Pinion Insurance, a newly established professional insurance company incorporated in Bermuda and headquartered in London, has officially launched and received a preferred equity commitment of up to US$180 million from global asset management company Barings.
The new insurance company is built on the foundations of Pinion Risk Consulting (PRC), a well-known data and analytics expert in the MGA space, and is founded and led by Laura Baird, who launched the new company in partnership with Neil McConachie and Philip Vandoninck.
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 underwriting capabilities to general agents (MGAs) in the U.S., U.K. and Europe, delivering underwriting insights, performance and risk through a fully integrated proprietary technology platform.
The company aims to launch binding operations in the U.S. in the second quarter of 2026 and plans to be ready for underwriting in the EU and U.K. in 2027, subject to regulatory approval.
For the United States, nationwide environmental and social licenses will be obtained through the acquisition of an identified shell company, subject to approval by home state regulators. The official opening of Pinion is subject to regulatory approval and confirmation of an AM Best rating.
Barings made a preferred equity commitment of up to $180 million through its Capital Solutions platform, which has a long track record of investing in property and casualty insurance.
Looking to lead the new insurance company, McConnachie is an industry veteran with a history of creating and scaling high-performing underwriting businesses. He is a member of the founding management teams of Fidelis Insurance Group, Lancashire Holdings and Montpelier Re.
Vandoninck is an experienced insurance executive and underwriter with global property and specialty insurance and reinsurance expertise. Most recently, he served as CEO and COO of Fidelis Bermuda and also served as CEO of Socium, Fidelis’ third-party capital platform. Vandoninck began his career at Hiscox and held underwriting roles in London, Bermuda and Belgium.
Baird is the founder and CEO of Pinion Risk Consulting, a specialty consulting firm that provides actuarial, data and technology solutions to MGAs and project managers. She has over 15 years of industry experience, having held senior roles at McGill & Partners, Ed Broking and Allied World.
McConachie commented: “Pinion will provide MGAs with secure, long-term, high-quality capabilities while providing meaningful visibility into underwriting performance and risk using Pinion’s proprietary technology platform. Reinsurers will also have access to the platform for high-quality risk portfolios, while also gaining real-time visibility into portfolio performance. Pinion will serve as a bridge between high-performing MGAs and capital providers who require transparency, efficiency and long-term value. Our platform is designed to unlock MGAs Full potential in: A capital-light, technology-driven world.”
Michael Searles, head of North America at Barings Capital Solutions, added: “We are pleased to support Pinion’s experienced management team in launching an insurance platform that we believe is capable of accelerating MGA’s growth through proprietary technology and driving further innovation in the insurance industry. This strategic investment is consistent with our approach to investing in specialized origination engines that can provide our investors with broadly diversified, less correlated returns while enhancing our broader capital solutions platform.”
Vandoninck said: “Pinion enters the market at a time when the MGA industry is accelerating growth and maturation. MGAs continue to gain traction by offering differentiated distribution, underwriting expertise and strong local market knowledge, qualities that are increasingly sought after by reinsurers and traditional insurers. Pinion provides an alternative to traditional hybrid insurers constrained by outdated systems and high operating costs.”
Baird commented: “Our technology is designed to provide MGAs with greater transparency, more efficient operations and industry-leading analytics to further enhance their underwriting strategies. By combining advanced data science, modern engineering and deep underwriting experience, we have built a platform that supports MGAs and significantly reduces the operational burden of traditional underwriting relationships.”
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 excited to leverage Barings’ industry knowledge and capital commitment as we seek to unlock the full potential of MGAs in a capital-light, technology-driven 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 and Europe at Howden Capital Markets & Advisory, added: “This transaction demonstrates Howden Capital Markets & Advisory’s continued commitment to attracting capital to support differentiated specialist underwriting. By advising on Pinion’s launch, capitalization and initial ratings, we are helping to secure long-term capacity backed by the technical insights of specialist MGAs across a number of key markets.”