White Mountains Insurance Group, Ltd. (NYSE: WTM) (“White Mountains”) announced today that it has entered into an agreement to acquire a majority stake in Bamboo Ide8 Insurance Services, LLC (“Bamboo”), an MGA focused on the California homeowners insurance market.  White Mountains expects to invest approximately $285 million, including primary capital to support Bamboo’s growth, and to acquire approximately 70% of Bamboo basic shares outstanding.

Bamboo was launched in 2018 by John Chu, a seasoned insurance executive.  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 management team will continue to lead the business through its next phase and will retain a significant equity stake.

“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,” said Chris Delehanty, Head of M&A of White Mountains.

“This transaction marks a new and exciting chapter for Bamboo.  We are fortunate to have found a like-minded capital partner who shares our vision and has a strong track record of successful insurance partnerships,” said John Chu, Founder and CEO of Bamboo.

The transaction is expected to close in the first quarter of 2024.  The closing is subject to regulatory approvals and other customary closing conditions.  The closing is not subject to a financing condition.  The exact ownership to be acquired by White Mountains, and the resulting amount that will be invested, will be determined based on Bamboo unitholder elections made prior to closing.  For more information, see White Mountains’s Form 8-K filed October 20, 2023.

Howden Tiger Capital Markets & Advisory acted as financial advisor to White Mountains, while Cravath, Swaine & Moore LLP provided legal advice.  Evercore Group, L.L.C. acted as financial advisor to Bamboo and selling equityholders, while Willkie Farr & Gallagher LLP provided legal advice.

HAMILTON, Bermuda, Oct. 20, 2023 /PRNewswire/ — See the full press release here.

About Bamboo

Bamboo is a capital-light, tech- and data-enabled insurance distribution platform providing insurance offerings to the residential property market in California.  Bamboo operates primarily through its full-service MGA business, where the company manages all aspects of the placement process on behalf of its fronting and (re)insurance partners, including product development, marketing, underwriting, policy issuance, and claims oversight, and earns commissions based on the volume and profitability of the insurance that it places.  Bamboo puts underwriting first, leveraging technology and data science tools to select, price and manage risk.  Bamboo also operates two separate but integrated businesses: (i) a retail agency offering ancillary products (e.g., flood, earthquake) on behalf of third parties and (ii) a captive reinsurer participating in a small share of the underwriting risk of Bamboo’s MGA programs.  For more information, visit www.bambooinsurance.com.

About White Mountains

White Mountains is a Bermuda-domiciled financial services holding company traded on the New York Stock Exchange under the symbol WTM and on the Bermuda Stock Exchange under the symbol WTM.BH.  Additional financial information and other items of interest are available at the Company’s web site located at www.whitemountains.com.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included or referenced in this release which address activities, events or developments which White Mountains expects or anticipates will or may occur in the future are forward-looking statements. The words “could”, “will”, “believe”, “intend”, “expect”, “anticipate”, “project”, “estimate”, “predict” and similar expressions are also intended to identify forward-looking statements. These forward-looking statements include, among others, statements with respect to White Mountains’s:

• change in book value per share, adjusted book value per share or return on equity;
• business strategy;
• financial and operating targets or plans;
• incurred loss and loss adjustment expenses and the adequacy of its loss and loss adjustment expense reserves and related reinsurance;
• projections of revenues, income (or loss), earnings (or loss) per share, EBITDA, adjusted EBITDA, dividends, market share or other financial forecasts of White Mountains or its businesses;
• expansion and growth of its business and operations;
• expected timing of the transactions; and
• future capital expenditures.

