By The Royal Gazette 2021-02-05T09:28:00+00:00
Veteran insurance executive Mitch Blaser has launched a new Bermudian-headquartered company with the aim of building one of world’s top global specialty insurers.
Mosaic, which will target complex risks and use cutting-edge technology to maximise efficiency, is basing its head office and an underwriting operation on the island.
In London, the company will operate Lloyd’s Syndicate 1609 – a number chosen to reflect the company’s strong connection with Bermuda – and it has also launched operations in several US locations, as well as in Asia.
Mr Blaser, one of the founding members of Bermuda specialty insurer Ironshore’s executive team in 2007, is backed by anchor investor Golden Gate Capital. The US-based private-equity firm will hold a majority stake through its financial services portfolio company, Angel Island Capital. Members of Mosaic’s leadership team have also invested in the start-up.
Mosaic Launches Bermuda-Based Specialty Insurer, Along with Lloyd’s Syndicate 1609 February 4, 2021
Mosaic, a Bermuda-based global specialty insurer, has launched operations in Bermuda, London, the United States and Asia, along with a newly formed Lloyd’s syndicate.
Operating with initial capitalization of $185 million, Mosaic is founded by insurance industry veteran Mitch Blaser, who serves as the company’s CEO. With 40 years experience in the insurance industry, Blaser was a founder of Ironshore in Bermuda and had executive roles with Swiss Re and Marsh.
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Golden Gate Capital, a leading private-equity investment firm with more than $17 billion of committed capital, is Mosaic’s anchor investor. Golden Gate Capital will hold a majority stake in Mosaic through its financial services portfolio company, Angel Island Capital. Mosaic’s leadership team has also invested in the company.