Mosaic Insurance plans to close its Singapore office in a consolidation of its operations servicing Asia and the Middle East.

Under the restructuring, Benn Wilson, chief executive officer of Mosaic Singapore, will relocate to Dubai in the United Arab Emirates.

The Bermudian-headquartered global specialty insurer opened its Singapore office three years ago to write transactional liability business in the Asia-Pacific region. The decision to close local operations in the jurisdiction reflected “structural considerations specific to the region and Mosaic’s ability to operate sustainable capital strategies”, the company said.

Mosaic’s Singapore service company will remain in place to administer to existing policies. Effective immediately, it will no longer accept new transactional liability submissions directly; instead, Mosaic said it will facilitate business via its offices in the US, UK, UAE, Europe, Canada, and Bermuda, subject to relevant regulatory requirements applicable to respective territories.

The company is engaging actively with Lloyd’s Asia to ensure an orderly closure of its Singapore operations, with no interruptions to client service and in compliance with all regulatory obligations.

“We are committed to honouring our responsibilities to our policyholders and broker partners, and we will work hard to maintain our service standards across the life of our existing Singapore portfolio,” said Tim Glover, Mosaic’s chief underwriting officer.

Mr Glover added: “Bringing Benn’s expertise to our Dubai platform is part of a broader optimisation of our global underwriting network, and ensures our structure can support strong, long-term growth.

“The move enables the firm to better align our structure with regulatory and capital considerations and refocus resources where we see the greatest opportunity for our clients, brokers, and partners across both regions.”

Mosaic said the change “consolidates the company’s global footprint and strengthens its model for expanding specialty business”.

William Monat, global head of transactional liability for Mosaic, was upbeat about growth opportunities in the region.

“The reorganisation does not diminish our confidence in the great opportunities across the region or in the transactional liability product line — indeed, we remain fully committed to the global M&A liability marketplace and we expect growth, particularly around tax-liability business,” Mr Monat said.

“We also want our broker partners and clients to know how much we value the relationships and business we have built together in the region.”

Mosaic marked five years in business last month. Along with transactional liability, its eight lines of business comprise financial institutions, professional liability, cyber, political risk, political violence, casualty, and environmental liability.

The company said it continues to invest in its underwriting platform across key global hubs, supporting growing demand for specialty insurance solutions.