Mosaic launches Bermuda cybersecurity hub
Specialty insurer Mosaic Insurance is opening a cybersecurity underwriting unit in Bermuda. The specialty insurer has transferred its cyber team underwriter George Cole from London to its Bermuda headquarters, following his temporary secondment to the island late last year.
The move adds another cyber underwriting hub to Mosaic’s expanding network; the company currently has cyber underwriters in London, New York, and Chicago, with plans to add more in Toronto and Frankfurt later this year.
Cole will underwrite cyber opportunities coming through the Bermuda marketplace, focused on securing high-excess layers of coverage for Mosaic’s global clients. The insurer intends to provide cyber solutions and thought leadership in major insurance hubs across the globe, with Bermuda playing an important part in its distribution strategy.
Cybersecurity is one of Mosaic’s six specialty lines where it sees high technical barriers to entry, along with transactional liability (M&A), political violence, political risk, financial institutions and professional liability. According to Mosaic, it is developing market-leading aggregation studies, risk-assessment, loss-prevention, and response capabilities to ensure its cyber underwriting product is informed by advanced data analysis.
It also plans to hire an additional cyber underwriter in Bermuda this year.
“Bermuda is a centre of excellence for underwriting, and it’s going to be a really important market for the growth of cyber insurance,” said Yosha DeLong, Mosaic’s global head of cyber.
“There’s a lot of thought leadership and innovation coming out of the Bermuda market, in the cyberspace, in particular. Part of that can be attributed to this market’s ability to be nimble when looking at product solutions, and it’s going to be a great opportunity. I envision Mosaic launching new products out of Bermuda as we further develop this business line around the world.
“Insurance traditionally has a look-back perspective across all lines,” said DeLong. “Cyber is forcing us, as an industry, to look forward, anticipate change to threats and prevention, focus on recovery from events, and work with insureds to improve their overall security posture and culture.
Cole said: “I’m excited to progress our cyber strategy in Bermuda and build out a well-balanced cyber portfolio. The opportunity we have in Bermuda –to gain visibility into the global market, understand our customers’ changing cyber risk requirements, and offer commensurate risk-transfer solutions—is unlike that of any other marketplace in the world.”
