​US consolidator expands in UK with MGA acquisition

US consolidator Bishop Street Underwriters has announced that it will acquire MGA Landmark Underwriting to expand its presence in the UK.

Based in London, Landmark has a portfolio that includes professional indemnity, property, directors and officers, general liability and marine.

It was founded in 2017 and began trading after acquiring Greenwich Underwriting.

Bishop Street’s acquisition of the firm is subject to approval from the FCA.

Sitki Gelmen, Landmark Underwriting’s co-founder, said: “We are entering a new chapter for Landmark, focused on ambitious and profitable growth.

“This partnership with Bishop Street will provide exciting strategic capabilities to expand our dynamic and service driven team of underwriters, leading to even more innovative and flexible risk management solutions for brokers and clients.”

Expansion

Bishop Street, which is part of RedBird Capital Partners, said acquiring Landmark Underwriting would help it expand its global reach.

The latest deal follows Bishop Street’s acquisitions of Ethos Specialty’s transactional liability unit and Conifer Insurance Services.

Chad Levine, chief executive at Bishop Street, said: “Landmark’s long-standing reputation for excellence and deep knowledge of niche markets complements Bishop Street’s mission to offer innovative solutions that can be tailored to meet the unique needs of an evolving specialty marketplace.

“Adding Landmark to our growing platform supports our continued efforts to partner with best-in-class operators and underwriters to grow their businesses alongside best-in-class platform capabilities, while expanding Bishop Street’s global reach.”