Mosaic, the new Bermuda-based global specialty insurer, announced it has begun underwriting war, terrorism and political violence risks globally out of offices in London and New York.
Mosaic will offer tailored coverage for a full spectrum of commercial, industrial and residential property risks associated with acts of terror and sabotage, malicious damage, strikes, riots, civil commotion, war perils and related liability around the world. The company’s experienced team includes the following underwriters in London and North America:
- Quentin Prebble, chairman of War, Terrorism & Political Violence, brings a strong track record, with 40-plus years of underwriting experience in the London market. He most recently served as global head of marine, including war and terrorism, at Ironshore’s Pembroke syndicate. Prior to Ironshore, he led the same business line for Liberty syndicates at Lloyd’s. He was one of the first professionals to write the stand-alone terrorism risk after 9/11.
- Jamie Oliver, SVP, senior underwriter, War, Terrorism & Political Violence, has 15 years of industry experience in the Lloyd’s and U.S. insurance markets. Most recently, he worked at Marsh in New York as a senior client adviser, heavily involved in the design, marketing and management of insurance programs for Fortune 100 companies. Prior to Marsh, he was a senior underwriter at Swiss Re Corporate Solutions. He spent six years as a marine underwriter at Pembroke and started his career at Liberty syndicates.
- Heather Blaser, SVP, senior underwriter, War, Terrorism & Political Violence, has more than 10 years of industry experience. She began her career at Ironshore and underwrote war and terrorism at Pembroke. She later returned to the U.S. to manage a domestic book of business, successfully building a market-leading consortium. She has considerable experience in developing new coverage forms in the US market.
- Michael Glover, junior underwriter, joins the London team with prior experience in both professional indemnity and political violence.
Investment in this division continues as additional experienced hires join the team over 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 specialized line of business,” said Mosaic CEO 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 it offers a broad range of stand-alone terrorism products in the portfolio that 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.
Products include: terrorism & sabotage, third-party liability, strikes, riots, civil commotion, full war & political violence, aviation and marine war, active shooter physical damage and business interruption, cyber, civil & military, nuclear, chemical, biological & radiological (NCBR).
Policies do not require government certification of a terrorist attack or minimum loss requirements, and, in the U.S., are separate to the federal Terrorism Risk Insurance Program Reauthorization Act (TRIPRA).
Mosaic will act as a lead market, with maximum capacity of US$50 million for any one risk, and through its U.S. operation, will offer up to $250 million through syndicated capacity.
“Global geopolitical risks are creating an increasingly volatile and uncertain landscape for governments, municipalities, utilities, and companies engaged in cross-border trade,” noted Prebble. “Our expertise in these niche peril products is second to none, allowing Mosaic to deliver peace of mind to clients, so they can continue to operate through turbulent times and recover losses when severe crises happen.”
Launched by Blaser in February, Mosaic combines Lloyd’s Syndicate 1609 with a wholly owned syndicated capital management agency and underwriting hubs in Bermuda, London, the U.S., and Asia.
The company is focused on complex lines of specialty business, which will continued to be launched throughout 2021.
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