Press Release

Mosaic Insurance announces Board appointments

June 9, 2022

Hamilton, Bermuda—Mosaic Insurance has appointed Bermuda-based financial services executive Caroline Foulger as its Board Chair, effective immediately.

“Caroline’s well-recognized reputation and global experience across our industry make her an ideal choice for this role,” said Mitch Blaser, Co-CEO of Mosaic. “We look forward to working closely with her and fellow directors to generate value for all our stakeholders.”

“Mosaic will benefit significantly from Caroline’s wealth of financial services knowledge and thoughtful leadership perspective,” said Mosaic Co-CEO Mark Wheeler. “We’ve invited her to the Board as Mosaic continues to build out its global growth, and we’re proud to have her join us on the journey.”

Foulger has been an independent, non-executive director in the financial services industry since 2013. Prior to that, she was a partner at PwC Bermuda for 12 years, primarily leading the insurance practice in Bermuda and serving listed clients with both audit and advisory services. She spent nine years, until May 2022, as a director for Hiscox and its subsidiaries at Lloyd’s and in Bermuda, serving as chair of the Hiscox audit committee, and a member of its risk, remuneration, governance, and investment committees.

“I’m delighted to join Mosaic’s Board in this role and at this time,” said Foulger. “Mosaic’s business model is exciting—it’s re-shaping the industry—and its values and culture truly resonate with me. The passion, commitment, and diversity of everyone connected to the company is palpable and I feel honored to work with them and be a part of it.”

Foulger serves on the boards of several other public and private entities with operations in other areas of financial services. She has been a Bermuda resident since 1987 and became Bermudian in 2005.

In addition to the appointment of Foulger, Mosaic also welcomed Alexander Dias, CEO and Managing Director of Angel Island Capital (AIC), to its Board of Directors. AIC is a specialty finance portfolio company of Mosaic’s anchor investor, Golden Gate Capital, a leading private equity investment firm with over $19 billion of cumulative committed capital.

“I am excited to join the Mosaic Board during the early stages of the company’s growth and business development,” said Dias. “I share Mosaic’s vision of growing through technology and innovation, with an emphasis on building a strong team to execute the strategy. I look forward to providing my perspective and experience as Mosaic continues to expand the business.”

Dias joined AIC in 2020 and has over 18 years of finance industry experience. Prior to joining AIC, he was director of US portfolio finance and internal business strategy at Citadel LLC, where he managed the US portfolio finance team, providing secured financing solutions for the equities, credit, quantitative and commodities businesses.

“The Board extends a warm welcome to both Caroline and Alex,” said Dan Haspel, a Mosaic Board member and Managing Director at Golden Gate Capital. “They are both accomplished, dynamic leaders with significant specialty insurance and financial services expertise. We are confident they will make valuable contributions to Mosaic during this important period of growth.”

Launched in February 2021, Mosaic is a global specialty insurer with a focus on six lines of business: transactional liability, cyber, political violence, political risk, financial institutions and professional liability. The company currently has offices in Bermuda, London, New York, and Chicago, with plans to expand this year to Europe, the Middle East and Asia.

PHOTO CAPTION: Mosaic Insurance Co-CEOs Mark Wheeler (left) and Mitch Blaser, with the specialty insurer’s new Board Chair Caroline Foulger