White Mountains Insurance To Buy Around 70% Stake In Bamboo

(RTTNews) - White Mountains Insurance Group, Ltd. (WTM) announced on Friday that it has inked a deal to acquire a 70 percent stake in Bamboo Ide8 Insurance Services, LLC.

WTM intends to invest around $285 million, which includes primary capital to support Bamboo's growth.

Upon the completion of the transaction, expected in the first quarter of 2024, founder John Chu and the current Bamboo management will continue to lead the business.

Chris Delehanty, Head of M&A of White Mountains, said: "We are pleased to make this investment alongside John and the Bamboo management team. Bamboo is delivering a much-needed insurance alternative to homeowners in California. Bamboo has strong momentum, and we look forward to supporting its continued growth."

Launched in 2018, Bamboo provides homeowners' insurance for over 100,000 California policyholders, using its technology-enabled underwriting platform to select and manage risk.