Pinpoint UK Solutions Ltd, part of AM Specialty Insurance Group (ASIG), has received approval from Lloyd’s of London to operate as an authorized underwriter, strengthening its presence in the UK and London markets and enabling direct access to Lloyd’s through a locally established underwriting platform to support the long-term growth of its specialist insurance product line.
“This approval authorizes Pinpoint to enter into insurance contracts and bind risks on behalf of Lloyds Group under authorized arrangements,” the company explained.
The underwriter status will reportedly enable Pinpoint to underwrite business on behalf of Lloyd’s managing agents within specified underwriting parameters and subject to binding authorization agreements.
Pinpoint said the framework ensures all commissioned underwriting activities are conducted in accordance with Lloyd’s established governance, risk management and compliance standards.
“Pinpoint, operating from our London office, will leverage its underwriting expertise and licensing capabilities to deliver disciplined and well-managed underwriting solutions,” the company added.
Darren Powell, chief underwriting officer at Pinpoint, commented: “Lloyd’s underwriter approval is an important milestone for Pinpoint and reflects the strength of our underwriting expertise, governance framework and operational readiness.
“This status enables us to enter into insurance contracts on behalf of the Lloyd’s Group under the authority whilst maintaining the high standards of underwriting discipline and risk management expected in the Lloyd’s market.”
In related news, earlier this month, AM Specialty Insurance Company (UK) (ASIC UK) received authorization from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) to carry out regulated insurance activities in the UK, becoming the first insurance company to obtain authorization under the regulator’s accelerated authorization route.