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Pioneer Underwriters launches EU-compliant insurance for alternative fund managers
February 5, 2015 / 12:47 PM / 3 years ago

Pioneer Underwriters launches EU-compliant insurance for alternative fund managers

LONDON, Feb 5 (Reuters) - British specialist risk insurer Pioneer Underwriters has launched insurance to enable alternative fund managers such as hedge funds to comply with European Union regulations, it said on Thursday.

The EU’s Alternative Investment Fund Managers’ Directive (AIFMD) was fully implemented last year and requires alternative fund managers that market within the EU to hold capital or insurance to meet losses from professional negligence claims related to their EU business or EU-domiciled clients.

“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,” Pioneer said in a statement. (Reporting by Carolyn Cohn; Editing by Mark Potter)

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