Mosaic Insurance has added Lloyd’s carrier Apollo to its industry partner consortia, increasing the amount of syndicated capacity it can deploy for high-demand transactional liability coverage around the world.
The new partnership will support Mosaic’s hybrid syndicated capital program, in which Mosaic Syndicate 1609 commits capital alongside business partners seeking regional access and underwriting expertise in non-standardized specialty lines.
Apollo’s participation increases Mosaic’s underwriting capacity for transactional liability risks from $41 million to $50 million in North America, and from $36 million to $45 million in the rest of the world.
Transactional responsibility is the cornerstone of Mosaic’s specialized model and strategy, capitalizing on the successes of its leadership in the field.
The company began taking out mergers and acquisitions (M&A) coverage in the United States last July, including representations and warranties (RWI) insurance and tax liability insurance.
In November, Mosaic launched the unit’s international arm in London and established market-leading M&A teams in both jurisdictions, growing to 23 specialists.
Chris Brown, EVP, Syndicated Capital Management, Mosaic, commented, “This is a compelling opportunity that underscores Mosaic’s mission to link capital to risk through valuable partnerships.
“Apollo’s high caliber reputation, the strength of Lloyd’s and the significant investment in our syndicated capital program represent a significant endorsement of Mosaic’s underwriting team and global strategy.”
Matt Newman, Apollo’s Director of Innovation and Strategy, said, “Apollo is delighted to have partnered with Mosaic as a capability provider.
“We look forward to building on our existing shared values and vision over the coming years in this mutually beneficial partnership.
“We appreciate the support of leading teams to diversify Apollo’s portfolio. We would like to thank our colleagues at Mosaic for their collaboration in achieving this goal.
Sam Whiteman, Head of Global Transactional Liability at Mosaic, said: “Growing the size of our range delivers on our promise to brokers to be a key underwriter for mid- to large-cap transactions.
“We have seen a significant increase in demand for our unique offering, and this increase in capacity helps us provide solutions for cross-border transactions at a time of great geopolitical uncertainty. It also supports Mosaic’s ambition to grow our presence in Europe, the Middle East, Africa and beyond this year.
Stavan Desai, Team Leader, North America Transactional Responsibility for Mosaic, added, “We are delighted to have been endorsed by Apollo to support our underwriting strategy and philosophy, and we are excited by the hedging solutions that our growing capacity allows us to deploy for the benefit of our brokers and client partners.
Mosaic launched its syndicated program last year, providing capacity at a time of increased demand despite market constraints across its six lines of business.
In addition to transactional liability, these include cybersecurity, political risk, political violence, financial institutions, and professional liability.
To date, the program includes commercial capital partners such as HDI Global Specialty, Verto and IQUW, as well as lead partner Transverse Insurance Group which facilitates access to the US market, if needed.
Within this framework, financial partners can choose a global portfolio approach or engage with specific products or geographies.