Mosaic opens New York office
Bermuda-based Mosaic Insurance has opened an office in New York, its first US-based physical address for a growing number of employees.
The Midtown South office at 65W 36th Street, which will accommodate members of the global specialty insurer’s cyber and transactional liability lines, along with technologists and finance executives, opened this week, as the company continues to build out its North American contingent, it said.
The start-up already has cyber and transactional liability underwriters based in Chicago and other key employees in Los Angeles, Boston, and Virginia.
Mitch Blaser, co-founder and CEO of Mosaic, said: “As a born-and-bred New Yorker, I am thrilled to celebrate this milestone as we open an address that spearheads our North American distribution ambitions.
“Global syndication of our specialty underwriting expertise — matching local distribution with Lloyd’s of London security — is core to the model of Mosaic, and North America is paramount to its success. We’re excited to join the New York City corporate community and proud to be here.”
Backed by private-equity firm Golden Gate Capital, Mosaic said that it launched as a next-generation global specialty insurer on February 4, with new Lloyd’s Syndicate 1609 as its centrepiece and a focus on select, complex lines of business.
The company said that its hybrid structure will comprise underwriting hubs in Bermuda, London, Europe, the US and Asia to offer capacity and custom service to clients in leading markets.
Mark Wheeler, co-founder and co-CEO, said: “New York represents a momentous step for Mosaic. In this, our first year, we will underwrite more business from the US than from all other countries combined.
“An integral part of the value proposition for Mosaic’s syndicated capital and consortia partners is our differentiated business model and focused access to pure specialty business from regional markets across the globe. This, combined with leading-edge data and analytics, represents true competitive advantage.”
The company said that it is currently underwriting product lines selected for high technical barriers to entry and relevance to current and projected global market conditions: transactional liability (M&A), cybersecurity, political risk, political violence, financial institutions and professional liability.