Mosaic launches cyber insurance for digital assets companies
0
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
The new modular 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 worldwide 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 broad 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.
'Mosaic is bringing the first comprehensive Lloyd's A+-rated cyber, tech E&O, and crime capacity to the digital asset space—it's a true differentiator, delivering a level of trust and financial strength that has been lacking in this space,' said Brian Bonkoski, Global Head of Cyber at Mosaic. 'With global regulatory licences and underwriting hubs in London, the US, Bermuda, Canada, Europe, Dubai, and Singapore, we offer seamless 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 strategic 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.
'Digital asset clients have long needed insurance that understands their risks, offers meaningful capacity, and brings a long-term view,' said 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. We're proud to support innovators driving the next wave of global economic change.'
'The market's been calling for a smarter, joined-up approach to underwriting digital asset risk,' added Tom Dilley, Global Head of Financial Institutions for Mosaic. 'Mosaic is answering that call with a credible, thoughtful solution.'
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Finextra
3 hours ago
- Finextra
Mastercard Receivables Manager launches
Mastercard is modernizing supplier reconciliation and streamlining virtual card payments with several new enablers. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Today, it's launching widescale global availability of Mastercard Receivables Manager, its automated solution that makes virtual cards more efficient, secure and cost-effective for businesses to accept. To give payment service providers greater flexibility in how they offer B2B payment innovations, Mastercard is also introducing Commercial Direct Payments, an advanced straight-through processing solution that fully automates virtual card payments and reconciliation. Together, the expanded offerings deliver a fast, innovative B2B payment experience for both buyers and suppliers at an opportune time when embracing the digitization of commercial payments is increasingly moving from optional to essential. According to a recent global Mastercard survey, 93% of B2B suppliers shared that digitizing payment processes is a top priority for their business, while two thirds still acknowledge regularly falling short of buyer payment expectations. 'Businesses today expect simple, secure, and seamless ways to pay and get paid – with many turning to virtual cards to meet those expectations,' said Marc Pettican, global head of corporate solutions, Mastercard, 'To support our clients wherever they are on their modernization journey, we're thrilled to bring to market another simple path to receivables automation, and to fuel the consumerization of B2B payments around the world in the process.' Empowering suppliers with enhanced virtual card acceptance Since its launch just two years ago, Mastercard Receivables Manager has been levelled up with new capabilities such as multi-language and secure card-on-file to support digital commerce around the world. Now available globally, acquiring partners are embracing the innovation to modernize supplier virtual card acceptance experiences across major card networks and help customers strengthen buyer-supplier relationships. Elavon and Run Payments are among the many innovative payment providers in the United States offering Mastercard Receivables Manager to address manual processing and reconciliation challenges – which some 42% of suppliers across the nation note as top barriers to acceptance. EazyPay is also one of the first acquiring partners in the Middle East to offer the solution to transform accounts receivable workflows for their customers in Bahrain. Taking the manual out of Commercial payments The next wave of B2B payment innovation is here – and many payment service providers are already embracing it. Commercial Direct Payments is a new card network-agnostic solution that powers accounts receivable automation for suppliers, and optimizes digital payment opportunities for buyers increasingly looking to pay by card. When the buyer initiates a card payment, Commercial Direct Payments enables it to be processed directly with the supplier's acquirer – eliminating all manual steps for making and receiving payments. The funds are automatically deposited into the supplier's account and the detailed remittance data can be seamlessly integrated into the AR workflow. The entire B2B payment process becomes smooth and hassle-free, bringing key benefits to ecosystem players, including: • Driving supplier efficiency with automated reconciliation: Suppliers can easily reconcile payments using the rich remittance data that can flow directly into their ERP systems, freeing up resources to focus on more strategic tasks. • Unlocking automated B2B payment processing at scale: Issuers and acquirers can quickly unlock the benefits of straight through processing without the need for multiple costly and time-intensive connections with one another. Commercial Direct Payments streamlines this process by providing a single connection to Mastercard and enabling the flow of secure, standardized payment and remittance data between issuers and acquirers. • Strengthening buyer-supplier relationships: Buyers have the flexibility to pay with physical or virtual cards to improve cash flow, while suppliers can get paid securely, efficiently, and on time. Commercial Direct Payments is a global product innovation initially available in the U.S., with Sakon as the first launch customer. Hear what our enabling partners are saying: Pari Sawant, Chief Product Officer, Elavon: 'This partnership reflects our dedication to offering a payment processing experience that's empowering suppliers with innovative B2B solutions to thrive in an increasingly fast-paced digital economy. Our customers are reaping the benefits of automated virtual card acceptance – enabling us to sustain strong engagement across our supplier community.' Rob Nathan, CEO & Co-Founder, Run Payments: 'Mastercard Receivables Manager automates the entire process of accepting virtual cards for our clients — saving them valuable time, dramatically reducing manual work, and unlocking faster, more predictable cash flow while lowering costs. It's another step forward in helping businesses remove friction and focus on what they do best.' Nayef Tawfiq Al Alawi, founder and CEO, EazyPay: 'Collaborating together with Mastercard, we are aligned on bringing consumer led digital payment experiences to the B2B world. This solution will empower more suppliers to accept virtual cards – modernizing their accounts receivable workflows and unlocking faster, more reliable cash flow in the process.' Dan Hughes, President, Sakon, Head of AP Copilot: "AP Copilot is proud to be at the forefront of transforming B2B payment experiences. Collaborating with Mastercard to deliver Commercial Direct Payments through our innovative smart payment assistant is a significant step in accelerating and scaling virtual card enabled straight-through processing technology in the U.S., enabling more buyers and suppliers to automate B2B payments while reducing complexity, risk and costs in the process."
