Pinion Insurance has launched as a specialty insurance platform targeting managing general agents across the US, UK, and European markets, securing a commitment of up to $180 million from global asset manager Barings.
The company was founded by Neil McConachie (pictured above, left), Philip Vandoninck (pictured above, right), and Laura Baird (pictured above, middle), insurance veterans with pedigrees at Fidelis Insurance, Lancashire, and Hiscox.
McConachie served as group CFO at Fidelis and group president at Lancashire, where he also held CFO and CRO roles. He co-founded Fidelis in 2015 with Richard Brindle.
Vandoninck led international property reinsurance underwriting at Fidelis since its inception, following a decade at Hiscox where he helped establish Hiscox Bermuda after the 2005 US hurricane season. Baird founded Pinion Risk Consulting, a data specialist that has worked with fronting companies to remediate data management processes.
The Bermuda-incorporated carrier, headquartered in London, enters a surging sector. The US MGA market reached $114.1 billion in direct premiums written during 2024, growing 16% year on year and outpacing the broader property-casualty market.
The timing also reflects a rapidly expanding opportunity. Fronting companies supported more than $18 billion in MGA premium during 2024, up 26% from the prior year. Around 20% of total MGA premium is now backed by fronting carriers.
Private equity ownership accounts for more than 30% of all MGA entities in the US, whilst valuations have intensified with deals commonly closing at double-digit EBITDA multiples as competition for quality assets escalates.
MGAs are increasingly being designed as "born multi-territory" businesses, with plans spanning the UK, EU, and US almost simultaneously – a shift from historical expansion patterns where firms grew domestically first.
Pinion will operate through proprietary technology developed by Pinion Risk Consulting, providing MGAs and reinsurers with visibility into underwriting performance and exposure data.
For the US market, the platform plans to acquire a shell company to obtain nationwide excess and surplus lines licenses, subject to regulatory approval. Pinion targets binding business during the second quarter of 2026.
The company plans to begin underwriting in the EU and UK in 2027, pending regulatory approval. It is seeking multi-jurisdictional licenses alongside a rating from AM Best.
"Pinion will offer MGAs secure, long-term, quality capacity while providing meaningful visibility into underwriting performance and exposure using Pinion's proprietary technology platform," McConachie, co-founder and group chief executive officer, said.
Michael Searles, head of North America for Barings Capital Solutions, said the firm was backing "an insurance platform that we believe is positioned to accelerate growth for MGAs through proprietary technology."
Vandoninck said Pinion enters during a period of growth and maturity in the MGA sector, which continues to deliver distribution, underwriting expertise, and local market knowledge sought by reinsurers and carriers.
