(From left) Mosaic Insurance co-founders and co-CEOs Mitch Blaser and Mark Wheeler and the new board director of the company, David King. Credit: Mosaic Insurance.

Bermuda-based speciality insurer Mosaic Insurance has received a strategic investment from two US-based growth-capital providers to boost product development and hire additional personnel.

The companies did not disclose the size of the investment.

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The deal gives Atalaya Capital Management and Culpeper Capital Partners Specialty a minority stake in the insurer.

As a part of the deal, Culpeper senior managing director David King will become part of Mosaic’s board of directors, with immediate effect. 

Mosaic Insurance co-founder and co-CEO Mitch Blaser said: “We’re excited to announce this important partnership for Mosaic as we grow critical mass and continue to take advantage of significant underwriting opportunities. 

“Atalaya and Culpeper value what we’ve built to date, as well as Mosaic’s future growth potential, and they bring additional diverse financial-sector expertise that will be critical for the next stage of our journey.”

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Established in 2021, Mosaic focuses on underwriting seven products namely cyber, transactional liability, political risk, political violence, environmental liability, financial institutions, and professional liability in seven regions. 

Mosaic is supported by Golden Gate Capital and is a majority controlling stakeholder of the company.

Commenting on the investment, Atalaya managing director Bharath Subramanian said: “Our investment in Mosaic continues Atalaya’s long track record of investments across the insurance and broader financial services space. 

“The company’s differentiated and dynamic business and capital model is well-positioned to manage complex risks on a global basis.”

Mosaic Insurance recently raised the capacity for its political risk coverage to $30m and expanded its funding limit to support green financing solutions in developing countries.