Pinion US Holdings LLC has received approval from the Oklahoma Insurance Department to acquire Catlin Specialty Insurance Co., a US excess and surplus lines writer. Catlin, previously owned by AX XL and later Applied Underwriters, was redomesticated to Oklahoma to facilitate the transfer using the state’s insurance business transfer process.
Pinion is the US arm of Bermuda-based Pinion Holdings Ltd, which launched in February with up to $180 million in backing from Barings. The company is seeking licences across the US, UK, and EU and aims to offer insurance capacity to managing general agents (MGAs) in these markets. Pinion’s leadership team has experience from Fidelis, Lancashire Holdings, Hiscox, and other major firms.
Oklahoma’s regulatory approval provides Pinion with the necessary infrastructure for its US underwriting strategy. The company is already in talks with specialist MGAs and plans to convert its pipeline into long-term partnerships. Pinion’s approach combines insurance capacity with technology and analytics, building on experience from its data and analytics arm, Pinion Risk Consulting.
Senior executives in insurance and MGA sectors should monitor Pinion’s progress as it seeks further licences and a rating from AM Best, which could affect competition and capacity in specialty lines.
