Pioneer Underwriters and managing agent Asta have been granted “in principle” approval to establish a Lloyd’s syndicate.
“The establishment of a Lloyd’s syndicate is a long-held ambition of Pioneer,” said chief executive Darren Doherty. The firm, along with partner Asta, is working with Lloyd’s to secure permission for syndicate 1980 to underwrite business attaching on or after January 01, 2018.
Doherty explained: “The syndicate is part of the natural evolution of our business as we look to further secure underwriting capacity and continue the diversification of the lines of business that we underwrite.”
Launched in 2011, Pioneer is backed by Liberty Syndicate 4472 and 30 other markets and operates across property, marine, and casualty classes.
“This is the right time for us to take this important next step and we are confident that with the support and management of our partner, Asta, it will be a success,” noted Doherty. “It is our intention that our existing capital partners, including Liberty, will continue their support of the business in this exciting phase of Pioneer’s story.”
While Pioneer’s underwriting operations will not change with the establishment of a stand-alone Lloyd’s syndicate, the firm sees it as an important next step. For Asta, it’s the beginning of a long-term partnership with a successful syndicate.
“Over the past six years Pioneer has been on an exceptional and successful journey, which will continue with the launch of the Pioneer Syndicate,” commented Asta CEO Julian Tighe. “We have been impressed with the quality of Pioneer’s business plan and believe that its experience of profitable underwriting in the Lloyd’s market, exceptional team of underwriters, and diversified book of business will make the Syndicate a success.”
Tighe added: “We are very pleased that Pioneer has chosen Asta to support them in the next step in their growth strategy.”
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