Mosaic Insurance launches environmental liability division
Mosaic Insurance has launched a global environmental liability division, its seventh specialty underwriting unit, to be led by seasoned executive Jim Finnamore.
The company has also hired environmental specialists David Barr and William Campbell, all based in London. The new division offers a lead market on environmental liability coverage, along with syndicated capacity from trade partners, with initial maximum capacity of $25 million.
Mosaic co-founder and co-CEO Mark Wheeler said: “We’ve envisioned this division from the outset as a natural progression in Mosaic’s growth. It’s exciting to bring leading capacity and deep expertise to address some of the world’s most relevant risks in this arena.”
Mosaic’s suite of proprietary environmental policies is designed to protect companies in a wide range of industry sectors against the risk their activities damage the environment, incurring costs and liabilities.
In-scope sectors include oil and gas, metal mining, power generation, electricity transmission and distribution, manufacturing, waste management, real estate, construction and infrastructure.
Additionally, Mosaic covers financial institutions affected by the growing trend of indirect, contingent liability targeting lenders, advisers, and insolvency practitioners. Supporting companies transitioning to more sustainable, low-carbon futures, is also a key focus.
Mr Finnamore said: “Mosaic’s agility as a new company aligns with our division’s need to be flexible in a rapidly evolving landscape. Environmental risks have never been more relevant and challenging to companies as they are today, and we envision complementary synergies with Mosaic’s transactional liability, professional liability and other business lines.”
He joins Mosaic as SVP, global head of environmental liability. With more than 30 years of experience working in the sector as an underwriter, broker, adviser and engineer, his focus includes underwriting environmental risks for corporate and private-equity clients in mergers and acquisitions.
Previously, he established and managed SCOR’s environmental and transactional liability team and held senior positions at Aon, Marsh and Chubb in Europe, Bermuda, Singapore and Australia.
Mr Barr is SVP, senior underwriter, having spent seven years as an underwriter in the sector at SCOR. A geologist, he originally worked in the offshore oil industry before becoming an environmental consultant, focusing on contaminated land risk assessment and remediation.
Mr Barr began his insurance career as a broker for environmental risks at both Willis and Marsh, before moving to underwriting. He was European manager of environmental liability at Chubb before joining SCOR.
Mr Campbell, VP, underwriter, will underwrite a diverse range of environmental risks, with a regional focus on North America. Previously, he spent eight years as an underwriter at SCOR. Before working in insurance, he was an environmental consultant in Britain and South Africa.