Mosaic Provides London Worldwide Transaction Legal responsibility Platform – Enterprise Insurance
The specialty insurer Mosaic Insurance Holdings Ltd. has established an international transaction liability platform based in London to initially focus on the UK and Europe, the Middle East and Africa. It has also expanded its M&A unit in the US, saying the moves are in response to the record pace of transactional activity in the global market.
Bermuda-based Mosaic has appointed Sam Whiteman and Andrew Gofton-Salmond in London with plans for further growth in the coming months. Mr. Whiteman joins the company as Senior Vice President, Head of International Transactional Liability and Mr. Gofton-Salmond as Vice President, Manager, Transactional Liability.
"This is an important point in the development of Mosaic as we near the end of our first calendar year," said Co-CEO Mark Wheeler. “Transactional liability is a core focus of our model and growth strategy and a line of products that we expect to grow exponentially in North America and beyond. The rapid development of our M&A platform, first in the USA and now in London, serves the increasing needs of customers in an unprecedented environment. "
The UK launch follows a rapid expansion of the business since Mosaic hired William MONT as global head of transactional liability in April, followed by Stavan Desai as team leader North America in May and Katherine Spenner as chief legal officer.
Mr. Whiteman was previously Head of London and Emerging Markets at Liberty Mutual. He will manage Mosaic's transactional liability underwriting outside of North America, with an initial focus on the UK and EMEA, reporting to Mr.Month.
Mr. Gofton-Salmond joins from American International Group Inc. where he was a senior underwriter focusing on providing insurance for M&A deals in the UK, Europe and emerging markets.
Mosaic began acquiring M&A coverage, including representation and warranty insurance and other transaction risk products, in July. Since then, the US-based M&A team has grown to a total of 16 specialists.
“Economic conditions are creating high transaction volume and value, and insurance has become essential to helping buyers and sellers get deals on time. In order to meet this robust demand with specialized underwriting, we plan to add a further dozen specialists by the end of next year, ”said Mr.Month.
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