Wikilah admin: Created page with "{{Infobox company | name = Pera | legal_name = Desq Insurance Services, LLC | logo = Logo of Pera.svg | logo_size = | logo_alt = | logo_caption = | type = Private — cyber MGA (division of Desq Insurance Services) | exchange = | ticker = | isin = | lei = | license_type..."

2026-03-09T05:39:17Z

Created page with "{{Infobox company | name = Pera | legal_name = Desq Insurance Services, LLC | logo = Logo of Pera.svg | logo_size = | logo_alt = | logo_caption = | type = Private — cyber MGA (division of Desq Insurance Services) | exchange = | ticker = | isin = | lei = | license_type..."

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{{Infobox company
| name = Pera
| legal_name = Desq Insurance Services, LLC
| logo = Logo of Pera.svg
| logo_size =
| logo_alt =
| logo_caption =
| type = Private — cyber MGA (division of Desq Insurance Services)
| exchange =
| ticker =
| isin =
| lei =
| license_type =
| npn =
| coverholder_ref =
| incorporation = Delaware
| founded = {{Start date and age|2023|10}}
| headquarter = New York
| domicile = Delaware
| insurance_jurisdictions = United States
| regulator =
| ultimate_parent = Ryan Specialty
| shareholders = Ryan Specialty (via acquisition of USQRisk Holdings, May 2025)
| key_people = Jeffrey Batt, Chief Underwriting Officer and Head of Cyber Sam Kramer, CEO of Desq Anibal Moreno, CEO of USQRisk Michael Zipper, President of USQRisk Parag Bavishi, Chief Underwriting Officer of USQRisk Christopher Giuffre, Chief Strategy Officer of USQRisk
| num_employees =
| customer_segments = Large U.S. corporates (generally >$1B annual revenue)
| lines_of_business = Excess cyber Technology errors and omissions
| segments =
| products = XS Cyber
| technology_platform =
| capacity_providers = Chaucer Group (member of China Reinsurance (Group) Corporation)
| distribution =
| geographic_markets = United States
| num_customers =
| competitors =
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| market_cap =
| revenue = Approximately $11 million incremental operating revenue to Ryan Specialty (twelve months ended December 31, 2024; USQRisk group-level, unaudited)
| insurance_revenue =
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| roe =
| total_funding = $3.25 million seed capital (USQRisk group-level, 2020, from Maiden Holdings)
| last_round =
| last_valuation =
| lead_investors = Maiden Holdings (USQRisk seed round, 2020)
| capital_structure =
| ifsr =
| capacity_partner_ratings = A.M. Best "A (Excellent)" (China Reinsurance (Group) Corporation) S&P Global Ratings "A (Strong)" (China Reinsurance (Group) Corporation) S&P Global Ratings "A" (Chaucer Insurance Company DAC, upgraded from "A−" in 2021)
| ratings =
| footnotes = Revenue figure is unaudited and reflects USQRisk group-level, not Pera standalone.
}}
{{Summary:Pera|5}}
{{More details}}
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== Corporate and legal profile ==

🏢 '''Legal identity.''' Pera is a cyber-focused managing general agent that operates as a division of Desq Insurance Services, LLC, a Delaware-formed limited liability company affiliated with USQRisk.<ref name="prweb_launch">{{cite web |title=USQRisk's Accelerator/Incubator Program Launches First MGA |url=https://www.prweb.com/releases/usqrisks-acceleratorincubator-program-launches-first-mga-301954578.html |publisher=PRWeb |date=October 2023 |access-date=2026-03-09}}</ref> Pera is publicly presented as the first program launched by Desq's MGA accelerator and incubator platform. No separate "Pera" corporate entity was located in reviewed records; the most defensible legal name for filings and licensing purposes is Desq Insurance Services, LLC.<ref name="sunbiz_desq">{{cite web |title=Desq Insurance Services, LLC — Florida Foreign LLC Filing |url=https://search.sunbiz.org/Inquiry/CorporationSearch/SearchResultDetail?aggregateId=forl-m22000013605-bc06c720-0d60-4ba5-b879-4d361ddca6a6&directionType=Initial&inquirytype=OfficerRegisteredAgentName&listNameOrder=GIUFFRECHRISTOPHER+L000000003720&searchNameOrder=GIUFFRECHRISTOPHER+M220000136054&searchTerm=Giuffre+++++++++++++Christopher |publisher=Florida Division of Corporations |access-date=2026-03-09}}</ref>

