By Chris Munro
April 21 - (The Insurer) - Applied Underwriters has spun out its United Risk division with the MGA and MGU-focused platform now operating as an independent standalone entity.
Omaha, Nebraska-based Applied Underwriters launched United Risk in November 2023, and the unit is now a multi-billion dollar global P&C underwriting platform that comprises 28 different MGA and MGU programs.
In a statement issued early Monday, Applied Underwriters said the newly independent United Risk has immediately become one of the largest MGAs in the world.
United Risk, which remains affiliated with Applied Underwriters following the spinoff, describes itself as the global choice for apex insurance entrepreneurs, and it now has over 30 offices around the world, including its home base in New York and other London and Paris locations, which are collectively staffed with more than 250 employees.
“United Risk continues to enjoy strategic partnerships with the other Applied affiliates which have proven, deep resources giving United Risk an advantage over its direct competitors as it develops on its own in difficult areas such as cyber security, IT development, artificial intelligence and branding,” said Applied Underwriters president Jamie Sahara.
Following the announcement that United Risk is to become a standalone business, United Risk chief financial officer Alex Amezquita said Applied “has facilitated and incubated every step of United Risk's platform for growth up to this point."
“Now, there is much new ground to cover and new vistas to explore as we emerge as an insurance and financial powerhouse.
“Our entire team, and all of the program partners, are optimistically upbeat and ready for the challenges ahead,” Amezquita added.
The spinoff is the latest in a series of major changes at United Risk.
In March, this publication exclusively reported that Dan Malloy was leaving the business as CEO.
Malloy, the former CEO of SiriusPoint and Third Point Re, had only joined United Risk in November 2023, and his departure means that Sahara is currently leading the MGA/MGU focused business on an interim basis.
Earlier this month, Program Manager also exclusively revealed that United Risk had named Jay Cahill CEO of its newly formed reinsurance division as it readies the launch of an MGA in the segment.
That move prompted United Risk to recruit former Herbalife CFO and Moelis & Company executive Amezquita as CFO, succeeding Cahill in the role.
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