United Risk has completed the acquisition of Sydney based Pinnacle Underwriting and thus expanding and strengthening its operations in the Asia-Pacific and Middle East regions in major lines of business.
According to a media release by United Risk Global (it is an international property and casualty insurance underwriting and distribution platform) this acquisition will provide a boost to its diversified scale and geographic reach.
United Risk’s Regional CEO for Asia and Australia Mr Hayden Smith said, “United Risk has completed the acquisition of Pinnacle Underwriting, along with its affiliate Pinnacle Holdings Group (collectively, “Pinnacle Underwriting”).
Pinnacle Underwriting, a specialty facultative reinsurance MGA manages a substantial book of reinsurance business of which 70% originates in the Asia-Pacific region with the remainder mostly in the Middle East and North Africa (MENA).
Mr Smith said, “The acquisition of Pinnacle puts United Risk squarely within the top five largest MGAs in the world. United Risk has consistently produced solid, profitable results all across its many divisions while expanding and strengthening its MGA platforms. Now, United Risk has achieved a diversified scale and geographic reach matched by few, if any, of its peers.”
He said, “On a global scale the entire premium base for the regions covered by Pinnacle is relatively small making it challenging for a primary insurer to accumulate significant premium. Gaining meaningful market exposure through reinsurance makes a lot of sense to us as we work to diversify globally.”
Pinnacle Underwriting founder and CEO and now a partner at United Risk Jon Gilliott said, “Pinnacle has a nurtured, entrepreneurial culture, yet ours is a highly technical business: we will benefit from this strategic partnership – one in which our values and the level of underwriting sophistication are shared. As its founder, I am enthusiastic to continue to lead Pinnacle's advancement and progress to a new level.”