Pine Walk Capital launches new MGA
Pine Walk Capital, the specialist MGA platform and wholly owned subsidiary of The Fidelis Partnership (TFP), has launched Silverflame Re, a new specialty 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 & composite and credit & surety. Silverflame will be the 11th MGA in the group, further enhancing TFP’s existing portfolio.
Joining Silverflame Re as its lead underwriters are Jenan Nakeeb, previously a specialty underwriter at Tamesis DUAL, and Elizabeth Powell, formerly head of differentiated underwriting at Aegis and who later joins as Manager Director on 2 December 2024. Together, they bring more than 30 years of underwriting experience, along with a strong book of long-term broker relationships.
Founded in 2017, Pine Walk has now established 11 MGAs providing custom underwriting, operational and regulatory frameworks to support specialist and innovative underwriting offerings. In 2023, Pine Walk’s GWP grew by 43% to $780 million.
Rinku Patel, group chief operating officer of The Fidelis Partnership and CEO of Pine Walk, said: “We’re delighted to be launching Silverflame Re, which represents another milestone in Pine Walk’s impressive growth trajectory and further supports our objective of surpassing $1billion in GWP next year. It’s a pleasure to welcome Elizabeth and Jenan, whose large following, unique skillsets and decades of experience will prove invaluable as we build out Silverflame Re’s specialty reinsurance offering. We continue to be encouraged by the pace at which we are bringing in leading underwriting talent as Pine Walk continues to support the wider group through profitable growth, disciplined exposure and complementary underwriting expertise.”
Jenan Nakeeb managing director at Silverflame Re, added: “We are seeing significantly increased demand for specialty reinsurance solutions, especially in complex classes like Marine, Energy and Credit. We are excited about the potential for Silverflame Re to offer a differentiated, nimble, and high-conviction approach to underwriting. We look forward to complementing The Fidelis Partnership’s established reputation as a leader and an innovator in this space – and to further bolstering its cutting-edge, cross-class reinsurance capabilities.
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