Underwriting agency Pioneer Underwriting has hired James Sharpington, formerly of broker BMS, as an Underwriter for its Pioneer CAT property catastrophe team, effective July 2018.
The Pioneer CAT team was launched as a new business unit focusing on property catastrophe reinsurance underwriting and while originally aiming to be backed largely by institutional money back in 2013, it is currently backed by traditional rated re/insurers. The unit underwrites global property catastrophe reinsurance, but has a particular focus on U.S. risk.
The unit provides underwriting and management services for delegated facilities and in 2018 targets writing roughly $65 million of premium for its capacity providers.
The aim for the Pioneer CAT team is to introduce institutional money to back it over time and the unit also aims to underwrite fully collateralised property catastrophe reinsurance via ILS markets in future as well.
Sharpington will report to David Carson, the Head Underwriter of the Pioneer CAT unit.
The firm said that Sharpington has a track record in both broking and account management of property catastrophe reinsurance, most recently as a Senior Broker for BMS, and having begun his career at Aon.
At Pioneer, Sharpington will be focused on the development and expansion of the firms existing property catastrophe risk portfolio with a particular emphasis on U.S. business.
Carson commented on the hire, “Pioneer CAT’s business has achieved significant growth, driven by the high levels of service that we aspire to and that our capacity providers, clients and brokers expect. James’ market experience and strong analytical skills will make him a valuable addition to the team as he represents Pioneer in the London market and when meeting our brokers and clients across the globe. We are delighted he is joining us.”