Mosaic Insurance marked six months of operations this week. The company has seen sustained growth in its six months of operation, including the opening of three key offices, the establishment of four strategic regional distribution hubs, making key hires, and underwriting across six product lines worldwide.
“We’ve evolved from an ambitious business plan to a powerful reality, allowing talent, technology and an innovative model to flourish together,” said Mitch Blaser, Mosaic co-founder and co-CEO. “Our fast-growing team is extremely grateful to our investors, our clients and distribution partners, and to all our market stakeholders for the immense support they’ve shown us as we’ve built Mosaic over the past six months.”
Mosaic, backed by private equity firm Golden Gate Capital, launched as a global specialty insurer on February 04, with new Lloyd’s Syndicate 1609 as its centrepiece and a focus on select, complex lines of business. The company’s hybrid structure allows it to source and underwrite business as a primary lead market.
“Thanks to the agility of our model, matched with valuable trade-capital partner relationships, Mosaic has been able to bring much-needed, relevant product to market at a time of great geopolitical risk and uncertainty,” said Mark Wheeler, co-founder and co-CEO. “We are very appreciative for that, and we remain committed to working closely with clients and their advisors to tailor discerning solutions to their risks and exposures.”
Since launching in February, Mosaic has:
- Established corporate headquarters in Bermuda, along with four service companies accessing regional markets – Bermuda, the UK, the US, and continental Europe – that engage Mosaic Syndicate 1609 alongside third-party capital. A fifth, in Asia, is slated for launch in the fall
- Secured Lloyd’s approvals enabling worldwide licenses and financial strength ratings: A+ from Standard & Poor’s, A from AM Best, and AA- from Fitch
- Recruited and onboarded nearly 60 employees
- Built global teams and launched underwriting for six product lines: cyber, political violence, political risk, financial institutions, professional liability, and transactional liability (M&A)
- Received nearly 3,000 submission requests for insurance policies from prospective clients
- Set up three offices — in Bermuda, London and New York — with more planned in the next six months
- Opened its box (127 and 127B) on the underwriting floor at Lloyd’s
- Participated in several major industry events as expert speakers and thought leaders
- Begun building an insurtech operating platform to support product lines and partners
“A great deal has been accomplished in a very short time — and, perhaps most significantly, in a mostly virtual environment,” said Lisa Fontanetta, Mosaic chief of staff and a founding member of the company’s leadership team. “From the outset, we have said we want to build a company and a culture to stand the test of time. Kudos to our incredible team for the passion and energy they bring to building that vision.”