Pinion launches MGA capacity with $180m Barings backing

Specialty carrier Pinion has officially launched, supported by $180 million in capital from asset manager Barings, with plans to commence writing business in the second quarter.

London-headquartered Pinion will provide insurance capacity for MGAs in the US, UK and Europe, as well as offering partners insight into underwriting performance and exposure through proprietary technology.

The startup carrier was founded by former Fidelis senior executives Neil McConachie and Philip Vandoninck, alongside tech expert Laura Baird, whose experience includes McGill and Partners.  

The company targets binding business in the US in the second quarter of this year. It plans to be ready to underwrite in the EU and UK in 2027.

Currently, it is seeking multi-jurisdictional licences in the US, UK and the European Union plus a rating from AM Best. For the US, nationwide E&S licences will be obtained through the acquisition of an identified shell company, subject to parent state 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 Pinion co-founder and group CEO McConachie. “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.”

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 Pinion offers an alternative to legacy hybrid carriers that are constrained by outdated systems and high operating costs.”

Pinion has been built on the foundations of Pinion Risk Consulting (PRC), a 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.”

“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,” said Michael Searles, head of North America for Barings Capital Solutions.

Although headquartered in London, Pinion is incorporated in Bermuda.

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