Asta, the leading third-party managing agent at Lloyd’s, today announces the launch of Mosaic syndicate 1609. Underwriting is due to commence on 4th February 2021. The business is led by former Ironshore chief operating officer, Mitch Blaser and it will bring new regional and local retail business directly to Lloyd’s through a global network of wholly-owned specialty MGAs.
Mosaic will underwrite on behalf of its own Syndicate 1609, as well as on behalf of other third-party market participants. This combined with a unique InsurTech operating model will enable Mosaic to grow and achieve scale while leveraging digital automation and a significantly reduced expense ratio. Classes of speciality risk initially to be accepted include M&A, political risk, terrorism, environmental, professional indemnity, financial institutions, and cyber. Business will be accretive to the Lloyd’s market, and sourced through service companies in London, the US, Bermuda, and Asia.
Blaser said: “Attractive, profitable underwriting opportunities are multiplying all over the world, but the industry’s conventional business structures have interfered with our ability to grab hold of them. The new model I’ve embraced through Mosaic will take high-quality risks directly from producing brokers into Lloyd’s, for underwriting by specialists enormously experienced with complex, high-value insurance challenges. They will be provided with the most advanced technological support the world of InsurTech has to offer. The model cuts frictional costs dramatically, puts some skin into the game for underwriters, and with the participation of Asta, slashes the costs of launching and operating a new business at Lloyd’s.”
Julian Tighe, CEO of Asta added: “Lloyd’s remains the best place in the world to write speciality risks, but it has been a complicated and sometimes costly operating environment. Asta is committed to supporting the development of new approaches to underwrite efficiently and profitably in the changing Lloyd’s environment, and the unique structure of Mosaic is a perfect example. With its short value chain, technological approach to underwriting by extremely experienced market professionals, the backing of committed third-party capital, and the support of Asta’s syndicate management model and services, Mosaic is a new-generation insurer for the future.”