HSBC had been seeking a valuation of up to $2bn (£1.49bn) for the business, the report said.
According to the insurance brokerage, this is the sixth consecutive year in which it has achieved double-digit organic growth.
The FCA authorisation comes after Pinpoint UK obtained Lloyd’s coverholder approval in December 2025.
Both the executives will become part of the insurer’s executive leadership team and report to CEO Christiern Dart.
