Digital asset market now welcomes Mosaic's entry
Mosaic Insurance has entered the digital asset market with a groundbreaking product, a combined cyber and financial institutions (FI) crime insurance solution. This innovative offering is designed to address the unique risks faced by digital asset businesses, offering a modular coverage suite that caters to a broad spectrum of clients in the sector.
Modular Coverage for Digital Asset Companies
The new product provides stand-alone or blended coverage across cyber, technology errors and omissions (E&O), and crime exposures. Clients can choose coverage tailored to their specific mix of risks, consolidating multiple areas into a single insurance platform.
Enhanced Risk Protection and Capacity
The solution offers up to £/$/€10 million in capacity for cyber and tech risks, and up to £/$/€5 million for crime exposures. This enhanced risk protection and increased capacity are significant advantages for digital asset firms, which have historically faced limited or fragmented insurance options due to volatility and regulatory concerns.
Global Distribution and Strategic Partnership
Mosaic's worldwide agency network underwrites the product on behalf of its Lloyd’s Syndicate 1609 and is backed by A+-rated international carrier partners, offering financial strength and trust rarely seen in this sector. The product is also available through Mosaic’s global distribution channels, supported by underwriting hubs across London, the US, Bermuda, Canada, Europe, Dubai, and Singapore.
Mosaic's collaboration with Native, a specialist digital asset broker, enhances risk management incentives. This strategic partnership could lead to improved premiums and coverage terms through integration with approved risk-reducing vendors.
Supporting Innovation in the Digital Asset Ecosystem
Tom Dilley, Global Head of Financial Institutions for Mosaic, stated that the market has been seeking a smarter, integrated approach to underwriting digital asset risk. Mosaic's commitment to forming sustainable partnerships that advance insurance solutions for emerging industries is reflected in its collaboration with Native.
This product fills a significant gap for digital asset firms by providing comprehensive, financially strong insurance solutions that have been scarce, fragmented, or unavailable due to volatility and regulatory uncertainty in the market. It reflects the growing sophistication of the digital asset ecosystem and supports innovators driving future economic change.
In summary, Mosaic's product offers the digital asset industry enhanced risk protection, greater capacity, policy clarity, and long-term insurer commitment, facilitating safer growth in this evolving sector. The launch marks a significant step forward in providing robust insurance solutions for digital asset companies, supporting the industry's continued growth and innovation.
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The modular coverage suite, armed with up-to-date technology, enables digital asset companies to acquire tailored insurance solutions that can encompass cyber, technology errors and omissions (E&O), and crime exposures under one financially solid platform. Mosaic's innovative approach to underwriting digital asset risk, backed by industry-leading partners and a worldwide agency network, aims to bridge the gap for firms historically limited by volatility and regulatory concerns, fostering a safer environment for growth in the evolving digital asset market. [1], [3]
