Pinion Insurance has officially launched as a specialty insurance carrier with a preferred equity commitment of up to $180 million from global asset manager Barings.

Incorporated in Bermuda and headquartered in London, Pinion is built on the foundations of Pinion Risk Consulting(PRC), a data and analytics specialist serving the MGA sector. The new venture brings together PRC founder Laura Baird with industry executives Neil McConachie and Philip Vandoninck.

Leadership team and structure

Neil McConachie has been appointed Group Chief Executive Officer, Philip Vandoninck will serve as Group Chief Underwriting Officer, and Laura Baird will take on the role of Group Chief Technology Officer.

Pinion will provide insurance capacity to managing general agents (MGAs) across the US, UK, and Europe, combining underwriting support with real-time exposure and performance insights delivered through a fully integrated proprietary technology platform.

The insurer expects to begin binding business in the US in the second quarter of 2026. Plans to underwrite in the UK and EU are targeted for 2027, subject to regulatory approvals. In the US, nationwide excess and surplus (E&S) licences will be secured through the acquisition of a pre-identified shell company, pending parent state approval. Formal commencement of operations is also subject to regulatory clearance and confirmation of an AM Best rating.

Technology-led capacity model

Pinion’s model aims to bridge the gap between capital providers and high-performing MGAs. Its proprietary platform is designed to give capacity providers and reinsurers real-time visibility into underwriting performance and portfolio exposure.

McConachie commented that Pinion will provide “secure, long-term, quality capacity” while offering transparency and efficiency through technology. He added that the platform will allow reinsurers to access diversified portfolios of high-quality risks with enhanced oversight.

Barings’ commitment was made through its Capital Solutions platform, which has an established track record of investing in the property and casualty insurance sector. Michael Searles, Head of North America, Barings Capital Solutions, said the investment aligns with the firm’s strategy of backing specialty origination platforms capable of delivering diversified, less correlated returns.

Experienced founding team

McConachie brings extensive experience in building and scaling underwriting businesses, having previously held senior roles at Fidelis Insurance Group, Lancashire Holdings, and Montpelier Re.

Vandoninck most recently served as CEO and CUO of Fidelis Bermuda and previously led Socium, Fidelis’ third-party capital platform. He began his career at Hiscox, holding underwriting roles across London, Bermuda, and Belgium.

Baird founded Pinion Risk Consulting and has more than 15 years of experience in actuarial, data, and technology advisory roles, including positions at McGill & Partners, Ed Broking, and Allied World.

Advisory support

Pinion was advised on its launch, capitalisation, and initial rating by Howden Capital Markets & Advisory and Wilkie Farr & Gallagher LLP, while Barings received legal advice from Sidley Austin LLP.

Leo Beckham, Head of UK & Europe at Howden Capital Markets & Advisory, said the transaction reflects continued investor appetite for differentiated, technology-enabled specialty underwriting platforms capable of supporting MGA growth with long-term capital.

With substantial backing from Barings and a leadership team experienced in scaling specialty carriers, Pinion Insurance enters the market aiming to provide a capital-light, tech-enabled capacity solution for MGAs seeking transparency, operational efficiency, and sustainable growth.