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New York-based Pioneer Special Risk, a unit of Pioneer Underwriting Ltd., on Tuesday announced it has obtained Lloyd's of London coverholder status and has started underwriting management and professional liability lines.
Pioneer Special Risk, a managing general agent and broker of U.S. commercial lines that launched Oct. 16, underwrites a combination of international directors and officers, professional lines and diversified financial services business for small to middle-market clients, London-based Pioneer Underwriting, a unit of Minova Insurance Holdings Ltd., said in a statement.
The firm is headed by New York-based President Gary Dubois. It writes surplus lines coverage with limits of $5 million for U.S. domestic risks and $10 million for international business, Mr. Dubois said in an email. There is no minimum or maximum level of attachment point, he said.
RenaissanceRe Holdings Ltd. syndicate 1458 and Pioneer Underwriting's incidental syndicate 1980, will provide the capacity, Mr. Dubois said.
Pioneer Special Risk will initially offer is initially offering international financial products to provide D&O and related lines coverage for non-U.S.-domiciled companies; and diversified financial services providing combined D&O, errors and omissions, employment practices liability and fiduciary liability coverage for U.S. private equity, investment management, hedge fund and partnership liability firms, Mr. Dubois said.
However, the company plans to expand to underwrite other lines of coverage, including nonprofit and private company D&O, U.S. professional liability coverage for accountants and lawyers, and cyber liability and technology E&O, Mr. Dubois said.
LAS VEGAS — Cyber-related directors and officers liability claims are rare, but that will likely change soon.