Specialty insurer Mosaic Insurance has expanded its coverage against war, terrorism and political violence to offer up to $ 600 million per risk.
The increased capacity will allow the company to serve its customers through the domestic markets of the United States or Bermuda with underwriting teams at both sites.
Currently, Mosaic is the only operator to write coverage on political violence from the Bermuda market.
âWe launched our coverage of war, terrorism and political violence in direct response to the intensified underlying exposures resulting from this complex and growing threat,â said Mosaic Co-Founder and Co-CEO Mark Wheeler.
âWe have worked closely with our financial partners to provide an important syndicated product to policyholders who value the allocation of their counterparty risk. “
Political violence was Mosaic’s first line of business, launched in March with underwriting units in London, Bermuda and the United States.
Through a structure that includes Lloyd’s of London Syndicate 1609 and a network of offices around the world, the company offers tailor-made coverage for a range of commercial, industrial and residential real estate risks.
The products offered relate to acts of terror and sabotage, malicious damage, strikes, riots, civil unrest, perils of war and associated liability worldwide.
Mosaic underwriters Jamie Oliver and Heather Blaser currently serve the US and Bermuda markets, with an expanded international team based in London under the chairmanship of Quentin Prebble.
Last month, Adam McGrath, Senior Warfare and Terrorism Specialist, joined the branch’s international team, which also includes Sam Eldridge and Michael Glover.
âOur industry is certainly at the forefront of what risk managers and clients think about in today’s climate,â noted Oliver. “The reappearance of threats to US international and domestic exhibitions is accentuated by prevailing geopolitical tensions.”
Political violence is one of Mosaic’s six product lines, selected for its high technical barriers to entry and its relevance to current and expected global market conditions. Other units include cybersecurity, political risk, transactional liability, financial institutions, and professional liability.