Mosaic Insurance coverage has introduced a strategic partnership with Secure Safety to launch Incyde Danger, a brand new cyber facility geared toward offering streamlined cyber insurance coverage options.
Led by Mosaic 1609, the initiative will provide as much as $25m in capability on a major and first-excess foundation.
It’ll goal mid-market US corporations with revenues exceeding $100m throughout monetary providers, retail, skilled providers, wholesale, and expertise.
The collaboration brings collectively Mosaic 1609 and different taking part Lloyd’s syndicates, combining their underwriting experience with Secure Safety’s superior danger evaluation expertise.
Secure Safety co-founder and CEO Saket Modi mentioned: “Secure is thrilled to accomplice with Mosaic and main Lloyd’s syndicates because the core expertise driving the subsequent technology of cyber insurance coverage underwriting with Incyde Danger.
“This can be a true testomony to the worth of quantitative, inside-out underwriting and the altering relationship between insured and insurer. It permits us so as to add extra worth to our prospects, 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 Danger supplies its prospects with 24/7 international incident response and the experience of Mosaic’s in-house claims dealing with crew.
Secure Safety’s expertise supplies a non-intrusive, “inside-out” evaluation of cyber danger, providing insights into an organisation’s chance of experiencing a breach. It quantifies the potential monetary impression of assorted cyberattacks and identifies particular safety vulnerabilities that would have an effect on a buyer’s cyber danger profile and insurance coverage underwriting.
The platform developed by Secure Safety gathers cyber-risk knowledge utilizing APIs from greater than 100 sources, together with cloud providers, SaaS platforms, cybersecurity merchandise, and exterior menace intelligence.
This complete knowledge 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 mentioned: “Our mission is to speed up and align the worldwide cyber-risk switch market by clear underwriting, underpinned by quantified, inside-out cyber-risk knowledge and assessments.”
Final yr, Mosaic Insurance coverage obtained funding from two US-based growth-capital suppliers to spice up product improvement and develop workers headcount.
