(i) traditional reinsurance – Pioneer CAT offers underwriting and portfolio management services for six separate delegated facilities backed by first class security; writing property treaty business on a traditional basis using rated paper. Deliberately, our underwriting focuses on the US and Japan. One of our US facilities also includes business from the Caribbean and Canada. Approximate EPI (2017) $45m. Products offered: Pro Rata; Cat XL; Aggregate XL; Risk XL and ILW.