Mosaic Insurance has announced a strategic partnership with Safe Security to launch Incyde Risk, a new cyber facility aimed at providing streamlined cyber insurance solutions.
Led by Mosaic 1609, the initiative will offer up to $25m in capacity on a primary and first-excess basis.
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It will target mid-market US companies with revenues exceeding $100m across financial services, retail, professional services, wholesale, and technology.
The collaboration brings together Mosaic 1609 and other participating Lloyd’s syndicates, combining their underwriting expertise with Safe Security’s advanced risk assessment technology.
Safe Security co-founder and CEO Saket Modi said: “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.
“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.”
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By GlobalDataIn addition to risk assessment, Incyde Risk provides its customers with 24/7 global incident response and the expertise of Mosaic’s in-house claims handling team.
Safe Security’s technology provides a non-intrusive, “inside-out” analysis of cyber risk, offering insights into an organisation’s likelihood of experiencing a breach. It quantifies the potential financial impact of various cyberattacks and identifies specific security vulnerabilities that could affect a customer’s cyber risk profile and insurance underwriting.
The platform developed by Safe Security gathers cyber-risk data using APIs from more than 100 sources, including cloud services, SaaS platforms, cybersecurity products, and external threat intelligence.
This comprehensive data collection is a cornerstone of the new cyber insurance facility’s risk assessment capabilities.
Safe Incyde risk insurance strategy and underwriting vice-president Steven Schwartz said: “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.”
Last year, Mosaic Insurance received investment from two US-based growth-capital providers to boost product development and expand staff headcount.
