PINE WALK CAPITAL LIMITED
Operating in the non-life insurance sector, the business is a wholly owned subsidiary of Shelf Holdco II Limited.
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Cash
£276m
USD 371,500,000
+8.8% highest in 3 filed years
Net assets
£346m
USD 466,400,000
+32.5% highest in 3 filed years
Employees
108
+14.9% highest in 3 filed years
Profit before tax
£157m
USD 211,100,000
-5.5% vs 2024
Net assets
3-year trend · vs Financials median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £252,039,536 | £321,314,868 | £331,873,840 | +3.3% | |
| Operating profit | £139,629,746 | £149,952,245 | £141,966,605 | -5.3% | |
| Profit before tax | £145,905,240 | £165,711,557 | £156,660,482 | -5.5% | |
| Net profit | £113,743,332 | £126,313,276 | £119,703,154 | -5.2% | |
| Cash | £150,376,530 | £253,422,477 | £275,695,733 | +8.8% | |
| Total assets less current liabilities | £147,944,776 | £266,396,052 | £363,487,941 | +36.4% | |
| Net assets | £144,963,916 | £261,302,133 | £346,122,449 | +32.5% | |
| Equity | £144,963,916 | £261,302,133 | £346,122,449 | +32.5% | |
| Average employees | 75 | 94 | 108 | +14.9% | |
| Wages | £8,785,692 | £12,018,465 | £17,810,761 | +48.2% | |
| Directors' remuneration | — | £5,969,436 | £4,749,536 | -20.4% | |
| Highest paid director | £1,333,543 | £1,751,035 | £1,558,442 | -11% |
Figures converted to GBP from USD at 0.742 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|
| Operating margin | 55.4% | 46.7% | 42.8% | |
| Net margin | 45.1% | 39.3% | 36.1% | |
| Return on capital employed | 94.4% | 56.3% | 39.1% | |
| Gearing (liabilities / total assets) | 58.0% | 55.7% | 50.7% | |
| Current ratio | 1.73x | 1.81x | 2.06x |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Consolidated group
- Auditor
- KPMG LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that the Group will have sufficient funds to meet its liabilities as they fall due for the foreseeable future.”
Group structure
- PINE WALK CAPITAL LIMITED · parent
- Pine Walk Europe Limited 100%
- Tiomanta Specialty Limited 100%
- Perigon Product Recall Limited 75%
- OPENergy Limited 75%
- Navium Marine Limited 70%
- Pernix Specialty Limited 75%
- Itasca MGA Limited 60%
- Radius Specialty Limited 32%
- Oakside Surety Limited 40%
- Itasca MGA Services Ltd 60%
- Novagen Specialty Limited 75%
- Silverflame Re Limited 70%
- Seraphina Specialty Limited 75%
- Sevanta Specialty Liability Limited 70%
- Arenite Specialty Limited 75%
- Arenite Specialty Australia Pty Ltd 75%
- Corsiam Specialty Limited 75%
- Carnovis Specialty Limited 72.5%
Significant events
- “On 1 December 2025, Pine Walk Europe SRL completed a cross-border conversion... whereby it converted from its existing legal form under the laws of Belgium... to the equivalent legal form under the laws of Ireland (Pine Walk Europe SRL) whilst retaining its same legal personality.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
6 active · 7 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| MOLONEY, Man Wah Erie, Ms. | Secretary | 2023-03-01 | — | — |
| DAVERN, Michael Elliot | Director | 2025-10-03 | Sep 1980 | British |
| DAWE, Grahame Trevethan | Director | 2021-04-29 | May 1970 | British |
| MATHIAS, Charles Benedict | Director | 2023-01-01 | Dec 1961 | British |
| SWEETSER, Christopher Smith, Mr. | Director | 2025-09-18 | Jun 1980 | American |
| WELLS, Suzanne | Director | 2026-03-03 | Feb 1979 | British |
Show 7 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| CALLIDUS SECRETARIES LIMITED | Corporate Secretary | 2017-10-01 | 2023-03-01 |
| BURFORD, Ian | Director | 2019-07-31 | 2021-04-12 |
| BURROWS, Daniel David | Director | 2017-09-22 | 2022-12-19 |
| COTTELL, Michael Charles | Director | 2020-11-12 | 2024-04-05 |
| INGHAM, Sharon Julia | Director | 2017-09-22 | 2020-08-28 |
| PATEL, Hinal Sagoon | Director | 2022-12-19 | 2025-06-23 |
| PATEL, Rinku | Director | 2017-07-03 | 2025-10-14 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Fidelis Insurance Holdings Limited | Corporate entity | Shares 50–75%, Voting 50–75%, Appoints directors | 2017-09-27 | Ceased 2020-01-15 |
| Rinku Patel | Individual | Shares 25–50%, Voting 25–50% | 2017-09-27 | Ceased 2019-12-09 |
| Mr Rinku Patel | Individual | Shares 75–100%, Voting 75–100%, Appoints directors | 2017-07-03 | Ceased 2017-09-27 |
Filing timeline
Last 20 of 85 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-09-23 | AA | accounts | Accounts with accounts type group | |
| 2026-03-04 | AP01 | officers | Appoint person director company with name date | |
| 2025-12-09 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-12-09 | CH01 | officers | Change person director company with change date | |
| 2025-11-07 | AP01 | officers | Appoint person director company with name date | |
| 2025-10-22 | TM01 | officers | Termination director company with name termination date | |
| 2025-09-24 | AP01 | officers | Appoint person director company with name date | |
| 2025-09-11 | AA | accounts | Accounts with accounts type group | |
| 2025-07-03 | TM01 | officers | Termination director company with name termination date | |
| 2025-06-02 | AD01 | address | Change registered office address company with date old address new address | |
| 2025-02-20 | ANNOTATION | miscellaneous | Legacy | |
| 2025-02-20 | ANNOTATION | miscellaneous | Legacy | |
| 2025-02-11 | ANNOTATION | miscellaneous | Legacy | |
| 2025-01-13 | RP04AP01 | officers | Second filing of director appointment with name | |
| 2025-01-09 | AP01 | officers | Appoint person director company with name date | |
| 2024-11-28 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2024-09-24 | AA | accounts | Accounts with accounts type group | |
| 2024-04-12 | TM01 | officers | Termination director company with name termination date | |
| 2023-12-20 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2023-12-13 | RP04CS01 | confirmation-statement | Second filing of confirmation statement with made up date |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 6
- Capital events
- 0
- Officers appointed
- 2
- Officers resigned
- 1
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.