📍 '''Domicile and offices.''' Desq Insurance Services, LLC is registered as a foreign LLC in Florida with a state of formation in Delaware.<ref name="sunbiz_desq"/> The Florida corporate record lists a principal address in Costa Mesa and a mailing address in New York; Desq's website also lists its location in New York.<ref name="prweb_launch"/><ref name="usqrisk_home">{{cite web |title=USQRisk |url=https://www.usqrisk.com/ |publisher=USQRisk |access-date=2026-03-09}}</ref> Desq states it was founded in 2022, while Pera itself was publicly launched in October 2023.<ref name="desq_team">{{cite web |title=Desq — Team |url=https://www.desquw.com/team |publisher=Desq Insurance Services |access-date=2026-03-09}}</ref><ref name="prweb_launch"/>

🏛️ '''Group structure and acquisition.''' Desq states it is a subsidiary of USQRisk.<ref name="desq_team"/> In April 2025, Ryan Specialty announced a definitive agreement to acquire certain assets of USQRisk Holdings, LLC, and the transaction was completed in May 2025; terms were not disclosed.<ref name="bwire_ryan">{{cite web |title=Ryan Specialty Signs Definitive Agreement To Acquire USQRisk Holdings |url=https://www.businesswire.com/news/home/20250421175083/en/Ryan-Specialty-Signs-Definitive-Agreement-To-Acquire-USQRisk-Holdings |publisher=Business Wire |date=21 April 2025 |access-date=2026-03-09}}</ref> This acquisition has a direct read-through to Desq and Pera, as operational assets within the USQRisk group are expected to have moved under Ryan Specialty's alternative risk business segment.<ref name="ryan_complete">{{cite web |title=Ryan Specialty Completes Acquisition of USQRisk Holdings |url=https://ir.ryanspecialty.com/ir-news-events/press-releases/detail/107/ryan-specialty-completes-acquisition-of-usqrisk-holdings |publisher=Ryan Specialty |date=May 2025 |access-date=2026-03-09}}</ref>

📋 '''Regulatory registrations.''' Pera operates on external insurance paper rather than as a risk-bearing carrier.<ref name="prweb_launch"/> Evidence of operating permissions at the Desq entity level includes surplus lines agency listings in Texas,<ref name="tdi_texas">{{cite web |title=Surplus Lines Agency Listing |url=https://www.tdi.texas.gov/general/download/agysl.csv |publisher=Texas Department of Insurance |access-date=2026-03-09}}</ref> Massachusetts,<ref name="mass_surplus">{{cite web |title=Licensed Surplus Lines Brokers/Agencies |url=https://www.mass.gov/doc/licensed-surplus-lines-brokers-agenciespdf-0/download |publisher=Massachusetts Division of Insurance |access-date=2026-03-09}}</ref> and Louisiana.<ref name="ldi_la">{{cite web |title=Surplus Lines Producer Report |url=https://ldi.la.gov/LicenseeReports/ProducersSurplusLines.csv |publisher=Louisiana Department of Insurance |access-date=2026-03-09}}</ref> At the group level, USQRisk's website discloses an insurance services license number in California under the entity "USQRisk Insurance Services, LLC."<ref name="usqrisk_home"/> A UK company record shows Cuberule Limited (previously USQRisk (UK) Limited), incorporated in 2021 with a London registered office.<ref name="uk_co_house">{{cite web |title=Cuberule Limited (previously USQRisk (UK) Limited) |url=https://find-and-update.company-information.service.gov.uk/company/13490391 |publisher=UK Companies House |access-date=2026-03-09}}</ref>

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== Leadership and key personnel ==

