Mosaic leads on new Lloyd's cyber facility

Bermuda-based Mosaic Insurance has joined forces with a cyber insurtech to launch a new Lloyd's cyber facility to provide up to $25 million in capacity on a primary and first-excess basis, focusing on mid-market US corporate risks. 

Incyde Risk, powered by Safe Security, is led by Mosaic 1609 and supported by other participating Lloyd's syndicates.

"The partnership is profound, as it pairs expert underwriting with highly specialized risk assessment and quantification," said Mark Wheeler, Co-CEO of Mosaic. "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."

Incyde Risk is focused on US companies with more than $100 million in revenue across financial services, retail, professional services, wholesale, and technology—the primary customer segment served by Safe.

"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," said Saket Modi, co-founder and CEO of Safe Security. 

"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."

Safe's ground-breaking technology non-intrusively assesses cyber risk on an "inside-out" basis to better understand an organization'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. Safe's 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.

"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," said Steven Schwartz, VP, Insurance Strategy & Underwriting for Safe Incyde Risk.

Incyde Risk also offers customers global 24/7 incident response and experienced in-house claims handling by Mosaic.

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