The Fidelis Partnership announces new MGA, Imala Re, and launch of Miami office
September 25, 2025 – Pine Walk Capital Limited (“Pine Walk”), the specialist MGA platform and wholly owned subsidiary of The Fidelis Partnership (“TFP”), is pleased to announce the launch of its newest MGA, Imala Re.
TFP is also pleased to announce the opening of a Miami office on 1st October – 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. Ivan brings over 30 years’ experience in the reinsurance industry, with deep expertise in the Latin American and Caribbean markets. 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.
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 $0.9 billion in 2024.
Nigel Lee, Chief Operating Officer at Pine Walk, said: “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.”
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”.