Pioneer Underwriters has announced the hiring of Andrew Souter, previously of Willis Re, as the firms new Head of Capital, giving him a role with responsibility for reinsurance and developing the group’s alternative capital strategy.
Souter joins Pioneer from reinsurance broker Willis Re, where he had dual responsibilities as head of the London International Insurance-linked Securities (ILS) practice group and head of the London Asia-Pacific non-marine reinsurance treaty team.
He has almost twenty years’ experience in reinsurance and capital market roles, with time spent internationally in Japan.
His career began at Markit as a capital markets analyst, before joining Bank of Tokyo-Mitsubishi UFJ in 2003 working in roles across trading and active capital management. He joined Willis Re in 2009.
Souter will now be tasked with helping Pioneer Underwriters, the underwriting group of Minova Insurance Holdings Ltd, and operator of Pioneer Syndicate 1980, to better match its risks with the most appropriate capital sources.
Responsible for both the capital and reinsurance purchasing functions within Pioneer, he will also develop and implement a capital strategy for the group.
This will include work on broadening Pioneer’s capital base and matching Pioneer’s risk flows to the most appropriate capital providers, leveraging both traditional and alternative reinsurance capital sources.
Andrew McMellin, Pioneer CEO, commented on the hire, “Pioneer Group has a clear strategic focus on providing capital partners with efficient access to tailored risk streams via our global underwriting platform. Andrew’s breadth of experience in the capital markets will help forward our strategy and I am very pleased to welcome him to Pioneer.”
Souter begins his new role on August 19th.
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