Applied Underwriters has launched a new holding company called “United Risk,” which brings together the company’s MGA and MGU businesses under a single brand. Former SiriusPoint executive Dan Malloy has been named CEO of the new unit.

“Under Dan Malloy’s leadership United Risk will be a thriving, active enterprise and will continue to build new MGA and MGU groups either by putting together new teams or through acquisitions. Anticipate a string of growth announcements in the coming year,” according to Applied Underwriters President and Founder Jamie Sahara, in an emailed statement.

Malloy most recently served as chief executive officer of SiriusPoint after previously leading Third Point Re as CEO. Before that, he was executive vice president of Aon Benfield.

A Dartmouth graduate, the addition of Malloy “culminates a string of prominent principals” who have joined the organization, Applied Underwriters said. These executives include Chris Day, formerly of Tokio Marine HCC; Steve McGill, formerly of Validus, and Joshua Betz, formerly of Argo.

United Risk will be headquartered on two floors in its new 50 Rockefeller Plaza offices in New York.

“The establishment of United Risk itself underlines the position we now enjoy as the fast moving ‘go-to’ for development and M&A in underwriting and distribution, especially given the extraordinary mapping we offer for proven entrepreneurs seeking a pathway for realizing growth and value,” Sahara said in a statement.

He noted that the company has quietly become a dominant presence in the MGA/MGU development space over the past three years.

“[W]e’re sure to keep management at United Risk lean and focused. There isn’t going to be a lot of corporate bureaucracy—United Risk is about building MGA businesses that are efficient, strong and valuable,” Sahara added.

“United Risk is unique in that it has all the ingredients for success: an inspiring ethos, the capital and operational resources, the camaraderie of top-notch talent, and goodwill that runs deep throughout the industry. The growth potential here is, frankly, as impressive as it is exciting,” said Malloy.

“United Risk has a mission to cultivate the independent growth of each of its MGAs and MGUs according to each business’ own appropriate course,” according to Steve Menzies, chairman and founder of Omaha, Neb.-based Applied Underwriters.

Source: Applied Underwriters