Specialist Managing General Agency (MGA) Pioneer Underwriting Limited announced the appointment of David Carson to spearhead its new division ‘Pioneer Cat,’ incorporating property catastrophe reinsurance underwriting.
He is the former Head of Property Treaty at Hardy Underwriting, and will commence underwriting from September 2013. “Pioneer Cat is the ninth MGA within Pioneer, however given the nature of its business it will operate entirely separately from the existing units,” Pioneer said.
“It will provide property reinsurance underwriting and distribution expertise to its capacity providers, utilizing a global network of brokers. The first strategic alliance (already established) will aim to match capital to risk via a broad spectrum of sophisticated institutional investors, primarily from the US.”
Carson is very experienced. He has worked in the Lloyd’s market as a catastrophe reinsurance underwriter for more than 26 years. Pioneer noted his “proven ability to develop an account from scratch,” indicating that “approximately half of the planned £15 million [$23.4 million] of income for 2013/14 will derive from a specifically targeted portfolio of long-standing profitable business sourced from a variety of brokers, with the remaining business emanating from retrocession.
“The portfolio will contain both US and International business and significant capacity is available should market conditions merit and will be offered, initially, via a fully collateralized single limit product.”
Source: Pioneer Underwriting Limited