Pine Walk’s 16th MGA to target alternative risk transfer

Bermuda-based The Fidelis Partnership’s specialist MGA Pine Walk has launched its 16th MGA, this time targeting the alternative risk sector.

Carnovis Specialty will begin underwriting in December, offering structured re/insurance solutions designed to help clients manage volatility, optimise capital, and build long-term resilience.

Solutions 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.

Grant Maxwell (pictured) has been named CEO of Carnovis, bringing more than 26 years of experience in alternative risk transfer across the London and international markets.

Before establishing Carnovis, Maxwell 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 and portfolio management, and head of deal management and regional unit London.

With the launch of its 16th MGA, Pine Walk’s GWP is expected to surpass $1.2 billion in 2025, up from $900 million in 2024.

Richard Coulson, deputy CUO and CEO of insurance at TFP, 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.”

Maxwell added: “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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