Bishop Street Underwriters expands global reach with Landmark Underwriting acquisition

Bishop Street Underwriters, a portfolio company of RedBird Capital Partners, has unveiled plans to acquire Landmark Underwriting, a London-based managing general agent (MGA) known for its expertise in specialty and complex (re)insurance solutions. While the financial details of the deal remain undisclosed, the acquisition awaits approval from the United Kingdom’s Financial Conduct Authority (FCA).

This strategic move positions Bishop Street to further its ambition of building a global specialty insurance platform. Landmark Underwriting, founded in 2017, is renowned for delivering tailored insurance coverage to brokers and clients worldwide. Its offerings span multiple insurance classes, including professional indemnity, property, directors and officers (D&O), general liability, and marine insurance. The company’s ability to navigate intricate risk landscapes is supported by A-rated capacity providers and a growing international footprint across the UK, Australia, Canada, and Europe.

Strategic growth in specialty insurance markets

The acquisition underscores Bishop Street Underwriters’ strategy of partnering with niche underwriting teams and MGAs to enhance its capabilities and global presence. The company, guided by RedBird Capital Partners, leverages its seasoned (re)insurance executive team alongside RedBird’s expertise in financial services to capture emerging opportunities within the specialty insurance market.

Bishop Street’s CEO, Chad Levine, highlighted Landmark’s strong reputation for innovation and in-depth knowledge of niche insurance sectors. Levine noted that the partnership would enable Bishop Street to extend its global reach while offering specialized insurance solutions designed for an evolving market. He emphasized that the collaboration aligns with Bishop Street’s goal of working with best-in-class underwriters to grow their operations alongside the firm’s robust platform.

Landmark Underwriting’s co-founder, Sitki Gelmen, expressed enthusiasm about the acquisition, describing it as an opportunity to accelerate the company’s growth trajectory. Gelmen explained that the partnership would enable Landmark to expand its underwriting team and enhance its ability to provide innovative, client-centric risk management solutions for brokers and clients across multiple regions.

Redbird Capital’s role in growth strategy

RedBird Capital Partner Mike Zabik highlighted the acquisition as part of a broader strategy to establish a multi-jurisdictional platform in the specialty insurance market. Zabik pointed to the potential for leveraging Bishop Street’s infrastructure and distribution networks to drive organic and inorganic growth in the UK and beyond.

This acquisition follows a series of key investments by Bishop Street, including the purchase of Ethos Specialty’s Transactional Liability unit, Conifer Insurance Services, and the insurtech company Ahoy!. The company has also forged strategic partnerships with Skyward Specialty Insurance and Topsail Re, demonstrating its commitment to creating a diversified and scalable platform.

With Landmark’s integration, Bishop Street is poised to strengthen its foothold in the specialty insurance sector, offering bespoke solutions to meet the increasingly sophisticated demands of global clients.