Pioneer Underwriters and Asta, the third party managing agent at Lloyd’s, announced they have received “in principle” approval from Lloyd’s to establish a syndicate.
Pioneer commenced underwriting in 2011 and has built a hybrid underwriting operation in the Lloyd’s market, supported by its risk sharing arrangement with Liberty Syndicate 4472. While 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 said they are continuing to work with Lloyd’s to secure permission for Syndicate 1980 to underwrite business attaching on or after Jan. 1, 2018.
[Editor’s note: Asta also recently announced it has received “in principle” approval from the Lloyd’s Franchise Board to establish and manage Agora Syndicate 3268, which is expected to begin underwriting on or after Jan. 1, 2018].
“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,” said Darren Doherty, chief executive officer, Pioneer Underwriters.
“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,” he added.
“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,” said Doherty.
“Over the past six years Pioneer has been on an exceptional and successful journey, which will continue with the launch of the Pioneer syndicate,” said Asta CEO Julian Tighe.
“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…,” he continued.
Pioneer Underwriters launched in April 2011 and trades as both a risk carrier and managing general agent/managing general underwriter with full delegated underwriting authority in over 120 Lloyd’s class codes using a pre-analyzed broker portfolio as its foundation. Pioneer manages approximately £400 million ($540.1 million) 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.
Asta Managing Agency Ltd is a third party managing agent at Lloyd’s and is responsible for nine syndicates with capacity under management in 2017 of approximately £1 billion ($1.4 billion).