Bishop Street Expands Portfolio with AIM Acquisition
Deal News | Jul 01, 2025 | Globenewswire
Bishop Street Underwriters, a portfolio company of RedBird Capital Partners, has announced the acquisition of Aerospace Insurance Managers (AIM) from Hallmark Financial. This acquisition marks Bishop Street’s entry into the aviation insurance sector, enhancing its Managing General Agent (MGA) platform with niche insurance services for small aircraft, hangar owners, and airports. With access to Bishop Street's resources, AIM aims to improve client service and expand its business. AIM, directed by Sean Kelley and Randy Kasen, will continue its operations under the new ownership. Bishop Street views this as a strategic move for portfolio diversification and strengthening their market presence in insurance. Financial advisory for Hallmark was provided by Raymond James & Associates, and legal counsel by Olshan Frome Wolosky LLP, with Bishop Street advised by Fried, Frank, Harris, Shriver & Jacobson LLP and McDermott Will & Emery LLP. The acquisition follows Bishop Street's series of strategic expansions and partnerships in the insurance domain. RedBird Capital, with $12 billion in asset management, supports Bishop Street's growth strategy through strategic acquisitions and specialty team integrations.
Sectors
- Insurance
- Aerospace
- Private Equity
Geography
- United States – The entities involved in the acquisition, including Bishop Street, AIM, and Hallmark Financial, operate within the United States.
Industry
- Insurance – The acquisition involves insurance services, particularly focusing on aviation insurance, which falls under the insurance industry.
- Aerospace – AIM operates in the aerospace industry, providing insurance services to general aviation, including aircraft hull and liability coverage.
- Private Equity – RedBird Capital Partners, a private investment firm, is involved in the transaction as the parent of Bishop Street Underwriters.
Financials
- Undisclosed – The financial terms of the acquisition of AIM by Bishop Street were not disclosed.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Bishop Street Underwriters | Bidding Company | Company | A portfolio company of RedBird Capital Partners, focused on partnering with MGAs and niche underwriting teams. |
| Aerospace Insurance Managers (AIM) | Target company | Company | Provides general aviation insurance services, focusing on small aircraft and associated coverage. |
| Hallmark Financial | Selling Company | Company | The parent company selling Aerospace Insurance Managers in this transaction. |
| RedBird Capital Partners | Private Equity Firm | Company | The private equity firm that owns Bishop Street Underwriters, focusing on strategic business growth. |
| Raymond James & Associates, Inc. | Financial Advisor | Company | Served as the exclusive financial advisor to Hallmark Financial. |
| Olshan Frome Wolosky LLP | Legal Advisor | Company | Provided legal counsel to Hallmark Financial. |
| Fried, Frank, Harris, Shriver & Jacobson LLP | Legal Advisor | Company | Provided legal counsel to Bishop Street Underwriters. |
| McDermott Will & Emery LLP | Legal Advisor | Company | Provided additional legal counsel to Bishop Street Underwriters. |
| Sean Kelley | Vice President - Chief Underwriting Officer | Person | Leader of AIM’s 16-person team under Bishop Street. |
| Randy Kasen | Vice President - Business Development and Operations | Person | Leader of AIM’s operational development under Bishop Street. |
| Chad Weber | President of Bishop Street | Person | Commented on the integration of AIM into Bishop Street's operations. |
| Mike Zabik | Partner of RedBird Capital | Person | Provided insight into the strategic importance of AIM's acquisition for Bishop Street. |
| Gerry Cardinale | Founder of RedBird Capital Partners | Person | Head of RedBird Capital with a background in private equity and growth investments. |