Mosaic Insurance, the Bermudian-based global specialty insurer, has opened an office in Dubai, United Arab Emirates, as a strategic regional platform to access risks from across the Middle East, Africa, and South Asia market.

Three specialist underwriters, along with a finance team member, are based at the new location – the seventh for Mosaic as it approaches its second anniversary next month.

The company’s other physical hubs are located in Bermuda, London, New York, Chicago, Toronto, and Frankfurt.

“We now have seven business lines and a presence across seven key geographic business regions,” said Mark Wheeler, co-CEO, Mosaic.

“Our growth is being driven by globalisation and technology, and our proximity to clients means greater risk awareness, superior solutions, and a seamless claims response.

“Mosaic’s broader market reach enhances our ability to originate business for ourselves – and our syndicated capital partners.”

Political risk specialist Dhruv Sharda joins the company as senior executive officer to head up underwriting operations from the new office in the Dubai International Financial Centre district.

He previously worked in Dubai as a senior underwriter focused on structured trade credit and political risk in the region, and in London, writing political risk coverage.

Mr Sharda said of Dubai: “The region’s insurance sector has grown significantly in recent years, particularly in terms of awareness of the need for pragmatic solutions to manage fast-emerging specialty risks, including political violence and terrorism, cyber, and political risk.

“Mosaic’s advantage will be having on-the-ground underwriters to bring custom expertise and capacity closer to insureds in the region.”

Joining Mr Sharda are senior underwriter Josh Hearnden, who will develop Mosaic’s political violence portfolio, and cyber specialist Rob Storer, a 12-year industry veteran who will develop Mosaic’s cyber portfolio in the Middle East.

Ryan Rego also joins the office as a financial accountant.

Mosaic’s underwriting director David White, oversees portfolio development and regional governance.

He said: “Our syndicated capital and consortia partners will also benefit from Mosaic’s focused access to specialty opportunities emanating from this growing market.”

Backed by private-equity firm Golden Gate Capital, Mosaic launched in Bermuda in February, 2021.