These statements are based on certain assumptions and analyses made by White Mountains in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors believed to be appropriate in the circumstances. However, whether actual results and developments will conform to its expectations and predictions is subject to risks and uncertainties that could cause actual results to differ materially from expectations, including:

• the risks that are described from time to time in White Mountains’s filings with the Securities and Exchange Commission, including but not limited to White Mountains’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022;
• claims arising from catastrophic events, such as hurricanes, windstorms, earthquakes, floods, wildfires, tornadoes, tsunamis, severe winter weather, public health crises, terrorist attacks, war and war-like actions, explosions, infrastructure failures or cyber-attacks;
• recorded loss reserves subsequently proving to have been inadequate;
• the market value of White Mountains’s investment in MediaAlpha;
• the trends and uncertainties from the COVID-19 pandemic, including judicial interpretations on the extent of insurance coverage provided by insurers for COVID-19 pandemic related claims;
• business opportunities (or lack thereof) that may be presented to it and pursued;
• actions taken by rating agencies, such as financial strength or credit ratings downgrades or placing ratings on negative watch;
• the continued availability of capital and financing;
• deterioration of general economic, market or business conditions, including due to outbreaks of contagious disease (including the COVID-19 pandemic) and corresponding mitigation efforts;
• competitive forces, including the conduct of other insurers;
• changes in domestic or foreign laws or regulations, or their interpretation, applicable to White Mountains, its competitors or its customers; and
• other factors, most of which are beyond White Mountains’s control.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by White Mountains will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, White Mountains or its business or operations. White Mountains assumes no obligation to publicly update any such forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT:  Rob Seelig
(603) 640-2212

SOURCE White Mountains Insurance Group, Ltd.

As we continued to hear about the devastation caused by the wildfires in Maui, only to be followed weeks later by the unprecedented tropical storm Hilary impacting Southern California, our hearts, thoughts, and prayers were immediately directed to those impacted. But we knew that wasn’t enough.  

As a team, we came together and expedited the launch of a company-wide fundraiser supporting the American Red Cross with their relief efforts. We chose to support the American Red Cross because of their unwavering efforts being hyper-focused on helping residents as quickly as possible by providing them a safe place to stay, food to eat, and emotional support – all at no cost to them. For every $1 that our employees voluntarily donated, Bamboo Insurance matched (up to $5k). 

We’re incredibly humbled by our team to have been able to collectively raise and donate over $4.9k to the American Red Cross. While we understand money will never come close to replacing what was lost for most, we hope it can do a little bit of good for someone who’s going through an impossible time in their life. As an organization, we continue to send love to those impacted by these disasters. 

I think we can all agree that we’re very ready for the cooler temps that the fall season will bring. But is your home ready? (And we’re not talking pumpkin decorations.) We mean prepping your house and yard to make sure they’re ready to take on the falling leaves, cooler temperatures, and new things this season brings that could impact them. If you’re not sure, we rounded up a few of the best maintenance tips we found to help you out!

Your house

• Clearing roof and gutters: Go ahead and clear debris off and away from your roof and gutters. Unfortunately, this isn’t a one-and-done chore. During fall, leaves well…fall…and allowing your roof to get covered and your gutters to get clogged could result in costly damages.
• Changing your filters: Having fresh air filters will keep your home at the temperature you’re wanting it.
• Assessing for cracks in and around your house: When water gets into cracks, then freezes, it expands. So not only will your cracks get bigger, so will the cost of fixing them.
• Checking for drafts inside the home: As the weather gets cooler, feel around for any areas that might be allowing the outdoor air in (like under doors that lead outside, windows, etc.). Getting these gaps addressed before the winter cold will help save on energy (and money).

Your yard

• Scheduling an aeration treatment: Having your yard aerated will help to restore your grass from having been fried over the hot summer. Hello, green luscious grass for fall!
• Planting bulbs: Depending on your geographic location, planting flower bulbs in the cooler fall months, like September and October, helps to support stunning blooms come spring and/or summer.

As always, if you’re looking for a little extra protection this season, fill out this form and one of our trusted Bamboo Advocates will reach out and help you find just what you need.

Tropical Storm Hilary is expected to bring heavy rainfall and wind to Southern California starting Saturday, 8/19. You and your family’s safety are of the utmost importance, so we’ve provided some top tips on preparedness below.  

