Bishop Street Underwriters has launched a new program called Bishop Street Program Managers (BSPM), designed to help specialty managing general agents (MGAs) get started quickly. Backed by a strong platform with $600 million in gross written premium, BSPM offers all the tools and support needed to launch an MGA in as little as 90 days.
BSPM operates within Bishop Street’s larger network and provides a ready-made infrastructure. This includes back-office support, access to capital, and connections with insurers. On top of that, underwriters joining BSPM can take advantage of shared services for compliance, technology, distribution, and data analysis. An AI-enhanced underwriting system is also part of the package, making it easier to customize setups for specific market niches.
This new venture is part of Bishop Street, which is backed by RedBird Capital Partners, a private investment firm managing $12 billion in assets. To lead BSPM, Bishop Street has brought in two experienced executives. Luke Porter, who has a long career in underwriting and program management, will serve as president. He comes from Mission Underwriters, where he helped grow their portfolio of programs. Andrew Shrout joins as chief strategy officer, bringing expertise in marketing, organizational growth, and operational planning.
The launch of BSPM comes after adding Dan Latinsky as chief risk officer. Latinsky, a fellow of the Casualty Actuarial Society, will focus on underwriting, pricing, and portfolio strategy. He previously worked at Obsidian Insurance Holdings, where he managed pricing and profitability for various programs.
Bishop Street is based in Chicago and has recently expanded by acquiring several companies, including Avid Insurance, Aerospace Insurance Managers, Landmark Underwriting, Ethos Specialty’s Transactional Liability unit, Conifer Insurance Services, and Verve Services. With BSPM, Bishop Street aims to support a new wave of specialty MGAs, making it easier for them to launch and grow under a well-established platform.