What We Do

Pernix is dedicated to enabling and supporting responsible and tangible investment and finance through the provision of Political Risk and Non-Payment insurance. ​

A core part of Pernix’s portfolio will be devoted to facilitating and aiding the dual energy and technological transitions taking place in our societies today.

Non-payment

Non-Payment

Covers the insured against non-payment or non-performance by a named obligor of a legally enforceable payment obligation for any reason whatsoever, but usually arising from default or insolvency.

Political Risks

Political Risks

Covers the insured against losses arising or non-payment (lenders form) due to named political risk perils. We also cover various political violence perils on a selective basis and only as part of a wider political risk package.​

About Us

Pernix is the formation of a Political and Non-Payment Risk MGA, under management at Pine Walk Capital.

Pernix is co-founded by Kade Spears (CEO), Caroline Coulson (CUO), and Mark Grimson (Head Analyst), bringing 55 years’ combined Political and Non-Payment Risk experience into the Fidelis Group.

Kade Spears
CEO & Director

 

Kade has 17 years’ experience in underwriting specialty insurance lines. Most recently, Kade was SCOR’s global line head for political and non-payment risks. He founded this team in 2013 and was named head of the syndicate’s specialty division in 2014. Kade was previously the head of the political and non-payment risks team at Aspen and started his career at Catlin. He holds an MA in International Relations and BSc in Business Administration.

Caroline Coulson
CUO

 

Caroline has over 20 years’ experience in the political and credit risk insurance and analytics space. Caroline began her underwriting career with Sovereign Risk Insurance in Bermuda, part of Chubb, before moving back to London where she spent 18 months as a senior analyst with Aegis Intelligence. Caroline then spent 10 years as a senior underwriter at Lancashire before joining SCOR Specialty Insurance’s Political and Credit Risks team in 2020. Caroline has BSc in Marketing and Business Management and is a volunteer and ambassador for SHOUT, a mental health charity.

Mark Grimson
Head Analyst

 

Mark has 18 years’ experience analysing risks and building models for political and non-payment risks. He worked in commercial banking then private equity covering real estate and project finance, including being on the board of directors for a number of project companies. He then worked at the rating agency S&P before joining SCOR’s political and non-payment risks team. Mark is a Chartered Financial Analyst, a Chartered Alternative Investment Analyst, and a Certified Financial Risk Manager.

Rinku

Rinku Patel
Director

 

Rinku is an ICAEW qualified accountant having trained with BDO and moving to Andersen. Rinku was CFO/COO of DUAL, CFO of Howden and Director of Finance at Hyperion before consulting in 2016/7 supporting a number of businesses in the intermediary space.  Industry Experience includes Software Development, Information businesses and Insurance (at DUAL, Howden and Hyperion).  Rinku founded Pine Walk in 2017 with Fidelis, as an MGA incubator, raised finance for Pine Walk and Radius and has since set up a further 6 MGAs.

Graham

Grahame Dawe
Director

 

Grahame has over 25 years’ experience in the insurance and reinsurance industry. Grahame was previously at Aspen Insurance Group where he worked for 17 years in various finance roles, including as Group Financial Controller and most recently as Group Chief Accounting Officer and UK CFO. Prior to joining Aspen, Grahame was at KPMG in the Insurance audit practice where he was responsible for a portfolio of London market and international clients. Grahame began his career at Sedgwick Lloyd’s Underwriting Agency.  He is a fellow of the Association of Chartered Certified Accountants, qualifying in 1997.

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