Mosaic, a Bermuda-based global specialty insurer, has launched operations in Bermuda, London, the United States and Asia, along with a newly formed Lloyd’s syndicate.
Operating with initial capitalization of $185 million, Mosaic is founded by insurance industry veteran Mitch Blaser, who serves as the company’s CEO.
Golden Gate Capital, a leading private-equity investment firm with more than $17 billion of committed capital, is Mosaic’s anchor investor. Golden Gate Capital will hold a majority stake in Mosaic 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 behalf of itself along with other trade-capital partners.
A primary-layer lead market, Mosaic is focused on high-value, specialty lines of business with steep technical barriers to entry and strong growth trends, including transactional liability, cyber, political risk, political violence, environmental, financial and professional lines.
“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 in a statement.
“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. Led by a team of recognised talent with a proven track record, 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,” he added.
Mosaic’s leadership team members bring deep experience in building profitable global specialty businesses, both at Lloyd’s, where they achieved top-quartile performance, and internationally. In addition to Blaser, a 40-year industry leader and founding executive of Bermuda-based Ironshore, the team includes:
- Lisa Fontanetta, chief of staff
- Krishnan Ethirajan, chief operating officer
- Oz Haque, chief financial officer
- Chris Brown, executive vice president, Syndicated Capital Management
- Charlie Mackay, EVP, active underwriter, Mosaic Syndicate 1609
- Olly Reeves, group chief risk officer.
“The strategic partnerships we’ve established provide a fantastic platform to build our leading global specialty brand,” said Blaser. “Golden Gate is the perfect investment partner, with a long-term investment philosophy, permanent capital structure and significant insurance and financial services expertise.”
“We are very excited to partner with Mitch and the best-in-class Mosaic team on this new venture,” said Dan Haspel, a managing director at San Francisco-based Golden Gate Capital. “This is a very opportune time to invest, as Mosaic’s specialty lines insurance platform will be well-positioned to capitalize on the growing demand for additional risk capacity, driven by the hardening rate environment.”
Mosaic has teamed with global providers to leverage disruptive technologies – including blockchain, machine-learning algorithms, advanced analytics, intelligent automation, straight-through processing and actuarial software – to build a market-leading insurtech platform.
Mosaic is partnering with Asta Managing Agency, the leading third-party managing agent at Lloyd’s, which will provide a range of oversight and governance services to Syndicate 1609.
*This story ran previously in our sister publication Insurance Journal.