Bermuda-based speciality insurer Mosaic Insurance coverage has obtained a strategic funding from two US-based growth-capital suppliers to spice up product growth and rent further personnel.
The businesses didn’t disclose the dimensions of the funding.
The deal offers Atalaya Capital Administration and Culpeper Capital Companions Specialty a minority stake within the insurer.
As part of the deal, Culpeper senior managing director David King will develop into a part of Mosaic’s board of administrators, with instant impact.
Mosaic Insurance coverage co-founder and co-CEO Mitch Blaser stated: “We’re excited to announce this necessary partnership for Mosaic as we develop important mass and proceed to benefit from important underwriting alternatives.
“Atalaya and Culpeper worth what we’ve constructed up to now, in addition to Mosaic’s future progress potential, they usually convey further various financial-sector experience that will likely be important for the subsequent stage of our journey.”
Established in 2021, Mosaic focuses on underwriting seven merchandise particularly cyber, transactional legal responsibility, political threat, political violence, environmental legal responsibility, monetary establishments, {and professional} legal responsibility in seven areas.
Mosaic is supported by Golden Gate Capital and is a majority controlling stakeholder of the corporate.
Commenting on the funding, Atalaya managing director Bharath Subramanian stated: “Our funding in Mosaic continues Atalaya’s lengthy monitor document of investments throughout the insurance coverage and broader monetary companies house.
“The corporate’s differentiated and dynamic enterprise and capital mannequin is well-positioned to handle complicated dangers on a world foundation.”
Mosaic Insurance coverage not too long ago raised the capability for its political threat protection to $30m and expanded its funding restrict to assist inexperienced financing options in growing nations.