👤 '''Program leadership.''' Jeffrey Batt serves as Pera's Chief Underwriting Officer and Head of Cyber, responsible for underwriting, strategy, distribution, and product innovation.<ref name="desq_team"/> His background includes service as Associate Deputy General Counsel at the U.S. Department of Defense, along with cyber leadership positions at M&T Bank, AmTrust Financial Services, and Trium Cyber, and earlier advisory work at Marsh.<ref name="desq_team"/><ref name="prweb_launch"/> Batt holds a JD from Georgetown University Law Center and a cyber leadership certificate from National Defense University.<ref name="desq_team"/>

🏗️ '''Platform and group leadership.''' Because Pera is positioned as a program inside the Desq/USQRisk organization, governance and resourcing are influenced by group leadership. Anibal Moreno serves as CEO of USQRisk, Michael Zipper as President, Parag Bavishi as Chief Underwriting Officer, and Christopher Giuffre as Chief Strategy Officer.<ref name="usqrisk_team">{{cite web |title=USQRisk — Team |url=https://www.usqrisk.com/team |publisher=USQRisk |access-date=2026-03-09}}</ref> Giuffre is also shown as an authorized person on Desq's Florida foreign LLC record.<ref name="usqrisk_team"/><ref name="sunbiz_desq"/> Sam Kramer was announced as CEO of Desq in October 2024, with Desq described as USQRisk's incubator and accelerator platform.<ref name="prweb_kramer">{{cite web |title=USQRisk Taps Industry Veteran Sam Kramer as CEO of Desq, Its Incubator/Accelerator Platform |url=https://www.prweb.com/releases/usqrisk-taps-industry-veteran-sam-kramer-as-ceo-of-desq-its-incubatoraccelerator-platform-302278896.html |publisher=PRWeb |date=October 2024 |access-date=2026-03-09}}</ref>

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== Business description ==

🎯 '''Underwriting focus.''' Pera provides excess cyber coverage and technology errors and omissions insurance in the large corporate segment.<ref name="desq_programs">{{cite web |title=Desq — Programs |url=https://www.desquw.com/programs |publisher=Desq Insurance Services |access-date=2026-03-09}}</ref> The program offers cyber and blended cyber/technology E&O to large U.S.-domiciled corporate risks, operating under a delegated authority model backed by external capacity provider Chaucer Group.<ref name="prweb_launch"/>

📊 '''Target segment.''' Pera targets large U.S.-domiciled corporate risks, generally with annual revenue exceeding $1 billion.<ref name="desq_programs"/> The disclosed line of business is "XS Cyber."<ref name="desq_programs"/> Underwriting selection emphasizes entities with mature cybersecurity controls or a strong security posture, and the program is open to most industry classes.<ref name="desq_programs"/>

🌐 '''Geographic scope.''' Pera is described as targeting U.S.-domiciled corporate risks and developing products for the U.S. market.<ref name="prweb_launch"/> No evidence of non-U.S. underwriting authority or local market entries in Europe or the United Kingdom was located for Pera specifically.<ref name="prweb_launch"/>

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== Funding and strategic transactions ==

💰 '''Parent-group seed capital.''' No Pera-specific equity funding rounds were identified. At the parent group level, USQRisk received $3.25 million of seed capital from Maiden Holdings, Ltd. in 2020.<ref name="reins_maiden">{{cite web |title=Maiden Holdings provides $3.25mn of seed capital to USQRisk |url=https://www.reinsurancene.ws/maiden-holdings-provides-3-25mn-of-seed-capital-to-usqrisk/ |publisher=Reinsurance News |date=2020 |access-date=2026-03-09}}</ref> Maiden's SEC filings corroborate that Maiden executives served on the board of managers of USQRisk Holdings, LLC and that Maiden was an investor.<ref name="sec_maiden">{{cite web |title=USQRisk Holdings — SEC 8-K Filing |url=https://www.sec.gov/Archives/edgar/data/2055116/000110465925054992/tm2516333d2_8k.htm |publisher=U.S. Securities and Exchange Commission |access-date=2026-03-09}}</ref>

