Pioneer Underwriters* announced the launch of a brand new eu regulatory compliant product for opportunity funding fund managers (AIFMs). This specialist product is aimed toward AIFMs domiciled outdoor of the european, which similarly to offering traditional monetary strains cowl, additionally ensures policyholders are compliant with the coverage provision requirement of the eu alternative funding Fund Managers Directive (AIFMD), which got here into force in July 2013.
Pioneer said this is the marketplace’s first answer that addresses the desires of non-eu-domiciled fund managers and bureaucracy part of a set of merchandise overlaying the professional risks faced via a extensive range of financial groups, together with stand-by myself AIFMs, and large establishments with opportunity funding divisions, including mutual fund managers, banks and insurers.
The AIFMD calls for AIFMs who market within the eu to keep either sufficient capital or have suitable insurance in area to fulfill any economic loss bobbing up from expert negligence claims related to their ecu business or ecu domiciled clients.
Pioneer said its group evolved this product in response to demand, specifically in the US, where regionally available economic strains insurance regulations do no longer typically comply with those new european rules.
Richard Coello, head of monetary establishments’ underwriting, Pioneer Underwriters, said: “this is a primary innovation for Pioneer demonstrating our sturdy knowledge in alternative fund management and our information of its regulatory problems. This information has allowed us to address the worries of our global clients with a tailor-made product that protects their ecu activities and complies with the relevant european regulatory necessities.”
*Pioneer Underwriters, the underwriting group within Minova insurance Holdings Ltd., launched in April 2011 and trades as each a chance provider and handling preferred agent/coping with trendy underwriter.