New insurance company Pinion Insurance launches with up to $180 million commitment from Barings

Hamilton, BERMUDA. 17th February, 2026.

Pinion Insurance (“Pinion”), a newly formed specialty insurance platform, today announced its official launch. The company will offer insurance capacity for Managing General Agents (MGAs) across the US, UK, and European markets through a fully-integrated innovative proprietary technology platform.

Founded by an experienced management team of Neil McConachie, Philip Vandoninck, and Laura Baird, Pinion has secured a commitment of up to $180 million from global asset management firm Barings. It is seeking multi-jurisdictional licences in the US, UK, and the European Union and a rating from AM Best. For the US, nationwide E&S licenses will be obtained through the acquisition of an identified shell company, subject to parent state regulatory approval. 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 in 2027, subject to regulatory approval.

“Pinion will offer MGAs secure, long-term, quality capacity while providing meaningful visibility into underwriting performance and exposure using Pinion’s proprietary technology platform,” said Mr. McConachie, Co-Founder and Group Chief Executive Officer of Pinion. “The platform will additionally be accessed by reinsurers to obtain a portfolio of high-quality risks, while also obtaining real time visibility into portfolio performance.

“Pinion will be a bridge between high-performing MGAs and capital providers who demand transparency, efficiency, and long-term value. Our platform is designed to unlock the full potential of MGAs in a capital-light, tech-enabled world.”

“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,” said Michael Searles, Head of North America for Barings Capital Solutions.

“Pinion enters the market at a time of accelerating growth and maturity in the MGA sector,” said Mr. Vandoninck, Co-Founder and Group Chief Underwriting Officer. “MGAs continue to gain traction by delivering differentiated distribution, underwriting expertise, and strong local market knowledge – qualities increasingly sought by reinsurers and traditional carriers alike. Pinion offers an alternative to legacy hybrid carriers that are constrained by outdated systems and high operating costs.”

Pinion is a newly formed specialty insurance carrier, built on the foundations of Pinion Risk Consulting (PRC), an established data and analytics specialist in the MGA sector founded and led by Ms Baird. Ms Baird has partnered with Mr McConachie and Mr Vandoninck to launch the new carrier, leveraging proven proprietary technology developed by PRC and already adopted across the MGA market. “Our technology is designed to give MGAs greater transparency, more efficient operations, and access to the industry leading analytics to further enhance their underwriting strategy,” said Ms Baird, Co-Founder and Chief Technology Officer. “By combining advanced data science, modern engineering, and deep underwriting experience, we’ve built a platform that supports MGAs and materially reduces the operational burden of the traditional capacity relationship.”

Pinion is incorporated in Bermuda and is headquartered in London.

The company’s formal commencement of business is subject to regulatory approvals and confirmation of an AM Best rating.

Pinion was advised by Howden Capital Markets & Advisory and Wilkie Farr & Gallagher LLP.

Barings was advised by Sidley Austin LLP.

About the Founders

Neil McConachie: Co-Founder and Group Chief Executive Officer

Mr. McConachie is a seasoned insurance executive with a history of founding and scaling high-performing underwriting businesses. He was part of the founding management teams at Fidelis Insurance Group, Lancashire Holdings, and Montpelier Re, each of which grew into $1bn+ platforms. His leadership roles have included Group Chief Financial Officer, Group President, and Chief Risk Officer, with responsibilities spanning strategy, capital management, operations and risk management.

Philip Vandoninck: Co-Founder and Group Chief Underwriting Officer

Mr. Vandoninck is an experienced insurance executive and underwriter with extensive background in global property and specialty insurance and reinsurance. Most recently, he served as CEO and CUO of Fidelis Bermuda. At Fidelis, Philip was also CEO of Socium, Fidelis’ third-party capital platform, where his role was to match reinsurance capital partners in all forms with bespoke inwards underwriting opportunities.

Mr. Vandoninck began his career at Hiscox, where he held underwriting roles in London, Bermuda, and Belgium. He has a strong record in capital optimization, reinsurance structuring, and portfolio management. Known for his analytical approach and strong market relationships, he brings a balance of strategic vision, capital optimization and underwriting discipline to Pinion.

Laura Baird: Co-Founder and Group Chief Technology Officer

Ms. Baird is the Founder and CEO of Pinion Risk Consulting, a specialist advisory firm delivering actuarial, data, and technology solutions to MGAs and program managers. With more than 15 years of experience in the insurance and reinsurance sector, she has held senior roles at McGill & Partners, Ed Broking, and Allied World, where she led the development of structured reinsurance solutions and capital optimization strategies.

Ms Baird began her career in actuarial pricing and reserving at Travelers and Co-operative General Insurance before moving into analytics leadership roles. At Pinion, she leads a multi-disciplinary team focused on delivering scalable, open-source technologies to the MGA ecosystem.

About Pinion Insurance

Pinion Insurance is the strategic partner of choice to Managing General Agents (MGAs) and capital providers. It is a specialty insurance platform that offers capacity for MGAs across the US, UK, and European markets through a fully integrated proprietary technology platform.

Issued on behalf of Pinion Insurance by Rein4ce.

About Barings

Barings is a $481+ billion* global asset management firm that partners with institutional, insurance and intermediary clients, and supports leading businesses with flexible financing solutions. The firm, a subsidiary of MassMutual, seeks to deliver excess returns by leveraging its global scale and capabilities across public and private markets in fixed income, real assets and capital solutions.

*Assets under management as of December 31, 2025

Media contacts

Mairi Mallon
CEO, Rein4ce
+44 (0) 7843076533
Mairi.mallon@rein4ce.co.uk

This Release does not constitute an offer or invitation for the sale or purchase of, or a solicitation of any offer to acquire, any securities of Pinion Insurance. This release contains “forward-looking statements” which include all statements that do not relate solely to historical or current facts and which concern Pinion’s strategy, plans, targets, projections, or intentions. They are based only on Pinion’s current beliefs, expectations and assumptions regarding the future of Pinion’s business, plans, strategies, targets, projections, and anticipated events, and are subject to business, economic, commercial, legal and competitive uncertainties, many of which are beyond Pinion’s control and they are also subject to change. Actual results and financial condition may differ materially from those indicated in the forward-looking statements.