Opinion: Pioneer, a special case

Interest in full syndicate start-ups at Lloyd's has waned
considerably over the last 18 months to two years as the soft
market has started to bite.
Lloyd's is less attractive than it has been at any point for
years, and the adverse selection against new businesses combined
with the front-loading of costs - including those of a third-party
managing agency - mean that only the best will make a profit before
year four.
Nevertheless, MGA heavyweight Pioneer looks on track...