Pioneer Underwriters, which operates as a risk carrier and managing agent currently with the backing of Liberty Syndicate 4472, said today that it has received approval “in principle” to establish its own Lloyd’s of London syndicate.
Working alongside Asta, the third-party managing agent at Lloyd’s, Pioneer is moving forwards to operate its own capacity source in the form of a stand-alone Lloyd’s syndicate.
Lloyd’s has approved the syndicate in principle and Pioneer and Asta will continue to work with the Lloyd’s market to gain permission for its Syndicate 1980 to begin underwriting business from the 1st January 2018.
Pioneer said there will be no change to its underwriting operations after the new syndicate is launched, meaning it will continue to share risks with Liberty’s syndicate as well.
It said that, “this development of a stand-alone Lloyd’s syndicate marks an important next step in Pioneer’s development and supports the long-term strategic objectives of the business.”
Darren Doherty, Chief Executive Officer, Pioneer Underwriters, commented on the news; “The establishment of a Lloyd’s syndicate is a long-held ambition of Pioneer. Since we launched, we have demonstrated a profitable underwriting track record, based on differentiated underwriting strategies and specialist expertise. 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.
“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. 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.”
Asta CEO Julian Tighe added; “Over the past six years Pioneer has been on an exceptional and successful journey, which will continue with the launch of the Pioneer Syndicate. 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. We are very pleased that Pioneer has chosen Asta to support them in the next step in their growth strategy and see today’s announcement as the beginning of a long-term partnership with a successful Syndicate.”