Mosaic Insurance has announced it has launched a transactional liability team in London to respond to the global market’s “record pace” and volume of deal activity, as well as an expansion of its M&A unit in the US.
The insurance company has appointed Sam Whiteman and Andrew Gofton-Salmond in the London team to establish its international transactional liability platform, with plans for further growth in coming months.
Whiteman joins the company as senior vice president and head of international transactional liability. Previously, he was head of London and emerging markets at Liberty Mutual.
He will manage Mosaic’s transactional liability underwriting outside of North America with an initial focus on the UK, Europe, the Middle East, and Africa (EMEA).
Meanwhile, Gofton-Salmond joins Mosaic as vice president and manager of transactional liability. He joins from AIG where he was a senior underwriter with a focus on providing insurance for M&A deals across the UK, Europe and emerging markets.
In addition, he has over a decade of experience advising on and underwriting M&A transactions.
The UK launch of Mosaic’s M&A team follows a “rapid” buildout of the business line since the specialty startup hired William Monat as global head of transactional liability in April and Katherine Spenner as chief legal officer in May.
Mark Wheeler, co-CEO, said: “This is an important juncture in Mosaic’s development as we approach the end of our first calendar year.
“Transactional liability is a core focus of our model and growth strategy, and a product line we expect to grow exponentially, in North America and beyond. The fast-paced development of our M&A platform, first in the US and now ramping up in London, serves the rising needs of clients in an unprecedented environment.”
Monat said: “Economic conditions are driving heavy deal volume and value, and insurance coverage has become vital to help buyers and sellers achieve timely closures. To meet that robust demand with specialized underwriting, we plan to add another dozen specialists by the end of next year.”
Whiteman added: “I’m delighted to join Mosaic’s team and enter the market at a time where our offering and experience is needed more than ever.
“We’re creating a market-leading underwriting team in London and EMEA, with huge opportunity further afield, working with key partners to meet client needs.”