Pine Walk launches ART MGA Carnovis. Will tap third-party capital, possibly ILS investors

Pine Walk Capital Limited, the specialist managing general agent (MGA) platform and wholly owned subsidiary of The Fidelis Partnership, has launched Carnovis Specialty Limited as a new Alternative Risk Transfer MGA, that also has a remit to underwrite business for third-party capital providers, including from the capital markets.

As per the announcement, Carnovis, which will be based in London, will begin underwriting in December 2025, offering structured re/insurance solutions designed to help clients manage volatility, optimise capital, and build long-term resilience.

This will reportedly include a variety of excess-of-loss solutions across Treaty, Captive and Direct lines, as well as quota-share solutions for Treaty clients.

Carnovis will be led by renowned industry figure Grant Maxwell, who brings over 26 years of experience in Alternative Risk Transfer across the London and international markets.

According to Maxwell, this new MGA entity is expected to write business for third-party capital and potentially insurance-linked securities (ILS) investors too.

Before establishing Carnovis, Maxwell spent five years as Global Head of Alternative Risk Transfer at Allianz Commercial, where as part of a significant ART business he also oversaw operations that ceded reinsurance risk to ILS funds and investors.

Prior to this, he spent 10 years working in other leadership roles across the business, including tenures as Global Head of Underwriting & Portfolio Management and Head of Deal Management & Regional Unit London.

Maxwell, Founder and CEO of Carnovis, commented: “Across the market, we’re seeing growing demand for structured solutions that bridge the gap between traditional (re)insurance and capital markets.

“Clients want long-term, partnership-based relationships with their (re)insurers, 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.”

It was confirmed to us that Carnovis intends to underwrite business for third-party investors or capital providers, such as ILS style investors, as well as for the more traditional capital source of conventional balance sheets.

Furthermore, Carnovis will also write an international book of business, providing worldwide coverage through a portfolio weighted towards the US and the UK, alongside European, APAC and LatAm exposures.

Clients for the MGA will range from established reinsurers and multinational companies, including their captives, to smaller organisations.

Carnovis marks the 16th MGA for Pine Walk which was founded in 2017. Pine Walk’s gross written premium (GWP) is expected to surpass $1.2 billion in 2025, up from $0.9 billion in 2024.

Richard Coulson, Deputy CUO and CEO of Insurance at The Fidelis Partnership, said: “We’re thrilled to welcome Carnovis to the Pine Walk platform. This launch reflects our commitment to innovation in the (re)insurance market, and we’re 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.”