Specialty insurer, Mosaic Insurance, has secured strategic investment from two prominent US growth-capital providers.
Although the exact amount of investment hasn’t been disclosed, the agreement will allow Atalaya and Culpeper to take a minority stake in the company. The deal also involves support from San Francisco-based Golden Gate Capital, a previous backer of Mosaic.
Mosaic operates as a specialty insurer, with a mission to scale specialty insurance platforms. With its differentiated and dynamic business and capital model, the company manages complex risks on a global basis.
The new funding is intended to drive the firm’s talent acquisition and product development, and allow the company to expand its capabilities and offerings across the insurance sector.
Under the agreement, Culpeper Senior Managing Director David King will join Mosaic’s Board of Directors with immediate effect. David King has a history of backing Bermuda-based insurance companies and has been involved with Mosaic’s senior management before. The investment in the firm continues Atalaya’s consistent track record of investments in insurance and financial services.
Mosaic 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. We look forward to working with them.”
Aaron Slan, who led the deal for Culpeper, also commented, “Culpeper is delighted to partner with Atalaya to invest in Mosaic. We have been impressed by Mosaic’s innovative model and go-to-market approach, and we’re excited to be part of the company’s next chapter.”
Bharath Subramanian, a Managing Director at Atalaya, further expressed, “We are thrilled to be working alongside Golden Gate and Culpeper to support Mosaic in its mission of scaling specialty insurance platforms. The company’s differentiated and dynamic business and capital model is well-positioned to manage complex risks on a global basis.”
This strategic investment by Atalaya and Culpeper allows Golden Gate Capital to remain a majority controlling shareholder in Mosaic.
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