The Fidelis Partnership Launches Specialty Reinsurance MGA
Pine Walk Capital Ltd., the specialist MGA incubator platform and wholly owned subsidiary of The Fidelis Partnership (TFP), announced the launch of 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 Pine Walk’s stable, 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, who joins as manager director on Dec. 2, 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 provides 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.
“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 $1 billion in GWP next year,” commented Rinku Patel, group COO of The Fidelis Partnership and CEO of Pine Walk, in a statement.
“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,” Patel added.
“We are seeing significantly increased demand for specialty reinsurance solutions, especially in complex classes like marine, energy and credit,” said Jenan Nakeeb, managing director at Silverflame Re.
“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,” Nakeeb added.
The Fidelis Partnership is a privately owned, Bermuda-based managing general underwriter, which, through its subsidiaries, underwrites property, bespoke and specialty insurance and reinsurance products. The Fidelis Partnership also sponsors and incubates specialist MGAs through its Pine Walk platform. The Fidelis Partnership is separately owned and managed from the ownership and management of Fidelis Insurance Group.
In addition to Silverflame, the other 10 Pine Walk MGAs are: Radius, Oakside, Tiomanta, Perigon, Navium, OPEnergy, Pernix, Itasca, Novagen, Seraphina.
Source: The Fidelis Partnership