Ep258 Mark Wheeler: Not capital-lite

I really enjoyed recording this podcast. That’s probably because
since I last spoke to Mark Wheeler, Co-founder and Co-CEO of
Mosaic Insurance, a full three-and-a-half years ago, he has been
able to execute and begin to reap the rewards of all the plans he
laid out in Episode 99. There’s nothing like a sub-80 combined
ratio to put a spring in your step and validate the vision you
had when you founded the business, particularly when it comes
relatively early in a start-up’s life. Mosaic has now built out
its global platform and wrote over 660 million dollars in gross
premiums in 2024, with that number set to grow as the group
continues to scale. This interview distils the group’s
highly-specialist added-value underwriter-led philosophy in
excellent detail. But at its core, this podcast is really all
about a real Lloyd’s expert making the most of all the advantages
of the market’s unique syndicated underwriting and capital
platform. It’s about the deep understanding of risk and the many
shades of diversified capital that that risk can be connected to
to create a sustainable ultra-specialist insurance business.
Mosaic has its own capital, third-party capital, specialist
reinsurance relationships and a large group of syndicated
insurance partners underwriting alongside it. It is highly
diversified and is set to diversify more. It’s capital-efficient,
but certainly not capital-lite. Today this is an almost unique
model but at the same time it will be a very familiar one to
anyone who knows Lloyd’s longer-term history. As the market
splits into leaders, followers and data-heavy portfolio managers,
here’s as good a summary of the 21st century lead underwriter
model that you are likely to hear anywhere. Mark is a charming
guest and this is one of those interviews that just crackled
along of its own accord, without prompts. I can highly recommend
a listen. NOTES: Mark Mentions a Toby. This is Toby Smith,
Mosaic’s CEO of the Americas He also mentions Burkhard, which is
Burkhard Keese, former CFO of Lloyd’s. FAL (Pronounced as a word)
= Funds at Lloyd’s CISO = Chief Information Security Officer
LINKS: We thank our naming sponsor AdvantageGo:
https://www.advantagego.com