The plan for Pinion US to acquire Catlin Specialty just cleared its biggest hurdle. Pinion US Holdings LLC announced it has received regulatory approval from the Oklahoma Insurance Department to buy Catlin Specialty Insurance Co., a U.S. eligible excess and surplus lines writer.

For a young insurer hunting for a foothold in the American market, it is like finding the key to a locked front door.

A Carrier With a Complicated Past

Catlin has changed hands before. Formerly owned by AX XL, it was acquired by Applied Underwriters in 2022 and folded into Applied’s North American Casualty group of companies.

The Oklahoma Maneuver

That earlier deal required some regulatory choreography. Delaware and Oklahoma regulators agreed to move Catlin’s domicile from Delaware to Oklahoma. The shift let Applied use Oklahoma’s insurance business transfer (IBT) process, which moves blocks of insurance business from one insurer to another. The result: Applied acquired Catlin as a shell.

Who Is Behind Pinion?

The buyer is the U.S. subsidiary of Bermuda-based Pinion Holdings Ltd. Pinion Insurance launched in February with a commitment of up to $180 million from global asset management firm Barings. The company plans to supply insurance capacity to managing general agents (MGAs) across the U.S., U.K. and European markets.

Its to-do list is long. Pinion is seeking multi-jurisdictional licenses in the U.S., U.K. and European Union, along with a rating from AM Best.

A Pitch to MGAs

Gary Maier, U.S. chief executive officer of Pinion Insurance, said the company believes its “combination of capacity, technology, and partnership can create a materially better experience for MGAs.”

The Oklahoma approval, he said, establishes the regulated infrastructure that will underpin Pinion’s U.S. underwriting strategy and support its ambitions for long-term growth.

A Pipeline Ready to Convert

Pinion is not starting from a standing stop. It said it is already in active discussions with specialist MGAs across a range of U.S. specialty classes.

“We have built a strong pipeline of opportunities; we now have the team and capabilities lined up to begin converting that pipeline into long-term underwriting partnerships,” said Kyle Selvig, U.S. chief underwriting officer.

Veterans at the Helm

Pinion is incorporated in Bermuda and headquartered in London. Its founding management team is Neil McConachie, Philip Vandoninck and Laura Baird.

Three Résumés, One Venture

• Neil McConachie was part of the founding management teams at Fidelis Insurance Group, Lancashire Holdings and Montpelier Re.
• Philip Vandoninck most recently served as CEO and CUO of Fidelis Bermuda. He began his career at Hiscox.
• Laura Baird has held senior roles at McGill & Partners, Ed Broking and Allied World. She started in actuarial pricing and reserving at Travelers and Co-operative General Insurance before moving into analytics roles.

Pinion’s specialty insurance carrier is built on the foundations of Pinion Risk Consulting (PRC), a data and analytics firm in the MGA sector that Baird founded and leads.