TFP launches Carnovis as new Pine Walk-incubated MGA

Pine Walk Capital, the MGA platform of The Fidelis Partnership, has launched Carnovis Specialty Limited, a new alternative risk transfer MGA that will begin underwriting in December 2025.

Carnovis will offer structured re/insurance solutions aimed at helping clients manage volatility, optimise capital and build long-term resilience,  the company said.

Its products will include excess-of-loss structures across treaty, captive and direct lines, as well as quota-share solutions for treaty buyers.

Based in London, Carnovis will write an international portfolio, with a book weighted towards the US and UK alongside European, APAC and Latin American exposures.

Its clients will range from established reinsurers and multinational companies, including their captives, to smaller firms seeking efficient risk management solutions across multiple classes.

The MGA will be led by Grant Maxwell (pictured), who brings more than 26 years of alternative risk transfer experience in the London and international markets.

He previously spent five years as global head of alternative risk transfer at Allianz Commercial, following senior underwriting, portfolio management and deal management roles across the organisation.

Carnovis becomes the 16th MGA on the Pine Walk platform. Pine Walk, founded in 2017, expects its gross written premium to surpass $1.2bn in 2025, up from $900m last year.

Richard Coulson, deputy CUO and CEO of insurance at The Fidelis Partnership, said the launch aligned with TFP’s strategy of supporting specialist, innovation-led underwriting.

“We’re thrilled to welcome Carnovis to the Pine Walk platform,” he said.

“Grant and his team are exceptionally well positioned to make a valuable impact on this market, and we look forward to supporting their growth and success.”

Maxwell said structured solutions were increasingly in demand as clients seek long-term partnerships with re/insurers.

“Clients want tailored terms that reflect their portfolios and strategic goals,” he 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,” Maxwell added.