The Fidelis Partnership, by means of its subsidiary Pine Stroll Capital, has launched an alternate threat switch managing normal agent (MGA), Carnovis.
Carnovis is ready to start underwriting in December and can present structured reinsurance options to assist purchasers handle volatility and optimise capital.
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The MGA will provide a spread of excess-of-loss options throughout treaty, captive and direct traces, along with quota-share options for Treaty purchasers.
Primarily based in London, Carnovis plans to write down a global portfolio masking the US and UK, alongside exposures in Europe, the Asia-Pacific area and Latin America.
The shopper base will embrace reinsurers, multinational corporations, their captives and smaller corporations looking for to handle threat throughout varied insurance coverage courses over time.
Carnovis founder Grant Maxwell will lead the corporate as CEO. He comes with greater than 26 years of expertise in different threat switch within the London and worldwide insurance coverage markets.
Beforehand, Maxwell served as world head of other threat switch at Allianz Business for 5 years and held senior positions throughout the enterprise.
Maxwell mentioned: “Throughout the market, we’re seeing rising demand for structured options that bridge the hole between conventional reinsurance and capital markets.
“Shoppers need long-term, partnership-based relationships with their reinsurers, underpinned by tailor-made phrases that higher replicate their portfolio and strategic objectives.
“Carnovis is purpose-built to ship that flexibility – bringing collectively innovation, capital effectivity and stability sheet energy to create worth over a number of underwriting years.”
Carnovis is the sixteenth MGA below Pine Stroll, which was based in 2017 to offer operational, technical and regulatory assist for specialist underwriting groups.
Pine Stroll expects its gross written premium to exceed $1.2bn (£911.7m) in 2025, up from $900m in 2024.
Fidelis Partnership insurance coverage deputy chief underwriting officer and CEO Richard Coulson mentioned: “We’re thrilled to welcome Carnovis to the Pine Stroll platform.
“This launch displays our dedication to innovation within the reinsurance market, and we’re excited in regards to the alternatives Carnovis brings to ship bespoke, capital-efficient options to purchasers worldwide.
“Grant and his group are exceptionally well-positioned to make a priceless affect on this market, and we look ahead to supporting their development and success.”
Final month, Pine Stroll Capital launched a brand new accident and well being (A&H) MGA, Corsiam Specialty, supported by TFP Syndicate 3123 at Lloyd’s.
The brand new enterprise goals to handle A&H insurance coverage and reinsurance worldwide.
