Enterprise Partnerships

Pine Walk's new ART MGA Carnovis aims to disrupt risk transfer market with long-term, flexible solutions

Wednesday, 10 December 2025 7:44AM UTC

Pine Walk Capital launches Carnovis Specialty Limited, a London-based MGA targeting structured re/insurance solutions with a focus on capital efficiency and capital-market links, set to begin underwriting in December 2025.

Pine Walk Capital, the specialist managing general agent (MGA) platform owned by The Fidelis Partnership, has launched Carnovis Specialty Limited, a London-based Alternative Risk Transfer (ART) MGA that will begin underwriting in December 2025 and target structured re/insurance solutions for clients seeking volatility management and capital optimisation. According to the original report, Carnovis will offer excess-of-loss products across treaty, captive and direct lines, together with quota-share arrangements for treaty clients, and intends to write an international book weighted to the US and the UK while also taking exposures in Europe, APAC and Latin America. ^[1]^[2]^[3]^[4]^[5]^[6]

Carnovis will be led by Grant Maxwell, described in the announcement as a senior figure with more than 26 years’ experience in alternative risk transfer across London and international markets; he joined the MGA as Founder and CEO. Maxwell’s background includes five years as Global Head of Alternative Risk Transfer at Allianz Commercial, where his remit included operations that ceded reinsurance to insurance-linked securities (ILS) funds and investors, and previous senior roles in underwriting, portfolio management and deal management. ^[1]^[2]

Maxwell framed Carnovis as a response to rising client demand for solutions that bridge traditional (re)insurance and capital markets, saying: “Across the market, we’re seeing growing demand for structured solutions that bridge the gap between traditional (re)insurance and capital markets. Clients want long-term, partnership-based relationships with their (re)insurers, underpinned by tailored terms that better reflect their portfolio and strategic goals. Carnovis is purpose-built to deliver that flexibility – bringing together innovation, capital efficiency, and balance sheet strength to create value over multiple underwriting years.” The launch materials also confirm Carnovis intends to underwrite business for third‑party capital providers and potentially ILS investors, in addition to conventional balance-sheet capital. ^[1]

The new MGA occupies Pine Walk’s 16th slot on its platform, which was founded in 2017; Pine Walk’s gross written premium is expected to exceed $1.2 billion in 2025, up from roughly $900 million in 2024, underscoring The Fidelis Partnership’s strategy of incubating specialised underwriting ventures. The company said in a statement that Carnovis expands the platform’s capability to deliver bespoke, capital‑efficient solutions to a broad client base. ^[1]^[2]

Carnovis’s target clients will span established reinsurers and multinational corporations , including captive owners , through to smaller firms seeking tailored multi‑class programmes and long‑term risk-management partnerships. Industry commentary cited alongside the launch highlights the attractiveness of ART structures to corporates and reinsurers looking to transfer and optimise risk while accessing alternative sources of capital. ^[1]^[3]^[4]^[5]

Richard Coulson, Deputy CUO and CEO of Insurance at The Fidelis Partnership, welcomed the addition to Pine Walk, saying: “We’re thrilled to welcome Carnovis to the Pine Walk platform. This launch reflects our commitment to innovation in the (re)insurance market, and we’re excited about the opportunities Carnovis brings to deliver bespoke, capital-efficient solutions to clients worldwide. Grant and his team are exceptionally well-positioned to make a valuable impact on this market, and we look forward to supporting their growth and success.” The company framed the move as part of a broader push to marry underwriting expertise with flexible capital structures. ^[1]

While the initial communications emphasise planned underwriting from December 2025 and the potential to work with ILS and other third‑party investors, market participants will watch how capacity is sourced and structured and whether Carnovis’s solutions attract demand from both traditional and capital‑market investors. Industry data shows growing interest in ART and capital-market-linked reinsurance structures, but successful deployment typically hinges on demonstrable track records and alignment between cedants’ objectives and investor return profiles. ^[1]^[2]^[6]

📌 Reference Map:

##Reference Map:

^[1] (Artemis) - Paragraph 1, Paragraph 2, Paragraph 3, Paragraph 4, Paragraph 5, Paragraph 6, Paragraph 7
^[2] (Global Reinsurance) - Paragraph 1, Paragraph 2, Paragraph 4, Paragraph 7
^[3] (Insurance Business) - Paragraph 1, Paragraph 5
^[4] (BeInsure) - Paragraph 1, Paragraph 5
^[5] (Life Insurance International) - Paragraph 1, Paragraph 5
^[6] (Reinsurance News) - Paragraph 1, Paragraph 7

