August 3, 2025
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The Insurer
Industry veteran Michael Chang is returning to the market and his underwriting roots, teaming up with United Risk on a buyout of WTW-owned MGU platform Verita.
Approached by Program Manager for comment, a United Risk spokesperson confirmed that the transaction closed on Friday and that Chang has been named the CEO of the spun-out MGU platform, which is being rebranded as Verist.
Current CEO and president Ed Chiang, who has a longstanding relationship with Chang, is remaining with Verist as its president, with the MGU continuing to offer admitted property, general liability, auto, and workers compensation coverage.
The United Risk spokesperson added that Verita’s leadership and staff remain fully intact and that it will continue maintaining operations in offices located in the United States, Mexico, India, and the Philippines.
They added that the pace of Verist’s placements, renewals, and hiring is expected to accelerate on the heels of the spin-off.
Chiang told Program Manager at the RIMS RISKWORLD conference in Chicago in May that the firm’s headcount was somewhere north of 40 staff, that it trades with north of 50 brokers, and that premium had topped $100 million.
“This latest addition to United Risk’s portfolio of MGUs deepens its focus on middle market and large-account admitted business and specific industry sectors,” United Risk president Rick Christofer said in a statement to Program Manager.
“Verist will sustain and grow its presence as a top MGU for business risk in real estate, hospitality, leisure, financial institutions, professional services and life sciences, including property, general liability, workers comp, auto, umbrella/excess liability and financial lines coverages,” he added.
Christofer said that Verist’s specialty product offerings will continue to include active assailant, clinical trials, pandemic and other such “in-demand features”, which he said give Verist “a decided edge as a market specialist”.
Launching Verita was among a number of major initiatives undertaken by Chang during his two-plus years serving as WTW’s head of corporate risk and broking for North America.
Chang has a longstanding track record of building out industry-specific vertical operations from his prior experience at WTW, Sompo International, and Chubb.
A United Risk spokesperson said that Chang “expressed great optimism” for Verist, while Chang pointed to United Risk’s specialized talent and support systems.
“United Risk is a large organization dedicated exclusively to underwriting and distribution,” Chang said in a statement.
“This well-timed and carefully planned transition will result in no interruption whatsoever, and strengthens our ability to deliver tailored, agile solutions that empower brokers, agents and clients to master unique risk with clarity and confidence,” he added.
“We are the market of choice because we deeply understand our clients’ business, craft precise solutions for their challenges and provide unparalleled support throughout the policy life cycle,” Chang said.
“We don't just deliver insurance. We build enduring partnerships grounded in trust, performance and a commitment to excellence. Our entire staff joins me in expressing our delight at this advance of our market,” he concluded.
A spokesperson for WTW did not immediately respond to a request for comment. Sources said the deal is expected to be announced publicly as soon as Monday.
Verita was founded in 2023 by Chang and a number of his former Sompo International colleagues, including Chiang as CEO, Neal Enriquez as CUO, Jason Dockery as chief industry officer, and Jolin Shi as chief actuary, among others.
Other Sompo executives that joined Verita at its launch include Robert Touhy as chief commercial officer, Adam Bergen as head of distribution and business development, Shaun Gonzales as head of property and Stephen Ruane as head of capital market solutions.
Kathleen Ratcliffe also joined Verita from Sompo as head of casualty.
The MGU has launched multiple product lines serving a number of different industry verticals. Its backing includes capacity from Markel, among others.
WTW's decision to move away from running an in-house MGU comes as work continues on its re-launch into treaty reinsurance.
CEO Carl Hess has previously touted the buildout of Verita on WTW’s earnings calls as a key part of its strategy. In an interview coinciding with WTW’s first investor day in three years in December, Hess highlighted MGU’s ability to “fashion coverage” for clients.
He noted that Verita allows WTW to "actually go beyond standard terms to get your client either coverage that they couldn't necessarily get on an effective basis as a standalone or by pooling together multiple clients’ buying to actually strike a better deal with the carrier partner.”
Change left WTW in December after a little over two years, having previously served as Sompo International’s CEO for its Global Risk Solution divisions. He also spent nearly two decades with Chubb and predecessor firm Ace, where he had been division president of the insurer's real estate and hospitality unit.
In addition to launching Verita, Chang on the broking side built out distinct industry verticals with unique P&L statements as part of a broader strategy to establish WTW as a specialist broker in North America.
© 2025 The Insurer. Reposted with permission.
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Chang returning to market withUnited Risk-backed Verita buyout from WTW
