Mosaic Insurance coverage has introduced a strategic partnership with Secure Safety to launch Incyde Threat, a brand new cyber facility geared toward offering streamlined cyber insurance coverage options.
Led by Mosaic 1609, the initiative will supply as much as $25m in capability on a main and first-excess foundation.
It can goal mid-market US firms with revenues exceeding $100m throughout monetary providers, retail, skilled providers, wholesale, and know-how.
The collaboration brings collectively Mosaic 1609 and different taking part Lloyd’s syndicates, combining their underwriting experience with Secure Safety’s superior danger evaluation know-how.
Secure Safety co-founder and CEO Saket Modi stated: “Secure is thrilled to companion with Mosaic and main Lloyd’s syndicates because the core know-how driving the subsequent era of cyber insurance coverage underwriting with Incyde Threat.
“This can be a true testomony to the worth of quantitative, inside-out underwriting and the altering relationship between insured and insurer. It allows us so as to add extra worth to our clients, decreasing volatility and including important effectivity to the underwriting course of with complete insurance coverage aligned with their precise cyber-risk posture.”
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Along with danger evaluation, Incyde Threat supplies its clients with 24/7 international incident response and the experience of Mosaic’s in-house claims dealing with crew.
Secure Safety’s know-how supplies a non-intrusive, “inside-out” evaluation of cyber danger, providing insights into an organisation’s probability of experiencing a breach. It quantifies the potential monetary impression of assorted cyberattacks and identifies particular safety vulnerabilities that might have an effect on a buyer’s cyber danger profile and insurance coverage underwriting.
The platform developed by Secure Safety gathers cyber-risk information utilizing APIs from greater than 100 sources, together with cloud providers, SaaS platforms, cybersecurity merchandise, and exterior menace intelligence.
This complete information assortment is a cornerstone of the brand new cyber insurance coverage facility’s danger evaluation capabilities.
Secure Incyde danger insurance coverage technique and underwriting vice-president Steven Schwartz stated: “Our mission is to speed up and align the worldwide cyber-risk switch market via clear underwriting, underpinned by quantified, inside-out cyber-risk information and assessments.”
Final 12 months, Mosaic Insurance coverage obtained funding from two US-based growth-capital suppliers to spice up product growth and broaden employees headcount.
