Mosaic Insurance and a host of Lloyd’s syndicates have partnered with Safe Security to streamline cyber insurance solutions.
The move will see the launch of Incyde Risk, a new cyber facility powered by Safe Security, and led by Mosaic 1609, which will provide up to $25m in capacity on a primary and first-excess basis.
Supported by other participating Lloyd’s syndicates, Incyde Risk aims to address mid-market US corporate risks with comprehensive cyber insurance solutions.
By combining expert underwriting capabilities with highly specialised risk assessment and quantification techniques, the partnership aims to revolutionise cyber risk management for mid-market US corporate entities.
Mark Wheeler, Co-CEO of Mosaic, remarked, “The partnership is profound, as it pairs expert underwriting with highly specialised risk assessment and quantification. 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. Such a dynamic scenario equips Incyde Risk to deliver preferential coverage and pricing that reflect individual clients’ demonstrable commitment to cyber security.”
The involvement of the participating Lloyd’s syndicates bring extensive experience and expertise in underwriting diverse risks, including cyber insurance.
Their involvement in the partnership underscores the industry-wide recognition of the importance of collaborative efforts in addressing cyber risk challenges.
Incyde Risk, co-created with Safe Security, specifically targets US companies with more than $100m in revenue across various sectors such as financial services, retail, professional services, wholesale, and technology.
By leveraging Safe Security’s advanced technology and Mosaic 1609’s underwriting expertise, Incyde Risk offers preferential coverage and pricing tailored to individual clients’ cyber risk profiles.
Safe Security’s innovative technology enables non-intrusive assessment of cyber risk on an “inside-out” basis, providing real-time insights into breach likelihood, dollar-value risk per attack, and specific security gaps. This comprehensive approach to cyber risk assessment enhances underwriting efficiency and enables more transparent risk transfer processes.
Saket Modi, Co-Founder and CEO of Safe Security, stated, “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.”
Steven Schwartz, VP, Insurance Strategy & Underwriting for Safe Incyde Risk, added, “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.”
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