Topsail Re Announces Joint Venture with Bishop Street for MGA Support | Insurance business America
It provides benefits to program administrators within the network
reinsurance
By Kenneth Araullo
Bishop Street Underwriters has announced a new collaboration with Topsail Reinsurance.
Through this partnership, Topsail Re provides benefits to Managing General Agents (MGAs) and program administrators within the network. It provides preferred capacity and access to Topsail Re’s underwriting and administrative expertise.
Additionally, this initiative is intended to drive the development of new relationships with primary, fronting and reinsurance carriers and facilitate the expansion of existing programs, the introduction of new products and programs, and the acquisition of underwriting teams.
Bishop Street works primarily with business owners, operators and insurers in the specialist property and casualty (P&C) markets. Bishop Street was founded last year under the leadership of CEO Chad Levine and President Chad Weber and benefits from the support of RedBird Capital Partners.
Levine has a long history of leadership roles at Aon, including as Chief Strategy Officer of Aon Affinity, and a track record of growth planning and execution within Aon’s portfolio of North American specialty insurance programs.
Levine expressed excitement about the partnership with Topsail Re, emphasizing the strategic deployment of capacity to support platform partner growth and the importance of preferred capacity for MGAs.
“Topsail Re is the ideal first partner for Bishop Street as we continue to work with MGAs in the specialty P&C commercial space and provide a clear differentiator in the market,” said Levine.
Weber now brings experience as a former managing director of Guy Carpenter’s North American contracts practice, where he was instrumental in leading reinsurance placements and managing relationships with global insurance carriers and MGAs.
Weber noted the synergy between RedBird’s history of business development in the insurance sector, including Constellation Affiliated Partners, and Bishop Street’s multi-boutique platform model.
“The Topsail Re team has recognized the potential of what we are building and we look forward to working together to capitalize on this specialty segment,” said Weber.
David Johnson, CEO of Topsail Re, and Tom Gubash, Managing Director of Topsail Re, also expressed the company’s commitment to supporting Bishop Street’s diverse partners with the necessary underwriting, sales functions and capital across all specialty lines.
“For Topsail Re, this partnership with Bishop Street and RedBird is a direct response to two key factors: our existing partners continually demanding strategic growth capital in addition to our venture capital (reinsurance) capacity solutions and our desire to continually evolve “We support our customers by “We are expanding the breadth of our capabilities and partner-first solutions,” they said.
Following the formation of the joint venture, Johnson and Topsail Re’s recently appointed Chief Strategy Officer and Executive Vice President Christopher Miller will join Bishop Street’s Board of Directors, with Gubash serving as Board Observer.
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2024-03-28 15:29:26
www.insurancebusinessmag.com
