Press Release

Mosaic’s syndication program originates $250M GWP for industry partners

September 5, 2023

Hamilton, Bermuda—Mosaic’s syndicated capital program has underwritten close to a quarter of a billion dollars in gross written premium (GWP) for industry partners across its seven product lines and regions.

The program, activated early last year, has originated nearly USD$250 million in GWP for more than 20 syndication trade partners. Among major re/insurers participating are Apollo, Hampden Risk Partners, Nephila Syndicate 2358, SiriusPoint, Flux Syndicate, and IQUW.

“We’re thrilled with all the high-caliber portfolio partners we’ve attracted, and thankful for the faith they placed in Mosaic’s vision and value,” said Mosaic’s Chris Brown, EVP, Syndicated Capital Management. “Most are fellow Lloyd’s syndicates, and all will share the opportunities we reap from an innovative model and global strategy. Syndication brings a single solution to clients, and these partnerships, along with future ones we build, are integral to our collaborative success.”

Under its unique agency model, Mosaic Syndicate 1609 commits capital alongside that of carrier partners seeking regional access and underwriting expertise in non-commoditized specialty lines. The structure offers not only significant primary limits, but also the benefit of diversification of counterparty exposure. Unlike a conventional MGA, Mosaic is the single decision-maker for underwriting and claims settlement, allowing accelerated response time.Acrisure International is the lead and coordinating placement partner for the program.

“Mosaic’s hybrid business model is truly the first of its kind, with the retained and delegated risk combination fully leveraging its team’s deep underwriting expertise,” said David Sowrey, Acrisure Re Partner & Co-Head of London Reinsurance. “It provides complete alignment for valued capital partners, whose significant contribution supportsMosaic in delivering syndicated product directly to clients.”

Launched in 2021, Mosaic sources complex specialty risks through its network of hubs and offers syndicated coverage through the program across all seven of its product lines—transactional liability, cyber, political risk, political violence, financial institutions, professional liability, and environmental liability. The company currently has underwriting teams in Bermuda, London, New York, Chicago, Toronto, Frankfurt, Dubai, and Singapore.

“We’ve been excited to partner with Mosaic, whose interests are clearly aligned with those of their capital providers and who share the same philosophy as IQUW in terms of utilising data and technology to enable better underwriting decisions and to optimise its portfolio,” noted Gary Lill, Head of Professional Lines at IQUW. “We have worked with Mosaic since January 2022 and look forward to seeing the business thrive in the future.”

Mosaic’s capital partners can choose a whole-portfolio approach, or engage with specific products or geographies. The portfolio does not include natural-catastrophe exposures, providing participants with opportunity for specialty diversification.

“The partnership between Apollo and Mosaic is an example of how successful collaboration and shared values can lead to remarkable achievements,” said Matt Newman, Apollo’s Chief Innovation & Strategy Officer. “We look forward to broadening our relationship in future.”

Syndicated capital partners have also been able to leverage ground-breaking partnerships Mosaic has forged with third parties to enhance risk selection and underwriting. These have included Mosaic x SAFEinside, a collaboration with tech leader Safe Security to offer inside-out evaluation to organizations while reducing premium pricing. Mosaic also partnered with Apex earlier this year to provide enhanced directors and officers (D&O) coverage for funds, factoring ESG credentials into the insurance risk assessment.

“We’re constantly sourcing new ways we can work with companies outside our industry to find opportunities, synergies, and mutual benefits,” said Liam Jones, EVP, Strategic Growth Officer with Mosaic’s syndicated capital management team. “These strategic relationships give great value to our capital partners as well as to the end client.”