Pioneer Underwriters announced the launch of their Lloyd’s Sub Syndicate 1980 in conjunction with Liberty Syndicate 4472. Syndicate 1980 began writing business on the first of January 2014, and will have a capacity of £70 million [$115 million] in its first year of business.
Pioneer was formed as an MGA in April 2011. It has “made significant progress since its launch and currently manages over £100,000,000 [$1.644 million] of premium,” said the announcement.
“This latest step is the conclusion of the next stage of a strategy that it has had in place since its formation. Sub-Syndicate 1980 will operate through a dedicated Incidental Syndicate Number within Liberty Syndicate 4472. 1980 will only write Pioneer business and will support its MGAs alongside its existing panel of insurance carriers and will be backed by Liberty, Pioneer and 3rd party capital maintaining both platforms within the group.”
Pioneer Underwriters CEO Darren Doherty described the launch as having realized a “key goal in the Pioneer growth story of launching Pioneer at Lloyd’s. This additional capacity and direct access to a Lloyd’s syndicate will widen our offering to our brokers and clients.”
Pioneer also announced that Andrew Stout has been appointed Director of Underwriting of Pioneer Underwriters in addition to his position as the head of Pioneer Preferred Partners.
Source: Pioneer Underwriters