Pine Walk, a specialist managing general agent (MGA) platform and wholly owned subsidiary of The Fidelis Partnership (TFP), has announced the launch of its newest MGA, Imala Re.
TFP is also opening its first North American office in Miami on October 1st. This new US location will also serve as the headquarters for Imala Re.
The new MGA will specialise in international treaty reinsurance for Latin America and Caribbean Property, Motor, and Marine sectors.
Its portfolio will offer catastrophe and risk excess of loss, as well as quota share solutions, primarily to local treaty clients and a select number of multinational corporations.
The MGA will be led by Ivan Vega, who has over 30 years of reinsurance experience and is an expert in the Latin American and Caribbean markets, as CEO and Chief Underwriter
He was most recently at Navigators Re, where he had served as Head of Latin America & Caribbean since 2010, with responsibility for developing its LatAm treaty portfolio. Prior to this, Ivan spent eight years as Head of Property Facultative for LatAm and Caribbean at White Mountains Capital.
Charles Mathias, Deputy Chairman of The Fidelis Partnership said: “Ivan and I have known each other for over thirty 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”.
Pine Walk, established in 2017, currently supports 14 active MGAs. It provides tailored underwriting, operational, and regulatory frameworks to facilitate their specialised and innovative underwriting services.
Pine Walk’s gross written premium (GWP) is projected to increase from $0.9 billion in 2024 to over $1.2 billion in 2025.
Nigel Lee, Chief Operating Officer at Pine Walk, commented: “The launch of Imala Re continues Pine Walk’s outstanding momentum, becoming our 14th MGA and the 3rd we have launched in 2025. 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.
“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.”
Ivan Vega, Chief Executive Officer of Imala Re added: “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.
“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.”
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