Fidelis Partnership Launches MGA for Specialty Reinsurance

Pine Walk Capital Ltd., the specialist MGA incubator platform and wholly owned subsidiary of The Fidelis Partnership (TFP), has announced the launch of Silverflame Re, a new specialist reinsurance MGA.

Silverflame Re will complement the Fidelis Partnership’s existing specialty reinsurance book, writing a treaty portfolio initially focused on two core lines: marine, energy and composite, and credit and surety. Silverflame will be 11^th MGA in the Pine Walk stable, further enhancing TFP’s existing portfolio.

Joining Silverflame Re as its lead underwriters are Jenan Nakeeb, formerly specialist underwriter at Tamesis DUAL, and Elizabeth Powell, former head of differentiated insurance at Aegis, who joins as managing director on 2 December 2024. Together, I bring over 30 people. years of underwriting experience along with a solid book of long-term broker relationships.

Founded in 2017, Pine Walk provides customized underwriting, operational and regulatory frameworks to support specialized and innovative underwriting offerings. In 2023, Pine Walk’s GWP increased by 43% to $780 million.

“We are delighted to launch Silverflame Re, which represents another milestone in Pine Walk’s impressive growth trajectory and further supports our goal of surpassing $1 billion in GWP next year,” commented Rinku Patel, Group COO of The Fidelis Partnership and CEO of Pine. Walk, in a statement.

“It is a pleasure to welcome Elizabeth and Jenan, whose vast audiences, unique skills and decades of experience will prove invaluable as we develop Silverflame Re’s specialist reinsurance offering,” added Patel.

“We are seeing significant growth in demand for specialist reinsurance solutions, particularly in complex classes such as marine, energy and credit,” said Jenan Nakeeb, managing director at Silverflame Re.

“We are excited about Silverflame Re’s potential to deliver a differentiated, agile and high-conviction approach to underwriting. We look forward to complementing the Fidelis Partnership’s established reputation as a leader and innovator in this space – and to further strengthen its cutting-edge reinsurance capabilities,” added Nakeeb.

Fidelis Partnership is a Bermuda-based private equity general insurance firm that, through its subsidiaries, underwrites specialty and customized property insurance and reinsurance products. Fidelis Partnership also sponsors and incubates specialty MGAs through its Pine Walk platform. Fidelis Partnership is owned and operated separately from the ownership and management of Fidelis Insurance Group.

Besides Silverflame, the other 10 Pine Walk MGAs are: Radius, Oakside, Tiomanta, Perigon, Navium, OPEnergy, Pernix, Itasca, Novagen, Seraphina.

Source: Fidelis Partnership

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