We use cookies to improve this site and enable full functionality. You can change your cookie settings at any time using your browser. Our cookie policy.

Newcomer enters war and terrorism insurance market

Newcomer enters war and terrorism insurance market | Insurance Business UK

Newcomer enters war and terrorism insurance market

Mosaic Insurance, the specialty insurance platform that launched its operations last month, has announced its first offering.

The new insurance venture has commenced underwriting war, terrorism, and political violence risks globally out of Mosaic’s offices in London and New York. Tailored coverage will span commercial, industrial, and residential property risks associated with acts of terror and sabotage, malicious damage, strikes, riots, civil commotion, and war perils worldwide.

Chairing the division is Quentin Prebble, who has over four decades of underwriting experience in the London market. One of the first professionals to write the stand-alone terrorism risk after the 9/11 attack, Prebble most recently served as global head of marine, including war and terrorism, at Ironshore’s Pembroke syndicate.

The war, terrorism, and political violence team also consists of senior vice presidents and senior underwriters Jamie Oliver and Heather Blaser, and junior underwriter Michael Glover. According to Mosaic, additional experienced hires will continue to come onboard in the next few months.

“We’re excited to be launching our first products and building an unrivalled team of the very best talent in this specialised line of business,” commented Mosaic founder and chief executive Mitch Blaser. “The area of political violence has more relevance today than ever, and Mosaic’s unique position makes us a trusted partner for clients requiring this type of coverage.”

Mosaic said its broad range of stand-alone terrorism products can be written as primary, excess, or quota-share coverage to mitigate damage, business disruption costs, or lost sales revenues in the event of attacks or threats.

The company – which combines Lloyd’s Syndicate 1609 with a wholly-owned syndicated capital management agency and underwriting hubs in Bermuda, London, the US, and Asia – noted: “Mosaic will act as a lead market, with maximum capacity of US$50 million for any one risk, and through its US operation, will offer up to $250 million through syndicated capacity.”

Several complex lines of specialty business will also be rolled out by Mosaic throughout the year.