We’re thrilled to announce that Bamboo Insurance has been honored by The Salt Lake Tribune as a 2024 Top Workplace! As one of 154 standout companies in the Salt Lake City area, Bamboo Insurance is recognized for our commitment to fostering a supportive, inclusive, and genuine workplace culture. 

“Earning a Top Workplaces award is a badge of honor for companies, especially because it comes authentically from their employees,” said Eric Rubino, Energage CEO. “That’s something to be proud of. In today’s market, leaders must ensure they’re allowing employees to have a voice and be heard. That’s paramount. Top Workplaces do this, and it pays dividends.” 

This list is based solely on employee feedback gathered through a third-party survey administered by employee engagement technology partner Energage, LLC. The confidential survey uniquely measures the employee experience and its component themes, including employees feeling Respected & Supported, Enabled to Grow, and Empowered to Execute, to name a few.  

To learn more, visit topworkplaces.sltrib.com or check out our Top Workplaces company profile. 

We’re excited to share that Bamboo Insurance has been recognized as a Top Insurance Employer by Insurance Business Magazine, a trusted business magazine featuring news and business intelligence from within the insurance space. 

Through an optional survey, our employees had the opportunity to share their experiences working at Bamboo with Insurance Business Magazine. They provided candid feedback on various aspects such as pay, benefits, DE&I, and career development. This feedback helped IBA identify the top workplaces in the insurance industry. 

Here’s a breakdown of how organizations are chosen (Source: insurancebusinessmag.com)

Insurance Business America invited organizations to participate by explaining their various offerings and practices. Employees nationwide were then asked to evaluate their workplace on a number of metrics:

• benefits
• compensation
• culture
• employee development

Each entrant had to reach a minimum number of employee responses based on its overall size, with the best earning the title of IBA Top Insurance Employers for 2024.

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Find IBA’s full list of Top Insurance Employers here. 

In addition to this, we were also recognized this year as a Fastest-Growing Private Company in America by Inc. 

Phyn, the leader in intelligent water solutions, today announced that it is joining forces with Bamboo, a property and casualty insurance organization that prioritizes simplicity, transparency, and savings, to protect homes from water-related loss and help address the challenges California residents face in securing dependable homeowners insurance. The partnership offers eligible Bamboo policyholders a 10% discount* on insurance premiums for homeowners who install Phyn Plus and a 15% discount on the Phyn product suite.

In a landscape where California’s insurance market is experiencing unprecedented challenges with many insurers leaving the state, many homeowners face limited options and higher costs. Bamboo has stepped up to ensure Californians can secure reliable and affordable homeowners insurance. Phyn’s solutions protect a home’s plumbing system to prevent leaks and ensure it is watertight while empowering homeowners to conserve and avoid unnecessary water loss.

“With our roots in California, Phyn is proud to partner with Bamboo as they double down on their commitment to the state and continue to offer Californians quality insurance options while empowering them with the tools to protect their homes from unnecessary water damage and reduce water loss,” said Ryan Kim, CEO, Phyn.

“At Bamboo, we’re committed to continually innovating and finding solutions to ensure we deliver an insurance experience that puts our customers first, even in a high-risk environment,” added Brian Suzuki, Bamboo Insurance Chief Insurance Officer. “We’re excited to partner with Phyn to offer its cutting-edge smart water solutions, providing an option to our policyholders that protects their homes from water damage and conserves water, while continuing to be a solid option for Californians struggling to find reasonable coverage.”

As part of the partnership, Bamboo policyholders will get the opportunity to save on their homeowners policy, as well as save 15% on Phyn’s portfolio of smart water solutions including:

• Phyn Plus: Installed on a single location on the main water line, Phyn Plus is a powerful smart water monitor that protects homes from leak damage with unmatched accuracy and reliability and provides detailed insights into water use to help conserve and save. If it detects abnormally high water flow in your home, Phyn Plus will automatically shut off the water to mitigate costly damage.
• Phyn Smart Water Assistant: Self-installed under a sink, the DIY Phyn Smart Water Assistant monitors the water in your entire home to automatically alert you the second a leak is detected, and provide detailed insights into how each fixture in your home uses water.
• Phyn Smart Water Sensor: The puck-sized Phyn Smart Water Sensor is engineered to provide fast, early detection alerts when a leak starts or weather conditions push water into the home. As the first line of defense, the moment water comes in contact with the sensor, a notification is sent directly to your phone, the device starts flashing, and an audible alarm is triggered. When combined with Phyn Plus, it can automatically shut off the water, delivering added convenience and peace of mind.