• Know your zones: You can find this by searching evacuation zones/mapping for your area. 
• Pack your emergency kit: Have an emergency kit ready that can easily move around with you. While you’re at it, check the batteries in your flashlights and assess any other equipment used in these situations, like storm shutters or generators. 
• Review your family emergency plan: Go over with your family where everyone will go and how to get in contact with each other. 
• Bring in loose outdoor items: Items like patio furniture, umbrellas, kids toys, etc. should be moved into the garage or an area where they aren’t susceptible to being blown over/away by high winds.

Find more tips and helpful information here at weather.gov. 

After the storm, if you notice any damage to your property, we’re here for you. Get started on filing a claim right away by calling (877) 333-6938. (You’ll need your Bamboo Policy Number.) 

We’re continuing to think of those in the projected path of Tropical Storm Hilary, and wish for nothing but safety for you and your family.

With a three-year revenue growth of 109%, Bamboo Insurance ranks among America’s Fastest-Growing Private Companies. 

Bamboo Insurance, a reimagined insurance organization offering a customer-driven experience through ease and innovation, today announced that Inc. has recognized the company as one of the fastest-growing in the nation for 2023. The prestigious ranking represents a unique, data-driven look at the most successful companies within the American economy’s most dynamic segment—its independent small businesses. 

“We’re incredibly honored to have gained a place on the esteemed Inc. 5000 list,” says Bamboo Insurance Founder, John Chu. “This past year has introduced unique challenges to those of us in the insurance space. As a company, we decided to approach those challenges as opportunities, and show up when our clients and partners needed us most. Landing on the Inc. 5000 list proves to us that, despite those obstacles we faced, our team’s hard work and dedication to our mission is deep-rooted. It’s a great honor for us to be on this list among so many of the best independent businesses in the nation.” 

The Inc. 5000 class of 2023 represents companies that have driven rapid revenue growth while navigating inflationary pressure, the rising costs of capital, and seemingly intractable hiring challenges. Among this year’s top 500 companies, the average median three-year revenue growth rate ticked up to an astonishing 2,238 percent. In all, this year’s Inc. 5000 companies have added 1,187,266 jobs to the economy over the past three years. For complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, location, and other criteria, go to www.inc.com/inc5000. The top 500 companies are featured in the September issue of Inc. magazine, available on newsstands beginning Tuesday, August 23. 

“Running a business has only gotten harder since the end of the pandemic,” says Inc. editor-in-chief Scott Omelianuk. “To make the Inc. 5000—with the fast growth that requires—is truly an accomplishment. Inc. is thrilled to honor the companies that are building our future.

View press release here.

About Bamboo Insurance 

We’re a growth-oriented insurance organization on a mission to deliver an easy and innovative insurance experience with an unwavering focus on customer advocacy. We’re using data and technology to simplify the insurance process, while enhancing transparency for our partners and policyholders. For more information on Bamboo Insurance, visit our site at www.bambooinsurance.com. 

Follow us on Instagram, Facebook, and LinkedIn. 

Bamboo Ide8 Insurance Services (Bamboo) is Managing General Agency licensed to sell property-casualty insurance products; NPN 18657046; AZ License #3000209096; CA License #0M31082. All policies are issued by Sutton National Insurance Company. Sutton National: NAIC #25798. 

Bamboo Insurance Media Relations
Becca Powell
Director of Marketing
bpowell@bambooinsurance.com 

More about Inc. and the Inc. 5000  

Methodology   

Companies on the 2023 Inc. 5000 are ranked according to percentage revenue growth from 2019 to 2022. To qualify, companies must have been founded and generating revenue by March 31, 2019. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2022. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2019 is $100,000; the minimum for 2022 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Growth rates used to determine company rankings were calculated to four decimal places.  

About Inc.   

Inc. Business Media is the leading multimedia brand for entrepreneurs. Through its journalism, Inc. aims to inform, educate, and elevate the profile of our community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating our future. Inc.’s award-winning work reaches more than 50 million people across a variety of channels, including events, print, digital, video, podcasts, newsletters, and social media. Its proprietary Inc. 5000 list, produced every year since 1982, analyzes company data to rank the fastest-growing privately held businesses in the United States. The recognition that comes with inclusion on this and other prestigious Inc. lists, such as Female Founders and Power Partners, gives the founders of top businesses the opportunity to engage with an exclusive community of their peers, and credibility that helps them drive sales and recruit talent. For more information, visit www.inc.com.  

