Mosaic Insurance Holdings Ltd. said on Tuesday that it has introduced a division for financial institutions that take out risk globally through its London office.
The division will offer tailor-made coverage to protect a range of financial institutions from exposures caused by crime, damages paid to third parties and legal costs, the Bermuda-based insurance company said in a statement.
The insurer said it will be the leading market for all financial institution coverage and offers $ 10 million in maximum initial capacity for all risks, with capacity built to match demand as the product line grows.
Those working in the division include Chris Brown, vice president, global manager, financial institutions, who started at Mosaic from Hamilton Insurance Group Ltd. in January; Andrew Deans, senior vice president, insurer, financial institutions, who joined the insurance company for Pembroke Managing Agency Ltd. in January; and Chris Web, senior vice president, insurance finance institutions, formerly with Hamilton, who joined in May.
Mosaic said last week that it offers professional compensation and coverage for board members and salaried employees for a wide range of service providers.