Deals: Bishop Street Underwriters Invests in Verve Services MGA

The latest from Bishop Street Underwriters, who have taken a slice of Verve Services LLC;

Bishop Street Underwriters (“Bishop Street”), a multi-boutique insurance platform owned by RedBird Capital Partners (“RedBird”), has announced it has made a strategic equity investment in Verve Services, LLC (“Verve”), a leading, full-service auto insurance managing general agency (“MGA”). This partnership marks Bishop Street’s entry into Specialty Private Passenger Auto. Through this equity investment, Verve is positioned for continued innovation and accelerated growth in the auto insurance industry.

“Dan and his team have built Verve into a differentiated passenger auto insurance MGA. They have an exceptional platform that combines advanced analytics with a deep understanding of the market, which drives superior outcomes and has supported their position as a leader in the specialty auto insurance space,” said Chad Levine, Chief Executive Officer of Bishop Street.

“Verve’s focus and commitment to utilizing data and analytics to deliver industry-leading loss ratios that significantly outperform industry results for its insurance and reinsurance partners is perfectly aligned with our strategic vision at Bishop Street.  We are excited to build on this momentum and drive value creation for all of Verve’s partners,” said Chad Weber, President of Bishop Street.

“While Bishop Street is predominantly focused on building a diversified platform of commercial-lines MGAs, we will be opportunistic as it relates to differentiated personal-lines MGA businesses, like Verve. Dan and the rest of the Verve team have built a great business, and we look forward to partnering with them for their next stage of growth” said Mike Zabik, Partner of RedBird Capital.

“We are thrilled to welcome Bishop Street as a key strategic partner. They are the ideal fit for the next stage of Verve’s growth,” said Dan Lazarek, Chief Executive Officer of Verve Services, LLC. “This partnership brings invaluable expertise from a company with a proven track record in both insurance infrastructure and data-driven AI. We look forward to  revolutionizing the auto insurance industry together.”