For more information on the Inc. 5000 Conference & Gala, slated for October 31 – November 2 in San Antonio, visit http://conference.inc.com/.   

bolt, the insurtech with the country’s largest technology-enabled insurance exchange, today announced a partnership with Bamboo, a property and casualty insurance organization that prioritizes simplicity, transparency, and savings. The partnership brings bolt’s smartphone protection product into Bamboo’s digital ecosystem, supporting their mission of delivering an innovative insurance experience.

Bamboo expands its once homeowner-focused portfolio with the addition of smartphone protection. As cellular devices have become an essential part of daily life, this product is the perfect complement to primary policies for existing customers, and for new policyholders, to ensure holistic coverage for their valuable possessions.

“We’re thrilled about our partnership with bolt, one of the leading coverage providers for smartphones,” said Taylor Mobley, Bamboo Insurance’s Chief Revenue Officer. “This unique offering builds on the foundation of Bamboo’s mission – to provide sensible coverage opportunities for our clients. Through this partnership with bolt, we’re able to expand on that by offering clients accessibility to affordable coverage also within the smartphone space.”

bolt’s smartphone protection is designed from the ground up to help insurers overcome complexity and meet the increasing demand for household level smartphone coverage. bolt’s turnkey solution is designed to be seamlessly integrated into existing agent and direct-to-consumer sales journeys.

“Aligned with Bamboo’s mission to deliver customers easy and innovative insurance experiences, we are proud to combine our brand strengths to fulfill a coverage gap for customers,” said Clayton Bodnarek, Executive Vice President of Alternative Distribution at bolt. “This underscores our commitment to design products that are easy for our partners to integrate, and even easier for their customers to access.”

Source: bolt insurance, AccessWire

AccessWire article link: Click here

The heat is slowly but surely creeping in, and it’s about that time to get your pool ready to take on some cannonballs. If your pool’s been out of service for the past few seasons, it’s time to start prepping for action again. With that, we’ve got some tips to help you start the pool season off the right way. 

Inspecting your pool 

And we don’t mean just testing the water. Dedicate a good bit of time to inspecting, cleaning, and reconnecting all pool equipment that’s been off duty the previous seasons. You’ll want to ensure they’re working properly for another long summer season. It’s also worth it to hire a professional to come out and inspect certain pieces of equipment, such as your pool filter and pump. 

Cleaning your pool 

Clear any debris that’s sitting on your water and vacuum the pool’s floor to remove any dirt that’s at the bottom of your pool. Keep in mind, this isn’t a one and done step – it’s recommended to do this at least once a week. While you’re at it, check your pool’s filter to ensure it doesn’t need to be changed.  

Checking the surrounding area 

Now that you’ve prepared your pool, it’s time to look at the surrounding area! If you have concrete or wooden flooring around the pool, check for any chipping or exposed nails that could be potential hazards. You’ll also want to double-check that your pool area’s fence is in working condition and the gate is able to be secured. And to keep those oasis vibes strong, hose off any dirty chairs or tables so your guests (and you) can sit back and enjoy your at-home pool. 

Keeping swimmers safe

With a pool comes great responsibility – like the safety of those who swim in it. When children are among your guests, assign shifts so that there’s an undistracted adult supervising the pool at all times. Ask visitors not to run, to avoid diving, and to stay away from the drain. Where “pool rules” may take you back to your younger days and the lifeguard blowing their whistle at you for running at the neighborhood pool – it’s smart to not only have rules established for your own pool, but make sure everyone who visits knows and follows them. Signing up for a local CPR class is a big recommendation, too! 

 —

If you’re feeling overwhelmed by the maintenance, try creating a pool cleaning schedule to make sure you don’t miss a beat when keeping your pool nice and clean. Pools are a large undertaking when it comes to care and maintenance. But dedicating the time to keeping up with it is all worth it when you and your loved ones are spending quality time together enjoying it, safely.  

