Bishop Street Underwriters has completed a $125 million structured capital investment from White Mountains Insurance Group, marking a significant capital injection for one of the fastest-growing MGA platforms in the US market.
The deal comes after Bishop Street reported more than $650 million in gross written premium and a sub-50% portfolio loss ratio for 2025, just two years after the firm was founded by former Aon Affinity chief strategy officer Chad Levine and ex-Guy Carpenter managing director Chad Weber with backing from RedBird Capital Partners, which manages $12 billion in assets.
Since launching in 2023, Bishop Street has assembled a portfolio of specialty underwriting businesses through acquisition, including Avid Insurance, Landmark Underwriting, Conifer Insurance Services, Aerospace Insurance Managers, and Verve Services, spanning lines from construction and aviation to transactional liability and specialty auto.
The firm added an organic growth channel in October 2025 with the launch of Bishop Street Program Managers, an MGA incubator that offers shared services across compliance, technology, and data analytics to bring new programs to market in as few as 90 days.
The initiative is led by president Luke Porter and chief strategy officer Andrew Shrout, both formerly of Mission Underwriters.
For White Mountains, the investment extends a pattern of MGA-focused capital deployment. The insurer acquired a controlling stake in California homeowners' platform Bamboo in late 2023 for roughly $285 million, then sold a majority interest to CVC Capital Partners in late 2025 at a valuation of $1.75 billion, generating an $816 million net gain.
It also acquired a 51% stake in Distinguished Programs, a specialty MGA placing more than $550 million in annual premiums, in a $230 million deal that closed in September 2025.
Chris Delehanty, head of M&A at White Mountains, pointed to the firm's longstanding relationship with the Bishop Street team, saying the partnership would focus on growth and performance initiatives.
The broader MGA sector continues to expand. Data from Conning shows that MGAs generated roughly $114 billion in direct premiums written in 2024, a 16% year-on-year increase representing about 10% of total US property-casualty premiums.
Bishop Street CEO Chad Levine described the White Mountains investment as arriving during "a period of unprecedented momentum," adding that the partnership would help the firm "accelerate our strategy and cement our global footprint in 2026."
RedBird partner Mike Zabik called White Mountains a long-term investor with relevant insurance expertise, saying the deal would allow Bishop Street to capitalize on its growth objectives in the year ahead.
