Mosaic increases cover for political violence
Bermuda-based Mosaic Insurance has extended its war, terrorism and political violence coverage to offer up to $600 million per risk.
The global specialty insurer said that the increased capacity allows the company to serve clients via domestic US or Bermuda markets through underwriting teams in both locations.
Currently, Mosaic said, it is the only carrier to write political violence coverage from the Bermuda market.
“We launched our war, terrorism and political violence coverage as a direct response to intensified underlying exposures arising from this complex and growing threat,” Mosaic co-founder and co-CEO Mark Wheeler said.
“We have collaborated closely with our capital partners to provide an important syndicated product to insureds who place value in spreading their counterparty risk.”
Political violence was Mosaic’s first line of business, launched in March with underwriting units in London, Bermuda and the US.
Through its agile structure that includes Lloyd’s of London Syndicate 1609 and a network of offices worldwide, the company said, it offers tailored coverage for a full spectrum of commercial, industrial and residential property risks.
Products offered relate to acts of terror and sabotage, malicious damage, strikes, riots, civil commotion, war perils and associated liability around the world.
Mosaic underwriters Jamie Oliver and Heather Blaser currently serve the US and Bermuda markets, along with an expanded international team based in London under the chairmanship of Quentin Prebble.
Last month, senior war and terrorism specialist Adam McGrath joined the fast-evolving business line’s international team, which also comprises Sam Eldridge and Michael Glover.
Mr Oliver said: “Our sector is certainly at the forefront of what risk managers and clients are thinking about in the current climate.
“The re-emergence of threats to both international and domestic US exposures is heightened by prevailing geopolitical tensions.”
Political violence is one of Mosaic’s six product lines, selected for high technical barriers to entry and relevance to current and projected global market conditions.
Other units include cybersecurity, political risk, transactional liability, financial institutions and professional liability.