To find out if pool-related incidents are covered by your homeowners insurance policy, reach out to your Bamboo Advocate or contact us through the form on our Contact Us page to find out!

Bamboo Insurance, an insurance organization on a mission to make a difference in the insurance industry, has been recognized by The Salt Lake Tribune as a 2022 Top Workplace. Alongside 154 companies in the Salt Lake City area, Bamboo Insurance is being recognized for putting its employees first by driving a supportive, inclusive, and authentic culture.

The Top Workplaces award “celebrates nationally recognized companies that make the world a better place to work together by prioritizing a people-centered culture and giving employees a voice”, according to their site. Read more by visiting here or by visiting our Top Workplaces company profile here.

Like your car, your home needs regular maintenance throughout the year. As seasons change, so do your home’s maintenance needs. Where it may seem a little daunting to have home to-dos every season, think of it this way – the more upkeep you do, the more money you could save in the long run. That’s why we’ve got 5 starting points for homeowners on spring maintenance for the exterior of the home. 

The importance of exterior home maintenance 

Let’s go back to the car example. If you don’t conduct regular maintenance checks on your car, you might be dealing with more serious issues in the future that cost an arm and a leg. Well, the same goes for your house. If you aren’t being proactive with seasonal home maintenance, it may result in bigger problems that cost more money. 

5 starting points for home exterior maintenance 

1. Gutters and downspouts: Checking your gutters for clogs may seem like a given, but some homeowners don’t think about also checking the downspouts. These too can get clogged and create serious issues for homeowners. If you’re not thrilled over the thought of climbing up a ladder, there are many local contractors for hire that can help with this task. 
2. Cracks: Do a perimeter check of your house. Any cracking you see – whether on the driveway, walkways, foundation, or patio – should be filled ASAP. With spring comes rain, and cracks are the perfect spot for rain to seep in and cause damage. 
3. HVAC unit: As the days get hotter, you’re getting closer to making the move from heat to AC. But get your unit inspected before you take the plunge! Having a certified professional come out and check it could help to prolong the life of your HVAC unit, while also ensuring that it’s completely safe to switch over. 
4. Roof: Your roof could’ve been damaged this past winter, but you may never know until it’s too late (and very expensive). Having your roof inspected by a professional supports its quality while also potentially avoiding a larger, more costly project in the future. 
5. Trees & shrubs: One of the best things about spring is watching the plants come back to life. However, if you don’t keep up with where they’re growing back, they could cause damage to your house. Make sure to avoid that potential damage by cutting trees and shrubs back so they’re not in contact with or directly above your house.

If you’re looking for extra protection for your home, click here to start your free homeowner’s insurance quote. 

Bamboo Insurance, a reimagined insurance company focused on transparency, customer advocacy and a frictionless experience, has acquired certain of the assets of First American Property and Casualty Insurance Agency (“FAPCIA”) from parent company First American Financial Corporation (NYSE: FAF), a leading provider of title insurance, settlement services and risk solutions for real estate transactions that traces its heritage back to 1889. First American announced in October 2020 its intent to exit its property and casualty business and to maintain focus on its core business.

The assets acquired include over $22 million in premium in both personal and commercial lines underwritten by leading third-party carriers. FAPCIA’s staff will continue to provide excellent service to policyholders as part of the Bamboo team.

“Today Bamboo begins a new chapter in its growth,” according to CEO John Chu. “Adding full-service personal and commercial lines agency capabilities allows us to offer additional products to a much broader set of customers across the continental United States.”

Bamboo Insurance has historically offered flexible and transparent insurance options, including homeowners, dwelling fire and ancillary products in the state of California. Starting today, Bamboo’s new agency operation will be able to meet the needs of its customers by offering auto, renters, condominium, commercial lines, and a host of other insurance coverages alongside its existing products across the nation.

Adding an agency of this caliber will allow Bamboo Insurance to grow faster and expand further into the insurance value chain.