Mosaic unveils financial institutions division

Mosaic Insurance Holdings Ltd. said Tuesday it has introduced a financial institutions division that is underwriting risk globally through its London office.

The division will offer tailored coverage to protect a range of financial institutions from exposures caused by crime, damages payable to third parties and legal defense costs, the Bermuda-based insurer said in a statement.

The insurer said it will be lead market on all financial institution coverage, offering $10 million in maximum initial capacity for any risk, with capacity built to match demand as the product line grows.

Those working in the division include Chris Brown, executive vice president, global head, financial institutions, who joined Mosaic from Hamilton Insurance Group Ltd. in January; Andrew Deans, senior vice president, underwriter, financial institutions, who joined the insurer for Pembroke Managing Agency Ltd. in January; and Chris Web, senior vice president, underwriter financial institutions, previously with Hamilton, who joined in May.

Mosaic said last week it is offering professional indemnity and directors & officers coverage for a wide range of service providers.