Mosaic anniversary celebrates a year of growth
Bermudian-based global specialty insurer Mosaic Insurance is marking a full year in business.
The company said it celebrates a year of rapid growth and milestones, including strategic technology and capital partnerships, the launch of six global specialty underwriting units, and the hiring of 80 employees worldwide.
“This time last year, we hit the ground running as a start-up, armed with innovative plans and a highly motivated team. Thanks to everyone involved, we’ve completed an outstanding first 12 months, achieving our planned targets,” said Mosaic co-founder and co-CEO Mitch Blaser.
“We are grateful to our investors, clients, brokers, syndicated capital partners, and the wider corporate community for the huge support so far. With top specialty talent and an innovative tech platform, we’re building longevity, so, this is just the beginning.”
Backed by private-equity firm Golden Gate Capital, Mosaic was established February 4, 2021, with headquarters in Bermuda, new Lloyd’s of London Syndicate 1609 as its centrepiece, a clean balance sheet, no legacy technology, and a focus on six highly-technical, globally-relevant lines of business – transactional liability (M&A), cybersecurity, political violence, political risk, financial institutions and professional liability.
“The concept, the timing, the underwriting focus, and, most of all, the people, were right – providing a unique opportunity to drive forward our ambitious goals,” said co-founder and co-CEO Mark Wheeler.
“We’re proud of what Mosaic has accomplished so far and thankful for the trust extended by our stakeholders. Now, we look forward to building even more powerful partnerships that can match syndicated capital with clients’ complex risks in a time of global uncertainty.”
During its first year of operation, Mosaic said, the company:
• established corporate headquarters in Bermuda, plus five service companies accessing regional markets – Bermuda, United Kingdom, United States, Canada, and continental Europe
• 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 a total of 80 employees across regions and fields of expertise
• built global teams and launched respective underwriting across six specialty product lines
• received more than 10,000 submission requests for insurance policies from prospective clients
• set up three physical offices for staff, in Bermuda, London and New York
• opened its Box (127 and 127B) on the underwriting floor at Lloyd’s
• created a brand identity, launching a corporate website and growing social channels for outreach
• entered a joint venture with DXC Technology to build a pioneering insurtech operating platform supporting product lines and partners
• launched a syndicated capital programme, partnering with commercial carriers to underwrite challenging risks in regional markets throughout the world
• partnered with hybrid fronting carrier Transverse Insurance Group to activate $20 million in high-demand cybersecurity capacity in the US market
“Amid the many challenges of operating in a mostly virtual, pandemic environment over the past 12 months, Mosaic has stayed on-track and accomplished an extraordinary amount,” said Mosaic chief of staff Lisa Fontanetta.
“We’re now focused on the future. Congratulations to exceptional colleagues, across countries and continents, whose bold, collaborative spirit spurs Mosaic’s journey.”