By Ryan Hewlett

June 19 - (The Insurer) - Landmark Underwriting is targeting more than $100 million in gross written premium in 2025 and is plotting a “controlled” international expansion as it capitalises on the recent growth momentum brought by its sale to boutique platform Bishop Street Underwriters.

• Landmark's 2024 GWP was $60 million; targeting $100 million in 2025

• Future expansion driven by organic growth and bolt-on acquisitions

• MGA targets international expansion in Europe and Australia

• RedBird Capital-backed Bishop Street has “strong” M&A pipeline

• CEO Levine: Bishop Street will exceed $500 million GWP this year

Bishop Street completed its acquisition of specialty MGA Landmark at the end of January this year in the RedBird Capital Partners-backed boutique's first expansion outside of North America.

Speaking exclusively to Program Manager, Landmark co-founder and CEO Sitki Gelmen said the renewed firepower and access to growth capital afforded by the deal will “amplify” the MGA’s ability to support specialist underwriters and enter new lines of business in the short to medium term.

Launched in 2017 and backed by A rated capacity, the business underwrote GWP of $60 million in 2024 and is currently on track to grow this by more than 66% to $100 million in 2025, with the increase being driven by expansion across new lines and geographies.

In less than six months since the deal completed, Landmark has already launched a political violence and terrorism offering and entered the marine market with energy to follow this year.

“We’re moving quickly into areas which align with our niche specialty underwriting focus and into lines we see as offering room for quality underwriting and growth in the near-term,” he said. “That entrepreneurial spirit is very paramount to the business and with Bishop Street, we’ve seen their backing to be equally as entrepreneurial. It is a really good fit for us.”

INTERNATIONAL EXPANSION

In addition to its entry into new classes, Landmark is now looking at opportunities for international expansion, Gelmen said, pointing to Europe and Australia as areas of significant focus and opportunity.

“Europe is a natural lead on geography for us but it’s a complicated market. We must appreciate and respect that there are significant differences and nuances across the continent. It’s a compelling opportunity but we will be thoughtful around that growth process,” he said.

Landmark already benefits from a platform in Australia in the form of its independently regulated Landmark Specialty entity. Landmark’s debut overseas hub, the Australia operation focuses on local market risks out of Sydney.

Speaking alongside Gelman was group managing director David Ratledge. He also flagged Canada as a potential growth area, pointing at parent Bishop Street’s existing footprint in the region.

But Ratledge, who joined Landmark in 2021, dismissed any notion of a “premium grab” and stressed that Landmark’s growth, while ambitious, will remain “cautious and controlled”.

“Our approach to M&A echoes our approach to talent acquisition and underwriting. We’re solutions-focused and we take each line of business, each risk, on a case-by-case basis. We are laser-focused across on building complimentary growth levers across the business, but it must be good for us, our broker partners, our shareholders and our capacity,” he said.

Alignment of interest, a can-do attitude and market-leading specialism in a niche line and geography are the required attributes at the top of the list for any potential M&A target, Ratledge said.

BISHOP STREET BUILDING GLOBAL PLATFORM

Landmark’s highly selective approach to M&A mirrors that of parent Bishop Street which has grown its platform at significant pace over the past year and is on track to surpass $500 million in GWP this year.

Bishop Street co-founder Chad Levine said Landmark represented a “compelling” platform on which it could build out into the UK and European markets.

“We think it's incredibly important for a high-growth business like ours to plant a flag and build a chassis in the London market that gives you an entry point into the broader European space,” he said.

“We like to partner with proven operators that have a list of opportunities on the whiteboard; we're all about profitable growth and getting into new segments and we want to support those businesses that already show that growth drive and ambition. These guys have that in spades.”

The addition of Landmark marked the latest strategic move for Bishop Street, following recent key investments and acquisitions including Ethos Specialty’s transactional liability unit, Verve Services, Conifer Insurance and Ahoy, as well as partnerships with companies including Skyward Specialty and Topsail Re.

Levine added: “We want to build that global platform. Our mission is to have that healthy balance on both sides of the Atlantic and you will continue to see us build – via M&A, team lifts and organically – in those areas where we see opportunity.”