Michael Chang returns to lead United Risk-backed venture

United Risk Global said Monday it has acquired a portfolio of risks, including Verita CSG, the managing general underwriter unit of Willis Towers Watson, and hired industry veteran Michael Chang to lead the business.

Terms of the transaction, which closed Aug. 1, were not disclosed.

The venture, branded as Verist will keep former Verita leadership, staff and associated operations intact, United Risk said.

Mr. Chang was named CEO of Verist. He was formerly North America broking head at Willis before leaving the company at the end of last year. Before that, Mr. Chang was CEO of Sompo International Holdings global risk solutions business. Prior to that, he held various roles at Chubb.

The buyout strengthens United Risk’s focus on middle-market and large account admitted business in real estate, hospitality, leisure, financial institutions, professional services and life sciences sectors, including property, general liability, workers compensation, auto and umbrella/excess liability and financial lines coverages.

Verist’s specialty offerings will continue to include active assailant, clinical trials, pandemic and other tailored coverages.

United Risk, a New York-based global property casualty underwriting and distribution platform, was previously unveiled by Applied Underwriters in 2023. The platform spun off into a standalone entity earlier this year, though it remains affiliated with the Omaha, Nebraska-based brokerage.