Pioneer Underwriting Limited has launched its Zero Capital AIFMD Investment Management Insurance Policy enabling full capital relief from the 'other funds' provision of the Alternative Investment Fund Managers Directive (AIFMD).
Current policies which meet the requirements of the directive, do not typically address the requirement that the policy excess be held as additional capital. Pioneer’s Zero Capital AIFMD Investment Management Insurance Policy, solves this problem by affording a nil excess for the first loss, requiring no additional capital to be held at the outset of the policy.
Richard Coello Head of Financial Institutions Underwriting at Pioneer, says: "I’m pleased to be able to offer this innovative insurance policy which addresses a specific issue encountered by firms within scope of the AIFMD, by providing 100% capital relief to the alternative investment fund community. It is our deep knowledge of this industry that allows us to constantly innovate and deliver solutions that our insureds need, when they need them.”
Darren Doherty, CEO of Pioneer, says: "Once again Pioneer is bringing fresh thinking to the market by creating innovative solutions for our clients and their investors. This latest development from our Financial Institutions team reiterates our commitment to producing policies which have a tangible value to our insureds."
