Pioneer launches EU regulatory product
Pioneer Underwriters has launched a EU regulatory compliant product for alternative investment fund managers (AIFMs).
Aimed at AIFMs domiciled outside of the EU, the product provides traditional financial lines cover while also ensuring policyholders are compliant with the insurance provision requirement of the EU Alternative Investment Fund Managers Directive (AIFMD) which came into force in July 2013.
Pioneer said that it believes this is the market’s first solution addressing the needs of non-EU domiciled fund managers.
The AIFMD requires AIFMs who market within the EU to hold either sufficient capital or have appropriate insurance in place to meet any financial loss arising from professional negligence claims related to their EU business or EU domiciled clients.
Richard Coello, head of financial institutions’ underwriting, Pioneer Underwriters, said: “This is a major innovation for Pioneer demonstrating our strong expertise in alternative fund management and our understanding of its regulatory issues. This expertise has allowed us to address the concerns of our global clients with a tailor-made product that protects their EU activities and complies with the relevant EU regulatory requirements.”
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