By David Bull, James Thaler
March 5 - (The Insurer) - United Risk and CEO Dan Malloy are parting ways less than 18 months after the executive was brought in to lead the consolidated MGA and MGU business that was previously under the Applied Underwriters name.
Sources with knowledge of the situation said that Malloy, former CEO of SiriusPoint and Third Point Re, is currently continuing to work on a number of projects at United Risk under his one year of contractual obligations.
They added that the parting of ways is amicable, with Applied Underwriters president Jamie Sahara stepping in to run the business as interim CEO while the company considers its options in relation to its leadership.
Malloy joined United Risk as CEO in November 2023, after earlier serving as interim CEO of SiriusPoint for a period in 2022 between the sudden departure of Sid Sankaran and Scott Egan taking the reins as permanent CEO.
Malloy had previously left the company after spending more than a year as president of global distribution. He had come into SiriusPoint with the merger of Sirius and Third Point Re, where he had previously been CEO. He joined Third Point Re from Aon Benfield in 2012.
United Risk houses the multi-billion dollar MGA and MGU business that Applied Underwriters has been actively building out with the recruitment of high-profile underwriting executives, largely from insurance carriers.
The platform describes itself as the global choice for apex insurance entrepreneurs, adding that is independently owned and operated by its practice partners and is affiliated with Applied Underwriters operationally.
The platform has access to affiliated insurance and reinsurance capacity, as well as resources in areas like brand communications, government affairs, public relations, investigations, cyber security, artificial intelligence and software development.
Its practices include Applied Entertainment & Sports, Applied Financial Lines, Applied Fine Art & Collections, Applied Specialty Underwriters, Applied Surety Underwriters, Applied Underwriters Aerospace, Applied Underwriters Aviation, Applied Warranty & Insurance Services, Blue Ridge Specialty and Concept Special Risks.
There are also a number of MGAs and programs running under the Rivington brand, including in commercial auto, environmental and middle market property.
United Risk did not immediately respond to a request for comment.
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