New London-based ART MGA launches with ex-Allianz leader as boss

Pine Walk Capital has launched a new alternative risk transfer MGA.

Called Carnovis Specialty, the firm will begin underwriting in December 2025 and write an international book of business.

Its goal is to offer structured (re)insurance propositions designed to help clients manage volatility, optimise capital and build long-term resilience. 

This will include a range of excess-of-loss propositions across treaty, captive and direct lines, as well as quota-share solutions for treaty clients.

Clients will range from reinsurers and multinational companies, including their captives, to smaller companies using the MGA’s propositions to manage risk efficiently across classes and over time.

The firm will be led by Grant Maxwell, who brings over 26 years’ experience in alternative risk transfer across the London and international markets.

Before this, Maxwell spent five years as global head of alternative risk transfer at Allianz Commercial following a decade in other leadership roles across the business.

Maxwell said: ”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.”

Another MGA launch

Carnovis Specialty will be the 16^th MGA for Pine Walk, which was founded in 2017.

Pine Walk’s GWP is expected to surpass $1.2bn in 2025, up from $900m in 2024.

Richard Coulson, deputy chief underwriting officer and chief executive of insurance at The Fidelis Partnership, which owns Pine Walk, said: “We’re thrilled to welcome Carnovis Specialty 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.

“Maxwell 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.”