Mosaic launches 'next-gen' global specialty insurer with Lloyd’s Syndicate

Mosaic, a new insurance venture with a newly-formed Lloyd’s Syndicate, has launched operations in Bermuda, London, the US and Asia, having secured backing from private equity investment firm Golden Gate Capital.

Mosaic describes itself as a "next-generation global specialty insurer", founded by chief executive officer Mitch Blaser, who has 40 years of experience in the industry and was a founding executive of Bermuda-based Ironshore.

Golden Gate Capital, a private equity firm with more than $17 billion of committed capital, is Mosaic’s anchor investor, holding a majority stake through its financial services portfolio company, Angel Island Capital. Mosaic’s leadership team has also invested in the company.

Mosaic combines Lloyd’s Syndicate 1609 with a wholly-owned syndicated capital management agency, enabling the company to identify, source and underwrite business on its own behalf, along with other trade-capital partners.

A primary-layer lead market, it uses disruptive technologies such as blockchain, machine-learning algorithms, advanced analytics and intelligent automation, focused on high-value, specialty lines of business with steep technical barriers to entry and strong growth trends. These include transactional liability, cyber, political risk, political violence, environmental, financial and professional lines.

The company has partnered with Asta Managing Agency, a third-party managing agent at Lloyd’s, which will provide a range of oversight and governance services to Syndicate 1609.

"We saw a unique opportunity in the market and envisioned a powerful new way to syndicate capital to manage clients’ most complex risks," said Blaser. "While current conditions, including COVID-19, a hardening market, and geopolitical and technology exposures, are driving heightened demand for the products we offer, our vision is long-term."

He added: "Mosaic is creating a new model for the industry—set apart by a clean balance sheet, an insurtech platform and disciplined focus on specialty products."

Blaser called Golden Gate “the perfect investment partner, with a long-term investment philosophy, permanent capital structure and significant insurance and financial services expertise”.

Dan Haspel, a managing director at Golden Gate Capital, said: “This is a very opportune time to invest, as Mosaic’s specialty lines insurance platform will be well-positioned to capitalise on the growing demand for additional risk capacity, driven by the hardening rate environment.”

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