Pioneer Underwriting Ltd launches new division - Pioneer CAT
24 September, 2013
We are pleased to announce that Pioneer Underwriting Limited has appointed David Carson to spearhead its new division ‘Pioneer CAT,’ incorporating property catastrophe reinsurance underwriting.
David, former Head of Property Treaty at Hardy Underwriting, will run the new operation and will commence underwriting from September 2013. Pioneer CAT is the ninth MGA within Pioneer, however given the nature of its business it will operate entirely separately from the existing units. It will provide property reinsurance underwriting and distribution expertise to its capacity providers, utilising a global network of brokers. The first strategic alliance (already established) will aim to match capital to risk via a broad spectrum of sophisticated institutional investors, primarily from the US.
David brings with him a vast wealth of experience in his capacity as a catastrophe reinsurance underwriter, having worked in the Lloyd’s market for more than 26 years. With a proven ability to develop an account from scratch, approximately half of the planned £15m of income for 2013/14 will derive from a specifically targeted portfolio of long-standing profitable business sourced from a variety of brokers, with the remaining business emanating from retrocession. The portfolio will contain both US and International business and significant capacity is available should market conditions merit and will be offered, initially, via a fully collateralised single limit product.
The unit will be based in both Pioneer’s One America Square office and the Lloyd’s building.
Commenting on the news Darren Doherty, Chief Executive Officer of Pioneer, said: “This is an extremely exciting venture for Pioneer and the appointment of David Carson shows the calibre of industry professionals who are reallocating their business to us.”
David said: “I am extremely pleased to be joining Pioneer during this exciting phase of expansion. Helping to establish a new business unit focusing on property catastrophe reinsurance underwriting and bringing together my long-standing trading relationships with the significant amounts of capital currently available around the world is a challenge that I am really looking forward to.” Back