Pine Walk Capital, the specialist MGA platform owned by The Fidelis Partnership (TFP), has launched Sevanta Specialty Liability, a new international casualty MGA focused on niche specialty liability risks.
Sevanta will underwrite both primary and excess business across a global portfolio. The launch marks Pine Walk’s first casualty-focused MGA and aligns with TFP’s strategy to expand its specialty liability capabilities this year. The move builds on TFP’s existing expertise in liability lines within aviation, energy and marine classes.
Pine Walk, founded in 2017, now supports 12 MGAs and provides underwriting, operational and regulatory frameworks for specialist insurance businesses. In 2024, the platform’s gross written premium grew 11% to $900 million, with expectations to exceed $1 billion this year.
Rinku Patel, group COO of TFP and CEO of Pine Walk, said the launch of Sevanta strengthens the platform’s MGA portfolio and expands its casualty market presence.
“Responding with leadership, expertise and capacity to solve challenges in the market is at the heart of our approach. We now see the opportunity to deliver this in a number of niches in the casualty space, an area we have historically been deliberately underweight,” Patel said.
He added that Hiller and Hutton’s market expertise and broker relationships will be key to building Sevanta’s specialty liability book and supporting Pine Walk’s broader growth strategy.
Hiller highlighted the challenges facing the international casualty market, pointing to high claim frequency and severity, as well as widely reported reserve deficiencies.
“The Fidelis Partnership has built an impressive reputation for its appetite and capability to respond to capacity shortfalls when market dislocation occurs. Against a challenging backdrop for the international casualty market, we see a huge opportunity to meet rising client and broker demand for specialty liability products,” Hiller said.
Last year, Pine Walk launched Seraphina, an MGA that focuses on a broad portfolio of international property business and supports the company’s BRICS+ strategy to expand its geographical footprint.
Fidelis Insurance Group shared with this publication that while the Insurance Group supports The Fidelis Partnership, Casualty is not currently within its risk appetite.
Dan Burrows, CEO of Fidelis Insurance Group, said: “The Fidelis Partnership remains the cornerstone partner of Fidelis Insurance Group. However, on occasion our risk appetites will vary and, as casualty business is not currently within the appetite of Fidelis Insurance Group, we have chosen not to participate in the Sevanta Pine Walk Cell. This is an example of how the Binder agreement between us and the MGU is working exactly as intended.
“We wish The Fidelis Partnership all the best with the launch of Sevanta. Looking ahead, we continue to see a strong pipeline of opportunity with the Fidelis Partnership, and we are excited about the opportunities to continue to build our underwriting portfolio with them throughout 2025."
