Mosaic Insurance has opened an office in New York City, its first US-based physical address.
The specialty insurance startup’s new office will house members of Mosaic’s cyber and transactional liability lines, along with technologists and finance executives. It already has cyber and transactional liability underwriters based in Chicago, and other key employees in Los Angeles, Boston, and Virginia.
“As a born-and-bred New Yorker, I am thrilled to celebrate this milestone as we open an address that spearheads our North American distribution ambitions,” said co-founder and CEO Mitch Blaser.
“Global syndication of our specialty underwriting expertise – matching local distribution with Lloyd’s of London security – is core to the model of Mosaic, and North America is paramount to its success.”
Backed by private-equity firm Golden Gate Capital, Mosaic launched in February, with new Lloyd’s Syndicate 1609 and a focus on select, complex lines of business. These include transactional liability (M&A), cybersecurity, political risk, political violence, financial institutions and professional liability.
The company’s hybrid structure will comprise underwriting hubs in Bermuda, London, Europe, the US, and Asia, to offer capacity and customer service to clients in leading markets.
“New York represents a momentous step for Mosaic; in this, our first year, we will underwrite more business from the US than from all other countries combined,” said co-founder and co-CEO Mark Wheeler. “An integral part of the value proposition for Mosaic’s syndicated capital and consortia partners is our differentiated business model and focused access to pure specialty business from regional markets across the globe. This, combined with leading-edge data and analytics, represents a true competitive advantage.”
Mosaic, New Office, Specialty, Cyber, Transactional Liability, Insurance, Reinsurance, Mitch Blaser, Mark Wheeler, North America