Pine Walk Capital Ltd, the specialist managing general agent platform and wholly owned subsidiary of The Fidelis Partnership, has launched Novagen, a new renewables MGA in collaboration with Novagen CEO Valeria Del Villano.

The Fidelis Partnership is a privately owned, Bermudian-based managing general underwriter.

The company said Novagen will focus on underwriting the full spectrum of renewable technologies — onshore, offshore, construction and operational — with a global remit and will be highly complementary to Fidelis’s existing Renewables and Energy Transition proposition to best serve its clients and brokers.

Leading Novagen will be Ms Del Villano, who was most recently head of International Renewables at AIG. During her career, she has also held underwriting roles at Novae and Gcube.

Founded in 2017, Pine Walk has established nine MGAs providing custom underwriting, operational and regulatory frameworks to support specialist and innovative underwriting offerings.

In 2023, Pine Walk’s gross written premiums grew by 43 per cent to $780 million.

Rinku Patel, group COO of The Fidelis Partnership and CEO of Pine Walk, said: “We are delighted to further expand our Pine Walk platform with the launch of Novagen.

“Pine Walk is an important source of both growth and complementary underwriting expertise for the wider group.

“Pine Walk offers the market’s most talented and entrepreneurial underwriters a unique platform from which to build a business while being able to focus solely on underwriting, and its continued expansion makes clear how compelling a proposition this is.”

Ms Del Villano said: “Renewables is an area of huge opportunity for the insurance sector, with our solutions essential for the energy industry as it makes the transition.

“Novagen will differentiate itself from the market through a flexible, agile and responsive approach to underwriting.

“The Fidelis Partnership has already established itself as a leading market and thought leader in this space through its underwriting expertise and cross-class capabilities, and I look forward to complementing this as we build out Novagen’s own distinct proposition.”