Specialty insurer Mosaic Insurance has announced the reorganization of its two core underwriting centers to better integrate international resources and support its next phase of growth.
As part of the restructuring, current CEO of Mosaic’s Singapore operations, Benn Wilson, will relocate to Dubai, United Arab Emirates, to lead activities across the Middle East and Asia through a unified underwriting centre. The changes are designed to streamline the company’s international operations and strengthen its strategy to grow its specialty insurance portfolio.
“Bringing Benn’s expertise to our Dubai platform is part of a broader optimization of our global underwriting network and ensures we are structured to support strong long-term growth,” commented Mosaic Chief Underwriting Officer Tim Glover.
“This move allows the firm to better align our structure with regulatory and capital considerations and refocus resources to maximize opportunities for clients, brokers and partners across our two regions.”
Mosaic established a Singapore office in March 2023 to underwrite transaction liability business in the Asia-Pacific region. The company said the decision to close the local underwriting business reflected regional structural considerations and its approach to maintaining a sustainable capital strategy.
William Monat, global head of transaction liability at Mosaic, added: “The restructuring has not diminished our confidence in the significant opportunity in the region or in the transaction liability product line, in fact we remain fully committed to the global M&A liability market and we expect growth, particularly in the tax liability business.”
“We also want our brokerage partners and clients to know how much we value the relationships and business we have built together in the region.”
Following the change, Mosaic’s Singapore service company will continue to administer existing policies. However, it will no longer accept new transaction liability submissions directly. Instead, business will be handled through the company’s offices in the United States, United Kingdom, United Arab Emirates, Europe, Canada and Bermuda, subject to applicable regulatory requirements.
The company is working closely with Lloyd’s Asia to ensure an orderly winddown of its Singapore underwriting operations, without impacting customer service and in full compliance with regulatory obligations.
Glover continued: “We are committed to meeting our responsibilities to our policyholders and broker partners and we will strive to maintain our service standards throughout the life of our existing Singapore portfolio.”
Mosaic recently celebrated its fifth anniversary. In addition to transactional liability, its portfolio includes financial institutions liability, professional liability, cyber liability, political risk, political violence, casualty and environmental liability. The company continues to invest in its underwriting platform in key centers around the world to support growing demand for specialist insurance solutions.
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