Pinnacle cements presence on island through Ordinance acquisition

US consultancy Pinnacle Actuarial Resources has agreed to acquire Bermuda-based Ordinance Holdings and the renewal rights of Canadian firm Grape Bay Actuarial Consulting, expanding its presence in two key insurance and reinsurance markets.

Ordinance provides actuarial consulting services to insurance, reinsurance, captive insurance and segregated accounts companies. This transaction builds on Pinnacle’s island presence, where it currently advises a number of captive insurance companies.

Grape Bay, also an actuarial consulting firm, serves insurance, reinsurance and captive insurance companies, professional associations and other businesses in the region. 

Grape Bay clients will become part of Pinnacle’s recently formed subsidiary, Pinnacle Actuarial Resources of Canada.

The president of Ordinance and Grape Bay, Julie Perron, will work with Pinnacle as an independent contractor, continuing to serve former clients. 

Perron has more than 25 years of experience as an actuary, with expertise in captive insurance, loss reserving, pricing and structuring of reinsurance programmes.

Roosevelt Mosley (pictured right), managing principal, said: “Pinnacle is pleased to announce this key strategic acquisition, and we look forward to working with Julie. This acquisition of Ordinance and clients of Grape Bay will increase Pinnacle’s international presence and enhance the services we provide our clients in Bermuda and Canada. It will also expand and deepen the expertise, market knowledge, capabilities and scale of service for clients of Ordinance and Grape Bay.”

Robert Walling (pictured left), Pinnacle principal and consulting actuary said: “The global property and casualty insurance industry continues to grow, and this acquisition will strengthen Pinnacle’s position for captive insurance, traditional insurance and reinsurance in two key regions.

“It is an exciting acquisition that increases our firm’s international footprint and positions Pinnacle to continue to deliver best-in-class consulting services and actuarial expertise throughout Bermuda and Canada.”

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