Source: Noah Wire Services

More on this

https://www.artemis.bm/news/pine-walk-launches-art-mga-carnovis-will-tap-third-party-capital-possibly-ils-investors/?utm_source=rss&utm_medium=rss&utm_campaign=pine-walk-launches-art-mga-carnovis-will-tap-third-party-capital-possibly-ils-investors - Please view link - unable to able to access data
https://www.globalreinsurance.com/home/tfp-launches-carnovis-as-new-pine-walk-incubated-mga/1457039.article - Pine Walk Capital, the managing general agent (MGA) platform of The Fidelis Partnership, has launched Carnovis Specialty Limited, a new alternative risk transfer MGA. Carnovis will begin underwriting in December 2025, offering structured re/insurance solutions designed to help clients manage volatility, optimise capital, and build long-term resilience. The MGA will be led by Grant Maxwell, who brings over 26 years of experience in alternative risk transfer across the London and international markets. Carnovis becomes the 16th MGA on the Pine Walk platform, which was founded in 2017. Pine Walk expects its gross written premium to surpass $1.2 billion in 2025, up from $900 million in 2024.
https://www.insurancebusinessmag.com/reinsurance/news/breaking-news/pine-walk-capital-launches-carnovis-specialty-to-capture-alternative-risk-transfer-demand-557783.aspx - Pine Walk Capital, a specialist managing general agent and subsidiary of The Fidelis Partnership, has announced the establishment of Carnovis Specialty, a new alternative risk transfer MGA. Carnovis will commence underwriting operations in December, offering structured reinsurance solutions designed to address client needs for volatility management and capital optimisation. The London-based MGA will underwrite an international portfolio with emphasis on US and UK exposures, supplemented by business from European, Asia-Pacific, and Latin American markets. Carnovis will provide excess-of-loss solutions across treaty, captive, and direct lines, as well as quota-share arrangements for treaty clients ranging from established reinsurers to smaller companies seeking risk management solutions.
https://beinsure.com/news/pine-walk-launches-carnovis-mga - Pine Walk Capital, the MGA platform owned by The Fidelis Partnership, is rolling out a new MGA aimed squarely at alternative risk transfer. Carnovis Specialty will start underwriting next month. The team plans to offer structured reinsurance solutions designed to manage volatility, optimise capital, and build long-haul resilience. Expect excess-of-loss across treaty, captive, and direct lines, plus quota-share options for treaty buyers. The MGA will sit in London and write globally, with a portfolio tilted toward the United States and the United Kingdom and additional exposure across Europe, Asia-Pacific, and Latin America. Clients range from big-name reinsurers and multinational corporates, including captive owners, down to smaller firms looking for something more fitted than standard programmes.
https://www.lifeinsuranceinternational.com/news/fidelis-partnership-launches-mga-carnovis/ - The Fidelis Partnership, through its subsidiary Pine Walk Capital, has launched an alternative risk transfer managing general agent (MGA), Carnovis. Carnovis is set to begin underwriting in December and will provide structured reinsurance solutions to help clients manage volatility and optimise capital. The MGA will offer a range of excess-of-loss solutions across treaty, captive, and direct lines, in addition to quota-share solutions for Treaty clients. Based in London, Carnovis plans to write an international portfolio covering the US and UK, alongside exposures in Europe, the Asia-Pacific region, and Latin America. The client base will include reinsurers, multinational companies, their captives, and smaller firms seeking to manage risk across various insurance classes over time.
https://www.reinsurancene.ws/tfps-pine-walk-launches-alternative-risk-transfer-mga-carnovis/ - Pine Walk, the specialist MGA platform and wholly owned subsidiary of The Fidelis Partnership (TFP), has announced the launch of a new Alternative Risk Transfer managing general agent (MGA), Carnovis Specialty Limited. Based in London, the MGA will begin underwriting in December 2025 with a focus on providing structured re/insurance solutions worldwide. It will cover exposures across Europe, APAC, and LatAm, but with a portfolio weighted towards the US and UK. The offerings are designed to assist clients in managing volatility, optimising capital, and enhancing long-term resilience. Solutions will encompass a variety of excess-of-loss products, including those for Treaty, Captive, and Direct lines, as well as quota-share solutions for Treaty clients. Carnovis aims to attract a diverse range of clients, from established reinsurers and multinational corporations (including their captives) to smaller firms seeking efficient, multi-class, and long-term risk management.

Noah Fact Check Pro

The draft above was created using the information available at the time the story first emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation.

Freshness check

Score: 10

Notes: The narrative is fresh, with the earliest known publication date being November 25, 2025. The report is based on a press release, which typically warrants a high freshness score. No discrepancies in figures, dates, or quotes were found. The narrative has not appeared elsewhere more than 7 days earlier. The article includes updated data and does not recycle older material.

Quotes check

Score: 10

Notes: The direct quotes from Grant Maxwell and Richard Coulson are unique to this report, with no identical matches found in earlier material. No variations in quote wording were noted. The absence of earlier matches suggests potentially original or exclusive content.

Source reliability

Score: 8

Notes: The narrative originates from Artemis.bm, a reputable source in the insurance-linked securities sector. While not as widely known as some major outlets, Artemis.bm is considered a reliable source within its niche.

Plausibility check

Score: 10

Notes: The claims made in the narrative are plausible and align with industry trends. The launch of Carnovis Specialty Limited by Pine Walk Capital is consistent with the company's previous activities, such as the launch of Corsiam Specialty Ltd. in September 2025. The narrative includes specific factual anchors, such as names, institutions, and dates, enhancing its credibility. The language and tone are consistent with industry standards, and the structure is focused and relevant.

Overall assessment

Verdict (FAIL, OPEN, PASS): PASS

Confidence (LOW, MEDIUM, HIGH): HIGH

Summary: The narrative is fresh, original, and sourced from a reliable outlet. The claims are plausible, with no significant credibility risks identified.

Reinsurance
Alternative Risk Transfer
MGA