Fidelis Partnership debuts first US MGA with Miami launch
Bermuda-based specialist MGA platform Pine Walk, a wholly owned subsidiary of The Fidelis Partnership, has entered the US market with the launch of a Florida-based MGA.
Alongside the launch of Imala Re, a cell to write property, motor and marine treaty insurance, Fidelis has also opened a Miami office.
Imala Re will write an international book of Latin American and Caribbean property, motor and marine treaty reinsurance. Providing a range of catastrophe excess of loss, risk excess of loss, and quota share solutions, its portfolio will be focused primarily on locally domiciled treaty clients,while also serving a select group of multinationals.
Ivan Vega, a reinsurance expert in the Latin American and Caribbean markets, will lead Imala Re.
Vega was most recently at Navigators Re, where he served as head of Latin America and Caribbean since 2010, with responsibility for developing its LatAm treaty portfolio. Prior to that, Vega spent eight years as head of property facultative for LatAm and Caribbean at White Mountains Capital.
Imala Re is the 14th MGA that Pine Walk has launched to date. Earlier this month it launched Arenite Specialty to write surety and credit risk insurance initially focused on Australia, Asia-Pacific and Latin America.
Pine Walk’s gross written premium is expected to rise to more than $1.2 billion in 2025, up from $900 million in 2024.
Nigel Lee, chief operating officer at Pine Walk, said: “The launch of Imala Re continues Pine Walk’s outstanding momentum, becoming our 14th MGA and the third we have launched in 2025.
"We see real opportunity and demand in Latin America and the Caribbean and the launch of Imala Re will be a strong complement to TFP’s wider BRICS+ strategy. Ivan’s longstanding experience and deep network make him well placed to lead this new offering, and we look forward to him building out the team to support its growth plans.”
Ivan Vega, CEO of Imala Re, added: “There is strong and increasing demand from clients in Latin America and Caribbean for underwriters that can bring a differentiated approach and show the leadership needed to tackle increasingly complex and interconnected risks. Pine Walk is the perfect platform from which to launch Imala Re, allowing us to bring to market a compelling new MGA while benefiting from the reputation, insights and expertise of The Fidelis Partnership.”
Charles Mathias, deputy chairman of The Fidelis Partnership, said: “Ivan and I have known each other for over 30 years and have worked together before. He has a great reputation in the market for his understanding, relationships and experience, all of which will ensure the success of Imala Re. As part of TFP’s overall BRICS strategy to expand our business around the world, this reinforces our commitment to local access and knowledge.”
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