Pine Walk tees up specialty reinsurance cell Silverflame Re

Pine Walk, the Fidelis Partnership’s MGA incubation platform, is set to launch a new specialty reinsurance cell called Silverflame on 1 October, The Insurer can reveal.

It is understood that Silverflame has made two hires, with Elizabeth Powell joining from Aegis Syndicate 1225, where she served as head of differentiated underwriting. Prior to that, she was head of special risks at Canopius.

In addition, Jenan Nakeeb is understood to have joined from Tamesis Dual, where she was a specialty underwriter across war, terrorism and political violence, credit lines and cyber, treaty and retro excess of loss.

Pine Walk – which is headed up by former Hyperion executive Rinku Patel as CEO – has launched a number of cells in 2024 following the bifurcation last year of Fidelis Insurance Group’s underwriting business and balance sheet.

To date, the platform has launched nine cells. Last month this publication revealed the platform was exploring the formation of a casualty cell, meaning Silverflame will be its 10th or 11th cell, depending on which launches first.

Last month, The Insurer revealed that Pine Walk had appointed AIG’s former head of international renewables Valeria Del Villano to lead a new renewables MGA, Novagen.

The first MGA to launch on the Pine Walk platform was Radius, which is led by former Hiscox Re executive Rob Ashton and underwrites niche specialty XoL treaty business.

Subsequent launches on the platform include marine-focused Navium, which is led by market veteran Clive Washbourn, and OpEnergy Limited, led by former Catlin underwriter Oliver Brown.

The Fidelis Partnership declined to comment.