Hamilton, Bermuda-based global specialty insurer Mosaic Insurance Holdings Inc. officially launched operations in Bermuda, London, the United States and Asia, the company said Thursday.
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.
Canopius Re Receives License in Bermuda to Operate as Class 4 Reinsurer January 13, 2021
Canopius announces its Bermuda-based reinsurance company Canopius Reinsurance Ltd. has been granted a Class 4 reinsurer license by the Bermuda Monetary Authority.
The reclassification will significantly extend Canopius Re’s scope, enabling it to increase gross written premiums and write more third-party risks. This marks a reorientation of the reinsurer, which will initially be focused on third-party property and casualty business, reflecting the opportunities created by the improving rating environment.
Class 4 reinsurers are the largest reinsurers regulated by the BMA and must maintain minimum capital and surplus of $100 million.
Canopius Re granted a Class 4 licence royalgazette.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from royalgazette.com Daily Mail and Mail on Sunday newspapers.