Pioneer Underwriters announces a new addition to the capacity backing our Pioneer CAT team
08 February, 2017
Pioneer Underwriters is delighted to announce a new addition to the capacity backing our Pioneer CAT team.
With immediate effect, our traditional US property treaty capacity will be boosted by the addition of Cathay Century Insurance Co., Ltd., the second largest non-life insurer in Taiwan. Established in 1993 Cathay Century Insurance Co., Ltd. is rated A- (S&P) and is part of Cathay Financial Holdings, a leading financial institution in the Asia-Pacific region with assets in excess of USD 230bn.
The new facility (“CCDF”), which will target US business only, will operate on the same basis as Pioneer CAT’s existing facilities that are backed by Peak Re, Taiping Re and PICC P&C. Lines are not aggregated; all facilities offer lines in their own right.
David Carson, Pioneer CAT’s head underwriter commented, “… We are delighted to represent Cathay Century in the US cat market - this is a modest first step for them, mirroring the cautious nature of the carrier whilst also re-affirming Pioneer’s ability to locate new sources of capacity and bring them to market.”
Pioneer CAT is estimated to write c. USD 45m of income in 2017, deliberately focusing solely on property treaty business emanating from US (67%), Japan (25%), the Caribbean (5%) and Canada (3%). Back