United Risk Global Expands with Acquisition of Pinnacle Underwriting
United Risk Global, an independently owned international property and casualty insurance underwriting and distribution platform, has acquired Sydney-based insurance firm Pinnacle Underwriting and its affiliate Pinnacle Holdings Group. The acquisition, announced through a media release from the company’s New York office, positions United Risk “squarely within the top five largest MGAs in the world.”
The deal follows United Risk’s strategic divestment of nearly all its property exposure in the US. Hayden Smith, Regional CEO for Asia and Australia, highlighted that Pinnacle’s property business, which accounts for nearly 80% of its underwriting, was particularly attractive due to its “great value” and consistent profitability through various catastrophe events. This acquisition complements United Risk’s existing portfolio, achieving a diversified scale and geographic reach that few of its peers can match.
Pinnacle Underwriting specializes in specialty facultative reinsurance underwriting with offices in Sydney, Melbourne, Singapore, and Dubai. The firm manages a substantial book of reinsurance business, with 70% originating from the Asia-Pacific region and the remainder primarily from the Middle East and North Africa (MENA). Pinnacle’s insurance lines include property, power generation and utilities, onshore oil and gas, and political violence and terrorism.
Smith noted that while Pinnacle’s premium base is relatively small on a global scale, making it challenging for a primary insurer to accumulate significant premium, gaining market exposure through reinsurance is a strategic move for United Risk as it works to diversify globally. Jon Gilliott, CEO of Pinnacle Underwriting and now a partner at United Risk, expressed that the strategic partnership will benefit his “highly technical business.”
This acquisition marks a significant step in United Risk Global’s expansion strategy, enhancing its global presence and capabilities in the insurance industry.
