Pioneer announces the support of Qatar Re on Incidental Syndicate ISN 1980
19 June, 2014
Pioneer Underwriting Limited (“Pioneer”) is pleased to announce the support of Qatar Re on ISN 1980, operated in conjunction with Liberty Syndicate 4472, via a strategic quota share arrangement, commencing with the current 2014 year of account.
It is mutually intended that this annually renewable arrangement will be long-term in nature as Pioneer delivers its profitable growth plan for ISN 1980.
Pioneer’s Chief Executive Officer Darren Doherty said: “I am delighted to welcome the support of a team and business with the underwriting expertise, capital and strategic vision of Qatar Re and the broader QIC group. We look forward to working with them over the long-term.”
Qatar Re Chief Executive Officer Gunther Saacke said: “As an ambitious specialist global reinsurer, it is well known that we are committed to supporting the Lloyd's of London insurance market and increasing our activity therein. Pioneer's high quality business plan is a welcome addition to our existing third party Lloyd’s portfolio.”
ISN 1980, managed by Liberty Syndicate Management Limited, commenced underwriting for the 2014 year of account, and is forecast to generate gross net premium income of £67m in its first year of operations.
Pioneer, formed as an MGA in April 2011, has made significant progress since its launch and currently manages over £100m of premium. This latest step is the conclusion of the next stage of a strategy that it has had in place since its formation. ISN 1980 is dedicated to underwriting Pioneer-sourced business and will support Pioneer’s coverholder arrangements alongside its existing panel of insurance carriers. It is backed by Liberty, Pioneer Underwriting Guernsey ICC Ltd and 3rd party capital.
Pioneer is located at Lloyd’s, 4th Floor, room 16, and at One America Square, London, EC3N 2LS.
Pioneer has been advised generally by Lumbis Associates Ltd. Back