White Mountains Insurance Group has made a structured capital investment of almost £95m in Bishop Street Underwriters, which is a RedBird Capital Partners portfolio company that owns UK managing general agents Avid and Landmark Underwriting.

Chad Weber, president of Bishop Street Underwriters, said: "White Mountains brings a formidable history of scaling successful MGAs, a deep-seated knowledge of the MGA landscape and an understanding of the intricacies of our industry. We are excited to welcome their expertise to our boardroom and leverage their capabilities and connectivity to unlock new opportunities for the platform and our operating partners."

Liam Caffrey, chief executive officer of White Mountains, added: “Bishop Street is quickly emerging as an industry-leading MGA platform. This is a talented executive team with a strong track record of scaling insurance distribution businesses. We believe Bishop Street is well positioned to capitalise on secular growth tailwinds.”