Finextra
3 hours ago
- Finextra
Fime introduces My Number Card suite in Japan
Fime Digital My Number Card suite is part of the broader Fime Digital Identity Japan initiative to advance secure and scalable mobile eID adoption. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The new test suite promotes interoperability and trust in Japan's digital credential ecosystem by validating vendor solutions against national and international standards and supporting the Japanese language. This will enable vendors to validate their solutions against both international and national requirements for device-to-device data transfer. This reinforces Japan's leadership in secure, user-centric identity verification while advancing interoperability and user adoption. The My Number Card can be used to access administrative services and validate identity using stored credentials including the holder's name, birthdate, and a photograph. To support Japan's transition from physical to digital credentials on smartphones, Fime has developed a tool that enables interoperable and scalable testing of mobile solutions for local use cases including retail, travel, and healthcare. This builds on Fime's global role in digital identity programs, reinforcing its leadership in trusted, inclusive eID ecosystems. 'At Fime, we see digital identity not just as a technology, but as a foundation for inclusive, secure digital societies,' comments James Daniels, SVP Asia Pacific at Fime. 'Our work to support the My Number Card reflects our expertise in helping turn complex global standards into tangible, interoperable solutions that scale. By equipping vendors with cutting-edge test tools and expert guidance, we help accelerate innovation, establish trust and support compliance — essential ingredients for the future adoption of digital identity.' Fime's Digital Identity Reader Test Suite supports conformance validation and has been key to aligning the My Number Card framework with the ISO/IEC 18013-5:2021 standard. Fime's Digital Identity solutions are helping to augment and accelerate the roll-outs of secure digital identity initiatives worldwide in compliance with local and regional requirements. Fime's expert consultants are also supporting vendors in the development, enhancement and successful certification of products.
Finextra
4 days ago
- Finextra
The AI energy crisis: Why chatbots are using up our drinking water
0 This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. Just this week, the Trump administration has introduced its new 'AI Action Plan' with the direct aim to speed up the adoption of AI and the build of more data centres, all the while cutting regulation to enable this. As the world continues its AI race, how much is too much? Concerns have long been raised about the amount of energy AI uses. The International Energy Agency has stated that, by 2030, electricity demand for AI-optimised data centres is forecast to more than quadruple. Similarly, increasingly large amounts of water are required to produce the energy needed to power AI. On top of that, data centres themselves have started using water in order to cope with the boom in AI usage. Historically, data centres have used air cooling systems, which was sufficient to cool systems up until AI came along. Now, air cooling is no longer enough to prevent systems from overheating. Generative AI uses up to 33 times more energy than machines running task-specific software, which is why liquid cooling mechanisms have been implemented in many data centres. The problem with liquid cooling, however, is that it relies on clean water in order to prevent corrosion to the systems or the growth of bacteria. The solution: Drinking water. And while the water used in the cooling mechanism is designed to be re-introduced into the natural water source, up to 80% evaporates in the process. 'What this means is that this type of water is gone, and we are extracting water from a water circuit that is necessary for irrigation, for human consumption and hygiene,' Lorena Jaume-Palasí, founder of the Ethical Tech Society, commented in the BBC. Dr Venkatesh Uddameri, an expert in water resources management, is additionally quoted stating that a 'typical data centre can use between 11 million and 19 million litres of water per day, roughly the same as a town of 30,000 to 50,000 people.' Data centres put pressure on the water sources of local communities While many tech giants like Microsoft, Facebook and Google have pledged to be water neutral by 2030, AI has changed the equation. One of the latest concerns has been Elon Musk's self-proclaimed 'largest data centre in the world' for xAI, Colossus, build in Memphis in 2024. Apart from sidestepping environmental laws, the 'expected water demand is 5+ million gallons per day in an area where arsenic pollution threatens the drinking water supply,' according to a local non-profit concerned about the data centre's environmental impact. Memphis is not alone. Research by Bloomberg News found that in the US, 'two thirds of new data centres built or in development since 2022 are in places already gripped by high levels of water stress.' In the UK, Prime Minister Starmer aims to become a world leader in AI, having pledged a £2 billion investment to data centre growth and digital skills development. However, some of these centres are proposed to be built in areas already under threat of water shortages. On top of that, the government has designated data centres as 'critical national infrastructure', which means they will face fewer planning restrictions than traditional developments. How do we fix the AI water problem? There is good news as well, which is that companies are already working on technology to be more water efficient. Closed-loop and immersion cooling are being adopted by companies like Microsoft in order to implement zero-water cooling systems. Closed-loop cooling eliminates the need for evaporating water, allowing systems to re-circulate coolants continuously. Immersion cooling is another technique applied, which sees servers submerged in non-conductive fluids. According to DataCentre, 'these fluids either circulate passively or follow a two-phase process, evaporating to absorb heat and condensing for reuse. There are no pumps, fans or water involved.' Communities around the world are urging their governments to ensure water and energy are part of the equastion. In the UK, the Royal Academy of Engineering has asked the government to ensure tech companies accurately report how much water and energy their data centres are using as the country gears up to become a 'world leader in AI.' The report also asks to introduce sustainability requirements for all data centres, including the move to zero-water cooling in order to preserve precious fresh water reserves. The crucial step is ensuring the water problem is being considered industry-wide, and that companies are being held accountable for their water and energy usage, as well as their dedication toward reducing their environmental impact. Unchecked AI expansion will only move us closer to Day Zero.
