Mosaic launches syndicate program

03-12-2021

Mosaic launches syndicate program

Chris Brown, EVP, Syndicated Capital Management, Mosaic

Specialty insurer Mosaic has launched a syndicated program inviting capital from commercial partners to underwrite complex specialty risks. According to the insurer, the initiative will provide additional capacity to clients at a time of increased demand amid market constraints.

Under the framework, Mosaic sources and selects specialty risks in domestic markets typically not seen in London and underwrite them through its hubs in the US, UK, Bermuda, and, from next year, those planned in Europe, Canada, the Middle East and Asia. Proprietary capital is deployed through its Lloyd’s Syndicate 1609, alongside partner capacity contributed by carriers.

“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 and 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.”

Mosaic focuses on technical lines, including transactional liability, cybersecurity, political risk, political violence, financial institutions, and professional liability. Capital partners will be able to choose a whole-portfolio approach or focus on specific products or geographies. The program does not participate in any natural-catastrophe exposures. 

“Our syndicated offering demonstrates a full alignment of interest, as we always have 1609’s capacity sitting alongside that of our carrier partners,” said Chris Brown, executive vice president for syndicated capital management at Mosaic. 

“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 will also allow syndicated risk partners access to real-time data on underwriting metrics, along with claims and market data and analytics.

Acrisure International is the lead and coordinating placement partner for the program’s initial placement. “We’re thrilled to work with Mosaic on this ground-breaking global offering,” said Acrisure president Jason Howard.

“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.”

Mosaic, syndicated program, specialty risks, Lloyds, liability, technology, underwriting

Bermuda Re