USQRisk, part of Ryan Specialty’s alternative risk division, has promoted Michael Zipper and Parag Bavishi to Co-Chief Executive Officers (CEOs) of USQ, effective August 1st, 2025.
Meanwhile, USQ’s current CEO, Anibal Moreno, will be stepping down, effective July 31st, 2025, to focus on personal interests.
In April 2025, Ryan Specialty acquired certain assets of the international managing general agent (MGA), USQRisk Holdings, LLC, to create the new business unit.
Zipper is a co-founder and serves as President of USQ, leading structuring solutions and risk financing strategies for clients, utilising traditional property & casualty, credit, and financial products. Before this, he was a senior executive and General Counsel of Allianz’s alternative risk transfer and insurance-linked securities/collateralised reinsurance businesses.
Bavishi is also a co-founder of USQ and serves as Chief Underwriting Officer, and has over two decades of experience in Alternative Risk Transfer and Risk Finance re/insurance.
He currently oversees pricing, underwriting and portfolio management with USQ and maintains the re/insurance relationships for the Alternative Risk Transfer business. Before USQ, Bavishi has held senior executive roles in underwriting and actuarial functions at Allianz, Northbridge and Zurich.
Zipper and 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.”
Moreno added, “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.”
