Reinsurance News

Conduit Re, Canopius Re & Mosaic join ABIR

30th March 2021 - Author: Matt Sheehan

The Association of Bermuda Insurers and Reinsurers (ABIR) has announced that Conduit Reinsurance, Canopius Reinsurance and Mosaic Insurance are to become its newest members.

AbirAccordingly, Conduit Re CEO Trevor Carvey, Canopius Re Bermuda CEO Charles Craigs and Mosaic CEO Mitch Blaser have been named to the ABIR Board.

All three companies belong to the “Class of 2020–21” start-ups, which, together with existing carriers, have attracted an estimated $19 billion to Bermuda in the past year.

“Bermuda has shown its international strength once again in attracting insurance and reinsurance start-ups during this time of significant growth in our industry,” said Marc Grandisson, Chief Executive Officer of Arch Capital Group and Chair of ABIR. “I am pleased to welcome these new companies and their seasoned executives to ABIR.”

Conduit Reinsurance is a Bermuda-based reinsurer that launched in December 2020, when the groups holding company, Conduit Holdings Limited (ticker CRE), completed an Initial Public Offering on the London Stock Exchange that raised $1.1 billion. Headquartered in Hamilton with an office in London, it is a Class 4-licensed Bermuda insurance company.

Meanwhile, Canopius Reinsurance recently announced its Bermuda-based reinsurance company, led by CEO Charles Craigs, has been granted a Class 4 reinsurer license by the Bermuda Monetary Authority (BMA).

Canopius Group is a global specialty re/insurer with underwriting operations in Australia, Bermuda, Singapore, the UK and US, which underwrites through underwriting platforms Lloyd’s Syndicate 4444 (managed by Canopius Managing Agents), Canopius US Insurance Inc (a US surplus lines insurer) and Canopius Reinsurance Ltd.

Finally, Bermuda-based global specialty insurer Mosaic, was founded last month by industry veteran Mitch Blaser, who serves as CEO.

With San Francisco-based Golden Gate Capital as its majority investor, Mosaic has a new Lloyd’s Syndicate, 1609, as its centerpiece, coupled with a wholly-owned syndicated capital management agency with underwriting hubs in Bermuda, London, the US and Asia.

“Bermuda’s leading insurers and reinsurers, working collectively as ABIR, represent the industry at home and abroad, and these new, international start-up companies will help build upon the important public policy, advocacy and education work ahead for 2021,” said John M. Huff CEO of ABIR.

“Advancing the ABIR value proposition has never been more important as our member companies offer global, well-regulated re/insurance products, protection, and peace of mind to consumers and businesses in over 150 countries.”

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