Pinion Insurance, a newly formed specialty insurance carrier incorporated in Bermuda and headquartered in London, has officially launched with a preferred equity commitment of up to $180 million from global asset manager, Barings.
The new insurer is built on the foundations of Pinion Risk Consulting (PRC), an established data and analytics specialist in the MGA sector founded and led by Laura Baird, who has partnered with Neil McConachie and Philip Vandoninck to launch the new venture.
Baird will serve as Group Chief Technology Officer, McConachie as Group Chief Executive Officer (CEO), and Vandoninck as Group Chief Underwriting Officer (CUO).
Pinion will provide insurance capacity for Managing General Agents (MGAs) in the US, UK, and Europe, as well as underwriting insight, performance, and exposure through a fully-integrated proprietary technology platform.
The firm targets binding business in the US in the second quarter of 2026, and plans to be ready to underwrite in the EU and UK in 2027, subject to regulatory approval.
For the US, nationwide E&S licenses will be obtained through the acquisition of an identified shell company, subject to parent state regulatory approval. Pinion’s formal commencement of business is subject to regulatory approvals and confirmation of an AM Best rating.
Barings’ preferred equity commitment of up to $180 million was made via its Capital Solutions platform, which has a long track record of investing in the property and casualty vertical of insurance.
Looking at the leaders of the new insurer, McConachie is an industry veteran with a history of founding and scaling high-performing underwriting businesses. He was part of the founding management teams at Fidelis Insurance Group, Lancashire Holdings, and Montpelier Re.
Vandoninck is an experienced insurance executive and underwriter with expertise in global property and specialty insurance and reinsurance. Most recently, he served as CEO and CUO of Fidelis Bermuda, and was also CEO of Socium, Fidelis’ third-party capital platform. Vandoninck began his career at Hiscox, where he held underwriting roles in London, Bermuda, and Belgium.
Baird is the founder and CEO of Pinion Risk Consulting, a specialist advisory firm delivering actuarial, data, and technology solutions to MGAs and programme managers. With over 15 years of industry experience, she has held senior roles at McGill & Partners, Ed Broking, and Allied World.
McConachie commented, “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. Our platform is designed to unlock the full potential of MGAs in a capital-light, tech-enabled world.”
Michael Searles, Head of North America, Barings Capital Solutions, added, “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. This strategic investment aligns with our approach to investing in specialty origination engines that can deliver broadly diversified, less correlated returns for our investors, while enhancing our broader Capital Solutions platform.”
Vandoninck stated, “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.”
Baird commented, “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 concluded, “We expect Pinion to be a bridge between high-performing MGAs and capital providers who demand transparency, efficiency, and long-term value, and we are pleased to leverage Barings’ industry know-how and capital commitment as we seek to unlock the full potential of MGAs in a capital-light, tech-enabled world.”
Howden Capital Markets & Advisory and Wilkie Farr & Gallagher LLP advised Pinion, while Barings was advised by Sidley Austin LLP.
Leo Beckham, Head of UK & Europe, Howden Capital Markets & Advisory, added, “This transaction demonstrates Howden Capital Markets & Advisory’s continued commitment to attracting capital in support of differentiated specialty underwriting. By advising Pinion on its launch, capitalisation and initial rating, we are helping to secure long-term capacity underpinned by technology-enabled insight for specialty MGAs across a number of key markets.”
