Mosaic launches war, terrorism and political risk coverage
Bermudian-headquartered specialty insurer Mosaic has begun underwriting war, terrorism and political violence risks globally out of offices in London and New York.
Mosaic said it will offer tailored coverage for a full spectrum of commercial, industrial and residential property risks associated with acts of terror and sabotage, malicious damage, strikes, riots, civil commotion, war perils and related liability around the world.
The company said its experienced team includes the following underwriters in London and North America:
• Quentin Prebble, chairman of war, terrorism and political violence, brings a strong track record, with 40-plus years of underwriting experience in the London market. He most recently served as global head of marine, including war and terrorism, at Ironshore’s Pembroke syndicate. Prior to Ironshore, Mr Prebble led the same business line for Liberty syndicates at Lloyd’s. He was one of the first professionals to write the stand-alone terrorism risk after 9/11, the company said.
• Jamie Oliver, SVP, senior underwriter, war, terrorism and political violence, has 15 years of industry experience in the Lloyd’s and US insurance markets. Most recently, he worked at Marsh in New York as a senior client adviser, heavily involved in the design, marketing and management of insurance programmes for Fortune 100 companies. Prior to Marsh, Mr Oliver was a senior underwriter at Swiss Re Corporate Solutions. He spent six years as a marine underwriter at Pembroke and started his career at Liberty syndicates.
• Heather Blaser, SVP, senior underwriter, war, terrorism and political violence, has more than 10 years of industry experience. She began her career at Ironshore and underwrote war and terrorism at Pembroke. Ms Blaser later returned to the US to manage a domestic book of business, successfully building a market-leading consortium. She has considerable experience in developing new coverage forms in the US market, the company said.
• Michael Glover, junior underwriter, joins the London team with prior experience in both professional indemnity and political violence.
Mosaic said investment in this division will continue as additional experienced hires join the team over the next few months.
Mitch Blaser, CEO of Mosaic, said: “We’re excited to be launching our first products and building an unrivalled team of the very best talent in this specialised line of business. The area of political violence has more relevance today than ever, and Mosaic’s unique position makes us a trusted partner for clients requiring this type of coverage.”
Mosaic said it offers a broad range of stand-alone terrorism products in the portfolio that can be written as primary, excess or quota-share coverage to mitigate damage, business disruption costs, or lost sales revenues in the event of attacks or threats.
Products include: terrorism & sabotage, third-party liability, strikes, riots, civil commotion, full war and political violence, aviation and marine war, active shooter physical damage and business interruption, cyber, civil and military, nuclear, chemical, biological & radiological (NCBR).
The company said policies do not require government certification of a terrorist attack or minimum loss requirements, and, in the US, are separate to the federal Terrorism Risk Insurance Programme Reauthorisation Act.
Mosaic said it will act as a lead market, with maximum capacity of $50 million for any one risk, and through its US operation, will offer up to $250 million through syndicated capacity.
Mr Prebble said: “Global geopolitical risks are creating an increasingly volatile and uncertain landscape for governments, municipalities, utilities, and companies engaged in cross-border trade. Our expertise in these niche peril products is second to none, allowing Mosaic to deliver peace of mind to clients, so they can continue to operate through turbulent times and recover losses when severe crises happen.”
Launched by Mr Blaser last month, Mosaic combines Lloyd’s Syndicate 1609 with a wholly-owned syndicated capital management agency and underwriting hubs in Bermuda, London, the US, and Asia. The company said it is focused on several complex lines of specialty business which are being launched throughout 2021.