Mosaic creates 7th underwriting hub within two years of launch

Mosaic Insurance has opened an office in Dubai, United Arab Emirates, as a strategic regional platform to access risks from across the Middle East, Africa, and South Asia (MEASA) market.

Three specialist underwriters, along with a finance team member, have been hired for the new location, which marks Mosaic’s seventh underwriting hub after Bermuda, London, New York, Chicago, Toronto, and Frankfurt.

Political risk specialist Dhruv Sharda joins the company as senior executive officer to head up underwriting operations from the new address, located within the Dubai International Financial Centre (DIFC) district. Sharda previously worked in Dubai as a senior underwriter focused on structured trade credit and political risk in the region, and in London writing political risk coverage. He joined Mosaic from Hamilton General Managing Agency in Dubai having previously worked at the Chaucer Group.

Joining Sharda are senior underwriter Josh Hearnden, who will develop Mosaic’s political violence portfolio, and cyber specialist Rob Storer, a 12-year industry veteran who will develop Mosaic’s cyber portfolio in the Middle East. Ryan Rego also joins the office as a financial accountant.

The news comes as Mosaic approaches its second anniversary next month. Backed by private-equity firm Golden Gate Capital, Mosaic was launched in February 2021 as a “next-generation” global specialty insurer. The company deploys capacity through both its Lloyd’s Syndicate 1609 and syndicated capital programme with trade partners across seven specialty product areas: transactional liability, cyber, political risk, political violence, environmental liability, financial institutions, and professional liability.

“We now have seven business lines and a presence across seven key geographic business regions,” said Mark Wheeler, co-CEO, Mosaic. “Our growth is being driven by globalisation and technology, and our proximity to clients means greater risk awareness, superior solutions, and a seamless claims response. Mosaic’s broader market reach enhances our ability to originate business for ourselves—and our syndicated capital partners.”

Sharda said: “I’m delighted to open Mosaic’s new venture in Dubai. The region’s insurance sector has grown significantly in recent years, particularly in terms of awareness of the need for pragmatic solutions to manage fast-emerging specialty risks, including political violence and terrorism, cyber, and political risk. Mosaic’s advantage will be having on-the-ground underwriters to bring custom expertise and capacity closer to insureds in the region.”

Mosaic’s underwriting director David White, who oversees portfolio development and regional governance, added: “We welcome the Dubai team and look forward to offering expertise and much-needed capacity to clients across this important region. Our syndicated capital and consortia partners will also benefit from Mosaic’s focused access to specialty opportunities emanating from this growing market.”