Specialty insurer Mosaic Insurance has launched a transactional liability team in the United Kingdom and expanded its M&A unit in the United States.
In connection with the launch of the UK team, Mosaic announced the hiring of Sam Whiteman and Andrew Gofton-Salmond in London to establish its international transactional liability platform, with plans for further growth in coming months.
The UK launch follows a rapid buildout of the business line since the specialty startup hired William Monat as Global Head of Transactional Liability in April, followed by Stavan Desai in May as North American team leader and Katherine Spenner as Chief Legal Officer.
Mosaic began underwriting M&A coverage in July, including representations and warranties insurance (RWI) and other transactional risk products.
Since then, its US-based M&A team has expanded to a total of 16 specialists, including JT Hutchens as Global Head of Tax, most based in New York.
“This is an important juncture in Mosaic’s development as we approach the end of our first calendar year,” said Co-CEO Mark Wheeler.
“Transactional liability is a core focus of our model and growth strategy, and a product line we expect to grow exponentially, in North America and beyond. The fast-paced development of our M&A platform, first in the US and now ramping up in London, serves the rising needs of clients in an unprecedented environment.”
Whiteman joins the company as SVP, Head of International Transactional Liability, reporting to Monat.
Previously head of London and emerging markets at Liberty Mutual, he will manage Mosaic’s transactional liability underwriting outside of North America with initial focus on the UK, Europe, the Middle East, and Africa (EMEA).
Gofton-Salmond, meanwhile, joins Mosaic as VP, Manager, Transactional Liability.
With over a decade of experience advising on and underwriting M&A transactions, he joins from AIG, where he was a senior underwriter with a focus on providing insurance for M&A deals across the UK, Europe and emerging markets.
“We’re thrilled to welcome Sam and Andrew to join the incredibly talented group of experts we’ve been building over recent months, and the timing couldn’t be better,” said Monat.
“Economic conditions are driving heavy deal volume and value, and insurance coverage has become vital to help buyers and sellers achieve timely closures. To meet that robust demand with specialized underwriting, we plan to add another dozen specialists by the end of next year.”
“I’m delighted to join Mosaic’s team and enter the market at a time where our offering and experience is needed more than ever,” added Whiteman. “We’re creating a market-leading underwriting team in London and EMEA, with huge opportunity further afield, working with key partners to meet client needs.”