MGA Platform Pine Walk Launches Political Risk, Non-Payment MGA

Pine Walk Capital Ltd., the London-based specialist MGA platform and Fidelis subsidiary, has launched a seventh MGA, Pernix Specialty Ltd., which specializes in political risk and non-payment risks.

Pernix will be led by CEO Kade Spears and CUO Caroline Coulson.

Pernix is dedicated to enabling and supporting responsible and tangible investment and finance through the provision of political risk and non-payment insurance and will also cover various political violence perils on a selective basis as part of a wider political risk package.

Prior to launching Pernix, Kade 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.

CUO Caroline Coulson has 20 years’ underwriting and political risk assessment experience. She was previously a senior underwriter at SCOR and has previously held roles at Lancashire, Aegis and Sovereign Bermuda.

“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,” commented Pine Walk CEO Rinku Patel.

“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,” said Pernix CEO Kade Spears.

“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,” Spears 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,” according to Simon Crone, head of Partnership Underwriting and CUO at FIID (Fidelis Insurance Ireland Designated Activity Co.)

Headquartered in London with an EU-based office in Brussels, Pine Walk is a Fidelis Group company. The MGAs on Pine Walk’s platform are: Radius – specialist reinsurance and retrocession; Oakside – surety bond business focusing on construction; Kersey – upstream energy; Perigon – contamination and product recall; Navium – marine; OPEnergy – onshore and offshore energy liability; Pernix – political risk and non-payment.

Source: Pine Walk Capital

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