Revealed – new proprietor of Conifer Insurance coverage Providers

After Insurance coverage Enterprise reported the sale of Conifer Holdings’ (Conifer) insurance coverage company operations to a thriller purchaser, the brand new proprietor of Conifer Insurance coverage Providers (CIS) has now revealed itself. In a separate announcement from that launched by Conifer, Bishop Avenue Underwriters mentioned it has entered the industrial traces MGA market by buying CIS.

Chad Levine (pictured), chief government of the multi-boutique insurance coverage platform, said: “We’re excited so as to add [CIS] to the Bishop Avenue platform as a part of our strategic enlargement. [CIS] has transitioned to a specialty MGA during the last 12 months, and this strategic service carve-out will function a powerful basis that checks many packing containers as our first industrial platform acquisition.

“[This] builds on the constructive momentum of our current bulletins. These strategic relationships place Bishop Avenue for continued progress by the acquisition of MGAs, the recruitment of specialty underwriting groups, and new enterprise improvement initiatives.”

As beforehand disclosed by Conifer, Nick Petcoff was becoming a member of CIS’s new proprietor. Petcoff, CEO of the acquired MGA, expressed pleasure on behalf of his crew of greater than 70 individuals.

“With [Bishop Street’s] robust backing of strategic companions and capital sources, we’re assured we will proceed to exceed consumer expectations by delivering extremely tailor-made insurance coverage options and distinctive service,” he declared.

“We’re already working with Bishop Avenue to construct in new underwriting expertise capabilities in addition to broaden distribution and capability for brand new packages and acquisitions we’ve on our radar.”

In the meantime, Bishop Avenue proprietor RedBird Capital Companions is simply as eager following the swoop.

“This primary industrial line acquisition is a vital step for the Bishop Avenue platform, which leverages shared providers and best-in-class expertise choices,” famous RedBird Capital companion Mike Zabik. “With RedBird’s backing and a powerful pipeline of progress alternatives, Bishop Avenue is nicely positioned to reap the benefits of secular tailwinds.”

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