United Risk Global has finalized its acquisition of Pinnacle Underwriting, an Australian managing general agent specializing in facultative reinsurance, along with its affiliate Pinnacle Holdings Group, according to a company statement.
Pinnacle Underwriting operates out of Sydney, with additional offices in Melbourne, Singapore, and Dubai.
The firm manages a substantial reinsurance portfolio, with approximately 70% of business sourced from the Asia-Pacific region and the remainder from markets in the Middle East and North Africa.
Hayden Smith, regional CEO for Asia and Australia at United Risk, stated that the acquisition places United Risk among the five largest MGAs globally.
He noted that reinsurance provides strategic access to premium in regions where the total direct premium base remains relatively small, making scale difficult to achieve through primary insurance.
“United Risk has achieved a diversified scale and geographic reach matched by few, if any, of its peers,” said Smith.
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.
Smith also reported that 80% of Pinnacle’s portfolio is concentrated in property risks. He explained that United Risk has already reduced its exposure to property risks in the United States, and the acquisition will help diversify its portfolio across international markets.
Pinnacle focuses on property, power generation and utilities, onshore oil and gas, and political violence and terrorism. Its client base consists primarily of cedants, including many of the leading global insurers active in its territories.
Insurance Advisory Partners and Ashurst LLP advised Pinnacle on the financial and legal aspects of the transaction. United Risk received legal counsel from Clyde & Co.
In April 2025, United Risk Group, part of Applied Underwriters, appointed Alex Amezquita as its new chief financial officer, succeeding Jay Cahill. Cahill transitioned to lead United Risk’s newly formed reinsurance division as CEO.
Amezquita now oversees financial management across United Risk’s insurance, surety, and specialty operations. United Risk, an international P&C MGA and underwriter, became an independent company earlier this year but remains connected to Applied Underwriters, its original sponsor.
Applied Underwriters President Jamie Sahara emphasized that the relationship between the two entities continues to provide United Risk with access to key resources, especially in areas such as cybersecurity, IT, artificial intelligence, and brand development.
