Next-gen specialty insurer Mosaic Insurance is to acquire the Lloydâ€™s managing agency of SiriusPoint, and as part of a transaction the global reinsurer will become a strategic investor in Mosaic.
Mosaic Insurance is a global speciality insurer that has a wholly-owned syndicated capital management agency and underwriting hubs in the UK, the US, Asia and Bermuda. The company launched an InsurTech platform last year in partnership with CXC Technology. The platform was designed to increase the speed at which specialty insurance is sol, underwritten and serviced.
Mosaic will acquire SiriusPointâ€™s wholly-owned subsidiary Sirius International Managing Agency (SIMA), along with employees, as part of a larger strategic partnership.
Sid Sankaran, SiriusPoint chairman and CEO, said, â€œWe are delighted to be partnering with Mosaic, which is a fantastic, entrepreneurial company led by an experienced team.
â€œMosaic has the potential to disrupt the traditional way of doing things and drive change in the market. It is a terrific fit for SiriusPointâ€™s portfolio of disruptive and technology-driven insurance businesses and as a visionary parent company for our highly-regarded and capable managing agency team.â€
Completion of the agreement, subject to approvals, is expected to take place in the second half of 2022.
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