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Mosaic and Lloyd’s Syndicates team up with Safe Security to streamline cyber insurance

Mosaic Insurance and Lloyd’s syndicates partner with Safe Security to launch Incyde Risk, offering up to $25 million in cyber insurance for US firms, leveraging advanced risk assessment for tailored coverage.

  • Editorial Team
  • May 31, 2024
  • 2 minutes

Mosaic 1609 and other participating Lloyd’s syndicates have partnered with Safe Security to streamline cyber insurance solutions through newly launched facility Incyde Risk.

According to the announcement, the new facility will provide up to $25 million in capacity on a primary and first-excess basis, with a lead-line by Mosaic 1609, and other participating Lloyd’s syndicates, to mid market US corporate risks.

“The partnership is profound, as it pairs expert underwriting with highly specialised risk assessment and quantification,” said Mark Wheeler, Co-CEO of Mosaic. “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 cybersecurity.”

Incyde Risk, co-created with pioneering technology firm Safe Security, is focused on US companies with more than $100 million in revenue across financial services, retail, professional services, wholesale, and technology—the primary customer segment served by Safe.

“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,” said Saket Modi, Co-Founder and CEO of Safe Security. “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.”

Safe’s technology non-intrusively assesses cyber risk on an “inside-out” basis to better understand an organisation’s real-time breach likelihood across a variety of cyberattacks, the transparent dollar-value risk per attack, plus any specific security gaps that could impact the customer’s overall cyber-risk exposure and underwriting. Safe’s platform simultaneously accumulates cyber-risk telemetry and signals, using APIs, from more than 100 cloud, software as a service (SaaS), cybersecurity products, and external threat intelligence.

“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,” said Steven Schwartz, VP, Insurance Strategy & Underwriting for Safe Incyde Risk.