Pine Walk Capital, a subsidiary of TFP, has announced the launch of Silverflame Re, a new specialty reinsurance MGA designed to bolster the group’s reinsurance portfolio.
Silverflame Re will initially focus on marine, energy and composite, and credit and surety treaty lines, complementing TFP’s existing specialty reinsurance book.
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Jenan Nakeeb, previously with Tamesis DUAL, and Elizabeth Powell, former head of differentiated underwriting at Aegis, will lead Silverflame Re as its underwriters.
Set to join as managing director on 2 December 2024, Powell, alongside Nakeeb, will contribute combined experience of more than three decades to the new venture.
TFP group COO and Pine Walk CEO Rinku Patel said: “We are delighted to be launching Silverflame Re, which represents another milestone in Pine Walk’s impressive growth trajectory and further supports our objective of surpassing $1bn in GWP [gross written premium] next year.”
Nakeeb added: “We are seeing significantly increased demand for specialty reinsurance solutions, especially in complex classes such as Marine, Energy and Credit. We are excited about the potential for Silverflame Re to offer a differentiated, nimble and high-conviction approach to underwriting.
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By GlobalData“We look forward to complementing the Fidelis Partnership’s established reputation as a leader and an innovator in this space – and to further bolstering its cutting-edge, cross-class reinsurance capabilities.”
The launch of Silverflame Re follows last month’s introduction of Seraphina by Pine Walk, an MGA focusing on international property business.
Seraphina’s broad portfolio is expected to diversify and complement TFP’s existing property Direct and Facultative book.
Since its inception in 2017, Pine Walk has established 11 MGAs, providing tailored underwriting, operational and regulatory frameworks to support specialist underwriting services.
In 2023, Pine Walk saw its GWP increase by 43% to $780m (£592.24m).
Additionally, TFP recently secured a $2bn refinancing deal to facilitate its expansion.
The unitranche debt investment and revolving credit facility were led by Blackstone Credit & Insurance, with participation from Barings, Oak Hill Advisors, PNC and Barclays.
The company is also looking to increase its footprint in emerging markets including the Middle East, Africa, Asia and Latin America, responding to the rising demand for specialist reinsurance solutions.
