PriyaPatel
TLDR:
• Bishop Street partners with Skyward Specialty Insurance Group to enhance MGA offerings
• Strategic joint venture aims to strengthen managing general agents and launch new products
Bishop Street Underwriters, a multi-boutique insurance platform, has formed a strategic joint venture with Skyward Specialty Insurance Group to enhance managing general agents (MGAs) and expand existing programs. The partnership will provide access to preferred Admitted and excess & surplus (E&S) insurance capacity, bolstering Bishop Street’s platform. The collaboration between the two companies aims to leverage their expertise in the specialty property & casualty (P&C) space and boost Bishop Street’s growth in the MGA market.
Article:
Bishop Street Underwriters, a multi-boutique insurance platform owned by RedBird Capital Partners, has formed a strategic joint venture with Skyward Specialty Insurance Group. The partnership aims to enhance Bishop Street’s ability to strengthen managing general agents (MGAs), support the expansion of existing programs, launch new products, and facilitate underwriting team lift-outs, according to InsurTech Insights. This collaboration will also provide access to preferred Admitted and excess & surplus (E&S) insurance capacity, bolstering Bishop Street’s platform.
Bishop Street specialises in acquiring and incubating MGAs by merging brand equity with advanced capital and resources, creating a powerful growth engine. The company is actively involved in the specialty P&C markets, having completed several deals and preparing to close more this year. Its tech-driven decision-making and value-creation capabilities are central to its strategy.
Skyward Specialty is a well-established insurance group, renowned for its underwriting expertise in the specialty P&C space. Its technological and analytical capabilities, combined with its primary insurance capacity and financial strength, make it an ideal partner for Bishop Street’s expanding portfolio of MGAs. This joint venture follows Bishop Street’s earlier partnership with Topsail Reinsurance, further expanding its market expertise. Together, these alliances provide complementary underwriting techniques and resources, reinforcing Bishop Street’s ability to leverage capacity as a strategic asset for platform partners.
The partnership with Skyward Specialty is expected to accelerate Bishop Street’s growth, giving it a significant edge in offering new insurance solutions across the MGA market. This new collaboration highlights Bishop Street’s commitment to creating a diversified ecosystem of top-performing MGAs.
Chad Weber, President of Bishop Street, commented, “Partnering with a rapidly growing leader like Skyward Specialty marks a significant milestone for Bishop Street. As we expand our platform, our ability to offer preferred primary insurance capacity distinguishes us as a key partner for both current and future MGA partners.” Chad Levine, CEO of Bishop Street, added, “Our strategy focuses on building a connected ecosystem of diversified MGAs, each with best-in-class underwriting, backed by a data-driven infrastructure, unique access to capacity, and distribution. The complementary expertise of our partners solidifies Bishop Street as the preferred home for diverse specialty MGAs in the industry.”
Andrew Robinson, Chairman and CEO of Skyward Specialty, stated, “Our partnership with Chad, Bishop Street, and the RedBird team is driven by our shared commitment to delivering innovative and tailored insurance solutions to meet the specialized needs of our customers. This joint venture enhances our ‘Rule Our Niche’ strategy, expanding our capability with the impressive roster of MGAs in the Bishop Street portfolio and the future markets they are targeting. “We have developed a strong relationship with RedBird over the past few years, and we believe that Bishop Street has an exceptional financial backer with a proven track record in insurance. RedBird’s support further strengthens this partnership.”
