Managing general agent (MGA) United Risk has acquired a portfolio of risks and the Verita CSG legal entity from WTW.
The acquired venture has been rebranded as Verist.
Financial details of the transaction remain undisclosed.
Verita, established by WTW in 2023, underwrites insurance business for non-affiliated insurance companies and is licenced as a property/casualty insurance agency.
Verita’s leadership and workforce will remain in place, with existing processes for renewals and new insurance placements continuing across its US, Mexico, Mumbai and Manila offices.
Verist will be spearheaded by Michael Chang, an insurance industry veteran, who takes on the role of CEO.
Chang stated: “United Risk is a large organisation dedicated exclusively to underwriting and distribution. This well-timed and carefully planned transition will result in no interruption whatsoever, and strengthens our ability to deliver tailored, agile solutions that empower brokers, agents and clients to manage their unique risks with clarity and confidence.”
Verist will provide specialised insurance solutions across various sectors including financial institutions, hospitality, leisure, life sciences, professional services and real estate.
United Risk chief commercial officer Rick Christofer said: “Verist’s specialty product offerings will continue to include active assailant, clinical trials, pandemic and other such in-demand features, giving Verist a decided edge as a market specialist.”
Last month, United Risk launched a new division named Thriver, aimed at serving the real estate market with products such as security deposit waiver insurance.
“United Risk buys WTW’s Verita CSG ” was originally created and published by Life Insurance International, a GlobalData owned brand.
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