Pioneer Underwriting launches AIFMD policy
Pioneer Underwriting, a subsidiary of Minova Insurance Holdings, has launched a zero capital Alternative Investment Fund Managers Directive (AIFMD) investment management insurance policy.
The solution provides businesses with a policy that enables full capital relief from the 'other funds' provision of the AIFMD.
According to Pioneer, current policies do not typically address the requirement that the policy excess be held as additional capital. Pioneer’s solution affords a nil excess for the first loss, requiring no additional capital to be held at the outset of the policy.
Richard Coello head of financial institutions underwriting at Pioneer, said: "I’m pleased to be able to offer this innovative insurance policy which addresses a specific issue encountered by firms within scope of the AIFMD, by providing 100 percent capital relief to the alternative investment fund community. It is our deep knowledge of this industry that allows us to constantly innovate and deliver solutions that our insureds need, when they need them.”
Darren Doherty, chief executive officer of Pioneer, said: "Once again Pioneer is bringing fresh thinking to the market by creating innovative solutions for our clients and their investors. This latest development from our financial institutions team reiterates our commitment to producing policies which have a tangible value to our insureds."
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