NEW YORK, NY and HOUSTON, TX – September 3, 2024
Bishop Street operates as a value-driven acquirer and incubator, strategically combining the established brand strength of Managing General Agents (MGAs) with superior resources, capital, and expertise to construct a robust growth platform. Having already finalized several deals and with more anticipated this year, Bishop Street is actively collaborating with entrepreneurs, seasoned operators, and leading underwriters within the specialty P&C landscape.
This joint venture is designed to significantly accelerate Bishop Street’s capacity to empower its MGAs. It will bolster existing program expansions, facilitate the launch of innovative products and programs, and support the seamless integration of underwriting teams with enhanced Admitted and Excess & Surplus (E&S) capacity.
The synergy between Bishop Street’s data-centric, technology-enabled approach to decision-making and value creation, and Skyward Specialty’s deep underwriting proficiency, cutting-edge technology and analytics, primary insurance capacity, and robust financial standing, will empower Bishop Street to more effectively address the specific needs of its MGA businesses. This powerful combination creates a compelling turnkey platform for entrepreneurial underwriters seeking to thrive.
This strategic alliance with Skyward Specialty complements Bishop Street’s earlier joint venture with Topsail Reinsurance, a leading reinsurance provider, announced earlier in the year. Both partnerships bring valuable and complementary underwriting techniques and extensive market knowledge, further supporting Bishop Street’s ongoing expansion and its ability to strategically leverage capacity as a key asset for its platform partners.
“Establishing this partnership with a rapidly growing leader like Skyward Specialty represents a pivotal milestone for Bishop Street. As we continue to expand our platform, our enhanced ability to offer preferred primary insurance capacity distinctly positions us as a key differentiator, appealing to both current and prospective MGA partners,” stated Chad Weber, President of Bishop Street.
Chad Levine, CEO of Bishop Street, further commented, “Our core focus is on cultivating a connected ecosystem of diverse MGAs, each characterized by best-in-class underwriting and supported by a data-driven infrastructure. This ecosystem benefits from unique access to both capacity and distribution channels. The combined expertise of our partners firmly establishes Bishop Street as the premier destination for diverse specialty MGAs within the insurance industry.”
Andrew Robinson, Chairman and CEO of Skyward Specialty, emphasized the strategic alignment of the partnership, stating, “Our decision to join forces with Chad, Bishop Street, and the RedBird team stems directly from our shared vision and dedication to delivering innovative and customized insurance solutions tailored to the specialized needs of our target customers. This principle is at the heart of our ‘Rule Our Niche’ strategy, and this joint venture extends our capabilities through the impressive array of MGAs already integrated within the Bishop Street portfolio, as well as the future markets Bishop Street is targeting.”
Robinson further highlighted the strong relationship with RedBird Capital Partners, adding, “Over recent years, we have cultivated a robust relationship with RedBird, and we are confident that Bishop Street benefits from a terrific financial backer with a proven track record in the insurance sector. RedBird’s backing significantly strengthens this partnership we are establishing.”
About Bishop Street
Bishop Street Underwriters, backed by RedBird Capital Partners, is dedicated to partnering with Managing General Agents (MGAs) and specialized underwriting teams. Bishop Street’s strategy is to combine the vision of its best-in-class (re)insurance executive leadership with RedBird’s established success, industry expertise, and extensive network within the financial services sector. This synergy aims to create a differentiated platform uniquely positioned to capitalize on the favorable long-term growth trends within the insurance industry. For further details, please visit www.bishopstreetuw.com
About Skyward Specialty
Skyward Specialty is a rapidly expanding and innovative specialty insurance company committed to delivering commercial property and casualty insurance products and solutions on both a non-admitted and admitted basis. The Company operates through eight specialized underwriting divisions: Accident & Health, Captives, Global Property & Agriculture, Industry Solutions, Professional Lines, Programs, Surety, and Transactional E&S.
Skyward Specialty’s subsidiary insurance companies, including Houston Specialty Insurance Company, Imperium Insurance Company, Great Midwest Insurance Company, and Oklahoma Specialty Insurance Company, hold an A (Excellent) rating with a stable outlook from A.M. Best Company. For more in-depth information about Skyward Specialty, its team, and its product offerings, please visit skywardinsurance.com.
About RedBird Capital Partners
RedBird Capital Partners is a private investment firm focused on building high-growth companies by providing strategic capital solutions to founders and entrepreneurs. The firm currently manages $10 billion in assets under management, representing a diverse group of blue-chip institutional and family office investors worldwide. Founded in 2014 by Gerry Cardinale, RedBird combines sophisticated private equity investing with a hands-on, business-building approach, concentrating on three core industry verticals – Financial Services, Sports, and Media & Entertainment. Throughout his 30-year investment career, Cardinale has successfully partnered with founders and entrepreneurs to develop some of the most iconic growth companies across various industries. For more information, please visit www.redbirdcap.com.
Investor Contacts
Bishop Street Underwriters
[email protected]
Natalie Schoolcraft
Skyward Specialty Insurance Group
614-494-4988
[email protected]
Media Contacts
Bishop Street Underwriters
Dan Gagnier
Gagnier Communications
646-569-5897
[email protected]
Skyward Specialty Insurance Group
Haley Doughty
713-935-4944
[email protected]
