A Fidelis Partnership wholly-owned subsidiary and specialist MGA platform has launched a new specialty reinsurance MGA.

Pine Walk Capital Limited said 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 the group, 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 and who later joins as manager director on December 2.

Pine Walk Capital said that 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’s established MGAs are providing custom underwriting, operational and regulatory frameworks to support specialist and innovative underwriting offerings.

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

Rinku Patel, group COO of The Fidelis Partnership 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 $1 billion in GWP next year.

“It’s a pleasure to welcome Elizabeth and Jenan, whose large following, unique skill sets 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.”

Mr Nakeeb added: “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.”