JULY 11, 2025 | NEW YORK, NY – USQRisk (“USQ”) is pleased to announce that Michael Zipper and Parag Bavishi have been promoted to Co-CEOs of USQ effective August 1, 2025. USQRisk is part of the alternative risk division of Ryan Specialty (NYSE: RYAN). USQ’s current CEO, Anibal Moreno, will be stepping down, effective July 31, 2025 to focus on personal interests.

Michael Zipper is a co-founder and serves as President of USQ. Michael leads in structuring solutions and risk financing strategies for (re)insureds and risk takers, utilizing traditional property & casualty, credit, and financial products. Prior to USQ, Michael was a senior executive and General Counsel of the alternative risk transfer and insurance linked securities/collateralized reinsurance businesses of Allianz.

Parag Bavishi is also a co-founder of USQ and serves as Chief Underwriting Officer. Parag has 20+ years of experience in Alternative Risk Transfer/Risk Finance (re)insurance. Parag currently oversees pricing, underwriting and portfolio management with USQ and maintains the (re)insurance relationships for the Alternative Risk Transfer business. Prior to joining USQ, Parag held senior executive roles in underwriting and actuarial functions at Allianz, Northbridge and Zurich.

Michael Zipper and Parag Bavishi, commented, “Since USQ’s founding five years ago, Anibal has consistently brought, innovation and leadership to the company’s evolution. We are grateful to Anibal for his vision and courage to build a first-of-its-kind MGA concept and the years he devoted to growing the business. As Co-CEOs of USQ, we look forward to carrying forward USQ’s mission to deliver innovative, bespoke risk solutions to our clients.”

Anibal Moreno commented, “As USQ enters an exciting new chapter following the acquisition by Ryan Specialty, I’ll be stepping down – grateful, proud and inspired by our accomplishments and thankful to the team and everyone that supported our mission along the way. It’s been a privilege to work alongside Michael Zipper and Parag Bavishi for over a decade. Their insights, expertise and unwavering drive make them the perfect leaders to carry USQ’s vision forward. While I’m stepping away, I will remain a passionate believer in USQ and look forward to watching its continued impact, from a different vantage point.”

About USQRisk

Formed in 2020 by an experienced management team operating in New York and London, USQ underwrites non-traditional insurance risks. USQ has two core business divisions: Alternative Risk and Facilities. Their Alternative Risk specialty underwrites, structures, prices and places specialty insurance for corporate clients seeking bespoke, multi-year risk solutions. Their Facilities specialty creates new products for unique risks in highly dislocated markets. USQ is supported by several highly rated insurance carriers.

About Ryan Specialty

Founded in 2010, Ryan Specialty is a service provider of specialty products and solutions for insurance brokers, agents and carriers. The firm provides distribution, underwriting, product development, administration and risk management services by acting as a wholesale broker and a managing underwriter with delegated authority from insurance carriers. Ryan Specialty’s mission is to provide industry-leading innovative specialty insurance solutions for insurance brokers, agents and carriers. To learn more, please visit ryanspecialty.com.