SafeInside Insurance

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SafeInside Insurance

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| label2 = Type | data2 = Private — cyber insurance MGA | class2 = category

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| label13 = Founded | data13 = December 2022 (2022-12){{#invoke:Check for unknown parameters|check|unknown=|preview=Page using Template:Start date and age with unknown parameter "_VALUE_"|showblankpositional=1| 1 | 2 | 3 | br | df | end | p | paren }}

| label14 = Headquarters | data14 = Palo Alto, California | class14 = label

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| label19 = Ultimate parent | data19 = SAFE Securities Inc.

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| label22 = Key people | data22 = Saket Modi, Co-founder and CEO
Steven Schwartz, VP of Insurance Strategy and Underwriting

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| header24 = Business & markets

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| label26 = Customer segments | data26 = Companies hosted on public cloud and major SaaS platforms

| label27 = Lines of business | data27 = Cyber insurance

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| label30 = Technology platform | data30 = Inside-out cyber risk telemetry via API integrations with cloud and SaaS environments

| label31 = Capacity providers | data31 = AM Best A-rated carrier (unnamed)
Panel of global reinsurance partners (unnamed)

| label32 = Distribution | data32 = Broker and agent appointments (U.S. market)
Howden SAFE+ (enterprise segment, revenues above $250M)

| label33 = Geographic markets | data33 = United States
Canada (via Mosaic partnership)

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| label35 = Customers served | data35 =

| label36 = Competitors | data36 = At-Bay
Coalition
Cowbell
Corvus Insurance
Convergence Insurance
Resilience
Emergence Insurance
Elpha Secure
BOXX Insurance
Stoïk

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| header38 = Key financials

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| label46 = Gross written premium | data46 =

| label47 = Net written premium | data47 =

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| label50 = Commission / MGA fee | data50 =

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| label60 = Total funding raised | data60 = Exceeds $170M (group-level, SAFE Securities Inc., July 2025)

| label61 = Last funding round | data61 = Series C, $70M, July 2025 (group-level, SAFE Securities Inc.)

| label62 = Last known valuation | data62 =

| label63 = Lead investors | data63 = Avataar Ventures (Series C)
Sorenson Capital (Series B)
BT Group (Series A)

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| label65 = Insurer financial strength | data65 =

| label66 = Capacity partner ratings | data66 = AM Best A-rated (carrier unnamed)

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All funding figures are group-level (SAFE Securities Inc.); SafeInside Insurance standalone capitalization is not publicly disclosed.

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Corporate profile

🏢 Cyber insurance MGA. SafeInside Insurance is a cyber insurance Managing General Agent launched by Safe Security in December 2022. The MGA underwrites cyber insurance using inside-out cyber risk telemetry gathered through API integrations with customers' cloud and SaaS environments. SafeInside Insurance positions itself as the first cybersecurity MGA to leverage continuous, API-based risk telemetry and quantified insights in the underwriting process.

🔍 Parent entity. Available primary sources describe both an MGA brand ("SafeInside Insurance") and a cyber risk management software company operating under the names SAFE, Safe Security, and SAFE Securities Inc. The most legally explicit corporate identifier is SAFE Securities Inc., which appears as the contracting entity in SAFE's Terms of Service. Whether SafeInside Insurance maintains separate legal personhood as its own corporation or LLC, distinct from SAFE Securities Inc., is not established in reviewed primary sources.

⚙️ Operational posture. Post-launch materials emphasize providing a "SAFE Cyber Insurance Report" to end users and enabling premium discounts determined by partnering insurers, while stating the company is not involved in providing insurance or brokerage services for that discount program. This creates uncertainty as to whether SafeInside Insurance currently operates as a standalone licensed MGA or functions primarily as a brand and workflow layer supporting insurance partners.

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Regulatory identifiers

📋 Core identifiers. The contracting entity named in the Terms of Service is SAFE Securities Inc. Governing law and venue under the Terms of Service are Delaware law with venue in Santa Clara County, California. The published corporate address across SAFE website materials and press releases is 3000 El Camino Real, Building 4, Suite 200, Palo Alto, California. A contact email, safeinside@safe.security, appears in the 2022 MGA launch press release.

