Bishop Street Underwriters Acquires Landmark Underwriting
Bishop Street Underwriters (Bishop Street), a distinguished portfolio company of RedBird Capital Partners, has successfully finalized its acquisition of the London-based Landmark Underwriting (Landmark). This significant transaction marks Bishop Street’s inaugural expansion beyond North American borders, according to a recent news release. The specific financial terms of the acquisition have not been disclosed.
Established in 2017, Landmark operates as a specialist managing general agent (MGA) that delivers tailored insurance solutions across various sectors, including professional indemnity, property coverage, directors and officers liability, and general liability insurance. With this acquisition, Bishop Street aims to broaden Landmark’s service offerings to encompass marine and political risk products, while also pursuing developments in emerging global markets.
The leadership team at Landmark will continue to guide the company, with Sitki Gelmen retaining his role as group CEO, David Ratledge serving as group managing director, and Deepti Janak acting as group chief financial officer. This continuity in leadership is intended to facilitate a seamless transition and align with Bishop Street’s overarching strategic objectives across the UK, Europe, and the Asia-Pacific region.
“We’re thrilled to officially welcome Landmark Underwriting to the Bishop Street family,” stated Chad Levine, CEO of Bishop Street. “We eagerly anticipate leveraging the team’s extensive experience and robust industry relationships to propel the next chapter of international growth for our platform.”
Gelmen expressed enthusiasm regarding the benefits of this strategic partnership, calling it an “exciting next phase” for both entities. “Our focus remains on delivering specialty underwriting solutions to our partners, and through this collaboration, we will enhance our capability to provide leading risk solutions to premier broking houses across the globe. The synergy of Bishop Street’s resources combined with our niche expertise will empower us to accelerate growth, diversify our product offerings into complementary lines of business, and strengthen our presence in vital markets,” remarked Gelmen.
“Bishop Street’s growth strategy hinges on leveraging a multi-jurisdictional footprint. Landmark’s robust presence in London, coupled with its expanding global reach, serves as crucial drivers for future growth, both organically and through strategic acquisitions across key international markets,” added Mike Zabik, partner at RedBird Capital.
This acquisition follows a series of strategic investments made by Bishop Street, including the recent purchases of Ethos Specialty’s Transactional Liability unit, Verve Services, Conifer Insurance Services, and Ahoy!, along with partnerships formed with Skyward Specialty Insurance and Topsail Re.
Source: Insurance Business Mag
