Launch of Pinion Insurance (“Pinion”)

Transaction

3 minutes

17 February 2026

Transaction Overview

On February 17, 2026, a newly-formed specialty insurance platform, Pinion, launched with a total equity commitment of up to $180mm

  • Pinion’s secured investment is supported by global asset manager Barings through its Capital Solutions platform

Pinion will offer insurance capacity for MGAs across the U.S., UK, and European markets through a fully integrated proprietary technology platform

  • Pinion will offer MGAs secure, long-term, quality capacity while providing meaningful visibility into underwriting performance and exposure
  • Pinion is built on the foundations of Pinion Risk Consulting, an established data and analytics specialist in the MGA sector founded and led by Laura Baird
  • It is seeking multi-jurisdictional licences in the U.S., UK, and the European Union and a rating from AM Best
  • The company targets binding business in the United States in Q2 2026, subject to regulatory approval
  • Pinion plans to be ready to underwrite in the EU and UK at the start of 2027, subject to regulatory approval


Pinion’s technology is designed to give MGAs greater transparency, more efficient operations, and access to the industry leading analytics

  • The platform will be accessed by reinsurers to obtain a portfolio of high-quality risks, while also obtaining real time visibility into portfolio performance
  • By combining advanced data science, modern engineering, and deep underwriting experience, Pinion has built a platform that supports MGAs and materially reduces the operational burden of the traditional capacity relationship


Founded by a team of insurance industry veterans with a strong record of establishing and scaling high-performing businesses, led by:

  • Neil McConachie, CEO (co-founder of Fidelis, Lancashire and Montpelier Re Groups, former CFO and Chief Risk Officer at Fidelis and Lancashire)
  • Philip Vandoninck, CUO (former divisional CEO of Fidelis’s Bermuda branch, founder of International Reinsurance division at Hiscox Bermuda)
  • Laura Baird, CTO (founder of risk and technology advisory firm, Pinion Risk Consulting)


Barings is a global asset manager partnering with institutional, insurance and intermediary clients, providing flexible financing to leading businesses

  • Seeks to deliver excess returns leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions
  • Assets Under Management (“AUM”) of ~$481+bn(b) and is a majority-owned and privately held subsidiary of MassMutual Capital committed will come from Barings’ Capital Solutions Fund, a direct lending fund managed by Barings with ~$6.0bn(b) AUM
  • Key insurance investments include Accelerant, Fidelis and Martello Re

Howden Capital Markets & Advisory Role

ŸHCMA is acting as exclusive financial advisor to Pinion; key aspects of the transaction led by HCMA include:

  • Identified potential investors, including Barings, and led the engagement process, including cross-border investor roadshows
  • Review of Pinion’s business plan and assistance with development of a detailed financial model
  • Assistance with development of investor marketing materials
  • Assistance in negotiation of key terms with investors
  • Assistance with preparing for and navigating the rating process
  • Assistance in structuring and modelling Pinion’s management incentive plan
pinion

Latest transactions