Mosaic Insurance, a Bermuda-based specialty insurer, has expanded its product line to include primary technology errors and omissions (tech E&O) coverage.
The new offering is designed to shield technology companies from the growing liability risks associated with providing tech products.
Go deeper with GlobalData
With up to $15m in capacity, Mosaic’s coverage is accessible through its Syndicate 1609 and a consortium of syndicated capital partners.
The coverage is available through underwriting hubs in markets such as London, the US, Canada, Europe and the United Arab Emirates.
It addresses the escalating threats that businesses face when contracted to deliver tech products such as artificial intelligence, virtual reality, education technology, IT consulting, data analytics, software as a service, and peer-to-peer platform services.
This launch builds upon Mosaic’s primary cyber offering, which was launched in May 2023 in collaboration with Safe Security.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe partnership has now been extended to include primary tech E&O as a blended product available globally.
Previously, this coverage was only offered on an excess basis.
Mosaic said its clients stand to gain from the alliance with Safe Security, which incorporates detailed telematics into the cyber underwriting process.
The use of APIs (application programming interfaces) is said to provide an “inside-out” view, offering real-time insights into the potential and financial impact of cyber breaches within corporate networks.
Mosaic global head of cyber Yosha DeLong said: “We understand how intrinsically linked cyber exposure is with technology-related liability, so we are thrilled to now offer primary tech E&O in conjunction with our primary cyber product on a global basis. This expansion aligns with our strategy to provide needed solutions to our clients and partners.”
Cyber insurance is one of the seven specialty lines that Mosaic underwrites, alongside environmental liability, financial institutions, political risk, political violence, professional liability and transactional liability.
In August 2023, Mosaic secured investment to enhance product development and expand its team.
Atalaya Capital Management and Culpeper Capital Partners Specialty, both based in the US, contributed growth capital in exchange for a minority stake in the company.
