The Fidelis Partnership, through its subsidiary Pine Walk Capital, has launched an alternative risk transfer managing general agent (MGA), Carnovis. 

Carnovis is set to begin underwriting in December and will provide structured reinsurance solutions to help clients manage volatility and optimise capital. 

The MGA will offer a range of excess-of-loss solutions across treaty, captive and direct lines, in addition to quota-share solutions for Treaty clients. 

Based in London, Carnovis plans to write an international portfolio covering the US and UK, alongside exposures in Europe, the Asia-Pacific region and Latin America. 

The client base will include reinsurers, multinational companies, their captives and smaller firms seeking to manage risk across various insurance classes over time. 

Carnovis founder Grant Maxwell will lead the company as CEO. He comes with more than 26 years of experience in alternative risk transfer in the London and international insurance markets. 

Previously, Maxwell served as global head of alternative risk transfer at Allianz Commercial for five years and held senior positions across the business. 

Maxwell said: “Across the market, we are seeing growing demand for structured solutions that bridge the gap between traditional reinsurance and capital markets. 

“Clients want long-term, partnership-based relationships with their reinsurers, underpinned by tailored terms that better reflect their portfolio and strategic goals. 

“Carnovis is purpose-built to deliver that flexibility – bringing together innovation, capital efficiency and balance sheet strength to create value over multiple underwriting years.” 

Carnovis is the 16th MGA under Pine Walk, which was founded in 2017 to provide operational, technical and regulatory support for specialist underwriting teams. 

Pine Walk expects its gross written premium to exceed $1.2bn (£911.7m) in 2025, up from $900m in 2024. 

Fidelis Partnership insurance deputy chief underwriting officer and CEO Richard Coulson said: “We are thrilled to welcome Carnovis to the Pine Walk platform. 

“This launch reflects our commitment to innovation in the reinsurance market, and we are excited about the opportunities Carnovis brings to deliver bespoke, capital-efficient solutions to clients worldwide. 

“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.” 

Last month, Pine Walk Capital launched a new accident and health (A&H) MGA, Corsiam Specialty, supported by TFP Syndicate 3123 at Lloyd’s. 

The new venture aims to manage A&H insurance and reinsurance worldwide.