Hamilton, Bermuda—Lloyd’s of London CEO John Neal met regulatory and insurance leaders during a visit to the Bermuda market this week coordinated by Mosaic Insurance.
“A big thank-you to Mosaic for facilitating the meetings and arranging a great schedule—it’s been a very valuable trip,” said Neal, who flew on to New York yesterday to continue engaging Lloyd’s customers, risk managers, and brokers in key markets. “I think the symbiotic relationship between Bermuda and London is unique, and there’s a real opportunity to build on it and work more closely together. That’s really been the theme of this week’s discussions.”
Among other highlights, Neal met with Mosaic Co-Founders and Co-CEOs Mitch Blaser and Mark Wheeler; new Bermuda Monetary Authority CEO Craig Swan; former Bermuda Premier Sir John Swan; and Marc Grandisson, Chair of the Association of Bermuda Insurers & Reinsurers (ABIR).
“Bermuda and London markets share companies, capital and talent, creating a mutually-beneficial heritage we’re all proud of,” said Wheeler. “It was a privilege for Mosaic, as one of the newest members of both communities, to engage our peers, host discussions, and help promote progress in an increasingly entrepreneurial era for our industry.”
Added Blaser: “It’s good timing, as travel begins to resume, to encourage constructive meetings like these which can advance insurance solutions to worldwide challenges. We enjoyed exploring fast-changing themes important to us all, including ways to enhance capital efficiency, the surge in systemic risks, and the benefit of evolving digital technologies.”
Neal’s two-day Bermuda visit included a dinner with global CEOs of several Bermuda-domiciled carriers—including Mosaic, Arch Capital Group, Hamilton Insurance Group, RenaissanceRe, and SiriusPoint—which alone account for some $4 billion of gross written premium (GWP) at Lloyd’s, Neal noted.
“Bermuda’s leading insurers and reinsurers appreciate the strong working relationship with John Neal, Lloyd’s, and the London market,” said John Huff, President & CEO of ABIR. “Whether the risks are from climate, cyber, liability exposures, financial lines or specialty in nature, consumers around the world have long benefited from the sheer size and synergies of the Bermuda and London re/insurance markets.”
Launched in February, Mosaic was founded with a wholly-owned Lloyd’s Syndicate, 1609, as its centerpiece, along with underwriting hubs in Bermuda, the UK and US that source and distribute capacity regionally. A member of the “Class of 2020–21” insurance startups, Mosaic underwrites six lines of specialty business coverage, including transactional liability, cyber, political risk, political violence, financial institutions, and professional liability.