Mosaic marks major milestone with new syndicated capital initiative

Mosaic, the global specialty insurer launched in February, has launched a syndicated programme “inviting capital from commercial partners” to underwrite complex specialty risks in regional markets throughout the world.

The aim is to provide “much-needed additional capacity” to clients at a time of increased demand amid market constraints.

The initiative will see Mosaic source and select specialty risks in domestic markets typically not seen in London, underwriting them through its network of hubs.

Mosaic is backed by Golden Gate Capital and focuses on highly technical lines, including transactional liability, cybersecurity, political risk, political violence, financial institutions, and professional liability.

Currently, the company has service companies in the US, UK, and Bermuda — with more planned for 2022 in Europe, Canada, the Middle East, and Asia.

Proprietary capital is deployed through its Lloyd’s Syndicate 1609, alongside partner capacity contributed by carriers across six business lines.

“This is a significant milestone for Mosaic, as it underscores the enduring trust and collaboration we are privileged to share with capital partners and peers across the industry,” said Mosaic co-founder & co-CEO Mark Wheeler.

“It also represents a core component of our company model—combining leading technology with very specialized underwriting and robust governance so that we can offer partners a sustainable, high-performance portfolio.”

Chris Brown (pictured), EVP, Syndicated Capital Management at Mosaic, added: “Our syndicated offering demonstrates a full alignment of interest, as we always have 1609’s capacity sitting alongside that of our carrier partners.”

“Distribution is key. We hire expert talent in local markets and underwrite business domestically using syndicated capacity to avoid any concentration risk. Historically, that approach has only been enjoyed by buyers in the Lloyd’s subscription market.”

Mosaic’s joint venture with DXC Technology also allows it to offer syndicated risk partners an insurtech platform with equal access to real-time data and distribution of underwriting metrics, along with claims and market data and analytics.

Mosaic has appointed Acrisure International as lead and coordinating placement partner for the programme’s initial placement.

Jason Howard, president of Acrisure International, said: “We’re thrilled to work with Mosaic on this ground-breaking global offering. This leverages the best of what Lloyd’s offers with a very sophisticated roll-up of underwriting talent in classes of business where best-in-class expertise really matters.”

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