Mitch Blaser, founding executive of Bermuda-based Ironshore, has established Mosaic, a next-generation global specialty insurance company with operations in Bermuda, London, the U.S., and Asia.
Mosaic combines newly-formed Lloyd’s of London Syndicate 1609 with sophisticated underwriting talent.
The new specialty insurer is backed by private equity investment firm, Golden Gate Capital, who as the entity’s anchor investor, will hold a majority stake via its financial services portfolio company, Angel Island Capital.
Founder and Chief Executive Officer (CEO) of Mosaic, Blaser, commented: “We saw a unique opportunity in the market and envisioned a powerful new way to syndicate capital to manage clients’ most complex risks.
“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.”
The next-gen insurer brings together Lloyd’s Syndicate 1609 with a wholly-owned syndicated capital management agency, which is designed to allow the firm to identify, source, and underwrite business on behalf of itself along with other trade-capital partners.
Mosaic will have a focus on high-value, specialty lines of insurance business with “steep technical barriers to entry and strong growth trends”, which includes transactional liability, cyber, political risk, political violence, environmental, financial and professional lines.
The specialty insurer’s leadership, which has also invested in the firm, bring extensive experience in building profitable global specialty businesses, both at Lloyd’s and globally.
Alongside Blaser as CEO, Mosaic will be led by Lisa Fontanetta as Chief of Staff; Krishnan Ethirajan, Chief Operating Officer (COO); Oz Haque as Chief Financial Officer (CFO); Chris Brown, EVP, Syndicated Capital Management; Charlie Mackay, EVP, Active Underwriter, Mosaic Syndicate 1609; and Olly Reeves, Group Chief Risk Officer (CRO).
“The strategic partnerships we’ve established provide a fantastic platform to build our leading global specialty brand. Golden Gate is the perfect investment partner, with a long-term investment philosophy, permanent capital structure and significant insurance and financial services expertise,” added Blaser.
Dan Haspel, a Managing Director at San Francisco-based Golden Gate Capital, noted: “We are very excited to partner with Mitch and the best-in-class Mosaic team on this new venture.
“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.”
For its Lloyd’s Syndicate, Mosaic has partnered with Asta Managing Agency, which will provide a range of oversight and governance services.
Additionally, the new market player has collaborated with global providers to leverage advanced and disruptive technologies such as blockchain, machine-learning algorithms, advanced analytics, intelligent automation, straight-through processing and actuarial software, as it looks to build-out a leading InsurTech platform.
Mosaic is the latest in a growing list of new insurers and reinsurers to have launched since the later stages of last year. And, with many of the defining characteristics of 2020 still in place as the market moves further in 2021, it’s reasonable to think it might be the last new market entry looking to take advantage of current market conditions and advanced technologies.