Acquisition is Bishop Street’s First Entry into the Commercial P&C MGA Market
NEW YORK and TROY, Mich., Sept. 05, 2024 (GLOBE NEWSWIRE) — Bishop Street Underwriters (“Bishop Street”), a multi-boutique insurance platform owned by RedBird Capital Partners (“RedBird”), today announced it has acquired Conifer Insurance Services (“Conifer” or “CIS”), a specialty commercial managing general agency (“MGA”) from Conifer Holdings, Inc. (Nasdaq: CNFR). The acquisition of Conifer marks Bishop Street’s entry into commercial lines, expanding its multiline, differentiated MGA platform.
Conifer operates a portfolio of three programs across several specialty lines of business, including main street small and medium sized enterprises (SMEs), hospitality and auto dealers. Conifer’s existing infrastructure presents a significant growth opportunity for Bishop Street, enabling further scale through geographic expansion, new product development 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. “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,” continued Mr. Levine.
“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,” said Nick Petcoff, CEO of Conifer Insurance Services. “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.”
“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,” said Mike Zabik, Partner of RedBird Capital.
About Bishop Street
Bishop Street Underwriters, a RedBird Capital portfolio company, seeks to partner with Managing General Agents (“MGAs”) as well as niche underwriting teams. Bishop Street aims to combine their best-in-class (re)insurance executive team’s vision with RedBird’s strong track record, expertise, and network in the financial services sector to build a differentiated platform that is uniquely positioned to capitalize on secular growth tailwinds in the industry. For more information, please go to www.bishopstreetuw.com.
About RedBird Capital Partners
RedBird Capital Partners is a private investment firm that builds high-growth companies with strategic capital solutions to founders and entrepreneurs. The firm currently manages $10 billion in assets on behalf of a global group of blue chip institutional and family office investors. Founded in 2014 by Gerry Cardinale, RedBird integrates sophisticated private equity investing with a hands-on business building mandate that focuses on three core industry verticals – Financial Services, Sports and Media & Entertainment. Over his 30-year investment career, Cardinale has partnered with founders and entrepreneurs to build some of the most iconic growth companies in their respective industries. For more information, please go to www.redbirdcap.com.
Media Contacts
Bishop Street
Dan Gagnier
Gagnier Communications
redbird@gagnierfc.com
646.569.5897
