Mosaic Insurance, a specialty insurer focused on financial institutions and cyber risks, will increase its cyber risk tolerance in Canada to US$25 million (CAD 40 million) per risk effective January 1, 2026.
The move more than doubles the insurer’s previous limit of US$10 million (C$15 million) and is designed to enable the insurer to meet growing demand in all provinces and territories.
Mosaic noted that this would bring Canada in line with existing levels in most jurisdictions. The increased capacity will provide brokers and insureds with greater flexibility, enable resilient program design, and enhance management of greater cyber risks.
The specialist insurer also plans to increase coverage limits in Bermuda and Dubai to $25 million.
Brian Bonkoski, global head of Mosaic Networks, commented: “This significant change in Canadian network capacity not only addresses a critical market gap, but builds on Mosaic’s innovative approach to specialty insurance to deliver smarter, more flexible solutions for brokers and clients.”
Ian Fraser, president and chief agent of Mosaic Insurance Services Canada, added: “From a capacity perspective, Canada’s cyber insurance market lags behind the UK and the United States, with most domestic insurers having limits of $10 million and only a few reaching $15 million. By increasing Mosaic’s limits to $25 million ($40 million CAD), we are closing this gap and enabling Canadian organizations to obtain greater, more effective protection in their cyber insurance programs.”
Mosaic’s cyber offerings in Canada and globally include security and privacy liability, business interruption, voluntary shutdown, cyber extortion and technical errors and omissions coverage across industries including manufacturing, retail, construction, financial services and technology.
The company recently added coverage for some GenAI risks, protection for digital asset operations, and recovery capabilities with the option to purchase automatic, new capacity limits if an incident occurs that results in coverage being covered or capacity towers depleted.
