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Pioneer Underwriting Ltd. and Asta Capital Ltd., a third-party Lloyd’s managing agent, said Thursday they have received “in principle” approval from Lloyd’s of London to establish a syndicate.
London-based Pioneer started underwriting in the Lloyd’s market in 2011 and has built a hybrid underwriting operation in the market, supported by its risk-sharing arrangement with Liberty Syndicate Management Ltd.'s syndicate 4472, Pioneer said in a statement. There will be no change to Pioneer’s underwriting operations.
Pioneer and Asta are continuing to work with Lloyd’s to secure permission for syndicate 1980 to underwrite business attaching on or after Jan. 1, Pioneer said.
“The establishment of a Lloyd’s syndicate is a long-held ambition of Pioneer,” Darren Doherty, Pioneer CEO, said in the statement. “This is the right time for us to take this important next step.”
Pioneer Underwriting Ltd. has named insurance industry veteran Max Taylor as chairman of the board, the company announced Tuesday.