Pioneer Underwriters and Asta, the leading third party managing agent at Lloyd’s, today announce they have received “in principle” approval from Lloyd’s to establish a syndicate.
Pioneer commenced underwriting in 2011 and has built a successful hybrid underwriting operation in the Lloyd’s market, supported by its risk sharing arrangement with Liberty. Whilst there will be no change to Pioneer’s underwriting operations, 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.
Pioneer and Asta are continuing to work with Lloyd’s to secure permission for syndicate 1980 to underwrite business attaching on or after 1 January 2018.
Darren Doherty, Chief Executive Officer, Pioneer Underwriters said: “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 said: “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.”
For further information, please contact:
Tel: + 44 20 7562 4444
Tel: + 44 20 7562 4444
Notes for Editors
Pioneer Underwriters launched in April 2011 and trades as both a risk carrier and MGA/MGU with full delegated underwriting authority in over 120 Lloyd’s class codes using a pre-analysed broker portfolio as its foundation. Pioneer operates with the backing of Liberty Syndicate 4472 and manages in circa £400mn of premium via 21 underwriting teams across Property, Marine and Casualty classes. Pioneer underwrites via over 25 facilities operating via Lloyd’s and Non-Lloyd’s platforms. Pioneer has delegated authority arrangements with over 30 markets, TOBA’s with 150 London and overseas brokers and nationwide distribution capability across the US.
For more information, visit: https://www.pioneeruw.com/
Asta Capital Limited is the parent company of:
Asta Managing Agency Ltd is the leading third party managing agent at Lloyd’s and is responsible for nine syndicates with capacity under management in 2017 of approximately UK£1bn:
Asta Underwriting Management Limited (AUML) launched in 2015, making the skills, experience and capabilities behind Asta’s success as the leading third party managing agency at Lloyd’s available, for the first time, to the MGA market.
MGAs under management: