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RPC advises Mosaic on its Launch of Global Specialty Insurance Platform with Next-Generation Underwriting Capabilities

Published on 11 February 2021

Law firm RPC has supported a significant new insurance venture, advising next-generation global specialty insurer Mosaic in its newly formed Lloyd’s Syndicate 1609.

The deal, announced February 4, will create a dedicated underwriting platform funded by anchor investor Golden Gate Capital, which through its perpetual fund will support Mosaic’s underwriting businesses in the Lloyd’s market and key hubs around the world.

Mosaic is harnessing visionary leadership, strong underwriting talent, a focus on high-value, specialty lines, and a digitised operating model. Coupling its new Lloyd’s Syndicate 1609 with a wholly-owned syndicated capital management agency, Mosaic is uniquely positioned to offer capacity to clients in leading markets around the world.

Based in San Francisco, Golden Gate Capital is a leading private-equity investment firm with more than $17 billion of committed capital. It holds a majority stake in Mosaic through its financial services portfolio company, Angel Island Capital. Mosaic’s leadership team has also invested in the company.

The RPC team was led by RPC partner James Mee, who said: “It was a real pleasure to work with Mosaic, which is an exciting and significant new insurance venture in the Lloyd’s market involving a very strong team.

“The venture is fascinating, given the insurtech platform buildout and what we understand will be a disciplined focus on specialty products. We wish the team the very best of success.

"The transaction for Mosaic falls right into our sweet spot. Deals like these that have a strong underwriting and operational team, a private equity angle, and require a detailed knowledge of transactional insurance, technology, and the way the Lloyd’s market works and is funded, really allow us to bring together colleagues with an unusual combination of skills. We’re always very grateful to our clients who are active in this space for giving us the chance to work with them to achieve their goals.”

“Mosaic was pleased to work with RPC on our recent set-up, and we’re thrilled now to be part of the Lloyd’s marketplace and to have launched our global operations,” said Mosaic’s Chief of Staff, Lisa Fontanetta. “Our thanks to James and the knowledgeable RPC team for their collaboration and counsel through this exciting journey.”

RPC’s corporate insurance team is recognised as a market-leading advisor. In 2020, the team acted for Beat Capital Partners on its strategic partnership with Bain Capital Credit, another significant Lloyd’s transaction, and 20 transactions overall, with deal sizes right across the value chain. The team has been among the most active advisers to the (re)insurance market on M&A and other mandates in recent years.

Working alongside James Mee, RPC team members included relationship partner Rupert Boswall, Jon Bartley and Lucy Houghton (IP and Tech), Andy Price and Lauren Murphy (Corporate Insurance), Ben Roberts (Tax) and Kelly Thomson (HR).