Pine Walk Capital, a specialist manager of agents and subsidiary of The Fidelis Partnership, has announced the establishment of Carnovis Specialty, a new alternative risk transfer MGA.
Carnovis will commence underwriting operations in December, offering structured reinsurance solutions designed to address client needs for volatility management and capital optimization.
The London-based MGA will underwrite an international portfolio with emphasis on US and UK exposures, supplemented by business from European, Asia-Pacific and Latin American markets.
Carnovis will provide excess-of-loss solutions across treaty, captive and direct lines, as well as quota-share arrangements for treaty clients ranging from established reinsurers to smaller companies seeking risk management solutions.
Structured and parametric solutions have become increasingly prominent in the alternative risk transfer market in addressing coverage gaps and providing alternatives to traditional insurance placements, a trend expected to accelerate as organizations seek customized risk transfer options.
Grant Maxwell (pictured above) has been appointed founder and chief executive officer of Carnovis, bringing 26 years of experience in alternative risk transfer across London and international markets.
Maxwell previously held the position of global head of alternative risk transfer at Allianz Commercial and served in senior roles including global head of underwriting and portfolio management and head of deal management and Regional Unit London.
Carnovis represents the 16th MGA within the Pine Walk platform, which was established in 2017 to provide operational, technical and regulatory support to underwriting teams. Pine Walk's gross written premium is projected to exceed US$1.2 billion in 2025, representing an increase from US$0.9 billion in 2024.
Richard Coulson, deputy chief underwriting officer and chief executive officer of Insurance at The Fidelis Partnership, characterized the launch as reflecting the company's commitment to market innovation.
"We're thrilled to welcome Carnovis to the Pine Walk platform," Coulson said. "Grant and his team are well-positioned to deliver bespoke, capital-efficient solutions to clients worldwide, and we look forward to supporting their growth."
Maxwell described the market environment as characterized by demand for structured solutions bridging traditional reinsurance and capital markets. Insurance-linked securities, including cyber catastrophe bonds and other structured arrangements for complex exposures, are being developed to facilitate broader distribution of sophisticated risks to financial markets, with development expected to occur gradually as investors and underwriters refine their approaches.
"Clients want long-term, partnership-based relationships with their reinsurers, underpinned by tailored terms that better reflect their portfolio and strategic goals," Maxwell said. "Carnovis is purpose-built to deliver that flexibility – bringing together innovation, capital efficiency, and balance sheet strength to create value over multiple underwriting years."
