Mosaic & other Lloyd’s syndicates partner with Safe Security
Incyde Risk, a new cyber facility powered by Safe Security, led by Mosaic 1609, and supported by other participating Lloyd’s syndicates, has launched to provide up to $25 million in capacity on a primary and first-excess basis, focusing on mid-market US corporate risks.
Incyde Risk, co-created with 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.
Founded in 2012, the Safe Security platform can predict the likelihood of cyber breaches across a corporate environment. Last year, the company raised $50 million, bringing its funding to date to ~$100 million. In 2022, Mosaic Insurance partnered with Safe to help underwriters evaluate cyber risk for brokers and insureds.
“The partnership is profound, as it pairs expert underwriting with highly specialized 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.” – Mark Wheeler, Co-CEO of Mosaic.
“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.” – Saket Modi, Co-Founder and CEO of Safe Security.
“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.” – Steven Schwartz, VP, Insurance Strategy & Underwriting for Safe Incyde Risk.
