Pine Walk Capital Ltd., the specialist MGA platform and wholly owned subsidiary of The Fidelis Partnership (TFP), announced it has launched a new managing general agent, Imala Re.
TFP also announced it will be opening a Miami office on Oct. 1 – its first location in the US — which will serve as Imala Re’s headquarters and is the first TFP office in North America.
Imala Re will write an international book of Latin American and Caribbean property, motor and marine treaty reinsurance. Providing a range of catastrophe excess of loss, risk excess of loss, and quota share solutions, its portfolio will be focused primarily on locally domiciled treaty clients, while also serving a select group of multinationals.
The MGA will be led by Ivan Vega as CEO and chief underwriter, who brings more than 30 years’ experience in the reinsurance industry, with deep expertise in the Latin American and Caribbean markets.
Vega most recently was at Navigators Re, where he had served as head of Latin America and Caribbean since 2010, with responsibility for developing its LatAm treaty portfolio. Prior to this, he spent eight years as head of Property Facultative for LatAm and Caribbean at White Mountains Capital.
Founded in 2017, Pine Walk now supports 14 active MGAs, providing custom underwriting, operational and regulatory frameworks to support their specialist and innovative underwriting offerings. Pine Walk’s GWP is expected to rise to over $1.2 billion in 2025, up from $900 million in 2024.
“The launch of Imala Re continues Pine Walk’s outstanding momentum, becoming our 14th MGA and the 3rd we have launched in 2025,” commented Nigel Lee, chief operating officer at Pine Walk, in a statement.
“We see real opportunity and demand in Latin America and the Caribbean and the launch of Imala Re will be a strong complement to TFP’s wider BRICS+ strategy,” Lee added. “Ivan’s longstanding experience and deep network make him well placed to lead this new offering, and we look forward to him building out the team to support its growth plans.” (Editor’s note: BRICS+ comprises 10 countries: Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates).
“There is strong and increasing demand from clients in Latin America and Caribbean for underwriters that can bring a differentiated approach and show the leadership needed to tackle increasingly complex and interconnected risks,” according to Vega. “Pine Walk is the perfect platform from which to launch Imala Re, allowing us to bring to market a compelling new MGA while benefiting from the reputation, insights and expertise of The Fidelis Partnership.”
Charles Mathias, deputy chairman of TFP, said: “Ivan and I have known each other for over 30 years and have worked together before. He has a great reputation in the market for his understanding, relationships and experience, all of which will ensure the success of Imala Re. As part of TFP’s overall BRICS’ strategy to expand our business around the world, this reinforces our commitment to local access and knowledge.”
TFP is a privately owned, Bermuda-headquartered managing general underwriter, which, through its subsidiaries, is a global underwriter of property, bespoke and specialty insurance and reinsurance products. TFP is separately owned and managed from the ownership and management of Fidelis Insurance Group.
Source: The Fidelis Partnership
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