Bishop Street Underwriters Expands Globally with Landmark Underwriting Acquisition
Bishop Street Underwriters, a dynamic multi-boutique insurance platform under the ownership of RedBird Capital Partners, has successfully completed its acquisition of Landmark Underwriting, a renowned specialty managing general agent (MGA) operating within the London insurance market. This significant transaction, first revealed in November 2024, represents Bishop Street’s inaugural expansion beyond North America, enhancing the platform’s capabilities with Landmark’s specialized expertise.
The leadership team at Landmark will remain intact, featuring Sitki Gelmen as Group CEO, David Ratledge as Group Managing Director, and Deepti Janak as Group Chief Financial Officer. This continuity is aimed at ensuring a seamless transition while aligning their strategic vision with Bishop Street’s objectives for growth across the UK, Europe, and the Asia Pacific region.
Since its inception in 2017, Landmark has been dedicated to serving clients within the specialty re/insurance sector, offering tailored insurance solutions across a variety of classes, including:
- Professional Indemnity
- Property
- Directors and Officers
- General Liability
With the acquisition now finalized, Landmark is poised to build upon its established market presence and recent forays into Marine and Political Risk, while also exploring additional lines of business and expanding into new geographical territories.
Chad Levine, CEO of Bishop Street, expressed his enthusiasm, stating, “We’re thrilled to officially welcome Landmark Underwriting to the Bishop Street family. We look forward to leveraging the team’s extensive experience and robust industry relationships to facilitate the next chapter of international development for our platform. Landmark’s agility in adapting to client needs and its capability to attract top underwriting talent will undoubtedly drive its growth, solidifying its position as a leading MGA in the global marketplace and a perfect complement to the Bishop Street portfolio.”
In response, Sitki Gelmen, Group CEO and Co-Founder of Landmark Underwriting, remarked, “This is an exhilarating next phase for Landmark. Our focus is on delivering specialty underwriting solutions to our partners, and through this partnership, we will enhance our capacity to provide premier risk solutions to leading broking houses around the world. The synergy of Bishop Street’s resources and our niche expertise will empower us to accelerate growth, broaden our product offerings into complementary lines, and deepen our footprint in critical markets.”
Mike Zabik, a Partner at RedBird Capital, emphasized the strategic nature of this acquisition: “Bishop Street’s growth strategy is centered on leveraging a multi-jurisdictional footprint. Landmark’s stronghold in London, coupled with its expanding global reach, serves as a pivotal lever for future growth, both organically and through strategic acquisitions across vital international markets.”
This acquisition comes on the heels of Bishop Street’s recent strategic initiatives, including the acquisition of Ethos Specialty’s Transactional Liability unit and Conifer Insurance Services last year, along with a strategic equity investment in Verve Services in September 2024.
Source: Reinsurance News
