Fidelis Partnership launches Silverflame Re

Pine Walk Capital, the specialist subsidiary of The Fidelis Partnership, has launched Silverflame Re, a new specialty reinsurance managing general agent (MGA).

Silverflame Re will be the eleventh MGA in The Fidelis Partnership’s group, complementing its existing specialty reinsurance book, the firm said.

Its treaty portfolio will initially focus on two core lines: marine, energy and composite; and credit and surety risks.

Joining as lead underwriters are Jenan Nakeeb, previously a specialty underwriter at Tamesis DUAL, and Elizabeth Powell, formerly head of differentiated underwriting at Aegis, who will join as managing director on 2 December 2024.

Founded in 2017, Pine Walk has now established 11 MGAs providing custom underwriting, operational and regulatory frameworks to support specialist underwriting offerings.

In 2023, Pine Walk’s gross premium underwritten grew by 43% to $780m.

“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,” said Rinku Patel, group chief operating officer of The Fidelis Partnership and CEO of Pine Walk.

“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,” Patel added.

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,” he added.