🤝 '''Ryan Specialty acquisition.''' Ryan Specialty disclosed signing a definitive agreement in April 2025 and completing the acquisition of certain assets of USQRisk Holdings, LLC in May 2025.<ref name="bwire_ryan"/> The acquisition brought approximately $11 million of incremental operating revenue (unaudited) to Ryan Specialty, based on the twelve months ended December 31, 2024.<ref name="bwire_ryan"/> This transaction is materially relevant for Pera's strategic trajectory, implying a shift from a standalone incubator model to being embedded within a larger specialty insurance distribution and underwriting management platform.<ref name="ryan_complete"/>

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== Coverage and services ==

📄 '''Product structure.''' Pera develops products for Chaucer Group and provides cyber and blended cyber/technology E&O coverage.<ref name="prweb_launch"/> The only named product disclosed on Desq's programs page is "XS Cyber."<ref name="desq_programs"/> Public materials do not specify whether Pera uses a proprietary wording, a Chaucer wording, or a follow-form structure; likewise, individual first-party and third-party coverage elements, breach response service details, and notable exclusions are not detailed in available sources.<ref name="prweb_launch"/><ref name="desq_programs"/>

🔗 '''Blended offering.''' The program's described product spans both cyber and technology errors and omissions as blended coverage or paired offerings.<ref name="prweb_launch"/> No further line expansion into directors and officers, employment practices liability, crime, general liability, or property was disclosed for Pera.<ref name="prweb_launch"/>

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== Capacity, distribution, and partnerships ==

🛡️ '''Capacity provider.''' Chaucer Group is explicitly named as the underwriting backer for Pera's U.S. cyber offering.<ref name="prweb_launch"/> Launch communications state that Desq launched Pera with $10 million in capacity; the disclosure does not clarify whether this figure is per risk, per policy, or aggregate.<ref name="prweb_launch"/> The characterization of Pera as an MGA developing products "for" Chaucer implies delegated authority or binder economics rather than fronting in Pera's own carrier entity.<ref name="prweb_launch"/>

⭐ '''Capacity provider ratings.''' Chaucer is a member of China Reinsurance (Group) Corporation, which is rated "A (Excellent)" by A.M. Best and "A (Strong)" by S&P Global Ratings.<ref name="chaucer_about">{{cite web |title=About Chaucer |url=https://www.chaucergroup.com/about-chaucer |publisher=Chaucer Group |access-date=2026-03-09}}</ref> Chaucer also disclosed an S&P upgrade of its Irish subsidiary, Chaucer Insurance Company DAC, to "A" from "A−" in 2021.<ref name="chaucer_upgrade">{{cite web |title=Chaucer Insurance Company Sees S&P Global Ratings Upgrade to A |url=https://www.chaucergroup.com/news/chaucer-insurance-company-sees-sp-global-ratings-upgrade-to-a |publisher=Chaucer Group |date=2021 |access-date=2026-03-09}}</ref>

📡 '''Distribution.''' Public launch statements cite USQRisk distribution capabilities as part of the offering but do not name specific distribution partners or describe mechanics such as wholesale versus retail broker splits or API quoting.<ref name="prweb_launch"/>

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== Financial overview ==

📈 '''Group-level premium signal.''' Pera-specific financial key performance indicators are not publicly available. At the USQRisk group level, cumulative gross premium written was reported as moving above $850 million since inception, with an expectation to exceed $1 billion cumulatively.<ref name="bi_awards">{{cite web |title=2024 U.S. Insurance Awards: USQRisk — Specialty Intermediary Team of the Year |url=https://www.businessinsurance.com/2024-us-insurance-awards-usqrisk-specialty-intermediary-team-of-the-year/ |publisher=Business Insurance |date=September 2024 |access-date=2026-03-09}}</ref> This figure is not broken out for Pera.

