Mosaic expands war & terrorism, political violence capacity

Mosaic, the global specialty insurer launched earlier this year, has extended its war, terrorism and political violence coverage to offer up to $600 million per risk.

The increased capacity will allow the company to serve clients through the US market or Bermuda, where it is currently the only carrier writing political violence. The peril was the start-up’s first line of business, launched in March with underwriting units in London, Bermuda, and the US.

Mosaic offers tailored coverage for a full spectrum of commercial, industrial and residential property risks associated with acts of terror and sabotage, malicious damage, strikes, riots, civil commotion, war perils and related liability globally.

Mosaic underwriters Jamie Oliver and Heather Blaser serve both the US and Bermuda markets, along with an international team based in London under the chairmanship of Quentin Prebble. Last month, it also hired senior war and terrorism specialist Adam McGrath.

“We launched our war, terrorism and political violence coverage as a direct response to intensified underlying exposures arising from this complex and growing threat,” said Mosaic co-founder and co-CEO Mark Wheeler (pictured). “We have collaborated closely with our capital partners to provide an important syndicated product to insureds who place value in spreading their counterparty risk.”

Oliver noted: “Our sector is certainly at the forefront of what risk managers and clients are thinking about in the current climate. The re-emergence of threats to both international and domestic US exposures is heightened by prevailing geopolitical tensions.”

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