Pioneer Underwriters, which operates as both risk carrier and managing agent, said today that it has received approval from Lloyd’s of London to commence underwriting through its new Syndicate 1980 as of 1st January 2018.
Pioneer received in principle approval for Lloyd’s Syndicate 1980 in September, as it moved towards operating its own capacity source in the form of a stand-alone Lloyd’s syndicate.
Syndicate 1980 will have a gross premium income of £278 million, Pioneer said, underwriting across a broad cross-section of re/insurance business including Property, Casualty, Marine and Energy.
The syndicate will be managed Lloyd’s of London third-party managing agent, Asta.
Darren Doherty, Chief Executive Officer, Pioneer Underwriters, commented on the news, “The launch of the Syndicate 1980 is an important next step in the execution of Pioneer’s long-term strategic objectives and supports development of the business. We have built a robust operating platform to underpin delivery of our technical and specialist underwriting expertise to our clients and capital providers.”
Julian Tighe, Chief Executive Officer, Asta, added, “Pioneer is an impressive business and it has been a pleasure working with the Pioneer team to create Syndicate 1980. I’m confident that Asta’s expertise and depth of market knowledge will offer Pioneer all the business support it needs to develop its underwriting into its own Syndicate at 1 January 2018.”