Pinion Clears Oklahoma Hurdle to Buy Catlin Specialty Insurance

Pinion US Holdings LLC has won approval from the Oklahoma Insurance Department to acquire Catlin Specialty Insurance Co., a U.S. eligible excess and surplus lines writer. The decision, announced by the company, hands the Bermuda-based startup its first regulated carrier inside the American market.

The deal's mechanics matter more than its price tag. Catlin was formerly owned by AX XL. Applied Underwriters bought it in 2022 and folded it into its North American Casualty group. To make that acquisition work, Delaware and Oklahoma regulators agreed to redomesticate Catlin from Delaware to Oklahoma. The move let Applied use Oklahoma's insurance business transfer (IBT) process, which transfers blocks of insurance business from one insurer to another. That structure allowed Applied to acquire Catlin as a shell — a carrier emptied of its business but retaining its license.

Pinion is now inheriting that shell.

Who is behind Pinion?

The acquirer is the U.S. subsidiary of Pinion Holdings Ltd., which is incorporated in Bermuda and headquartered in London. Pinion Insurance launched in February with a commitment of up to $180 million from Barings, the global asset management firm. The company plans to offer insurance capacity for managing general agents (MGAs) across the U.S., U.K. and European markets. It is also seeking multi-jurisdictional licenses in the U.S., U.K. and European Union, plus a rating from AM Best.

Gary Maier, U.S. chief executive officer of Pinion Insurance, said the company believes that its "combination of capacity, technology, and partnership can create a materially better experience for MGAs." He said the Oklahoma approval establishes the regulated infrastructure that will underpin Pinion's U.S. underwriting strategy and support its ambitions for long-term growth.

In plain terms: the startup bought the plumbing before writing any business.

What does the Oklahoma license unlock?

Kyle Selvig, U.S. chief underwriting officer, said Pinion 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," Selvig said.

The founders bring track records from established carriers. 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 chief underwriting officer of Fidelis Bermuda and 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.

Baird also founded and leads Pinion Risk Consulting (PRC), a data and analytics firm serving the MGA sector. Pinion's specialty insurance carrier is built on PRC's foundations. That lineage signals the company's bet: analytics first, capacity second.

Why the shell-carrier route?

The Catlin transaction shows how newcomers enter the U.S. excess and surplus lines market without building a carrier from scratch. Buying a licensed shell with an IBT mechanism attached skips years of licensing work. Applied Underwriters used the same route in 2022. Pinion now repeats the playbook with Oklahoma's blessing, pairing a ready-made carrier with fresh capital and an MGA-focused distribution model.

The next tests are execution and credibility. Pinion still needs its AM Best rating and its multi-jurisdictional licenses. Until those land, the company has infrastructure and $180 million in committed capacity — but no published rating to show the MGAs it wants to sign.