After Insurance Business reported the sale of Conifer Holdings’ (Conifer) insurance agency operations to a mystery buyer, the new owner of Conifer Insurance Services (CIS) has now revealed itself. In a separate announcement from that released by Conifer, Bishop Street Underwriters said it has entered the commercial lines MGA market by acquiring CIS.
Read more: CEO exits to join acquirer, new chief named
Chad Levine (pictured), chief executive of the multi-boutique insurance platform, stated: “We are excited to add [CIS] to the Bishop Street platform as part of our strategic expansion. [CIS] 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.
“[This] 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.”
As previously disclosed by Conifer, Nick Petcoff was joining CIS’s new owner. Petcoff, CEO of the acquired MGA, expressed excitement on behalf of his team of more than 70 people.
“With [Bishop Street’s] 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,” he declared.
“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.”
Meanwhile, Bishop Street owner RedBird Capital Partners is just as keen following the swoop.
“This first commercial line acquisition is an important step for the Bishop Street platform, which leverages shared services and best-in-class technology offerings,” noted RedBird Capital partner Mike Zabik. “With RedBird’s backing and a strong pipeline of growth opportunities, Bishop Street is well positioned to take advantage of secular tailwinds.”
What do you think about this story? Share your thoughts in the comments below.
