Specialty insurer introduces new global terrorism cover
Specialty insurer introduces new global terrorism cover | Insurance Business Canada
Insurance News
Specialty insurer introduces new global terrorism cover
Streamlined solution offers significant level of capacity to brokers
Insurance News
By
Kenneth Araullo
Mosaic Insurance has introduced a new global terrorism and sabotage coverage tailored for fine art and specie clients, with a maximum capacity of up to $215 million per risk through a syndicated structure.
The product is designed to protect against physical loss or damage caused by acts of terrorism and sabotage, covering high-value items such as artwork in museums, exhibitions, and historic estates.
Adam McGrath (pictured above), global head of political violence at Mosaic, emphasised that the new offering provides brokers in the fine art and specie markets with a significant level of capacity via a single route.
“By pooling multiple sources of capacity under one roof, we can expedite the placing process, which is vital when brokers need urgent cover for their clients,” McGrath said.
Mosaic’s syndicated capital programme, a key element of its offering, enables the insurer to write 100% of the large capacity limits demanded in this sector. The company leads each risk through its Lloyd’s syndicate 1609, complemented by capacity from partner carriers.
This arrangement aims to help clients, including short-term exhibition hosts, who may face challenges in securing coverage in the open market due to minimum premium requirements.
Poppy Malcolmson, executive director at Howden Insurance Brokers, highlighted the importance of a rapid response in the fine art and specie business, where terms often need to be finalised within a matter of hours and coverage limits frequently surpass $150m.
Mosaic’s terrorism line slip, she explained, has provided brokers with fast and efficient access to capacity without the need to approach multiple markets, which in turn allows clients to proceed with their business operations smoothly.
Since the launch of its political violence unit in 2021, Mosaic has built a reputation for offering solutions to clients impacted by political violence, including war, terrorism, and riots.
Political violence is one of the seven key lines of business that Mosaic focuses on, which also includes transactional liability, cyber, political risk, financial institutions, professional liability, and environmental liability.
In a separate development in August, Mosaic made a strategic move to strengthen its expansion efforts in North America by appointing Joe Boren as chair of a newly established advisory board.
Boren, a seasoned executive with extensive experience in the specialty insurance sector, particularly in environmental insurance, will lead the board, which is tasked with guiding Mosaic’s strategic growth. The board will focus on market engagement, innovation, and strategy, with Boren set to play a pivotal role in assembling the group.
Boren, who also serves as a senior advisor at US wholesale broker Synapse Services, is well regarded for his contributions to the global specialty insurance sector. At Mosaic, he will work to ensure that the advisory board aligns with the company’s broader objectives of expanding its footprint and enhancing its leadership in key specialty lines.
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