Bishop Avenue invests in Verve Companies to enter specialty auto insurance coverage

Bishop Avenue Underwriters, a multi-boutique insurance coverage platform owned by RedBird Capital Companions, introduced a strategic fairness funding in Verve Companies, LLC, an auto insurance coverage managing basic company (MGA).

This partnership marks Bishop Avenue’s entry into the specialty non-public passenger auto sector. The funding is geared toward driving innovation and development for Verve throughout the auto insurance coverage {industry}.

Chad Levine (pictured above), chief government officer of Bishop Avenue, commented on the partnership, noting that Verve has established itself as a differentiated auto insurance coverage MGA with a powerful platform.

“They’ve an distinctive platform that mixes superior analytics with a deep understanding of the market, which drives superior outcomes and has supported their place as a pacesetter within the specialty auto insurance coverage area,” Levine stated.

Chad Weber, president of Bishop Avenue, added that Verve’s data-driven strategy aligns with Bishop Avenue’s strategic imaginative and prescient.

“Verve’s focus and dedication to using knowledge and analytics to ship industry-leading loss ratios that considerably outperform {industry} outcomes for its insurance coverage and reinsurance companions is completely aligned with our strategic imaginative and prescient at Bishop Avenue,” Weber stated.

Mike Zabik, accomplice at RedBird Capital, remarked that whereas Bishop Avenue’s focus is totally on constructing a diversified platform of commercial-lines MGAs, the corporate is open to alternatives within the personal-lines area.

“Dan and the remainder of the Verve crew have constructed a fantastic enterprise, and we sit up for partnering with them for his or her subsequent stage of development,” Zabik stated.

Dan Lazarek, chief government officer of Verve, expressed enthusiasm for the partnership with Bishop Avenue.

“This partnership brings invaluable experience from an organization with a confirmed observe file in each insurance coverage infrastructure and data-driven AI. We sit up for revolutionizing the auto insurance coverage {industry} collectively,” Lazarek stated.

Bishop Avenue Underwriters is a part of RedBird Capital’s portfolio and focuses on partnering with MGAs and area of interest underwriting groups. The corporate combines the expertise of its reinsurance government crew with RedBird’s experience in monetary companies, aiming to create a differentiated platform positioned to capitalize on development alternatives throughout the insurance coverage sector.

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