Pine Walk Capital unveils Carnovis Specialty

Pine Walk Capital, the specialist MGA platform and wholly owned subsidiary of The Fidelis Partnership has launched Carnovis Specialty, a new alternative risk transfer MGA.

Carnovis will begin underwriting in December 2025, offering structured (re)insurance solutions designed to help clients manage volatility, optimise capital, and build long-term resilience. This will include a range of excess-of-loss solutions across Treaty, Captive and Direct lines, as well as quota-share solutions for Treaty clients.

Based in London, the MGA will write an international book of business, providing worldwide coverage through a portfolio weighted towards the US and UK alongside European, APAC and LatAm exposures. Clients will range from established reinsurers and multinational companies, including their captives, to smaller companies using Carnovis’ solutions to manage risk efficiently across classes and over time.

Carnovis will be led by Grant Maxwell, who brings over 26 years’ experience in Alternative Risk Transfer across the London and international markets. Before establishing Carnovis, Grant spent five years as Global Head of Alternative Risk Transfer at Allianz Commercial following a decade in other leadership roles across the business, including Global Head of Underwriting & Portfolio Management and Head of Deal Management & Regional Unit London.

Carnovis will be the 16th MGA for Pine Walk which was founded in 2017 to provide custom operational, technical support and regulatory frameworks to allow the underwriters to focus on their specialist and innovative product offerings. Pine Walk said that its GWP is expected to surpass $1.2 billion in 2025, up from $0.9 billion in 2024.

Richard Coulson, deputy chief underwriting officer and chief executive of insurance at The Fidelis Partnership, said: “We’re thrilled to welcome Carnovis to the Pine Walk platform. This launch reflects our commitment to innovation in the (re)insurance market, and we’re excited about the opportunities Carnovis brings to deliver bespoke, capital-efficient solutions to clients worldwide. Grant and his team are exceptionally well-positioned to make a valuable impact on this market, and we look forward to supporting their growth and success.”

Grant Maxwell, founder and chief executive of Carnovis, said: “Across the market, we’re seeing growing demand for structured solutions that bridge the gap between traditional (re)insurance and capital markets. Clients want long-term, partnership-based relationships with their (re)insurers, underpinned by tailored terms that better reflect their portfolio and strategic goals. Carnovis is purpose-built to deliver that flexibility – bringing together innovation, capital efficiency, and balance sheet strength to create value over multiple underwriting years.”

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