Qatar Re will support Pioneer Underwriting on Incidental Syndicate ISN 1980, operated in conjunction with Liberty Syndicate 4472, via a strategic quota share arrangement.
It will commence with the current 2014 year of account and it is intended that the annually renewable arrangement will be long-term in nature as Pioneer delivers its profitable growth plan for ISN 1980.
Darren Doherty, Pioneer’s chief executive officer (CEO), said: “I am delighted to welcome the support of a team and business with the underwriting expertise, capital and strategic vision of Qatar Re and the broader QIC group. We look forward to working with them over the long-term.”
Gunther Saacke, Qatar Re CEO, said: “As an ambitious specialist global reinsurer, it is well known that we are committed to supporting the Lloyd's of London insurance market and increasing our activity therein. Pioneer's high quality business plan is a welcome addition to our existing third party Lloyd’s portfolio.”
ISN 1980, managed by Liberty Syndicate Management Limited, commenced underwriting for the 2014 year of account, and Pioneer forecasts gross net premium income of £67 million in its first year of operations.