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3 October 2024News

Fidelis Partnership launches specialty MGA

The Fidelis Partnership has launched a new specialist managing general agency initially focused on marine energy & composite and credit & surety. 

Silverflame Re was launched through TFP’s specialist MGA platform Pine Walk Capital and has named Jenan Nakeeb, previously a specialty underwriter at Tamesis DUAL, and Elizabeth Powell, formerly Head of Differentiated Underwriting at Aegis, as lead underwriters. 

TFP said Powell will join as manager director on December 2, adding that she and Nakeeb 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 TFP 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.”

 Nakeeb said: “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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