Markets/Coverages: Mosaic Offers Political Violence Cover in Europe, Capacity of €100M

Mosaic Insurance announced it now underwrites political violence coverage through its European headquarters in Germany to meet rising demand throughout the region. The company offers up to €100 million (US$112.1 million) of syndicated capacity, which is now accessible directly from its headquarters in Cologne. Tailored coverage applies to a full spectrum of commercial, industrial and residential property risks associated with acts of terror and sabotage, malicious damage, strikes, riots, and civil commotion (SRCC), active assailant, war perils, and related liability. Demand for political violence insurance is rising across Europe, where terrorism continues to be an unpredictable threat and state-backed acts of sabotage are a growing concern, increasing the risk of direct and collateral damage to property and business continuity, the Bermuda-based insurer said. “We’re delighted to announce the launch of political violence cover through Mosaic Europe,” said Adam McGrath, Mosaic’s global head of Political Violence, in a statement. “Having already established direct capacity in the US and Dubai markets, we have now expanded into Europe with this line of business by taking advantage of our Cologne presence and strong foothold in the region.” “Europe is a diverse and multi-cultural continent that faces risks from many different forms of political violence and our European business is committed to supporting clients through what is a challenging and uncertain environment,” according to Dennis Bertram, Mosaic’s managing director for Europe. “By offering coverage through our German hub, we are able to write European Economic Area (EEA) business directly to EEA brokers, expanding our reach through the European market,” Bertram added. Mosaic began underwriting war, terrorism and political violence risks globally in March 2021, just a month after launch. Today, its political violence team comprises a dozen specialists spread across six cities in addition to Cologne, including New York, Chicago, Boston, Bermuda, London, and Dubai. Source: Mosaic Topics Europe