Mosaic boosts syndicated global capacity with Lloyd’s carrier Apollo

Bermuda specialty insurer  Mosaic has partnered with Lloyd’s carrier Apollo to boost the syndicated capacity it can deploy for “high-demand” transactional liability coverage globally.

Apollo’s participation raises  Mosaic’s underwriting capacity for transactional liability risks from $41 million to $50 million in North America, and from $36 million to $45 million in the rest of the world.

It supports  Mosaic’s hybrid syndicated capital programme, in which  Mosaic Syndicate 1609 commits capital alongside that of trade partners seeking regional access and underwriting expertise in non-commoditised specialty lines.

Transactional liability is a cornerstone of  Mosaic’s model and specialty strategy. The company began underwriting mergers and acquisitions (M&A) coverage in the US last July, including representations and warranties insurance (RWI) and tax liability insurance. In November,  Mosaic launched the unit’s international branch in London and has built out market-leading M&A teams in both jurisdictions, expanding to 23 specialists.

Mosaic launched its syndicated programme in Q4 2021, providing capacity at a time of increased demand amid market constraints across its six business lines. As well as transactional liability, these include cybersecurity, political risk, political violence, financial institutions, and professional liability, which it says are “all highly complex products that exhibit growth, return, and volatility characteristics”.

The programme to date includes trade-capital partners including HDI Global Specialty, Verto, and IQUW, and fronting partner Transverse Insurance Group that facilitates US-market access.

“This is a compelling opportunity that underscores  Mosaic’s mission to connect capital with risk through valuable partnerships,”  Mosaic’s Chris Brown, EVP, Syndicated Capital Management said of the new partnership with Apollo.

“Apollo’s high-caliber reputation, strength through Lloyd’s, and significant investment in our syndicated capital programme represent an important endorsement of  Mosaic’s underwriting team and global strategy.”

Sam Whiteman (pictured left), head of international transactional liability for  Mosaic, added: “The growth in our line size delivers on our promise to brokers to be a key insurer for mid- to large-cap transactions.

“We’ve seen a significant increase in demand for our unique offering, and this increase in capacity helps us provide solutions for cross-border transactions at a time of great geopolitical uncertainty. It also supports  Mosaic’s ambition to grow our presence in Europe, the Middle East, Africa, and further afield this year.”

Matt Newman (pictured right), Apollo’s chief innovation & strategy officer, commented: “Apollo are delighted to have partnered with  Mosaic as a capacity provider. We look forward to building on our existing shared values and vision over the coming years in this mutually beneficial partnership. We value supporting leading teams to diversify the Apollo portfolio.”

Mosaic’s Stavan Desai (pictured middle), team leader, transactional liability for North America, commented: “We’re thrilled to have received the affirmation of Apollo in supporting our underwriting strategy and philosophy, and are excited by the coverage solutions our growing capacity allows us to deploy for the benefit of our broker and client partners.”

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