Bishop Street Underwriters, a RedBird Capital Partners portfolio company, has acquired Ethos Specialty’s Transactional Liability unit. Financial terms were not disclosed.
This acquisition, Bishop Street noted, further strengthens its platform and expands its suite of specialised client solutions while continuing to drive strong underwriting profitability.
Ethos Transactional concentrates on managing risks associated with transactions, and provides multiple solutions, including Representations and Warranties (R&W) and Tax insurance.
Through this partnership, Ethos Transactional will have access to additional resources that will enhance its service offerings. Investments in operations and technology will be made, resulting in increased efficiency and improved service quality for clients.
Navine Aggarwal, CEO of Ethos Specialty, added: “Partnering with Bishop Street at this juncture creates a unique opportunity to align with thoughtful, strategic thinkers pursuing high growth with a specialty focus.
“With the influx of key resources and growth in capabilities created through this transaction, we are ready to evolve Ethos’ offerings and implement strategic investments that will amplify our team’s ability to meet the evolving needs of our brokers and clients in the transactional liability market.”
According to the announcement, the Ethos team will remain intact. The majority of the company’s existing capacity providers will also continue working with the company, reaffirming their commitment to its underwriting philosophy.
Chad Levine, Chief Executive Officer of Bishop Street, said: “We are thrilled to add Ethos Transactional to the Bishop Street platform, now 10 lines of business and more than $300 million of premium, furthering our commitment to partnering with the best insurance operators in the business.
“The Ethos Transactional team shares our commitment to superior underwriting results, value of top-of-the-market relationships and focus on data-driven decision making. We look forward to welcoming the team onboard and leveraging its bench of expertise to pursue growth in this space.”
“Bishop Street continues to advance its strategy of aligning best-in-class providers in the insurance industry under one platform. By entering into a long-term partnership with Ethos and leveraging the capabilities of RedBird and the Bishop Street platform, we are continuing to scale a highly specialized multi-boutique platform with significant growth opportunities,” said Mike Zabik, Partner of RedBird Capital.
