Pioneer Underwriting acquired by Russell Coward

Pioneer Underwriting Holdings Ltd has agreed terms with its Russell Coward, its head of risk and compliance and company secretary, to acquire the business for an undisclosed sum.

The deal is subject to regulatory approval and is expected to complete in Q4 2020. The business will be rebranded in due course.

Announcing the news, Pioneer said it followed the deal with K2 to transfer the 4 ongoing underwriting units and the separate transaction to divest the group’s Guernsey insurance cell that historically provided underwriting support to syndicate 1980.

Coward will lead the business as chief executive officer and Andrew McMellin, current CEO of Pioneer, will step down.

Coward commented: “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.”

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