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RPC advises Mosaic Insurance in deal to purchase SiriusPoint managing agency at Lloyd's

Published on 29 March 2022

• Specialty insurer will acquire SiriusPoint International Managing Agency at Lloyd's, which manages Lloyd's Syndicate 1945
• Transaction also sees SiriusPoint become strategic investor in Mosaic

International law firm RPC has advised Mosaic Insurance on an agreement to purchase the Lloyd's managing agency of SiriusPoint, the global re/insurer, as part of a wider transaction with SiriusPoint becoming a strategic investor in Mosaic.

Under the deal, Mosaic will acquire Sirius International Managing Agency (SIMA), which manages Lloyd's Syndicate 1945, along with employees, as part of a larger strategic partnership. 

RPC advised Mosaic last year on its launch in Lloyd's.  Mosaic's Syndicate 1609 is managed by Asta, while Mosaic's dedicated underwriting platform is supported by anchor investor Golden Gate Capital. Mosaic announced the deal here.

Over time, Mosaic plans to transform SIMA into a digitised managing agency, aligning with Lloyd's Blueprint Two and leveraging its own insurtech assets for efficiency.

James Mee, who led the RPC team, said: “We were delighted to build on our existing relationship with Mosaic and assist the team as they take these further steps to build out and strengthen their business." 

Lisa Fontanetta, Mosaic's Chief of Staff commented: “It was great to work with RPC again. They continue to be a trusted partner for Mosaic and we appreciate their depth of knowledge around the Lloyd’s market, combined with their global capability.

Completion of the agreement, subject to approvals, is expected to take place in the second half of 2022.

Alongside RPC, Mosaic was assisted in the transaction by law firms Kirkland & Ellis, New York; and Paul, Weiss, Rifkind, Wharton & Garrison, San Francisco.