Bishop Street Underwriters, a multi-boutique insurance platform owned by RedBird Capital Partners, announced a strategic equity investment in Verve Services, LLC, an auto insurance managing general agency (MGA).
This partnership marks Bishop Street's entry into the specialty private passenger auto sector. The investment is aimed at driving innovation and growth for Verve within the auto insurance industry.
Chad Levine (pictured above), chief executive officer of Bishop Street, commented on the partnership, noting that Verve has established itself as a differentiated auto insurance MGA with a strong platform.
“They have an exceptional platform that combines advanced analytics with a deep understanding of the market, which drives superior outcomes and has supported their position as a leader in the specialty auto insurance space," Levine said.
Chad Weber, president of Bishop Street, added that Verve's data-driven approach aligns with Bishop Street's strategic vision.
“Verve’s focus and commitment to utilizing data and analytics to deliver industry-leading loss ratios that significantly outperform industry results for its insurance and reinsurance partners is perfectly aligned with our strategic vision at Bishop Street,” Weber said.
Mike Zabik, partner at RedBird Capital, remarked that while Bishop Street's focus is primarily on building a diversified platform of commercial-lines MGAs, the company is open to opportunities in the personal-lines space.
“Dan and the rest of the Verve team have built a great business, and we look forward to partnering with them for their next stage of growth,” Zabik said.
Dan Lazarek, chief executive officer of Verve, expressed enthusiasm for the partnership with Bishop Street.
“This partnership brings invaluable expertise from a company with a proven track record in both insurance infrastructure and data-driven AI. We look forward to revolutionizing the auto insurance industry together,” Lazarek said.
Bishop Street Underwriters is part of RedBird Capital’s portfolio and focuses on partnering with MGAs and niche underwriting teams. The company combines the experience of its reinsurance executive team with RedBird’s expertise in financial services, aiming to create a differentiated platform positioned to capitalize on growth opportunities within the insurance sector.
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