Bishop Street Underwriters, a multi-boutique insurance platform owned by RedBird Capital Partners, announced it has acquired Conifer Insurance Services a specialty commercial managing general agency from Conifer Holdings, Inc. The acquisition of Conifer marks Bishop Street’s entry into commercial lines, expanding its multiline, differentiated MGA platform.
Conifer operates a portfolio of three programs across several specialty lines of business, including main street small and medium sized enterprises (SMEs), hospitality and auto dealers. Conifer’s existing infrastructure presents a significant growth opportunity for Bishop Street, enabling further scale through geographic expansion, new product development and add-on acquisition synergies.
Conifer 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,” said Chad Levine, chief executive officer of Bishop Street.
Conifer announced earlier in the week that it was selling its insurance agency operations for consideration equal to $45 million plus possible additional earn-out payments of up to $25 million based on the future performance of the operations that were sold.
Conifer’s 70+ employees will join Bishop Street’s platform, said Nick Petcoff, CEO of Conifer Insurance Services.
“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,” said Petcoff.
Topics Mergers & Acquisitions Commercial Lines Business Insurance New Markets Insurance Wholesale
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