Pioneer Underwriting Holdings Ltd (“PUHL”) today announced that it has signed terms for a transaction which will see Pioneer Underwriters Holding Company Ltd and its subsidiaries (“Pioneer”) being acquired by Russell Coward who is currently Pioneer’s Head of Risk & Compliance and Company Secretary.
Subject to regulatory approval, completion is anticipated during Q4 2020. Terms are not disclosed.
This transaction follows the successful 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. This final transaction is a significant step in providing future finality to the existing shareholders of PUHL.
The business being acquired will be rebranded at completion. Building on its existing expertise, it will be an insurance services organisation providing London and International clients with practitioner led advisory and outsourcing solutions (including risk, compliance, governance, actuarial and administration services). It will also assume all of the existing company obligations, including the run off of the Pioneer underwriting units that did not transfer over to K2 International.
Russell Coward will lead the business as chief executive officer and Andrew McMellin, current CEO of Pioneer, will step down to pursue new opportunities within the industry.
Andrew McMellin commented:
“We are very pleased to have signed terms with Russell. 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 and we wish them every success in the future.”
Russell 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.”
Dane Douetil, chairman of PUHL, commented:
“I would like to take this opportunity to thank Andrew McMellin for so ably steering Pioneer over the last couple of years through its change of ownership, and ultimately with the three recent transactions – the successful sale of the Group’s businesses. On completion of the final sale Andrew will be leaving and we wish him the very best for the future.”