Pera
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| subheader = Desq Insurance Services, LLC | subheaderstyle = font-weight:bold; font-size:105%;
| image = {{#invoke:InfoboxImage|InfoboxImage|image=Logo of Pera.svg|size=|sizedefault=frameless|alt=}} | caption =
| header1 = Corporate identity
| label2 = Type | data2 = Private — cyber MGA (division of Desq Insurance Services) | class2 = category
| label3 = Traded as | data3 =
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| label9 = NPN | data9 =
| label10 = Coverholder reference | data10 =
| label11 = License number | data11 =
| label12 = Incorporation | data12 = Delaware
| label13 = Founded | data13 = October 2023{{#invoke:Check for unknown parameters|check|unknown=|preview=Page using Template:Start date and age with unknown parameter "_VALUE_"|showblankpositional=1| 1 | 2 | 3 | br | df | end | p | paren }}
| label14 = Headquarters | data14 = New York | class14 = label
| label15 = Country | data15 =
| label16 = Domicile | data16 = Delaware
| label17 = Licensed jurisdictions | data17 = United States
| label18 = Regulator | data18 =
| label19 = Ultimate parent | data19 = Ryan Specialty
| label20 = Major shareholders | data20 = Ryan Specialty (via acquisition of USQRisk Holdings, May 2025)
| label21 = Group status | data21 =
| label22 = Key people
| data22 = 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
| label23 = Number of employees | data23 =
| header24 = Business & markets
| label25 = Operating status | data25 =
| label26 = Customer segments | data26 = Large U.S. corporates (generally >$1B annual revenue)
| label27 = Lines of business
| data27 = Excess cyber
Technology errors and omissions
| label28 = Business segments | data28 =
| label29 = Main products & services | data29 = XS Cyber
| label30 = Technology platform | data30 =
| label31 = Capacity providers | data31 = Chaucer Group (member of China Reinsurance (Group) Corporation)
| label32 = Distribution | data32 =
| label33 = Geographic markets | data33 = United States
| label34 = Branches | data34 =
| label35 = Customers served | data35 =
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| label37 = Market share rank | data37 =
| header38 = Key financials
| label39 = Currency | data39 =
| label40 = Market cap | data40 =
| label41 = Revenue | data41 = Approximately $11 million incremental operating revenue to Ryan Specialty (twelve months ended December 31, 2024; USQRisk group-level, unaudited)
| label42 = Insurance revenue | data42 =
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| label44 = EBITDA | data44 =
| label45 = Net income | data45 =
| label46 = Gross written premium | data46 =
| label47 = Net written premium | data47 =
| label48 = Loss ratio | data48 =
| label49 = Combined ratio | data49 =
| label50 = Commission / MGA fee | data50 =
| label51 = Total assets | data51 =
| label52 = Invested assets | data52 =
| label53 = Technical reserves | data53 =
| label54 = Contractual service margin | data54 =
| label55 = Net debt | data55 =
| label56 = Equity | data56 =
| label57 = Operating margin | data57 =
| label58 = Solvency ratio | data58 =
| label59 = Return on equity | data59 =
| label60 = Total funding raised | data60 = $3.25 million seed capital (USQRisk group-level, 2020, from Maiden Holdings)
| label61 = Last funding round | data61 =
| label62 = Last known valuation | data62 =
| label63 = Lead investors | data63 = Maiden Holdings (USQRisk seed round, 2020)
| label64 = Capital structure | data64 =
| label65 = Insurer financial strength | data65 =
| label66 = Capacity partner ratings
| data66 = 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)
| label67 = External ratings | data67 =
| data68 =
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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.[1] 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.[2]
📍 Domicile and offices. Desq Insurance Services, LLC is registered as a foreign LLC in Florida with a state of formation in Delaware.[2] 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.[1][3] Desq states it was founded in 2022, while Pera itself was publicly launched in October 2023.[4][1]
🏛️ Group structure and acquisition. Desq states it is a subsidiary of USQRisk.[4] 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.[5] 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.[6]
📋 Regulatory registrations. Pera operates on external insurance paper rather than as a risk-bearing carrier.[1] Evidence of operating permissions at the Desq entity level includes surplus lines agency listings in Texas,[7] Massachusetts,[8] and Louisiana.[9] At the group level, USQRisk's website discloses an insurance services license number in California under the entity "USQRisk Insurance Services, LLC."[3] A UK company record shows Cuberule Limited (previously USQRisk (UK) Limited), incorporated in 2021 with a London registered office.[10]
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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.[4] 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.[4][1] Batt holds a JD from Georgetown University Law Center and a cyber leadership certificate from National Defense University.[4]
🏗️ 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.[11] Giuffre is also shown as an authorized person on Desq's Florida foreign LLC record.[11][2] Sam Kramer was announced as CEO of Desq in October 2024, with Desq described as USQRisk's incubator and accelerator platform.[12]
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Business description
🎯 Underwriting focus. Pera provides excess cyber coverage and technology errors and omissions insurance in the large corporate segment.[13] 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.[1]
📊 Target segment. Pera targets large U.S.-domiciled corporate risks, generally with annual revenue exceeding $1 billion.[13] The disclosed line of business is "XS Cyber."[13] Underwriting selection emphasizes entities with mature cybersecurity controls or a strong security posture, and the program is open to most industry classes.[13]
🌐 Geographic scope. Pera is described as targeting U.S.-domiciled corporate risks and developing products for the U.S. market.[1] No evidence of non-U.S. underwriting authority or local market entries in Europe or the United Kingdom was located for Pera specifically.[1]
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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.[14] Maiden's SEC filings corroborate that Maiden executives served on the board of managers of USQRisk Holdings, LLC and that Maiden was an investor.[15]
🤝 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.[5] The acquisition brought approximately $11 million of incremental operating revenue (unaudited) to Ryan Specialty, based on the twelve months ended December 31, 2024.[5] 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.[6]
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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.[1] The only named product disclosed on Desq's programs page is "XS Cyber."[13] 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.[1][13]
🔗 Blended offering. The program's described product spans both cyber and technology errors and omissions as blended coverage or paired offerings.[1] No further line expansion into directors and officers, employment practices liability, crime, general liability, or property was disclosed for Pera.[1]
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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.[1] 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.[1] 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.[1]
⭐ 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.[16] Chaucer also disclosed an S&P upgrade of its Irish subsidiary, Chaucer Insurance Company DAC, to "A" from "A−" in 2021.[17]
📡 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.[1]
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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.[18] 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.[5]
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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.[1]
🔄 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.[1]
📜 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.[7]
👤 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.[4]
🔀 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.[5]
🧭 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.[6]
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Company timeline
| Date | Event |
|---|---|
| 2020 | USQRisk received $3.25 million of seed capital from Maiden Holdings, Ltd.[14] |
| March 18, 2021 | USQRisk, LLC foreign LLC filing in Florida (state of formation Delaware).[19] |
| 2021 | Cuberule Limited (previously USQRisk (UK) Limited) incorporated in the United Kingdom.[10] |
| 2022 | Desq founded; Desq Insurance Services, LLC foreign LLC filing in Florida dated August 31, 2022 (state of formation Delaware).[4][2] |
| 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.[1] |
| September 2024 | Business Insurance described Pera as Desq's first launch and noted it develops products for Chaucer.[18] |
| October 2024 | Sam Kramer announced as CEO of Desq.[12] |
| April–May 2025 | Ryan Specialty signed and completed the acquisition of certain assets of USQRisk Holdings, LLC.[5][6] |
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See also
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References
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