Mosaic marks rapid business development
An insurance start-up in Bermuda has marked six months of sustained growth and corporate milestones, including the opening of three offices, establishment of four strategic regional distribution hubs, hiring of talent, and underwriting across six product lines worldwide.
Mitch Blaser, co-founder and co-CEO of Mosaic Insurance, said: “We’ve evolved from an ambitious business plan to a powerful reality allowing talent, technology, and an innovative model to flourish together.
“Our fast-growing team is extremely grateful to our investors, our clients and distribution partners, and to all our market stakeholders for the immense support they’ve shown us as we’ve built Mosaic over the past six months.”
Backed by private-equity firm Golden Gate Capital, Mosaic launched as a global specialty insurer on February 4, with new Lloyd’s of London Syndicate 1609 as its centrepiece and a focus on select, complex lines of business.
The company said its hybrid structure provides syndicated capacity by combining proprietary and trade capital — allowing Mosaic to source and underwrite business as a primary lead market.
Mark Wheeler, co-founder and co-CEO of Mosaic, said: “Thanks to the agility of our model, matched with valuable trade-capital partner relationships, Mosaic has been able to bring much-needed, relevant product to market at a time of great geopolitical risk and uncertainty.
“We are very appreciative for that, and we remain committed to working closely with clients and their advisors to tailor discerning solutions to their risks and exposures.”
Since its launch, Mosaic said it has:
• established corporate headquarters in Bermuda, along with four service companies accessing regional markets — Bermuda, United Kingdom, United States, and continental Europe — that engage Mosaic Syndicate 1609 alongside third-party capital. A fifth, in Asia, will be launched this fall.
• secured Lloyd’s approvals enabling worldwide licenses and financial-strength ratings: A+ rating from Standard & Poor's, A from AM Best, and AA- from Fitch.
• recruited and onboarded nearly 60 employees across regions and fields of expertise.
• built global teams and launched respective underwriting across six product lines: cyber, political violence, political risk, financial institutions, professional liability and transactional liability (M&A).
• received nearly 3,000 submission requests for insurance policies from prospective clients across product lines.
• set up three offices for staff, in Bermuda, London and New York, with more slated in the next six months.
• opened its Box (127 & 127B) on the Underwriting Floor at Lloyd’s.
• participated at several major industry events with invited staff as expert speakers and thought leaders.
• begun building a pioneering insurtech operating platform to support product lines and partners.
Lisa Fontanetta is chief of staff at Mosaic, and a founding member of the company’s leadership team.
She said: “A great deal has been accomplished in a very short time — and, perhaps most significantly, in a mostly virtual environment.
“From the outset, we have said we want to build a company and a culture to stand the test of time. Kudos to our incredible team for the passion and energy they bring to building that vision.”