Newly formed specialty insurance platform Pinion Insurance (Pinion) announces its official launch with a commitment of up to US$180 million from global asset management firm Barings.
The insurance group will provide capacity for Managing General Agents (MGAs) across the US, UK, and European markets. Headquartered in London and incorporated in Bermuda, the firm utilises a proprietary technology platform built on the foundations of Pinion Risk Consulting (PRC), an analytics specialist founded by Laura Baird.
Pinion is seeking multi-jurisdictional licences and a rating from AM Best. For its US operations, the carrier intends to obtain nationwide E&S licences through the acquisition of a shell company, targeting binding business in Q2 2026. The firm plans to begin underwriting in the UK and EU in 2027, subject to regulatory approval.
The company is founded by Neil McConachie, Philip Vandoninck, and Laura Baird. McConachie, who serves as group CEO, was previously part of the founding management teams at Fidelis Insurance Group, Lancashire Holdings, and Montpelier Re. Vandoninck joins as group chief underwriting officer from his previous role as CEO and CUO of Fidelis Bermuda.
Neil McConachie, co-founder and group CEO of Pinion, says: “Pinion will offer MGAs secure, long-term, quality capacity while providing meaningful visibility into underwriting performance and exposure using Pinion’s proprietary technology platform.”
Philip Vandoninck, co-founder and group chief underwriting officer, adds: “Pinion offers an alternative to legacy hybrid carriers that are constrained by outdated systems and high operating costs.”
Michael Searles, head of North America for Barings Capital Solutions, comments: “We are thrilled to back Pinion’s experienced management team in launching an insurance platform that we believe is positioned to accelerate growth for MGAs through proprietary technology and to drive further innovation in the insurance sector.”
The carrier was advised by Howden Capital Markets & Advisory and Wilkie Farr & Gallagher LLP, while Sidley Austin LLP advised Barings.
