Mosaic Insurance is celebrating one year in business. The company has seen many milestones in its first year of operations, including strategic technology and capital partnerships, the launch of six global specialty underwriting units, and the hiring of 80 employees worldwide.
“This time last year, we hit the ground running as a start-up, armed with innovative plans and a highly motivated team,” said Mitch Blaser, co-founder and co-CEO of Mosaic Insurance. “We are grateful to our investors, clients, brokers, syndicated capital partners, and the wider corporate community for the huge support so far. With top specialty talent and an innovative tech platform, we’re building longevity, so this is just the beginning.”
Mosaic launched Feb. 4, 2021, backed by private equity firm Golden Gate Capital. Mosaic is headquartered in Bermuda and boasts new Lloyd’s Syndicate 1609 as its centerpiece. The company focuses on six highly technical lines of business: transaction liability (M&A), cybersecurity, political violence, political risk, financial institutions and professional liability.
“The concept, the timing, the underwriting focus, and most of all, the people were right – providing a unique opportunity to drive forward our ambitious goals,” said co-founder and co-CEO Mark Wheeler. “We’re proud of what Mosaic has accomplished so far and thankful for the trust extended by our stakeholders. Now we look forward to building even more powerful partnerships that can match syndicated capital with clients’ complex risks in a time of global uncertainty.”
During its first year of operation, Mosaic:
- Established corporate headquarters in Bermuda and five service companies accessing regional markets: Bermuda, the UK, the US, Canada and continental Europe.
- Secured Lloyd’s approvals enabling worldwide licenses and financial strength ratings: A+ from Standard & Poor’s, A from AM Best, and AA- from Fitch.
- Recruited and onboarded 80 employees across regions and fields of expertise.
- Built global teams and launched respective underwriting across six specialty product lines.
- Received more than 10,000 submission requests for insurance policies from prospective clients.
- Set up three physical offices for staff in Bermuda, London and New York.
- Opened its box (127 and 127B) on the underwriting floor at Lloyd’s.
- Created a brand identity, launched a corporate website and grown social channels.
- Entered a joint venture with DTX Technology to build an insurtech operating platform.
- Launched a syndicated capital program, partnering with commercial carriers to underwrite risks in markets throughout the world.
- Partnered with hybrid fronting carrier Transverse Insurance Group to activate $20 million in cybersecurity capacity in the US market.
“Amid the many challenges of operating in a mostly virtual, pandemic environment over the past 12 months, Mosaic has stayed on track and accomplished an extraordinary amount,” said Lisa Fontanetta, chief of staff at Mosaic. “We’re not focused on the future. Congratulations to exceptional colleagues, across countries and continents, whose bold, collaborative spirit spurs Mosaic’s journey.”