Australia’s Pinnacle Underwriting has been bought by a subsidiary of US-based Applied Underwriters.

The Sydney reinsurance underwriting agency, which also has offices in Melbourne, Singapore and Dubai, will become part of United Risk, headquartered in New York.

Pinnacle underwrites and adjusts claims for most major insurance groups operating in the Asia-Pacific region.  

It was founded in 2019 by Jon Gilliott and specialises in facultative reinsurance for property, power generation and utilities, onshore oil and gas, and political violence and terrorism. Its property business accounts for nearly 80% of its underwriting.

“The addition 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,” the US business’ regional CEO Hayden Smith said.

“Gaining meaningful market exposure through reinsurance makes sense as we work to diversify globally.”

More than two-thirds of Pinnacle’s reinsurance book originates in the Asia-Pacific region, with the rest mostly in the Middle East and North Africa.  

Mr Gilliott, who is now a partner at United, says he will “continue to lead Pinnacle's advancement and progress to a new level. Our values and the level of underwriting sophistication are shared.”

London-based Mr Smith grew up in NSW and previously played for English rugby union team Saracens and NFL side the New York Jets. He joined JLT Re as a casualty reinsurance broker in 2013 and worked at Enstar before moving to United Risk. 

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