Pine Walk Capital, the MGA platform owned by The Fidelis Partnership, is rolling out a new MGA aimed squarely at alternative risk transfer.
The launch adds more momentum to a part of the market that keeps pulling in clients who want something between classic reinsurance and full-on capital markets structures.
Carnovis Specialty will start underwriting next month. The team plans to offer structured reinsurance solutions designed to manage volatility, optimise capital and build long-haul resilience. Expect excess-of-loss across treaty, captive and direct lines, plus quota-share options for treaty buyers.
According to Beinsure, the pitch lands well with clients trying to smooth out earnings without giving up control of their portfolios.
The MGA will sit in London and write globally, with a portfolio tilted toward the United States and the United Kingdom and additional exposure across Europe, Asia-Pacific and Latin America.
Clients range from big-name reinsurers and multinational corporates, including captive owners, down to smaller firms looking for something more fitted than standard programmes.
Grant Maxwell, Carnovis’ founder and CEO, said demand for structured solutions keeps rising because they bridge a gap that traditional reinsurance doesn’t always fill.
Buyers want long-term partnerships with reinsurers, supported by terms that actually reflect their own strategy rather than market averages.
It’s a familiar refrain in this part of the industry, but Maxwell’s background in alternative risk transfer gives it some weight.
He brings more than 26 years of experience across London and international markets. Before building Carnovis, he spent five years as global head of alternative risk transfer at Allianz Commercial after a decade in other senior roles.
Carnovis becomes Pine Walk’s 16th MGA. Pine Walk launched in 2017 to give underwriters operational, technical and regulatory support so they can focus on sourcing and shaping business.
The firm expects gross written premium to push past $1.2 bn in 2025, up from $900 mn in 2024, which suggests the model keeps scaling without much slowdown.
