Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

White Mountains to Acquire a Majority Stake in Bamboo.

Document Cited in Related
Vincent

MANews-(C)2009-2023

Bermuda-domiciled financial services holding company White Mountains Insurance Group, Ltd. (NYSE: WTM) has agreed to acquire a majority stake in US-based MGA Bamboo Ide8 Insurance Services, LLC, focussed on the California homeowners insurance market., the company said.

White Mountains expects to invest approximately USD 285 m, including primary capital to support Bamboo's growth, and to acquire approximately 70% of Bamboo basic shares outstanding.

The transaction is expected to close in the first quarter of 2024. The closing is not subject to a financing condition.

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

Bamboo has grown profitably and rapidly in the challenging California market, and is now poised to expand into other states. John and the current Bamboo...

To continue reading

Request your trial
COPYRIGHT Normans Media Ltd.

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT