Mosaic refreshes IMI coverage across US, Canada and Bermuda
Bermuda specialty carrier Mosaic Insurance has upgraded its investment management product, boosting capacity to $20mn per risk with tailored financial and cyber protection for North America and Bermuda.
The insurer launched its investment management insurance (IMI) product last year and has now enhanced the offering for US, Canada and Bermuda investment managers, investment funds, fund of funds, superannuation and pension fund managers, and alternative investment managers, including hedge funds.
The product brings together financial institutions (FI) coverage and cyber insurance, the latter now including first- and third-party coverages, along with tech errors and omissions protection.
Furthermore, the modular nature of the product allows Mosaic to provide tailored solutions to clients, as well as innovative solutions where required on individual risks.
Tom Dilley, Mosaic’s global head of financial institutions, said: “This coverage offers a customised approach for investment managers when purchasing their IMI and cyber insurance. Risk exposures for investment managers are evolving rapidly and claims can often be complex and straddle policy coverages; this allows a single solution with bespoke features.”
David Drogin, head of Americas, cyber, at Mosaic, added: “This rollout reflects the best of what Mosaic can offer – deep expertise across specialty lines, a commitment to innovation and true collaboration between teams. By bringing together FI and cyber under a unified form, we’re offering clients streamlined, sophisticated coverage that reflects how risks intersect in today’s world.”
Melissa Pereira, VP, underwriter, cyber, said: “This is especially compelling for the Bermuda market, where primary solutions are more limited and excess has always been the go-to. We’re also providing regional access through the US and Canada so clients can tap into it wherever it makes most sense for them – the benefit of our distribution reach and single P&L that aligns our global capabilities.”
Ian Fraser, head of Canada for Mosaic, said: “A key gap in the Canadian marketplace is that many insurers struggle to align FI and cyber risk appetites. This often results in clients receiving inconsistent programme structures and insurer relationships across coverages. We directly address this gap, which helps foster deeper client relationships and deliver stronger outcomes.”
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