New property specialist MGA launched

Pine Walk Capital, which is part of The Fidelis Partnership, has launched its 10^th managing general agent (MGA).

The MGA, called Seraphina, writes international property business and complements Fidelis’ existing property direct and facultative (D&F) book.

It also aims to support Fidelis’ Brics+ strategy and expand the geographical footprint of the business.

Brics comprises a group of countries, including Brazil, Russia, India, China and South Africa.

The launch of the firm will also see Kelly Sanders, who used to work at Fidelis, become chief underwriter officer.

She joins from Probitas 1492, where she had worked as a senior underwriter.

The appointee said: “The international property market is expanding, within the overall context of a growing global economy, as well as a heightened risk environment, driven, in part, by climate change.

“We’re seeing particular appetite for insurance from within the Brics+ region. From experience, I know that no company is better placed to capitalise on these changes and opportunities than Fidelis and I can’t wait to work with the team again.”

Growth target

Pine Walk is a specialist MGA platform and wholly owned subsidiary at Fidelis.

It aims to surpass $1bn in gross written premium (GWP) next year following the launch of Seraphina.

Rinku Patel, group chief operating officer at Fidelis and chief executive at Pine Walk, said: “We’re delighted to launch Seraphina as we continue to grow the Pine Walk platform in line with our expectations to surpass $1bn in GWP next year.

“Profitable growth is a natural result of the disciplined approach we take within the markets we’ve entered.

“We’re also delighted to welcome Sanders back to group. She has the deep trust of the leadership team and a large following in the market.”