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.”