News + Notes: Marsh McLennan Agency Acquires Graham Company, Mosaic Insurance Secures Strategic Investment Capital and More

Tech advances are contributing to in­creased fraud in retail banking, ORX says.
By: | September 7, 2023

Marsh McLennan Agency Acquires Graham Company

Marsh McLennan Agency, a Marsh subsidiary, has acquired Philadelphia’s Graham Company, a risk management consultancy and independent insurance and employee benefits broker.

Graham’s entire team, including president and COO Ken Ewell and chairman Bill Graham, will integrate into Marsh McLennan while maintaining its Philadelphia and New York City offices.

Andrew Neary, CEO of Marsh McLennan’s Eastern U.S. region, remarked that “Ken and the Graham team will provide significant business insurance expertise for our clients in the East region.”

“This acquisition is an investment in the long-term success of our people and valued clients,” Ewell said. “Our partnership will maintain Graham’s culture and values while advancing our employees’ careers and enhancing our work with clients through access to new technologies and solutions.”

Fraud on the Rise in Banking

Global operational risk loss figures among banks recently published by operational risk association ORX show an uptick in annual loss frequency in 2022, which saw 16,020 more loss events submitted than in the previous year.

ORX said the increase in reported events frequency is due to a widespread increase in the number of external fraud events: “As the impact is not seen at the gross loss level, the frequency can be attributed to an increase in low-value fraud.”

Data from ORX reveals that 76,620 operational risk loss events were reported in 2022, amounting to €17.8 billion (≈$19.8 billion). This marked a reduction of €8.2 billion (≈$9.1 billion) since 2017.

Notably, North American retail banking firms experienced almost double the number of external fraud events in 2022 compared to 2021.

Mental Wellness in the Workplace

The New York State Insurance Fund (NYSIF) has initiated a campaign emphasizing mental wellness as vital for workplace health. This tool kit is available for New York employers and businesses everywhere.

“Stress and mental wellness are emerging as exceedingly important workplace variables as workers return to the office in higher numbers,” said NYSIF executive director and CEO Gaurav Vasisht.

“NYSIF’s campaign empowers employers with strategies to reduce mental health stigma, encourage open dialogue between supervisors and employees, and offer guidance on self-care and resiliency,” Vasisht added.

Companies, regardless of location, can acquire and adapt their plan from

Mosaic Insurance Secures Strategic Investment Capital

U.S.-based Atalaya Capital Management and Culpeper Capital Partners LLC will take a minority stake in Mosaic Insurance to drive the specialty insurer’s talent acquisition and product development, according to a press release.

As part of the agreement, David King, Culpeper’s senior managing director, will immediately take a seat on Mosaic’s board of directors.

“Culpeper is delighted to partner with Atalaya to invest in Mosaic,” said Aaron Slan, who led the deal for Culpeper. “We previously backed Mosaic’s executive team and were able to build on this trusted, decades-long relationship and our industry knowledge to originate and struc­ture a transaction to put Mosaic in a strong position to build on its substantial achievements to date.

“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.”

“We are thrilled to be working alongside Golden Gate and Culpeper to support Mosaic in its mission of scaling specialty insurance platforms,” said Bharath Subramanian, a managing director at Atalaya.

“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,” Subramanian added.

Following the strategic invest­ment by Atalaya and Culpeper, Golden Gate Capital remains a majority controlling shareholder. &

The R&I Editorial Team can be reached at [email protected].

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