Mosaic unveils financial institutions division in London

Mosaic, the Bermuda-based specialty insurer, has launched its financial institutions division, underwriting risks globally through its London office.

The division offers tailored coverage to help protect a broad range of financial institutions from exposures caused by crime, damages payable to third parties and legal defense costs. Its directors’ and officers’ (D&O) coverage also safeguards personal assets of business leaders in the event of related claims.

The team is led by Chris Brown, executive vice president and global head of financial institutions, who has almost four decades of experience in the London market, with specialisation in financial institutions underwriting for the past 27 years.

Brown is supported by Andrew Deans and Chris Webb, both senior vice presidents and underwriters for financial institutions. Deans has spent nearly 30 years in the London market, in both claims adjusting and underwriting, while Webb has nearly 40 years’ experience in the Lloyd’s market as both a financial institutions placing broker and underwriter.

They are also supported by Sara Maybury, a junior underwriter trainee for financial institutions, who joins Mosaic after graduating in 2020 from the University of St Andrews in Scotland.

Mosaic will be a lead market on all financial institutions coverage, taking a primary position to deploy maximum initial capacity at launch of $10 million for any risk, with capacity built to match demand as the product line grows.

Mark Wheeler, co-chief executive officer at Mosaic, highlighted the diverse and unique threats faced by financial institutions. “Our FI underwriting team has a highly-regarded track record in this business and they’ll be applying that deep knowledge, combined with a very discerning approach to risk selection,” he said.

“Financial institutions are navigating a more complex global landscape than ever before and need a true specialty partner,” added Brown. “Our team is well-equipped to meet that demand from a broad range of institutions—from banks, stock exchanges and trading platforms to asset managers and venture capital fund managers—to tackle fast-changing exposures in today’s environment.”

Mosaic was founded in February 2021 and combines Lloyd’s Syndicate 1609 with a wholly-owned syndicated capital management agency and underwriting hubs in Bermuda, London, the US, and Asia. It is focused on complex specialty lines of business and has launched underwriting teams in cybersecurity, political violence, political risk, and professional liability lines.