Specialty insurer, Mosaic has announced that its syndicated capital program has underwritten close to a quarter of a billion dollars in gross written premium (GWP) for industry partners across its seven product lines and regions.
Activated early last year, Mosaic’s program has originated nearly USD$250 million in GWP for more than 20 syndication trade partners.
A host of major re/insurers have participated, including Apollo, Hampden Risk Partners, Nephila Syndicate 2358, SiriusPoint, Flux Syndicate, and IQUW.
Mosaic’s Chris Brown, EVP, Syndicated Capital Management, commented: “We’re thrilled with all the high-caliber portfolio partners we’ve attracted, and thankful for the faith they placed in Mosaic’s vision and value. Most are fellow Lloyd’s syndicates, and all will share the opportunities we reap from an innovative model and global strategy. Syndication brings a single solution to clients, and these partnerships, along with future ones we build, are integral to our collaborative success.”
Moreover, under its agency model, Mosaic Syndicate 1609 commits capital alongside that of carrier partners seeking regional access and underwriting expertise in non-commoditized specialty lines.
The structure offers significant primary limits, as well as the benefit of diversification of counterparty exposure.
Unlike a conventional MGA, Mosaic is the core decision-maker for underwriting and claims settlement, which ultimately allows for accelerated response time. At the same time, Acrisure International is the lead and coordinating placement partner for the program.
David Sowrey, Acrisure Re Partner & Co-Head of London Reinsurance, added: “Mosaic’s hybrid business model is truly the first of its kind, with the retained and delegated risk combination fully leveraging its team’s deep underwriting expertise. It provides complete alignment for valued capital partners, whose significant contribution supports Mosaic in delivering syndicated product directly to clients.”
Gary Lill, Head of Professional Lines at IQUW, stated: “We’ve been excited to partner with Mosaic, whose interests are clearly aligned with those of their capital providers and who share the same philosophy as IQUW in terms of utilising data and technology to enable better underwriting decisions and to optimise its portfolio. We have worked with Mosaic since January 2022 and look forward to seeing the business thrive in the future.”
Matt Newman, Apollo’s Chief Innovation & Strategy Officer, said: “The partnership between Apollo and Mosaic is an example of how successful collaboration and shared values can lead to remarkable achievements. We look forward to broadening our relationship in future.”
It is worth noting that Mosaic’s capital partners have the ability to either choose a whole-portfolio approach, or engage with specific products or geographies. However, the portfolio does not include natural-catastrophe exposures, providing participants with opportunity for specialty diversification.
Elsewhere, syndicated capital partners have also been able to leverage ground-breaking partnerships Mosaic has forged with third parties to enhance risk selection and underwriting, which includes Mosaic x SAFEinside – a collaboration with tech leader Safe Security to offer inside-out evaluation to companies while reducing premium pricing.
Earlier this year, Mosaic also partnered with Apex to provide enhanced D&O coverage for funds, factoring ESG credentials into the insurance risk assessment.
Liam Jones, EVP, Strategic Growth Officer with Mosaic’s syndicated capital management team, commented: “We’re constantly sourcing new ways we can work with companies outside our industry to find opportunities, synergies, and mutual benefits. These strategic relationships give great value to our capital partners as well as to the end client.”
