By Mia MacGregor
June 18 - (The Insurer) - United Risk has completed the acquisition of Sydney-based MGA Pinnacle Underwriting Pty Ltd, along with its affiliate Pinnacle Holdings Group Pty Ltd.
Pinnacle Underwriting is a specialty facultative reinsurance MGA that focuses sectors such as property, power generation and utilities, onshore oil and gas, and political violence and terrorism.
It manages a reinsurance portfolio where 70% of the business originates from the Asia Pacific region, with the remainder primarily from the Middle East and North Africa.
Pinnacle underwrites and adjusts claims on behalf of a panel of A and AA-rated carriers.
"Together with our strategic partners, we have methodically divested of nearly all property exposure in the US, such that the addition now of Pinnacle's worldwide property business, which has been quite profitable for many years performing well through catastrophe events, immediately rounds out United Risk's portfolio by line,” said Hayden Smith, United Risk's regional CEO.
Insurance Advisory Partners and Ashurst LLP served as the exclusive financial and legal advisors to Pinnacle Underwriting, and United Risk was advised by Clyde & Co.
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