Pine Walk Capital Limited, a Fidelis Group and specialist MGA platform, has launched its seventh MGA – Pernix Specialty Limited, which specialises in political risk and non-payment risks.
Pernix will be led by CEO Kade Spears and CUO Caroline Coulson.
The new MGA will be dedicated to enabling and supporting responsible and tangible investment and finance through the provision of political risk and non-payment insurance.
Pernix will also cover various political violence perils on a selective basis as part of a wider political risk package.
The release of Pernix comes just a few months after Pine Walk launched its sixth MGA, OPEnergy Limited.
In addition, prior to launching Pernix, Spears was SCOR’s global head for political and non-payment risks, founding the team in 2013. He was also head of the political and non-payment risks team at Aspen.
At the same time, Coulson has 20 years of underwriting and political risk assessment experience.
She previously served as a senior underwriter at SCOR and has also previously held roles at Lancashire, Aegis and Sovereign Bermuda.
Rinku Patel, CEO, Pine Walk, said: “Pernix’s launch further underlines Pine Walk’s ambitious growth agenda over the next five years and attracting entrepreneurial underwriting talent like Kade and Caroline to the Pine Walk platform is a key part of our strategy.”
Pernix CEO Kade Spears, commented: “Pine Walk offer an outstanding wrap-around suite of services which delivered what we needed to take our collective expertise to the market, and in a fast and efficient way. Adding in the backing and financial strength of Fidelis, it was straightforward to see the solution for what we want to achieve.
“Speaking with Rinku and his team about our desire to uphold an ethical underwriting approach was equally straightforward, we’re looking forward to a long term and successful partnership.”
Simon Crone, Head of Partnership Underwriting & FIID CUO, added: “Fidelis together with Pine Walk is continually looking for ways to strengthen our underwriting portfolio. The launch of Pernix brings further market leading expertise into the Group and allows us to complement our existing offering and portfolio in this space to continue to grow and become more relevant to our clients and brokers.”
