Bishop Street Underwriters to Acquire Landmark Underwriting
NEW YORK and LONDON, Nov. 25, 2024 (GLOBE NEWSWIRE) — Bishop Street Underwriters (“Bishop Street”), a RedBird Capital Partners portfolio company, today announced that it will acquire Landmark Underwriting, a specialty focused managing general agent (MGA) in the London Insurance market. Financial terms were not disclosed. The acquisition is subject to United Kingdom’s Financial Conduct Authority regulatory approval.
Founded in 2017, Landmark Underwriting provides multi-disciplined product offerings, globally to brokers and clients, with a dedicated focus on complex and specialty (re)insurance across multiple classes including professional indemnity, property, directors and officers, general liability and marine. Landmark’s bespoke and client-centric approach enables it to deliver tailored insurance solutions with exceptional efficiency, backed by a range of A rated and other capacity partners. From its headquarters in London, Landmark has a foothold in the UK and Australia with growing presence in Canada and Europe.
“Landmark’s long-standing reputation for excellence and deep knowledge of niche markets complements Bishop Street’s mission to offer innovative solutions that can be tailored to meet the unique needs of an evolving specialty marketplace,” said Chad Levine, Chief Executive Officer of Bishop Street. “Adding Landmark to our growing platform supports our continued efforts to partner with best-in-class operators and underwriters to grow their businesses alongside best-in-class platform capabilities, while expanding Bishop Street’s global reach.”
“We are entering a new chapter for Landmark, focused on ambitious and profitable growth,” said Sitki Gelmen, Landmark Underwriting Co-Founder. “This partnership with Bishop Street will provide exciting strategic capabilities to expand our dynamic and service driven team of underwriters, leading to even more innovative and flexible risk management solutions for brokers and clients.”
Mike Zabik, Partner of RedBird Capital, said, “We are excited to partner with the Landmark team as Bishop Street continues to execute on our growth strategy. Having a multi-jurisdictional footprint is a core strategy for us and we’re looking forward to leveraging Bishop Street’s existing platform and distribution relationships to drive organic and inorganic growth in the UK and other global markets with the Landmark team.”
This acquisition follows a series of key strategic developments, including the acquisitions of Ethos Specialty’s Transactional Liability unit, Conifer Insurance Services, Ahoy!, an investment in Verve Services, and the establishment of partnerships with Skyward Specialty Insurance and Topsail Re.
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 Landmark Underwriting
Landmark Underwriting is a specialist, UK based MGA providing (re)insurance solutions to complex clients globally. Since 2017, Landmark has maintained relationships with all of the significant Insurance Broker markets. From its centre of operations in London, Landmark currently provides risk solutions across Professional Indemnity, General Liability, Directors and Officers, Property and Marine. The company continues to expand its underwriting and operational bandwidth in key territories, driving rapid growth.
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
