Pine Walk Capital Introduces Sevanta Specialty Liability
Pine Walk Capital, the specialist Managing General Agent (MGA) platform owned by The Fidelis Partnership (TFP), has announced the launch of Sevanta Specialty Liability. This new MGA will focus on niche specialty liability risks within the international casualty market.
Sevanta is designed to underwrite both primary and excess business across a global portfolio. This launch marks Pine Walk’s first casualty-focused MGA, aligning with TFP’s strategic goal of expanding its specialty liability capabilities throughout the year.
This move builds upon TFP’s established expertise in liability lines, which already includes aviation, energy, and marine classes. The new MGA is being led by Jon Hiller, previously the head of international casualty at Sompo International, alongside George Hutton, who served as a portfolio manager within Sompo’s wholesale and specialty casualty unit.
Founded in 2017, Pine Walk supports 12 MGAs. The platform provides underwriting, operational, and regulatory frameworks for specialist insurance businesses. In 2024, Pine Walk saw its gross written premium grow by 11%, reaching $900 million, with expectations to exceed $1 billion this year.
Rinku Patel, the Group COO of TFP and CEO of Pine Walk, stated that the launch of Sevanta strengthens the platform’s MGA portfolio and bolsters its position in the casualty market. “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 knowledge and broker relationships will be vital for developing Sevanta’s specialty liability book and supporting Pine Walk’s wider growth strategy.
Jon Hiller, head of Sevanta, pointed out the challenges within the international casualty market, including high claim frequency and severity, alongside 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 commented.
Last year, Pine Walk launched Seraphina, an MGA specializing in international property business. This launch supports the company’s BRICS+ strategy, which aims to increase its geographical footprint.
Fidelis Insurance Group Perspective
Fidelis Insurance Group, while supporting The Fidelis Partnership, does not currently include casualty within its risk appetite. Dan Burrows, CEO of Fidelis Insurance Group, explained: “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.”
