Pine Walk Capital Limited (Pine Walk), the specialist MGA platform and wholly owned subsidiary of The Fidelis Partnership (TFP), announces the launch of Carnovis Specialty Limited (Carnovis), a new Alternative Risk Transfer (ART) MGA. Carnovis begins underwriting in December 2025, offering structured (re)insurance solutions designed to help clients manage volatility, optimise capital, and build long-term resilience. This includes a range of excess-of-loss solutions across Treaty, Captive and Direct lines, as well as quota-share solutions for Treaty clients. Based in London, the MGA writes an international book of business, providing worldwide coverage through a portfolio weighted towards the US and UK, alongside European, APAC and LatAm exposures. Clients range from established reinsurers and multinational companies, including their captives, to smaller companies. Carnovis is led by Grant Maxwell, who brings over 26 years’ experience in ART across the London and international markets. Before establishing Carnovis, Grant spent five years as Global Head of Alternative Risk Transfer at Allianz Commercial, following a decade in other leadership roles across the business. Carnovis is the 16th MGA for Pine Walk. Pine Walk’s 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, says: “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.” Grant Maxwell, Founder and CEO of Carnovis, says: “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.”
