United Risk, part of the Applied Underwriters group, is set to open an office in Bermuda as part of a broader global expansion. The announcement came alongside the appointment of Alex Amezquita as chief financial officer and the promotion of former CFO Jay Cahill to chief executive of United Risk's newly formed reinsurance division.

The company, which is expanding rapidly across the insurance and reinsurance sectors, said the moves were meant to capitalise on current market dynamics and strengthen its global platform. Mr Cahill will be tasked with launching a multi-line reinsurance managing general agent, which is expected to begin underwriting in mid-2025 and open fully operational offices in New York, London and Bermuda ahead of the January 2026 renewals.

“This is an important opportunity allowing me to engage all of my experience and skills in an organisation with strong and disciplined fundamentals,” said Mr Amezquita, who previously served as CFO of Herbalife and held senior roles at Moelis & Company and Centreview Partners. “The future of United Risk is extremely promising and I am pleased to join the team that will realise it.”

Mr Cahill, who joined United Risk in 2024 after senior roles at Awbury and RenaissanceRe, said his new role came at a time of both challenge and opportunity for reinsurers.

“The hard reinsurance market poses challenges together with great opportunities for those with the right resources and a staff with ease and facility in deploying them. This will be the advantage our growing United Risk team will deliver,” he said.

Announcing the appointments, Jamie Sahara, president of Applied Underwriters, said: “These key appointments underline the direction United Risk is taking as our dramatic growth across and within the various sectors we underwrite rapidly continues.”

He added: “Jay Cahill brings a lot of additional energy to our underwriting team, adding substantially to the combined power of the existing 28 thriving programmes. As the reinsurance market hardens, like our continuing and successful E & S strategy, when it makes sense, we will focus on offering reinsurance rather than insurance. This is a plan that Jay Cahill is uniquely qualified to execute.”