23 February 2024News

Mosaic includes cyber risk in new asset manager form

Bermuda-based Mosaic Insurance has launched a blended insurance product designed to cover a range of events for financial institutions including professional indemnity, directors and officers’ coverage and cyber risk. 

The $25 million in investment management insurance on the new asset manager form includes IMI and crime. It is aimed at asset managers, funds, and associated directors.

Specialty insurer Mosaic said clients can choose fully blended or standalone limits available on a modular basis and coverage highlights include: first-party cyber coverage; broad mitigation and cost of correction coverage; and broad third-party crime coverage. It said 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.”

In partnership with Safe Security, Mosaic also 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.”

Did you get value from this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.