Bishop Street Underwriters, a managing general agency backed by RedBird Capital Partners, has acquired Aerospace Insurance Managers (AIM) from Hallmark Financial Group.
The transaction marks Bishop Street’s entry into the aviation insurance market. Terms of the deal were not disclosed.
AIM provides insurance for general aviation risks, including aircraft hull and liability coverage, airport liability and related exposures. The company serves a range of clients such as private aircraft owners, flight schools, charter operators, fixed-based operators and municipal airports. It operates in 47 states and will continue to be led by Sean Kelley, vice president and chief underwriting officer, and Randy Kasen, vice president of business development and operations.
According to Bishop Street, the acquisition is part of a broader effort to expand its portfolio of niche insurance providers. The company said AIM’s team and distribution network align with its platform’s goals for growth and diversification.
“This acquisition supports our strategy to build a broader portfolio of specialized underwriting businesses,” said Chad Weber, president of Bishop Street Underwriters. “AIM brings industry knowledge and established relationships that will enhance our capabilities in the aviation segment.”
RedBird Capital partner Mike Zabik said the deal adds to Bishop Street’s efforts to scale its operations through acquisitions and underwriting team expansions. According to Zabik, the company has now completed three carrier carve-outs in under two years.
AIM’s leadership said the move provides access to additional resources and infrastructure to support business development.
The deal follows several acquisitions and partnerships by Bishop Street, including Landmark Underwriting, Ethos Specialty’s transactional liability unit, Conifer Insurance Services, marine insurer Ahoy!, and an investment in Verve Services. The company has also entered into agreements with Skyward Specialty Insurance and Topsail Re.
Raymond James & Associates served as exclusive financial advisor to Hallmark. Legal counsel was provided by Olshan Frome Wolosky LLP for Hallmark, and by Fried, Frank, Harris, Shriver & Jacobson LLP and McDermott Will & Emery LLP for Bishop Street.
