Pioneer Underwriting Holdings Agrees Deal For Its Acquisition
Pioneer Underwriting Holdings Ltd (PUHL) has today revealed that it has signed terms for a deal which will see it and its subsidiaries (Pioneer) acquired by Russell Coward who is currently Pioneer’s head of risk & compliance as well as company secretary. The transaction, which is subject to regulatory approval, is expected to be completed during Q4 2020 and its terms have not been disclosed.
The news follows the business’s successful deal with K2 International to transfer its four ongoing underwriting units, and a separate transaction to divest the group’s Guernsey insurance cell which historically provided underwriting support to Syndicate 1980. In a press release, PUHL noted that this final transaction is “a significant step in providing future finality to the existing shareholders of PUHL.”
Upon completion of the acquisition, the business will be rebranded and will build on its existing experience to form an insurance services organization lending practitioner-led advisory and outsourcing solutions to London and international clients. The business will also assume all of its existing company obligations, which include the run-off of the Pioneer underwriting units not transferred to K2 International.
Russell Coward will lead as CEO and Andrew McMellin, current CEO of Pioneer, will step down to pursue new opportunities within the industry. Chairman of PUHL, Dane Douetil, thanked McMellin for his leadership of Pioneer through its change of ownership and the successful sale of the group’s businesses.
McMellin commented that Pioneer is very glad to have signed terms with Coward. He noted that that the deal ensures continuity for Pioneer’s clients and broker partners through the continuation of the run-off obligations, as well as providing future opportunities for employees.
“Russell and the team have much experience that will serve the business well,” he said, “and we wish them every success in the future.”
Meanwhile, Coward said: “We have great client relationships and an experienced team that can continue to build the business into a leading provider of expert advisory and insurance services. The opportunities are significant, and I am excited by the future.”
People Power: Building The Future Of Insurance One Career At A Time
The insurance industry is at a pivotal point. As emerging technologies reshape underwriting, claims processing, and cust... Read more
Private Equity's Great Divide: Is The Future Insurance-Funded Or Fee-Driven?
A fundamental shift is taking place at the top of the private equity industry. While firms like Blackstone remain commit... Read more
Japan's Next Battleground: The Insurance Sector Under Activist Pressure
Farallon’s push at T&D Holdings marks a shift in focus for activist capital targeting Japan’s untapped insurance... Read more
Cover And Conflict: Tensions Rise Between Insurers And Litigation Funders
Burford’s clash with Chubb signals a deeper rift in the legal-financial ecosystem A high-profile dispute between li... Read more
Underwater And Uninsured: How Climate Risk Is Reshaping The US Mortgage Market
As climate change intensifies, its effects are no longer confined to coastlines or news reports on extreme weather. In t... Read more
When The Raters Get Rated: What The Fitch–Kroll Feud Says About Oversight And Accountability
In a rare and unusually public confrontation between two of America’s credit rating agencies, a recent feud between Fi... Read more