💵 '''Acquisition revenue disclosure.''' Ryan Specialty stated the USQRisk acquisition brought approximately $11 million of incremental operating revenue (unaudited) based on the twelve months ended December 31, 2024.<ref name="bwire_ryan"/>

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== Risk factors and outlook ==

⚠️ '''Capacity concentration.''' Pera's offering is explicitly backed by a single named capacity provider, Chaucer Group, with initial capacity described as $10 million. Any non-renewal, re-trade, or performance corridor issues would likely constrain growth materially.<ref name="prweb_launch"/>

🔄 '''Aggregation risk.''' Pera's positioning toward very large insureds could imply exposure to systemic cyber event scenarios inherent to large-corporate excess portfolios. Actual portfolio construction and exclusion details remain unavailable in public sources, making this a structural watch item rather than a measured exposure.<ref name="prweb_launch"/>

📜 '''Regulatory and compliance risk.''' Desq appears across multiple state surplus lines and producer registers. Expansion into additional jurisdictions would require ongoing multi-state licensing maintenance and market conduct controls.<ref name="tdi_texas"/>

👤 '''Key-person risk.''' The publicly disclosed leadership footprint for Pera is narrow, centered on the CUO and Head of Cyber role. Succession depth beyond the named individuals is not publicly documented.<ref name="desq_team"/>

🔀 '''Platform integration risk.''' Following USQRisk's asset acquisition by Ryan Specialty, changes in governance, reporting lines, capital allocation, and strategic prioritization may affect Pera's autonomy and growth trajectory.<ref name="bwire_ryan"/>

🧭 '''Strategic outlook.''' Pera's disclosed strategic focus is narrow but coherent: underwriting excess cyber and technology E&O for the largest U.S. corporates, with selection emphasizing cybersecurity maturity. The most material strategic variable is organizational placement post-acquisition, as integration within Ryan Specialty's alternative risk ecosystem could expand distribution access and operational infrastructure but may also redirect product priorities toward cross-platform alignment.<ref name="ryan_complete"/>

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== Company timeline ==

{| class="wikitable sortable" width:100% style="font-size:0.85em"
|+ 📅 Pera and related entities, key corporate milestones, 2020–2025
! scope="col" style="text-align:center" | Date
! scope="col" style="text-align:center" | Event
|-
| 2020
| USQRisk received $3.25 million of seed capital from Maiden Holdings, Ltd.<ref name="reins_maiden"/>
|-
| March 18, 2021
| USQRisk, LLC foreign LLC filing in Florida (state of formation Delaware).<ref name="sunbiz_usq">{{cite web |title=USQRisk, LLC — Florida Foreign LLC Filing |url=https://search.sunbiz.org/Inquiry/CorporationSearch/SearchResultDetail?aggregateId=forl-m21000004013-5c3d2a1e-fb6d-4e5b-9078-1aa2e4176821&directionType=Initial&inquirytype=OfficerRegisteredAgentName&listNameOrder=GIUFFRECHRISTOPHER+L000000003720&searchNameOrder=GIUFFRECHRISTOPHER+M210000040133&searchTerm=Giuffre+++++++++++++Christopher |publisher=Florida Division of Corporations |access-date=2026-03-09}}</ref>
|-
| 2021
| Cuberule Limited (previously USQRisk (UK) Limited) incorporated in the United Kingdom.<ref name="uk_co_house"/>
|-
| 2022
| Desq founded; Desq Insurance Services, LLC foreign LLC filing in Florida dated August 31, 2022 (state of formation Delaware).<ref name="desq_team"/><ref name="sunbiz_desq"/>
|-
| October 2023
| Public launch of Pera as an MGA/division of Desq, providing cyber and blended cyber/technology E&O to large U.S. corporate risks with $10 million initial capacity via Chaucer; Jeffrey Batt named CUO and Head of Cyber.<ref name="prweb_launch"/>
|-
| September 2024
| Business Insurance described Pera as Desq's first launch and noted it develops products for Chaucer.<ref name="bi_awards"/>
|-
| October 2024
| Sam Kramer announced as CEO of Desq.<ref name="prweb_kramer"/>
|-
| April–May 2025
| Ryan Specialty signed and completed the acquisition of certain assets of USQRisk Holdings, LLC.<ref name="bwire_ryan"/><ref name="ryan_complete"/>
|}

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== See also ==
* [[Cyber insurtech MGAs and underwriting agencies]]

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== References ==
{{reflist}}

Pera - Revision history