Pioneer confirms Lloyd’s syndicate run-off

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Pioneer Underwriting has placed its Lloyd’s syndicate, Pioneer Syndicate 1980, into run-off.

The firm explained the decision by its board: “The cost of capital within the syndicate structure is no longer economically efficient when compared with other capital arrangements.”

Lloyd’s had already approved the syndicate’s 2020 business plan, which included an increase in underwriting capacity.

The syndicate was also forecasted to achieve a combined ratio of 96% in 2019, down from the 130%

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