Bishop Street Underwriters Launches MGA Incubator

Bishop Street Underwriters announced the rollout of Bishop Street Program Managers (BSPM), an incubator for developing managing general agents (MGA).

Embedded within Bishop Street’s ecosystem and backed by its $600 million gross written premium platform, BSPM promises to provide the infrastructure, back-office capabilities, capital capacity and insurer relationships to jumpstart the launch of specialty MGAs as quickly as 90 days.

As part of BSPM, which is a RedBird Capital Partners portfolio company, underwriters will be able to benefit from Bishop Street’s shared services model across compliance, technology, distribution and data analytics, with support from an embedded AI-enhanced underwriting workbench. BSPM offers a a turnkey system setup customizable to specific niches.

To support the rollout of BSPM, Bishop Street has also announced executive leadership hires for BSPM:

• Luke Porter, president of BSPM – A career underwriter and industry veteran with specialized experience implementing and managing de novo programs and insurtech platforms, Porter will lead Bishop Street’s MGA incubator. He joins from Mission Underwriters, where he managed program rollout and expansion efforts across the firm’s portfolio.
• Andrew Shrout, CPCU, chief strategy officer, – Strout has decades of experience in strategic marketing, organizational transformation and operational sustainability to drive BSPM’s long-term growth strategy.

The launch of BSPM follows the addition of Dan Latinsky to the Bishop Street team as chief risk officer. In this role, Latinsky is responsible for furthering Bishop Street’s capabilities in underwriting, profitability, actuarial and pricing discipline and overall portfolio composition and strategy. He is a fellow of the Casualty Actuarial Society and joins from Obsidian Insurance Holdings, where he oversaw pricing and profitability monitoring across the company’s program portfolio.

Chicago-based Bishop Street says its expanded leadership team will build on the acquisitions of Avid Insurance, Aerospace Insurance Managers, Landmark Underwriting, Ethos Specialty’s Transactional Liability unit, Conifer Insurance Services and Verve Services.

RedBird Capital Partners is a private investment firm that currently manages $12 billion in assets.

Topics InsurTech Underwriting Insurance Wholesale