian Fraser, president and chief agent of Mosaic Insurance Services Canada, said: “Canada’s cyber-insurance market has lagged behind the UK and US from a capacity standpoint, with most domestic carriers capped at $10 million and only a select few reaching $15 million. By increasing Mosaic’s limit to $25 million, we’re closing that gap and giving Canadian organisations access to larger, more efficient protection within their cyber insurance programmes.”
As well as cyber, the company’s seven specialty lines include transactional liability, political risk, political violence, environmental liability, financial institutions and professional liability.
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