Pernix

What Pernix does

Pernix Specialty Limited is a London-based Managing General Agent (MGA) founded in June 2022 that underwrites Political Risk and Non-Payment insurance. The firm operates as an Appointed Representative (FRN: 970243) of Pine Walk Capital Limited within the broader Fidelis Insurance Holdings group, with Pelagos Insurance Capital serving as its cornerstone carrier partner rated A by A.M. Best, A- by S&P, and A3 by Moody's. Its product portfolio is narrowly focused on two core lines: Political Risk Insurance covering losses from named political risk perils and political violence, and Non-Payment Insurance covering default or insolvency-driven non-performance by named obligors, with use cases spanning project and infrastructure finance, asset-backed finance, fund finance, derivatives, and high-yield credit.

Pernix's revenue model is built on recurring insurance premiums collected from policyholders in exchange for coverage, distributed through brokers to enterprise financial institutions, project sponsors, and infrastructure investors. The company explicitly targets facilitation of the dual energy and technological transitions as a portfolio priority. Claims handling is outsourced to The Fidelis Partnership, leveraging shared group infrastructure rather than in-house claims operations.

The business is a people-and-relationship-driven specialty underwriting shop rather than a technology platform. Its competitive position rests on a leadership team drawn primarily from SCOR's former political and non-payment risks division (including the prior global line head), augmented by underwriters from Aspen, Lancashire, Willis Towers Watson, and AXA XL. With a headcount of 1-10 employees, no disclosed revenue, and no funding events to date, Pernix functions as a focused, capacity-light MGA reliant on its parent group's regulatory licenses, carrier relationships, and broker distribution to compete in the London specialty insurance market.

Name

Pernix

Legal name

Pernix Specialty Limited

Website

https://pernixspecialty.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Short description

Pernix Specialty Limited is a London-based Managing General Agent underwriting Political Risk and Non-Payment insurance for financial institutions, project sponsors, and infrastructure investors, operating under Pine Walk Capital within the Fidelis Group.

Ownership category

akta.pro rank

Product category

Political and Non-Payment Risk Insurance

NAICS

Agencies, Brokerages, and Other Insurance Related Activities (5242), Insurance Carriers (5241)

SIC

Insurance Carriers, Nec (6399), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Specialty Insurance Brokerage (Marine, Aviation, Cyber, Professional Lines) (FSAEADAJ)

Keywords

• Political risk insurance
• Non-payment insurance
• Specialty insurance underwriting
• Trade credit insurance
• MGA underwriting services

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Political Risk Insurance Premiums: Underwriting political risk insurance covering losses arising from named political risk perils including political violence. Premium revenue is collected from policyholders in exchange for coverage against political risks.
2. Non-Payment Insurance Premiums: Underwriting non-payment insurance covering the insured against non-payment or non-performance by a named obligor of a legally enforceable payment obligation arising from default or insolvency.

Distribution channels1 record

Core offering

Pernix Specialty Limited is a Political and Non-Payment Risk Managing General Agent under management at Pine Walk Capital. It provides insurance covering named political risk perils, selected political violence perils, and non-payment or non-performance by named obligors, generally arising from default or insolvency.

Product overview

Pernix Specialty Limited is a Managing General Agent (MGA) offering Political Risk and Non-Payment insurance products. The company's portfolio consists of two core insurance offerings: Political Risk Insurance and Non-Payment Insurance, both supported by claims handling services managed by carrier partners at The Fidelis Partnership. Pernix operates under the Fidelis Insurance Group and provides specialist underwriting services through its panel of insurers, with Pelagos Insurance Capital serving as its cornerstone carrier partner.

Differentiator

Problem solved

Functional benefit

Products and services

• Political Risk Insurance
• Non-Payment Insurance

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and flagship.

• Pelagos Insurance CapitalcoreOthersCornerstone carrier partner providing the primary insurance capacity for Pernix's underwriting. Pelagos Insurance Capital Underwriting Limited (PICUK) is authorized by the Prudential Regulation Authority and regulated by the FCA and PRA. PICI is authorized by the Central Bank of Ireland. Rated A (Excellent) by A.M. Best, A- (Stable) by S&P, and A3 (Stable) by Moody's.
• Pine Walk CapitalflagshipStrategic or Co-development PartnerParent company and MGA platform. Pernix operates as an Appointed Representative of Pine Walk Capital Limited, trading as The Fidelis Partnership. Part of the broader Pine Walk Group which includes multiple specialty insurance MGAs.
• The Fidelis PartnershipcoreImplementation/ SI/ Consulting PartnerHandles claims management for Pernix. Claims are processed through the Fidelis Partnership with dedicated claims adjusters including Matt Malone, Senior Claims Adjuster. Contact points provided for UK/RoW and EU/EEA claims.

Scale indicators2 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Hiscox: Hiscox offers political risk and trade credit insurance out of London and Bermuda, targeting SME and mid-market exporters and lenders. While Pernix is more wholesale-focused, both compete for UK and European political risk premium via specialist broker channels.
• Liberty Specialty Markets: Liberty Specialty Markets runs a dedicated political risk, credit and bond team within Liberty Mutual, serving banks, exporters, and project sponsors globally. It is one of the most direct competitors to Pernix's political risk and non-payment underwriting proposition.
• Beazley: Beazley operates a well-established political risk and trade credit insurance practice out of the Lloyd's market, directly competing for the same lender and project finance risks that Pernix underwrites. Both firms target financial institutions and project sponsors with specialty credit/political cover.

Broad incumbents

• Chubb: Chubb owns the legacy Sovereign Risk Insurance platform where Pernix's CUO began her career. As a top global P&C carrier, Chubb underwrites political risk and trade credit for large multinationals and financial institutions, putting it in periodic competition with Pernix on the largest accounts.
• Lancashire Holdings: Lancashire is a London-listed specialty insurer with a political risk and credit team (where Pernix's CUO previously spent a decade as senior underwriter). It addresses the same lender/project finance risks as Pernix via a balance-sheet carrier model rather than MGA.
• AIG: AIG is one of the largest writers of political risk insurance globally through its Financial Lines business, serving banks, exporters, and project sponsors. It represents the incumbent scale benchmark against which Pernix's MGA proposition will be evaluated by major broker clients.
• Axis Capital: Axis Capital is a specialty insurer and reinsurer where Pernix's Risk and Sustainability Analyst began her career. Axis writes credit, political risk, and specialty property lines that overlap with Pernix's target book.
• SCOR: SCOR is the global reinsurer where Pernix's founders built the political and non-payment franchise prior to 2022. While not a direct MGA competitor, it remains the dominant capital and underwriting benchmark in the political risk / specialty credit space Pernix targets.
• Aspen Insurance: Aspen runs a credit and political risks team (where Pernix's CEO previously led the function), underwriting non-payment cover for project and infrastructure finance. It competes for the same institutional client base and was the most relevant prior employer pool for Pernix's leadership.

Others

• Fidelis Insurance Holdings: Fidelis Insurance Holdings is Pernix's ultimate parent (via Pine Walk Capital), providing shared claims infrastructure via The Fidelis Partnership and broader group capital. Not a competitor but the operating ecosystem Pernix sits within and which provides claims handling, compliance, and broker network access.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/pernix-specialty-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Pernix