Mosaic partners with Transverse in cybersecurity – The Royal Gazette

0

Creation: 01 Feb. 2022 15:35

Bermuda-based Mosaic Insurance has partnered with hybrid company Transverse Insurance Group to activate $20 million in cybersecurity capacity in the US market.

The global specialty insurer said the strategic partnership marks an expansion of Mosaic’s syndicated program, which invites commercial carrier capital to leverage its industry-leading teams that underwrite complex specialty risks for clients in regional markets around the world. .

The initiative, brokered by Acrisure and based on the London subscription market, combines Mosaic’s proprietary capital through its Lloyd’s Syndicate 1609 with business partner capability for business customers at a time of rapidly increasing demand .

“We are excited to work with Transverse as a lead partner to facilitate access to the US market for those who participate in our syndicated capital business,” said Chris Brown, executive vice president, syndicated capital management at Mosaic.

“The distribution advantage allows our leading cyber team to deploy additional stable syndicated capacity at a time of critical need. The arrangement also embodies our goal of directly linking capital to designated exposures in specific territories. In doing so, we build perfectly personalized risk portfolios for our financial partners.

The company said cybersecurity is a core area of ​​expertise for Mosaic and one of many specialized products that embody a high technical barrier to entry. The insurer said it is developing market-leading aggregation, risk assessment, loss prevention and response studies to ensure its underwriting product is informed by advanced data analytics and objective differentiation in customer selection.

“We look forward to partnering with Mosaic on this syndicated cyber capability program in the United States,” said Erik Matson, president, CEO and co-founder of Transverse, launched in 2018 with offices in New York, New Jersey and Texas. to serve the program, MGA and reinsurance markets.

He added, “Mosaic has a proven track record in specialist underwriting, and its team brings deep knowledge to this program. With the need for cybersecurity at an all-time high, we believe this partnership adds value to the market.

Mosaic said the growing demand for coverage was driven by growing threats from cyber warfare, data breaches, ransomware and other attacks on systems and software.

“From a cyber perspective, many companies are becoming more cautious about exposure and acting more cautiously,” noted Yosha DeLong, global cyber manager at Mosaic, who leads a team of eight U.S.-based cyber specialists. USA, UK and Bermuda. “We have market-leading talent, we are growing and looking for opportunities.”

Backed by Golden Gate Capital’s long-term vision and Lloyd’s ratings and licensing, Mosaic said it focuses on highly technical business areas including transactional liability, cybersecurity, political risk, violence politics, financial institutions and professional liability. Trade capital partners can choose an overall portfolio approach or specific products and geographies. The program does not participate in exposures to natural disasters, allowing partners to diversify away from these risks.

Mosaic’s joint venture with DXC Technology will also provide syndicated risk partners with access to an insurtech platform offering real-time data and distribution of underwriting metrics, as well as claims data and analytics and the market.

Chris Brown, Mosaic EVP, syndicated capital management (Photograph provided)

Erik Matson, president, CEO and co-founder of Transverse

Yosha DeLong, Global Head of Cyber ​​at Mosaic (file photo)

Mosaic’s talent includes eight cyber specialists in the UK, US and Bermuda. Left to right, top: Yosha DeLong, James Tuplin, Brian Dusek, Daisy Lopez; (Bottom) Reggie Miller, Lucy Barker-Hahlo, Eric Kerr, George Cole (Supplied Image)

Share.

About Author

Comments are closed.