Mosaic-backed cyber facility launches, targeting mid-market US risks
Mosaic 1609 and other Lloyd’s syndicates have launched a new cyber facility targeting mid-market US corporate risks.
The new facility, called Incyde Risk, will provide up to $25m in capacity on a primary and first-excess basis, with a lead-line by Mosaic 1609.
Co-created with technology firm Safe Security, Incyde Risk is focused on US companies with more than $100m in revenue across financial services, retail, professional services, wholesale, and technology—the primary customer segment served by Safe.
Incyde Risk will offer customers global 24/7 incident response and in-house claims handling by Mosaic.
"The partnership is profound, as it pairs expert underwriting with highly specialized risk assessment and quantification," said Mark Wheeler, co-chief executive 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”, Wheeler said, adding: “Such a dynamic scenario equips Incyde Risk to deliver preferential coverage and pricing that reflect individual clients' demonstrable commitment to cyber security."
"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 chief executive 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 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, vice president for insurance strategy & underwriting at Safe Incyde Risk.
