Shortly after it celebrated one year in operations, Mosaic Insurance is now creating a cybersecurity underwriting unit in Bermuda in line with its global expansion plans.
Mosaic has transferred cyber team underwriter George Cole (pictured above) from London to Bermuda. The move adds another cyber underwriting hub to the specialty insurer’s expanding network on top of the cyber underwriters it already has in London, New York, and Chicago, with plans to add more in Toronto and Frankfurt later in 2022.
Yosha DeLong, global head of cyber at Mosaic, said there is no better market to lead the growth of cyber insurance than in Bermuda, given its reputation as a centre of excellence for underwriting.
“Insurance traditionally has a look-back perspective across all lines,” DeLong said. “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.”
Cole will underwrite cyber opportunities coming through the Bermuda marketplace, focused on securing high-excess layers of coverage for Mosaic’s global clients. In addition, Mosaic intends to provide cyber solutions in major insurance hubs across the world, 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.”
Mosaic is currently developing aggregation studies, risk-assessment, loss-prevention and response capabilities to ensure its cyber underwriting product is guided by advanced data analysis. To do this, Mosaic has started activating $20 million (about £15.31 million) in cybersecurity capacity in the U.S. market through its syndicated capital program last month.
“Cyber is a peril, not just an insurance product—and cyber events affect all insurance lines of business,” DeLong said. “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.”