📑 SafeInside Insurance — core regulatory and legal identifiers from primary sources

Identifier	Result	Notes
Legal name (contracting entity)	SAFE Securities Inc.	Named in Terms of Service; does not prove SafeInside Insurance is not separately incorporated.
Governing law and venue	Delaware law; venue in Santa Clara County, California	Contract clause; not a regulatory license indicator.
Corporate address	Palo Alto, California (3000 El Camino Real, Building 4, Suite 200)	Shared across SAFE website materials and press releases.
SafeInside contact	safeinside@safe.security	Appears in the 2022 MGA launch press release.

🚫 Unlocated identifiers. The following target identifiers were not located in reviewed sources: Lloyd's coverholder number, MGA or producer license numbers for U.S. state licensing, carrier license, and regulatory register entries such as those maintained by the Financial Conduct Authority, BaFin, or ACPR.

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Business model

📡 Underwriting thesis. The launch positioning is structurally consistent with a cyber risk telemetry-driven MGA model. SafeInside Insurance is described as the first cybersecurity MGA leveraging API-based cyber risk telemetry and quantified insights to underwrite cyber insurance, with a claimed underwriting workflow of less than 20 minutes. Target insured environments are companies hosted on one or more public cloud providers and major SaaS platforms, including Amazon Web Services, Microsoft Azure, Microsoft Office 365, Google Cloud Platform, Google Workspace, Salesforce, and Zoom. This construct implies a product strategy oriented toward risks where cloud control telemetry is feasible via read-only API integration and risk posture can be mapped to business exposure through cyber risk quantification.

💰 Economics posture. SAFE's Terms of Service describe premium discounts ranging from 5% to potentially 30%, determined solely by partnering insurers and not guaranteed. The terms specifically state the company does not receive commissions and is not involved in the provision of insurance or brokerage services for that discount benefit. Separately, the 2022 launch press release states the MGA is backed by an AM Best A-rated carrier and a panel of prominent, global reinsurance partners, though neither the carrier nor the reinsurers are named — a material diligence gap.

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Leadership

👤 Key individuals. The most directly identifiable senior individuals tied to SafeInside Insurance are Saket Modi, quoted as Co-founder and CEO in both the SafeInside Insurance launch press release and the 2025 Series C announcement, and Steven Schwartz, quoted as VP of Insurance Strategy and Underwriting in the SafeInside Insurance launch context.

🔗 AXA connection. No AXA connection was found in reviewed primary sources for the individuals above. No AXA-linked investor, incubator, or capacity relationship is explicitly disclosed in the reviewed SAFE press releases and terms.

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Funding

💵 Group-level funding. SafeInside Insurance's standalone capitalization is not publicly disclosed. The public funding record pertains to the parent and platform company (SAFE / Safe Security / SAFE Securities Inc.) and is best treated as group-level funding context rather than MGA-specific solvency or underwriting capacity.

💰 SAFE Securities Inc. — venture funding rounds, investors, and cumulative totals

Round	Date	Amount	Lead investor(s)	Notable co-investors	Cumulative funding
Earlier funding (reported)	—	$14M (reported)	—	John Chambers mentioned as investor	—
Series A (BT-led)	Jul 21, 2021	$33M	BT Group	Existing investors including John Chambers (reported)	—
Series B	Apr 18, 2023	$50M	Sorenson Capital	Eight Roads, Telstra Ventures, WTI, existing investors	Over $100M
Series C	Jul 31, 2025	$70M	Avataar Ventures	Susquehanna Asia Venture Capital, NextEquity Partners, Prosperity7 Ventures, plus existing investors (including Eight Roads and Sorenson Capital)	Exceeds $170M
Note: SAFE's website labels the BT-led $33M round as "Series A," while Reuters separately references a $14M "Series A" in earlier financing context, indicating nomenclature inconsistency across sources.

🏗️ Acquisitions. SAFE's public timeline highlights acquisitions that expand cyber risk data and exposure analytics capabilities potentially supporting underwriting partners: the acquisition of RiskLens and the acquisition of Balbix, both stated on SAFE's corporate timeline.

