Pioneer Underwriting Ltd., a managing general agent owned by London-based brokerage BMS Group Ltd., has begun to underwrite business on behalf of Liberty Syndicate Management Ltd.'s syndicate 4472 via binding authorities.
Pioneer, acting as a coverholder, has an incidental syndicate number 1980, and will operate within syndicate 4472 but underwrite only Pioneer-sourced business backed by capital from Pioneer, Liberty and third-party capital providers, according to a statement Tuesday.
That operation began writing business effective Jan. 1, 2014, and will have capacity of £70 million ($115.4 million) in its first year of operation, according to the statement.
“I am delighted that we have realized a key goal in the Pioneer growth story of launching Pioneer at Lloyd's,” said Pioneer CEO Darren Doherty in the statement.
“This additional capacity and direct access to a Lloyd's syndicate will widen our offering to brokers and clients,” he added.