Pioneer Underwriting has announced that its capital platform, Syndicate 1980, is to be placed in run-off.

The firm will be working with Syndicate 1980, Asta, and with brokers and clients to facilitate business transfer to replacement capital providers.

Group chief executive, Andrew McMellin said “As a result of this work, Pioneer is leaner and focused on providing the value to capital necessary to generate superior returns through the core underwriting services platform (MGA).

“In our view, customers, employees and shareholders are better served by Pioneer as a focused underwriting services organisation and we look forward to a successful 2020.”

The company aims to write in excess of £200m GWP in 2020.

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