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Products and services

🎯 Customer segments. SafeInside Insurance's launch positioning indicates a segmentation lens based on technical hosting stack — public cloud and major SaaS — rather than explicit firmographics such as revenue bands or employee counts. Public materials do not disclose minimum or maximum limits, typical policy size, or average premium. However, the adjacent Howden SAFE+ partnership configuration is explicitly described as targeting clients with revenues above $250 million, implying the platform is marketed into large, brokered placements.

📄 Coverage analysis. A strict coverage mapping to SafeInside Insurance's own policy wording cannot be completed from reviewed sources, because no SafeInside Insurance policy forms, specimen wordings, or product brochures were located that enumerate first-party and third-party coverage terms. Items not evidenced include policy form ownership, claims-made versus occurrence trigger, first-party coverages and sublimits, third-party coverages, breach response panel structure, and war or nation-state exclusion wording.

🤝 Partner-policy signals. Mosaic Insurance marketing materials describe a "MOSAIC X SAFEINSIDE" partnership providing inside-out scans, action planning, and valuation technology. Listed cyber policy features include business interruption, voluntary shutdown, betterment and bricking coverage, cyber extortion, and optional Tech E&O, with stated capacity up to CAD $25M per risk in Canada and similar positioning in U.S. variants. These materials are best treated as evidence of SafeInside's role in underwriting workflows for partners rather than SafeInside Insurance's own policy commitments.

🛡️ Cybersecurity assessment services. SAFE's inside-out cyber insurance assessment is positioned as a pre-renewal or pre-bind risk assessment product using API feeds from the organization's internal tech environment and evaluation of cybersecurity policy and product maturity, available to companies on major public clouds. Under SAFE's contractual terms, premium discounts may be available if the customer shares their SAFE insurance report with partnering insurers, but the discount is controlled by those partner insurers and SAFE states it does not receive commissions.

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Distribution and partnerships

🌐 Distribution architecture. The 2022 SafeInside launch press release states the company was appointing brokers and agents in the U.S. market. Later partner marketing emphasizes a broker-led enterprise segment distribution construct. SAFE partnered with Howden to create Howden SAFE+, targeting clients with revenue above $250 million, combining Howden broking with SAFE's platform and underwriting from Chubb, Mosaic Insurance, and Liberty Specialty Markets.

📊 MGA vs. platform access. This set of disclosures suggests SAFE's meaningful market access may operate through broker and carrier partnerships regardless of whether SafeInside Insurance as an MGA writes risk directly.

🏦 Capacity providers and reinsurance. SafeInside Insurance was announced as backed by an AM Best A-rated carrier plus a panel of reinsurers; the carrier name, structure (binder versus quota share versus excess of loss), corridor terms, and limits are not disclosed. For the related Mosaic underwriting partnership, Mosaic materials reference market security via certain underwriters at Lloyd's of London led by Mosaic Syndicate 1609 and display Lloyd's syndicate rating context, though this does not by itself evidence SafeInside Insurance's participation as a Lloyd's coverholder.

🔎 AXA relationship. No disclosed evidence exists in reviewed sources that AXA XL provides capacity to SafeInside Insurance, that AXA venture entities have invested, or that a distribution partnership exists with AXA operating companies.

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Financial performance

📈 Limited disclosure. SafeInside Insurance appears to be private and does not publicly disclose statutory insurance filings, audited financials, or MGA key underwriting KPIs in reviewed sources. SAFE's platform business discloses fundraising totals and makes qualitative growth assertions — including a claim of triple-digit revenue growth for three consecutive years — but these are not insurance underwriting KPIs and are unaudited marketing claims.

📊 SafeInside Insurance — key performance indicators status from reviewed sources

KPI	Most recent figure	Prior year
Gross Written Premium (GWP)	—	—
Policy count (in force)	—	—
Net loss ratio	—	—
Revenue	—	—
Net income / net loss	—	—
Headcount	—	—
Note: Fewer than three requested insurance KPIs can be populated from reviewed sources. No audited accounts, insurance statutory filings, or regulator-published insurer statements were identified.

