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Member, Beacon International Group, Ltd.
U.K.-based Pioneer Underwriting Ltd. is launching a property catastrophe reinsurance unit – Pioneer Cat – for which it has secured backing from several investors, Artemis.bm reported.
It has appointed David Carson, who previously worked as property treaty head for Hardy Underwriting Bermuda Ltd., to head the new unit. Pioneer Cat will commence underwriting this month and is aiming for premiums of £15 million ($23.3 million) during its first year in business.