Pioneer Underwriters Launches New EU Regulatory Product

Feb 5 2015 | 9:21am ET

Pioneer Underwriters launched a new EU regulatory compliant product for alternative investment fund managers (AIFMs).

The product is aimed at AIFMs located outside of the European Union and ensures that their policyholders are compliant with insuruance provisions in Alternative Investment Fund Managers' Directive (AIFMD).

"The Pioneer team developed this product in response to demand, particularly in the U.S., where locally available financial lines insurance policies do not generally comply with these new EU rules," the company said in a statement.

In 2013, the EU fully implemented the AIFMD. It requires that alternative fund managers hold capital or insurance to meet losses from professional negligence claims if they are marketing inside the EU.

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