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Competitive positioning

🏁 Peer context. SafeInside Insurance operates among cyber-focused MGAs, underwriting agencies, and insurtechs including At-Bay, Baobab Insurance, BOXX Insurance, Coalition, Cogitanda, Converge Insurance, Corvus Insurance, Cowbell, Elpha Secure, Emergence Insurance, Evolve MGA, Eye Security, Invision Cyber, Measured Analytics and Insurance, Onda, Pera, Resilience, Stoïk, Sync Underwriting, and Dattak.

⚡ Differentiator claim. Based on reviewed primary sources, SafeInside's stated differentiator is not a proprietary insurance balance sheet or a disclosed proprietary cyber policy wording. Rather, the claimed differentiator is inside-out telemetry and quantified exposure integrated directly into underwriting workflows, packaged into broker and carrier partnerships.

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Risk factors

⚠️ Capacity dependency. Capacity dependency risk is structurally high if SafeInside functions as an MGA reliant on third-party paper. The only explicit capacity disclosure in launch communications is backing by an AM Best A-rated carrier, with the carrier undisclosed, creating concentration and transparency risk.

🔐 Regulatory ambiguity. SAFE's own Terms of Service explicitly state that SAFE does not provide insurance or brokerage services for the premium-discount program, while separate materials describe an MGA launched in 2022. Reconciliation of these roles is essential for institutional diligence.

🌀 Aggregation risk. Aggregation and correlation risk remains inherent for cyber portfolios, especially for cloud-dependent insured populations and systemic events impacting common cloud and SaaS dependencies. SafeInside's published segmentation focus on major cloud and SaaS providers underscores this potential correlation channel.

🔄 Execution risk. Execution risk is elevated due to limited evidence in reviewed sources of an ongoing standalone MGA underwriting franchise post-2022, versus increasing emphasis on being a cyber risk management platform embedded with carriers and brokers. This raises the possibility of strategic drift if underwriting economics and platform economics are not tightly aligned.

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Strategy and outlook

🚀 Platform trajectory. SAFE's stated strategic trajectory is toward agentic AI and autonomous cyber risk management across Cyber Risk Quantification (CRQ), Third-Party Risk Management (TPRM), and Continuous Threat Exposure Management (CTEM), backed by sizable venture funding and acquisitions.

🗺️ Insurance trajectory. For SafeInside Insurance specifically, the most evidence-backed trajectory in reviewed sources is continued embedding into broker-carrier distribution constructs such as Howden SAFE+ with multiple underwriting carriers, rather than publicly disclosed expansion into additional insurance lines as a branded MGA.

❓ Open diligence questions. Key questions remain: whether SafeInside Insurance is currently an actively licensed MGA writing binders on named carrier paper or primarily a brand for SAFE's underwriting-analytics product suite; the identity of the AM Best A-rated carrier and the binder structure; and the exact legal entity that contracts with brokers and insureds for cyber insurance placements under the SafeInside Insurance brand, along with the producer and MGA licensing footprint supporting that activity.

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Company timeline

🗓️ SafeInside Insurance and SAFE Securities Inc. — key corporate events, 2022–2025

Date	Event
Dec 8, 2022	SAFE announced a partnership with Mosaic for real-time cyber risk evaluation.
Dec 15, 2022	SafeInside Insurance launched as a cybersecurity MGA.
Apr 18, 2023	SAFE announced a $50M Series B led by Sorenson Capital.
Jul 31, 2025	SAFE announced a $70M Series C led by Avataar Ventures; total funding stated as exceeding $170M.
Nov 24, 2025	SAFE Securities Inc. Terms of Service updated with legal contracting language and premium-discount disclaimers.

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Glossary

• MGA — Managing General Agent; an entity with underwriting authority delegated by insurers via binder or delegated authority agreements.
• Coverholder — Lloyd's term for a delegated authority entity authorized by a Lloyd's managing agent to enter into contracts under a binding authority.
• Binder / Binding authority — Delegated authority agreement defining underwriting scope and functions permitted.
• GWP — Gross Written Premium; total premiums written before reinsurance ceded.
• CRQ — Cyber Risk Quantification; SAFE's category framing for translating cyber control posture into quantified business exposure.
• TPRM — Third-Party Risk Management; CTEM — Continuous Threat Exposure Management; both described as modules in SAFE's platform roadmap.

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See also

• Cyber insurtech MGAs and underwriting agencies

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References

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