By Josh Recamara
Bishop Street Underwriters has launched Bishop Street Program Managers (BSPM), a new incubator designed to support the development of managing general agents (MGAs) in the fast-growing US specialty market.
The initiative aims to help entrepreneurial underwriters capitalize on emerging trends in insurance by providing infrastructure, capital capacity and insurer partnerships. BSPM's setup allows underwriters to bring new MGAs to market in as little as 90 days, supported by Bishop Street's $600 million gross written premium platform.
Through the incubator, Bishop Street will offer shared services across compliance, technology, distribution and data analytics, with access to an AI-enhanced underwriting system. The model is intended to simplify the operational challenges of launching a specialty MGA, allowing underwriters to focus on market development and profitability.
To lead the new division, Bishop Street has appointed Luke Porter (pictured above, left) as president of Bishop Street Program Managers and Andrew Shrout as chief strategy officer.
Porter brings experience in developing program business and insurtech platforms, while Shrout will guide long-term strategic execution. Both join from Mission Underwriters. The firm has also appointed Dan Latinsky (pictured above, right) as chief risk officer to strengthen underwriting oversight and pricing discipline.
The launch comes as the MGA segment continues to expand across the US market. According to Conning, MGAs generated roughly $114 billion in direct premiums written in 2024, representing a 16 % year-on-year increase and about 10 % of total US property-casualty premiums. Growth has been driven by demand for specialty underwriting, flexibility in distribution, and the ability to access capacity through fronting arrangements and alternative capital.
Industry analysts noted that MGA formation is being fuelled by experienced underwriters leaving carriers and brokers to establish niche operations, supported by technology-enabled models that can scale quickly. At the same time, the sector is entering a more mature phase, with some pressure on margins and increased regulatory scrutiny.
Bishop Street’s move positions it to benefit from this trend by combining program incubation with underwriting oversight and data-driven support. CEO Chad Levine said the initiative builds on the company’s acquisition-led growth and provides “a complementary platform to bring quality MGAs to market at speed.”
With an expanded leadership team and a growing portfolio that includes Avid Insurance, Landmark Underwriting and Verve Services, Bishop Street is aiming to become a long-term partner for specialist underwriters seeking to enter the evolving MGA space, the company said.
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