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AM Specialty acquires US MGA Pinpoint and launches London platform

ASIC Acquires Pinpoint

Milwaukee-based Pinpoint was founded by Brad Sickinger in 2021 and acts as both a program administrator and MGA. It is focused on E&S transportation lines.

Following on from the acquisition of the MGA, the group has also set up Pinpoint UK, a London-based direct underwriting platform.

Leading the new venture is Powell, who has been appointed chief underwriting officer of Pinpoint UK.

Powell has over 30 years of industry experience, including more than 21 years at Allied World, latterly as director of underwriting. He also launched and served as active underwriter for Allied World Syndicate 2232, after stints as an underwriter and head of international property.

Before joining Allied World in 2002, Powell worked at RSA for more than nine years.

Dallas-based domestic E&S lines carrier and accredited reinsurer AM Specialty Insurance Company (ASIC) was launched by AM Holding Co in 2022. AM Holding Co is also the holding company for AM RE Syndicate and AM Star Claims Co.

ASIC writes various specialty lines such as commercial and niche property, casualty, transportation, ocean and inland marine, cyber and miscellaneous specialty lines as a non-admitted carrier.

AM Best A- rated ASIC works in tandem with program administrators, brokers and underwriters to streamline program market processes and optimise value chain efficiencies all the way to the insured.

Discussing the acquisition of Pinpoint with Program Manager, Shevawn Barder, CEO and principal of AM Holding Co, said it will allow Sickinger to focus on the technical underwriting of business while benefiting from the financial and administrative support of the group.

“We will be able to provide Brad with paper and capacity in what is currently a very difficult market to secure that,” she said.

Natural extension of existing relationship

Barder said that ASIC previously provided paper to Pinpoint, and that acquiring the MGA was a natural fit for the group.

Talking to this publication, Sickinger– who has over 30 years of industry experience across the broking, underwriting, wholesale and MGA spaces– said the acquisition provides Pinpoint with “direct access to paper in a tight market, reinsurance and far greater financial stability”.

“Also, combining backroom support makes us way more efficient and allows us to expand our offerings into some other areas. Currently we're in transportation, but we're looking to get into other niche markets with the ability and the backing of the group,” he said.

Shevawn Barder Program Manager Quote

Pinpoint wrote about $10mn in premium in 2023 and is hoping to write around $25mn in diversified transportation lines this year.

Discussing potential expansion lines, Barder highlighted inland marine along with the possibility of building out niche specialty property lines.

ASIC wrote $100mn in premium in 2023. Barder is bullish about the outlook for this year, and highlighted ASIC’s ability to not only write primary business but also reinsurance.

“It's a very hard market, still,” she said. “Even though we're still a relatively small player, I think we have a lot of value to add. We really like to focus on underwriting expertise, and work with people to structure products that solve their problems.

Barder added: “We have had a good reception in the market. We will continue to build out our direct writing platform through Brad, as well as Darren, who will head up our London-based entity, as we pursue further expansion through 2024.”

Barder said that the group is interested in further potential acquisitions that can be bolted on to Pinpoint to continue to develop the direct MGA platform.


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