Definition:Pera

🛡️ Pera is a cyber-focused managing general agent launched in October 2023 as the first program of Desq Insurance Services, the MGA accelerator and incubator platform of USQRisk. It underwrites excess cyber and blended cyber/technology errors and omissions for large U.S.-domiciled corporate risks, generally targeting insureds with annual revenue exceeding $1 billion and mature cybersecurity controls. The program's sole disclosed product is "XS Cyber," backed by $10 million in delegated underwriting capacity from Chaucer Group, a member of China Reinsurance (Group) Corporation.

👤 Leadership and structure. Jeffrey Batt serves as Chief Underwriting Officer and Head of Cyber, bringing a background that includes roles at the U.S. Department of Defense, AmTrust Financial Services, Trium Cyber, and Marsh. Pera operates as a division of Desq Insurance Services, LLC, a Delaware-formed entity and subsidiary of USQRisk, with Sam Kramer serving as CEO of Desq since October 2024. Chaucer's parent China Re holds A.M. Best "A (Excellent)" and S&P "A (Strong)" ratings, while Chaucer's Irish subsidiary was upgraded by S&P to "A" in 2021.

🔀 Acquisition and outlook. Ryan Specialty completed the acquisition of certain assets of USQRisk Holdings in May 2025, bringing approximately $11 million of incremental operating revenue on an unaudited trailing-twelve-month basis. The acquisition positions Pera within Ryan Specialty's alternative risk business segment, potentially expanding distribution access and operational infrastructure. Key risk factors include concentration on a single capacity provider, key-person dependency, and integration dynamics as the program transitions from a standalone incubator model to a large-platform subsidiary.

Related concepts:

• Definition:Cyber insurance
• Definition:Managing general agent (MGA)
• Definition:Delegated authority
• Definition:Technology errors and omissions (Tech E&O)
• Definition:Surplus lines
• Definition:MGA accelerator