Mosaic Insurance has announced it is offering up to $20 million in capacity per risk through a new modular structure that delivers customized "blended" financial and cyber coverage for the North American and Bermuda investment market.
The company initially launched its blended investment management insurance last year and has now expanded the product for investment managers, investment funds, fund of funds, superannuation and pension fund managers, and alternative investment managers in the US, Canada, and Bermuda. Hedge funds are also included in the eligible client base, according to Mosaic.
The coverage combines financial institutions insurance and cyber protection, with the cyber component now including both first- and third-party coverages as well as technology errors and omissions protection.
“This coverage offers a customized approach for investment managers when purchasing their IMI and cyber insurance,” said Tom Dilley (pictured above), global head of financial institutions at Mosaic. Dilley said that risk exposures for investment managers are changing quickly and claims can be complex, sometimes straddling different policy coverages. The blended solution is intended to provide a single policy with tailored features.
Mosaic noted that, amid market volatility and elevated interest rates, the IMI form targets the investment industry with a single policy that includes professional liability, directors and officers, crime, and cyber coverages for managers and their funds. Clients have the option to select fully blended or standalone limits, available on a modular basis.
In recent leadership changes, Mosaic also promoted Yosha DeLong to global engagement officer, expanding her responsibilities from leading the cyber business to overseeing broader market engagement, including product distribution and sales.
Mosaic also named Thomas Duggan as head of claims for North America. Duggan, who has more than 25 years of experience in law, underwriting, and claims, will oversee all claims in the Americas, including environmental liability, transactional liability, and cyber claims.
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