Bishop Street Underwriters has secured a major $125 million investment from White Mountains Insurance Group, giving a big boost to one of the fastest-growing managing general agency (MGA) platforms in the U.S. This capital injection comes just two years after Bishop Street was founded by Chad Levine, former chief strategy officer at Aon Affinity, and Chad Weber, an ex-managing director at Guy Carpenter.
Since launching in 2023, Bishop Street has grown quickly, reaching more than $650 million in gross written premium in 2025 while maintaining a portfolio loss ratio below 50%. The company has built a diverse portfolio by acquiring specialty underwriting businesses such as Avid Insurance, Landmark Underwriting, Conifer Insurance Services, Aerospace Insurance Managers, and Verve Services. Their offerings cover areas like construction, aviation, transactional liability, and specialty auto insurance.
In October 2025, Bishop Street added a new growth channel through the launch of Bishop Street Program Managers. This MGA incubator provides shared resources in compliance, technology, and data analytics, helping new programs get to market in as little as 90 days. The incubator is led by Luke Porter and Andrew Shrout, both formerly with Mission Underwriters.
White Mountains Insurance Group has been steadily investing in MGAs. They bought a controlling stake in Bamboo, a California homeowners’ platform, in late 2023 for about $285 million. They then sold a majority interest in Bamboo in 2025 at a $1.75 billion valuation, making an $816 million net gain. They also acquired 51% of Distinguished Programs, a specialty MGA with over $550 million in annual premiums, for $230 million in September 2025.
Chris Delehanty, head of M&A at White Mountains, highlighted the company’s longstanding relationship with the Bishop Street team. He said the partnership will focus on initiatives that drive growth and improve performance.
The MGA market continues to grow strongly. Data shows MGAs wrote around $114 billion in direct premiums in 2024, a 16% increase from the previous year, making up about 10% of the total U.S. property and casualty market.
Chad Levine, Bishop Street’s CEO, welcomed the investment as perfectly timed during a period of rapid progress. He said this partnership will help speed up their plans and expand their footprint globally in 2026. RedBird Capital Partners, which helped get Bishop Street started and manages $12 billion in assets, sees White Mountains as a long-term partner with the right insurance expertise. Mike Zabik, a partner at RedBird, added that the deal will support Bishop Street’s ambitious growth goals.
This investment marks another step for Bishop Street as it aims to grow its place in the expanding MGA sector with strong backing from experienced insurance investors.