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Member, Beacon International Group, Ltd.
Pioneer Underwriting Ltd. said Thursday that it has launched a professional liability underwriting capability for securities broker-dealers.
The new division will initially target the U.S. retail financial services market, London-based Pioneer said in a statement.
The new division will operate within Pioneer Underwriting's unit Pioneer Special Risk, a specialty underwriting managing general agent.
New York-based Dan Cleary and Nick Chen have been named vice presidents of the new division. Both are former members of XL Catlin's select professional division, according to the statement.
“Securities broker-dealers, their registered representatives and related professions, such as investment advisers, require complex and highly responsive solutions to meet their insurance needs,” Mr. Cleary said in the statement.
“The technical underwriting and service orientation of PSR is attractive to talented underwriters looking to build a successful practice. I look forward to building a leading book of business in the securities broker-dealer field on the PSR platform,” Mr. Chen said in the statement.
AssuredPartners Inc. on Tuesday said it has acquired Nashville, Tennessee-based insurance broker Bandy Van Cleave & Williamson L.L.C.