Bishop Street ignites MGA race in US market
Bishop Street Underwriters has created Bishop Street Program Managers to help launch specialty insurance companies in the United States. The incubator gives entrepreneurial underwriters access to infrastructure, capital, and insurer connections needed to start managing general agents within 90 days. The program taps into Bishop Street’s $600 million gross written premium platform and provides shared services across compliance, technology, distribution, and data analytics.
Luke Porter will serve as president of the new division while Andrew Shrout becomes chief strategy officer. Dan Latinsky joins as chief risk officer to oversee underwriting standards and pricing. Managing general agents wrote approximately $114 billion in direct premiums last year, marking a 16 percent annual increase and representing about 10 percent of total U.S. property-casualty premiums.
