The Fidelis Partnership’s Pine Walk launches reinsurance MGA Silverflame Re

The Fidelis Partnership’s wholly-owned subsidiary, Pine Walk Capital Limited, has launched Silverflame Re, a new specialty reinsurance managing general agent (MGA).

Silverflame Re aims to complement The Fidelis Partnership’s existing specialty reinsurance book, writing a treaty portfolio initially focusing on two core lines, Marine, Energy & Composite and Credit & Surety.

Silverflame is the 11th MGA in the group following the recent launch of Seraphina, which will write a broad portfolio of International Property business.

Silverflame Re’s lead underwriters are Jenan Nakeeb, previously a specialty underwriter at Tamesis DUAL, and Elizabeth Powell, formerly Head of Differentiated Underwriting at Aegis, who joins the firm later this year as Manager Director.

Together, the pair has over three decades of underwriting experience and a strong book of long-term broker relationships.

Founded in 2017, Pine Walk’s gross written premiums (GWP) in 2023 grew by 43% to $780 million.

Rinku Patel, Group Chief Operating Officer, The Fidelis Partnership & Chief Executive Officer, 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 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.”

Nakeeb, Managing Director, Silverflame Re, 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.”

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