Bishop Street Underwriters acquires Conifer Insurance Services
Bishop Street Underwriters, a RedBird Capital Partners company looking to partner with MGAs and niche underwriting teams, has acquired Conifer Insurance Services, a specialty commercial managing general agency from Conifer Holdings. The acquisition of Conifer marks Bishop Street’s entry into commercial lines, expanding its multiline, differentiated MGA platform.
Earlier this week, Conifer announced the sale of its insurance agency operations for $45 million, with the possibility of additional payments of up to $25 million based on future performance.
Conifer operates a portfolio of three programs across several specialty lines of business, including main street small and medium sized enterprises, 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. 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.” – Chad Levine, Chief Executive Officer of Bishop Street.
“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. 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.” – Nick Petcoff, CEO of Conifer Insurance Services.
“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.” – Mike Zabik, Partner of RedBird Capital.
