Specialty insurance platform launches with $180m commitment secured

A new platform offering insurance capacity for MGAs across the US, UK and European markets has been launched.

Called Pinion Insurance, the new business will offer services through a fully-integrated innovative proprietary technology platform.

It is currently seeking multijurisdictional licences in the US, UK and the EU and A rating from AM Best. It also plans to be ready to underwrite in the EU and UK in 2027, subject to regulatory approval.

The platform was founded by group chief executive Neil McConachie, group chief underwriting officer Philip Vandoninck and chief technology officer Laura Baird. 

Baird said: “Our technology is designed to give MGAs greater transparency, more efficient operations and access to the industry leading analytics to further enhance their underwriting strategy.

“By combining advanced data science, modern engineering and deep underwriting experience, we’ve built a platform that supports MGAs and materially reduces the operational burden of the traditional capacity relationship.”

McConachie added: “Pinion will offer MGAs secure, long-term, quality capacity while providing meaningful visibility into underwriting performance and exposure using Pinion’s proprietary technology platform.

“The platform will additionally be accessed by reinsurers to obtain a portfolio of high-quality risks while also obtaining real time visibility into portfolio performance. Pinion will be a bridge between high-performing MGAs and capital providers who demand transparency, efficiency and long-term value.”

Backing

As part of the launch, Pinion has secured a commitment of up to $180m (£133m) from global asset management firm Barings.

Commenting on the partnership, Michael Searles, head of North America at Barings Capital Solutions, said: “We are thrilled to back Pinion’s experienced management team in launching an insurance platform that we believe is positioned to accelerate growth for MGAs through proprietary technology and to drive further innovation in the insurance sector.”

Vandoninck added: “Pinion enters the market at a time of accelerating growth and maturity in the MGA sector. 

“MGAs continue to gain traction by delivering differentiated distribution, underwriting expertise and strong local market knowledge – qualities increasingly sought by reinsurers and traditional carriers alike. Pinion offers an alternative to legacy hybrid carriers that are constrained by outdated systems and high operating costs.”