Mosaic Insurance has announced that it has entered into an agreement to purchase the Lloyd’s managing agency of SiriusPoint. As part of the transaction, SiriusPoint will become a strategic investor in Mosaic.
“We’re excited about this opportunity to expand our presence at Lloyd’s, and we’re proud of the phenomenal partnership that brings mutual benefit to both our companies,” said Mitch Blaser (pictured above left), co-CEO of Mosaic. “For Mosaic, this agreement provides scale and value, and accelerates our strategic ambition – having a managing agency as part of our platform was always the vision.”
Under the deal, which is subject to Lloyd’s and regulatory approvals, Mosaic will acquire SiriusPoint’s wholly-owned subsidiary, Sirius International Managing Agency (SIMA), along with its employees as part of a larger strategic partnership. SIMA will continue to support SiriusPoint’s Syndicate 1945 at Lloyd’s. SiriusPoint will also become a strategic investor in Mosaic, and Sid Sankaran (pictured above right), chairman and CEO of SiriusPoint, will be given a seat on Mosaic’s board of directors.
“Mosaic’s business model is built on the foundation of valuable partnerships, and this agreement embodies that philosophy,” said Mark Wheeler, co-CEO of Mosaic. “We value SiriusPoint as a new shareholder, together with the visionary industry view of Sid Sankaran, and we look forward to working closely with him and his team.”
“We are pleased to welcome SiriusPoint as a shareholder through this innovative transaction,” said Dan Haspel, Mosaic board member and managing director of Golden Gate Capital, Mosaic’s anchor investor. “We look forward to building a long-term partnership with SiriusPoint as we create value for both sets of stakeholders.”
Advantages of the partnership for Mosaic include SiriusPoint’s participation in its syndicated capital program across multiple business lines. SiriusPoint will also provide fronting for Mosaic’s commercial partners in the program, giving access to SiriusPoint’s global infrastructure and licenses.
“We are delighted to be partnering with Mosaic, which is a fantastic, entrepreneurial company led by an experienced team,” Sankaran said. “Mosai]k,8c has the potential to disrupt the traditional way of doing things and drive change in the market. It is a terrific fit for SiriusPoint’s portfolio of disruptive and technology-driven insurance businesses and as a visionary parent company for our highly regarded and capable managing agency team.”
Highlights of the transaction include:
“We look forward to welcoming employees from the managing agency to our Mosaic family,” said Lisa Fontanetta, Mosaic chief of staff. “They will all play a critical role in the agency’s growth and development, and we see expanded opportunities for these individuals as part of the wider Mosaic group in the future.”
The deal is expected to close in the second half of the year.
