Bishop Street enters Commercial P&C MGA market with Conifer acquisition

Bishop Street Underwriters, a multi-boutique insurance platform, acquired Conifer Insurance Services, a specialty commercial managing general agency (MGA), from expanding its multiline, differentiated MGA platform, marking its entry into commercial lines.

With this acquisition, Bishop Street, owned by RedBird Capital Partners, will also be expanding its multiline, differentiated MGA platform.

Conifer manages a diverse portfolio of three programs that span various specialty lines of business. These include main street small and medium-sized enterprises (SMEs), along with hospitality and auto dealerships.

Bishop Street sees substantial growth potential within Conifer’s existing infrastructure, which could enable further scale through geographic expansion, development of new products, and add-on acquisition synergies.

“We are excited to add Conifer to the Bishop Street platform as part of our strategic expansion. Conifer has transitioned to a specialty MGA over the last year, and this strategic carrier carve-out will serve as a strong foundation that checks many boxes as our first commercial platform acquisition,” said Chad Levine, Chief Executive Officer of Bishop Street.

He added: “Today’s news builds on the positive momentum of our recent announcements. These strategic relationships position Bishop Street for continued growth through the acquisition of MGAs, the recruitment of specialty underwriting teams, and new business development initiatives.

Nick Petcoff, CEO of Conifer Insurance Services, commented: “Conifer’s 70+ colleagues are excited to join Bishop Street’s platform and tap into the expertise of their experienced team. With their strong backing of strategic partners and capital resources, we’re confident we can continue to exceed client expectations by delivering highly tailored insurance solutions and exceptional service.

“We are already working with Bishop Street to build in new underwriting technology capabilities as well as expand distribution and capacity for new programs and acquisitions we have on our radar.”

Mike Zabik, Partner of RedBird Capital, stated: “This first commercial line acquisition is an important step for the Bishop Street platform, which leverages shared services and best-in-class technology offerings.

“With RedBird’s backing and a strong pipeline of growth opportunities, Bishop Street is well positioned to take advantage of secular tailwinds.

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