AM Specialty has acquired US MGA Pinpoint Insurance Solutions and launched Pinpoint UK, a London-based underwriting platform.
Brad J. Sickinger, president of Pinpoint US, will continue to lead Pinpoint, and Darren Powell will take on the role as chief underwriting officer of Pinpoint UK, starting in September 2024.
Powell has over 30 years of industry experience, including more than 21 years at Allied World, where he was director of underwriting. Prior to that, Powell worked for nine years at RSA as an underwriter for property, casualty, and motor.
Shevawn Barder, CEO and principal of AM Holding, says the move will allow Sickinger to focus on business technical underwriting while also benefiting from the group's financial and administrative support.
She notes: “We have had a good reception in the market. We will continue to build out our direct writing platform through Brad, as well as Darren, who will head up our London-based entity, as we pursue further expansion through 2024.”
Meanwhile, Sickinger comments that the acquisition provides Pinpoint with “direct access to paper in a tight market, reinsurance, and far greater financial stability”.
He adds: “Combining backroom support makes us way more efficient and allows us to expand our offerings into some other areas. Currently, we're in transportation, but we're looking to get into other niche markets with the ability and backing of the group.”
Dallas-based E&S lines carrier and accredited reinsurer AM Specialty was launched by AM Holding in 2022. The company writes various specialty lines such as commercial and niche property, casualty, transportation, ocean and inland marine, cyber and miscellaneous specialty lines as a non-admitted carrier.
