This article has been corrected to reflect that Aerospace Insurance Managers is based in Texas, not Ohio.
By Isha Marathe
July 1 - (The Insurer) - RedBird Capital Partners-backed Bishop Street Underwriters has acquired Texas-based Aerospace Insurance Managers from Hallmark Financial.
The financial terms of the deal were not disclosed.
AIM provides general aviation coverage for aircraft hull, aircraft and airport liability, with a focus on small aircrafts flown for pleasure or business, as well as hangar owners, fixed base operators, private and municipal airports and flight school and charter operators.
「We are pleased to welcome AIM to Bishop Street, maintaining our positive momentum and setting the stage for our continued expansion,」 said Chad Weber, president of Bishop Street.
「The team brings specialised expertise, strong capacity partners and an excellent reputation to our platform, further diversifying our portfolio and advancing our commitment to aligning with the best of the best in the insurance industry.」
AIM’s 16-person team will continue to offer coverage and be led by Sean Kelley, vice president and chief underwriting officer, and Randy Kasen, vice president of business development and operations.
"Bishop Street continues to grow rapidly, fuelled by opportunistic acquisitions and a unique ability to execute on strategic lift-outs of specialty underwriting teams. Following the acquisition of AIM, Bishop Street has successfully completed three carrier carveouts in less than two years," said Mike Zabik, partner at RedBird Capital.
In November 2024, Program Manager reported that startup MGA platform Bishop Street was set to acquire specialty MGA Landmark Underwriting, a deal that closed on January 31.
Bishop Street CEO and co-founder Chad Levine told Program Manager in February that the acquired MGA would expand into other lines and provide a platform for his company to expand into Europe and other territories including Australia and Canada, working closely with other recently acquired businesses to avoid overlap and leverage existing capabilities and capacity relationships.