Mosaic Creates Cyber Underwriting Hub in Bermuda

Mosaic Insurance is building a cyber-security underwriting unit in Bermuda, to align its global business strategy around the fast-growing risk.

The specialty insurer has transferred its cyber team underwriter George Cole from London to the company’s Bermuda corporate 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. Mosaic intends to provide cyber solutions and thought leadership in major insurance hubs across the globe, with Bermuda playing an important part in that distribution strategy.

“I’m excited to progress our cyber strategy in Bermuda and build out a well-balanced cyber portfolio,” said Cole. “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.”

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With cyber underwriters now in place in the UK, US, and Bermuda markets, Mosaic can provide coverage across major insurance placement hubs. The company will be looking to further build out its Bermuda presence in this line, with the hiring of an additional cyber underwriter there this year.

Mosaic said 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.

“Insurance traditionally has a look-back perspective across all lines,” commented Yosha DeLong, Mosaic’s global head of Cyber.

“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, she added.

“Cyber is a peril, not just an insurance product—and cyber events affect all insurance lines of business,” said DeLong. “There’s an opportunity for innovative cyber insurance solutions, as well as an obligation for cyber insurance carriers to influence and implement overall cybersecurity improvements and minimum expectations across the globe.”

Last month, Mosaic began activating $20 million in cyber-security capacity in the U.S. market through its syndicated capital program. Under the initiative, a core part of Mosaic’s model, capital from participating carriers is deployed through a partnership with hybrid fronting carrier Transverse Insurance Group.

Source: Mosaic

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Topics Cyber Underwriting