Bishop Street Underwriters, a multi-boutique insurance platform, has announced that it will acquire Landmark Underwriting, a specialty focused managing general agent (MGA) in the London Insurance market.
The financial terms of the acquisition were not disclosed and it is subject to United Kingdom’s Financial Conduct Authority regulatory approval.
Landmark Underwriting provides multi-disciplined product offerings to brokers and clients worldwide, with a focus on complex and specialty re/insurance across multiple classes including professional indemnity, property, directors and officers, general liability and marine.
The company’s personalised and customer-focused strategy allows them to provide customized insurance solutions with remarkable efficiency, supported by a group of highly-rated capacity partners.
Founded in 2017, Landmark has a foothold in the UK and Australia with growing presence in Canada and Europe and it’s headquartered in London.
Chad Levine, Chief Executive Officer of Bishop Street, said: “Landmark’s long-standing reputation for excellence and deep knowledge of niche markets complements Bishop Street’s mission to offer innovative solutions that can be tailored to meet the unique needs of an evolving specialty marketplace.
“Adding Landmark to our growing platform supports our continued efforts to partner with best-in-class operators and underwriters to grow their businesses alongside best-in-class platform capabilities, while expanding Bishop Street’s global reach.”
Sitki Gelmen, Landmark Underwriting Co-Founder, commented: “We are entering a new chapter for Landmark, focused on ambitious and profitable growth. This partnership with Bishop Street will provide exciting strategic capabilities to expand our dynamic and service driven team of underwriters, leading to even more innovative and flexible risk management solutions for brokers and clients.”
Mike Zabik, Partner of RedBird Capital, added: “We are excited to partner with the Landmark team as Bishop Street continues to execute on our growth strategy. Having a multi-jurisdictional footprint is a core strategy for us and we’re looking forward to leveraging Bishop Street’s existing platform and distribution relationships to drive organic and inorganic growth in the UK and other global markets with the Landmark team.”
Landmark’s acquisition is one of Bishop Street’s latest moves as it follows a series of key strategic developments, including the acquisitions of Ethos Specialty’s Transactional Liability unit, Conifer Insurance Services, Ahoy!, an investment in Verve Services, and the establishment of partnerships with Skyward Specialty Insurance and Topsail Re.
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