The new managing general agent (MGA) will provide underwriting services across the full spectrum of renewable technologies. Credit: bombermoon/Shutterstock.

Pine Walk Capital, a subsidiary of the Fidelis Partnership, has launched a new MGA, Novagen.  

The new MGA will provide underwriting services across the complete spectrum of renewable technologies.  

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With a global remit, Novagen will cover onshore, offshore, construction and operational areas. 

This initiative is expected to enhance the Fidelis Partnership’s existing renewables and energy transition offerings.  

Valeria Del Villano, formerly the head of international renewables at AIG, will lead Novagen.  

With a career that includes underwriting roles at Novae and Gcube, Del Villano brings extensive expertise to the new MGA.  

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Since its inception in 2017, Pine Walk Capital has launched nine MGAs offering tailored underwriting, operational and regulatory support.  

The company’s gross written premium increased by 43% to $780m (£614.22m) in 2023.  

Fidelis Partnership group COO and Pine Walk CEO Rinku Patel said: “We are delighted to further expand our Pine Walk platform with the launch of Novagen. Pine Walk is an important source of both growth and complementary underwriting expertise for the wider group.  

“Pine Walk offers the market’s most talented and entrepreneurial underwriters a unique platform from which to build a business while being able to focus solely on underwriting and its continued expansion makes clear how compelling a proposition this is.” 

Novagen CEO Valeria Del Villano said: “Renewables is an area of huge opportunity for the insurance sector, with our solutions essential for the energy industry as it makes the transition. Novagen will differentiate itself from the market through a flexible, agile and responsive approach to underwriting.  

“The Fidelis Partnership has already established itself as a leading market and thought leader in this space through its underwriting expertise and cross-class capabilities, and I look forward to complementing this as we build out Novagen’s own distinct proposition.” 

In October 2023, Pine Walk Capital partnered with alternative investment manager Castlelake to launch MGA Itasca.  

Itasca’s focus is on underwriting commercial aviation financing risks, further diversifying Pine Walk’s portfolio and expertise in niche insurance markets.