View this article online: https://www.insurancejournal.com/news/international/2021/10/22/638473.htm
Bermuda-based Mosaic Insurance has extended its war, terrorism and political violence coverage to offer up to $600 million per risk.
The increased capacity allows the company to serve clients via domestic U.S. or Bermuda markets through underwriting teams in both locations. Currently, Mosaic is the only carrier to write political violence coverage from the Bermuda market.
“We launched our war, terrorism and political violence coverage as a direct response to intensified underlying exposures arising from this complex and growing threat,” said Mosaic Co-Founder & Co-CEO Mark Wheeler. “We have collaborated closely with our capital partners to provide an important syndicated product to insureds who place value in spreading their counterparty risk.”
Political violence was Mosaic’s first line of business, launched in March with underwriting units in London, Bermuda, and the U.S.
The company offers tailored coverage for a full spectrum of commercial, industrial and residential property risks. Products offered relate to acts of terror and sabotage, malicious damage, strikes, riots, civil commotion, war perils and associated liability around the world.
Mosaic underwriters Jamie Oliver and Heather Blaser currently serve the U.S. and Bermuda markets, along with an expanded international team based in London under the chairmanship of Quentin Prebble. Last month, senior war and terrorism specialist Adam McGrath joined the international team, which also comprises Sam Eldridge and Michael Glover.
“Our sector is certainly at the forefront of what risk managers and clients are thinking about in the current climate,” noted Oliver. “The re-emergence of threats to both international and domestic U.S. exposures is heightened by prevailing geopolitical tensions.”
Political violence is one of Mosaic’s six product lines, selected for high technical barriers to entry and relevance to current and projected global market conditions. Other units include cyber-security, political risk, transactional liability, financial institutions, and professional liability.
About Mosaic
Founded in February 2021, Mosaic combines Lloyd’s Syndicate 1609 with a wholly owned syndicated capital management agency and underwriting hubs in Bermuda, London, the US, and Asia. The company focuses on complex specialty lines of business and has launched underwriting teams to date in cybersecurity, political violence, political risk, professional liability and financial institutions lines.
Source: Mosaic Insurance