Mosaic Insurance has entered the digital asset market, launching a cyber and financial institutions (FI) crime product that provides protection to the sector.
The product suite offers “stand-alone or blended coverage across cyber, technology errors and omissions (E&O), and crime—tailored to complex, evolving risks faced by digital asset businesses.”
The solution provides “up to £/$/€10 million in capacity for cyber and tech, and up to £/$/€5 million for crime exposures, underwritten via Mosaic’s agency network on behalf of its Lloyd’s Syndicate 1609 and backed by its A+-rated global carrier partners.”
The solution is designed for a spectrum of digital asset clients, “spanning fast-growing innovators to mature market participants and including exchanges, custodians, trading platforms, blockchain analytics firms, miners, exchange-traded funds (ETF) structures, real world asset (RWA) platforms, and wallet providers.”
These businesses have often faced “fragmented market responses, with narrow cover, limited capacity, or declinations driven by perceived volatility or regulatory uncertainty.”
Brian Bonkoski, Global Head of Cyber at Mosaic:
“Mosaic is bringing the Lloyd’s A+-rated cyber, tech E&O, and crime capacity to the digital asset space—it’s a differentiator, delivering a level of trust and financial strength that has been lacking in this space. With global regulatory licences and underwriting hubs in London, the US, Bermuda, Canada, Europe, Dubai, and Singapore, we offer … coverage to clients, regardless of domicile or the jurisdictions they serve.”
Line sizes and policy structure mirror those “accessible to Mosaic’s non-digital asset clients and the product offers cyber, tech, and crime coverage from a single underwriting platform, removing common coverage gaps.”
The launch is underpinned by Mosaic’s first “partnership in the sector with Native, a specialist broker in digital assets.”
Through the ‘Native Risk Collective,’ companies which “integrate approved vendors and services that materially improve their risk posture can access enhanced coverage and more competitive premiums.”
The collaboration reflects Mosaic’s commitment “to forming sustainable partnerships that advance insurance solutions for emerging industries.”
Mosaic’s Kieran Quigley, VP, Underwriter, Cyber, who spearheaded the firm’s entry into the sector:
“We’ve listened to clients and brokers and built solutions that reflect the ambition and growing sophistication of this space. Digital asset clients have long needed insurance that understands their risks, offers meaningful capacity, and brings a long-term view,”
Cyber and financial institutions liability are “two of seven lines of specialty business at Mosaic; the others include environmental liability, transactional liability, political risk, political violence, and professional liability.”