Pinion Insurance Launches With Up to $180 Million Commitment From Barings

Specialty insurance platform Pinion Insurance announced its launch yesterday. The company will offer insurance capacity for managing general agents (MGAs) across the U.S., U.K. and European markets through a fully integrated innovative proprietary technology platform.

Founded by an experienced management team of Neil McConachie, Philip Vandoninck and Laura Baird, Pinion has secured a commitment of up to $180 million from global asset management firm Barings. It is seeking multi-jurisdictional licenses in the U.S., U.K. and the European Union and a rating from AM Best.

For the U.S., nationwide E&S licenses will be obtained through the acquisition of an identified shell company, subject to parent state regulatory approval. The company targets binding business in the United States in Q2 2026, subject to regulatory approval. Pinion plans to be ready to underwrite in the EU and UK in 2027, subject to regulatory approval.

“Pinion will offer MGAs secure, long-term, quality capacity while providing meaningful visibility into underwriting performance and exposure using Pinion’s proprietary technology platform,” said McConachie, co-founder and group chief executive officer of Pinion, in a statement. “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. Our platform is designed to unlock the full potential of MGAs in a capital-light, tech-enabled world,” he said.

McConachie was part of the founding management teams at Fidelis Insurance Group, Lancashire Holdings and Montpelier Re. His leadership roles have included group chief financial officer, group president and chief risk officer, with responsibilities spanning strategy, capital management, operations and risk management.

“Pinion enters the market at a time of accelerating growth and maturity in the MGA sector,” said Vandoninck, co-founder and group chief underwriting officer. “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 Pinion offers an alternative to legacy hybrid carriers that are constrained by outdated systems and high operating costs.”

Vandoninck most recently served as CEO and CUO of Fidelis Bermuda. He began his career at Hiscox, where he held underwriting roles in London, Bermuda and Belgium.

Pinion is a newly formed specialty insurance carrier, built on the foundations of Pinion Risk Consulting (PRC), an established data and analytics specialist in the MGA sector founded and led by Baird.

“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,” said Baird, co-founder and chief technology officer. “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.”

Baird has also held senior roles at McGill & Partners, Ed Broking and Allied World. She began her career in actuarial pricing and reserving at Travelers and Co-operative General Insurance before moving into analytics leadership roles.

Pinion is incorporated in Bermuda and is headquartered in London.

The company’s formal commencement of business is subject to regulatory approvals and confirmation of an AM Best rating.

Pinion was advised by Howden Capital Markets & Advisory and Wilkie Farr & Gallagher LLP.

This article first was published in Insurance Journal’s sister publication, Carrier Management.