Bishop Street Underwriters, a notable entity within the RedBird Capital Partners’ portfolio, has formally announced a groundbreaking joint venture with Topsail Reinsurance SPC, Ltd. (Topsail Re), a leading privately-held reinsurer.
This alliance is set to accelerate the growth of Bishop Street’s differentiated Managing General Agents (MGAs) platform by providing preferred capacity alongside Topsail Re’s extensive underwriting expertise.
The core motivation behind this partnership is to inject strategic value into the MGAs and Program Administrators within the Bishop Street ecosystem. By leveraging Topsail Re’s established proficiency in supporting MGAs and programs, including underwriting and administrative expertise, the venture aims to foster new primary, fronting, and reinsurance carrier relationships. This strategic collaboration is designed to facilitate the expansion of existing programs, launch new products and programs, and support underwriting team lift-outs.
Bishop Street operates as a value-adding acquirer and incubator for insurance programs, blending established brand equity with leading capabilities, capital, and resources to spur significant growth. The firm actively partners with entrepreneurs, operators, and underwriters across specialty Property & Casualty (P&C) markets, aiming to revolutionize the InsurTech landscape. Since its inception last year, under the leadership of CEO Chad Levine and President Chad Weber, Bishop Street has been committed to harnessing capacity as a strategic asset, underscoring the importance of preferred capacity for MGAs’ organic growth and the initiation of new programs.
Topsail Re, on the other hand, brings to the table a rich history of underwriting success and support for MGAs and program administrators. With a focus on strategic growth capital in addition to risk-capital (reinsurance) capacity solutions, Topsail Re continuously seeks to evolve alongside its clients, offering expansive capabilities and a partner-first approach.
The partnership between Bishop Street and Topsail Re is further enriched by the addition of Topsail Re’s CEO David Johnson and Chief Strategy Officer & Executive Vice President Christopher Miller to the Bishop Street Board of Directors. Moreover, Tom Gubash, Managing Director of Topsail Capital Partners, will join as a Board Observer, cementing the collaborative framework of this venture.
In statements highlighting the joint venture’s significance, Bishop Street CEO Chad Levine said, “We are excited to partner with Topsail Re. From the initial launch of Bishop Street, we have been focused on utilizing capacity as a strategic asset for our platform partners. Preferred capacity is a critical enabler for MGAs and this investment supports organic growth at existing MGA programs and the launch of new programs.
“Topsail Re is the ideal first partner for Bishop Street as we continue working with MGAs in the specialty P&C commercial space and is a clear differentiator in the marketplace.”
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