Hamilton, Bermuda—Mosaic Insurance has opened an office in Dubai, United Arab Emirates, as a strategic regional platform to access risks from across the Middle East, Africa, and South Asia (MEASA) market.
Three specialist underwriters, along with a finance team member, are based at the new location—the seventh for Mosaic as it approaches its second anniversary next month. The company’s other physical hubs are located in Bermuda, London, New York, Chicago, Toronto, and Frankfurt.
“We now have seven business lines and a presence across seven key geographic business regions,” said Mark Wheeler, Co-CEO, Mosaic. “Our growth is being driven by globalization and technology, and our proximity to clients means greater risk awareness, superior solutions, and a seamless claims response. Mosaic’s broader market reach enhances our ability to originate business for ourselves—and our syndicated capital partners.”
Political risk specialist Dhruv Sharda joins the company as Senior Executive Officer to head up underwriting operations from the new address, located within the Dubai International Financial Centre (DIFC) district. Sharda previously worked in Dubai as a senior underwriter focused on structured trade credit and political risk in the region, and in London writing political risk coverage.
“I’m delighted to open Mosaic’s new venture in Dubai,” said Sharda. “The region’s insurance sector has grown significantly in recent years, particularly in terms of awareness of the need for pragmatic solutions to manage fast-emerging specialty risks, including political violence and terrorism, cyber, and political risk. Mosaic’s advantage will be having on-the-ground underwriters to bring custom expertise and capacity closer to insureds in the region.”
Joining Sharda are senior underwriter Josh Hearnden, who will develop Mosaic’s political violence portfolio, and cyber specialist Rob Storer, a 12-year industry veteran who will develop Mosaic’s cyber portfolio in the Middle East. Ryan Rego also joins the office as a financial accountant.
“We welcome the Dubai team and look forward to offering expertise and much-needed capacity to clients across this important region,” said Mosaic’s Underwriting Director David White, who oversees portfolio development and regional governance. “Our syndicated capital and consortia partners will also benefit from Mosaic’s focused access to specialty opportunities emanating from this growing market.”
Backed by private-equity firm Golden Gate Capital, Mosaic launched February 4, 2021 as a next-generation global specialty insurer. The company deploys capacity through both its Lloyd’s Syndicate 1609 and syndicated capital program with trade partners across seven specialty product areas: transactional liability, cyber, political risk, political violence, environmental liability, financial institutions, and professional liability.
The DIFC was established in 2004 as a strategic center for regional and international business, and today is a global trade hub comprising the largest cluster of financial services firms in the MEASA region.
PHOTO CAPTION: Mosaic’s new team in Dubai (from left): Dhruv Sharda, Senior Executive Officer and Underwriter, Political Risk; Josh Hearnden, AVP, Underwriter, Political Violence; Rob Storer, VP, Underwriter, Cyber; and Ryan Rego, Financial Accountant