Revealed – New owner of Conifer Insurance Services

After Insurance business Conifer Holdings (Conifer) has reportedly sold its insurance agency operations to a mystery buyer, the new owner of Conifer Insurance Services (CIS) has now revealed itself. In a separate announcement issued by Conifer, Bishop Street Underwriters said it has entered the commercial lines MGA market by acquiring CIS.

Chad Levin (pictured), chief executive of the multi-boutique insurance platform, said: “We are excited to add [CIS] on the Bishop Street platform as part of our strategic expansion. [CIS] Over the past year a certain MGA has moved, and this strategic carrier carve-out will serve as a solid foundation that checks many of the boxes as our first trading platform acquisition.

“[This] Building on the positive momentum of our recent announcements. These strategic relationships position Bishop Street for continued growth through acquisitions of MGAs, recruitment of specialized underwriting teams, and new business development initiatives.

As previously revealed by Conifer, Nick Petkoff was joining CIS as a new owner. Acquired MGA CEO Pete Koff expressed excitement on behalf of his team of over 70 people.

“with [Bishop Street’s] Backed by strategic partners and strong capital resources, we are confident that we can continue to exceed client expectations by delivering highly tailored insurance solutions and exceptional service,” he announced.

“We are already working with Bishop Street to expand new underwriting technology capabilities, as well as expand distribution and capacity for new programs and acquisitions on our radar.”

Meanwhile, Bishop Street owner RedBird Capital Partners is also keen to swoop in.

“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 Mike Zabik, partner at RedBird Capital. “With the backing of Redbird and a strong pipeline of growth opportunities, Bishop Street is well-positioned to benefit from secular tailwinds.”

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