The MGA placed its syndicate into run-off last week
MGA Pioneer Underwriting, which put its Lloyd’s syndicate into run-off last week, crashed to a £17m loss in 2018, Insurance Times can reveal.
In the business’ latest results posted on Companies House, Pioneer Underwriting Holdings made a £17m loss in 2018, £15.2m of which was an impairment charge on a business in Guernsey.
Pioneer put its Lloyd’s Syndicate 1980 into run-off, saying it was “no longer economically viable” compared with its other capital arrangements.
”Pioneer has determined that the cost of capital within the syndicate structure is no longer economically efficient when compared with its other capital arrangements. As a result, the board has decided not to proceed with the syndicate for 2020,” it said in a statement last week.
in its October results, Pioneer cited risks from underwriting, competition from other managing agents, currency devaluation, staff recruitment and retention, substantial changes in the premium rating environment, and claims and claims costs.
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