For more information about the exclusive Phyn discounts available to Bamboo policyholders, please visit here. And explore how Phyn is reducing losses and improving homeowner protection here.

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Read the full press release here. 

Click here to view the full press release.

With a three-year revenue growth of 309 percent, Bamboo Insurance ranks among America’s Fastest-Growing Private Companies. 

Inc. announced today Bamboo Insurance has earned the No. 1,680 spot on the Inc. 5000 2024, its esteemed list of the fastest-growing private companies in America. This prestigious ranking offers a data-driven look at the most successful independent and entrepreneurial companies that have driven rapid revenue growth while navigating inflationary pressure and the rising costs of capital.  

“Being included on the Inc. 5000 for a second consecutive year is a milestone we are incredibly proud of,” said John Chu, Bamboo’s Founder & CEO. “This achievement is a testament to the unwavering commitment our entire team demonstrates to delivering exceptional value to our partners and clients. No matter the challenge, we’ve remained focused on bringing innovative solutions to dislocated insurance markets.” 

Earlier this year, White Mountains Insurance Group, Ltd. (NYSE: WTM) invested $297 million, including primary capital to support Bamboo’s growth, acquiring a 72% stake. 

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 achieves a monthly brand footprint of more than 40 million across a variety of channels, including events, print, digital, video, podcasts, newsletters, and social media. Its proprietary Inc. 5000 list, produced every year since its launch as the Inc. 100 in 1982, analyzes company data to rank the fastest-growing privately held businesses in the United States. For more information, visit www.inc.com.   

Bamboo Insurance, a reimagined insurance organization offering a customer-driven experience through ease and innovation, has been ranked #18 on Insuretech Connect’s Forward50 America’s Report, powered by Sonr. This meticulously curated report takes a deep dive into the insurance industry and its top emergent startups that are leading change. 

According to the ITC Forward50 America’s downloadable report, the report is intended to provide “a unique, data-driven perspective into emerging industry trends, as well as the ability to draw comparisons between the regions.”  

The report continues with describing the ranked 50 companies as being “not just any insurtechs; they are the game-changers, the pioneers, the visionaries who are redefining the insurance landscape for the better. This report highlights the fifty standout insurtech companies that will make a lasting mark on an industry that is, at times, renowned for its tradition and rigidity.” 

Bamboo Insurance continues to see extensive growth in challenging markets, like California, through the continued offering of insurance solutions that are thoughtfully chosen to support homeowners’ intricate needs. In addition to being included on the prestigious ITC Forward50 report, Bamboo has landed on the Inc. 500 list for America’s fastest growing private companies in 2023, has cultivated unique partnerships with bolt and Super Home Warranty, and entered into an agreement with White Mountains. 

You can download and view the full report on either Sonr’s website (click here) or on the ITC Vegas website (click here).  

About the Forward50 America’s Report 

The Forward50: Americas Edition is not merely a celebration of insurtechs; it is a comprehensive guide with the latest insurance innovation trends that are shaping the future of the insurance industry in the western hemisphere. These trends reflect the broader insurance ecosystem’s commitment to adapt, evolve, and improve in the face of changing consumer demands and market dynamics. We also want to pay tribute to those well established insurtech leaders that have paved the way for innovation, proving that lasting success in the insurtech world requires both forward-thinking vision and steadfast commitment. Their stories inspire the next generation of insurtech entrepreneurs, demonstrating that transformation is not only possible but highly rewarding. 

Source: Downloadable report found here. 

Bamboo Insurance, a reimagined insurance organization offering a customer-driven experience through ease and innovation, and Super, a leading provider of subscription care for the home, have joined forces to offer eligible homeowners more opportunities for protecting their home.

Bamboo Insurance Agency offers homeowners a unique, high-tech, high-touch experience to people looking for their ideal homeowners insurance. This client-driven approach to providing an unmatched insurance experience involves clients in necessary parts of the process, like assessing their options and choosing the perfect one, while their trusted Advocate takes on the timely, heavy-duty items, like the shopping and binding of the policy – ultimately saving them from the stress of shopping confusing insurance policies and time.

One of the key features that sets Super apart is its focus on creating an “own like a renter” approach for homeowners. Unlike traditional providers, Super offers a comprehensive solution that goes beyond insuring breakdowns. With Super’s powerful technology platform, homeowners can easily coordinate repairs, schedule appointments, and track the progress of their repairs—all through a simple and intuitive app. This end-to-end coordination ensures that homeowners no longer have to bear the burden of managing repairs themselves, saving them time, effort, and stress.  By investing in technology and consolidation, Super is able to deliver superior economics while enhancing service quality, and providing a streamlined, worry-free experience for homeowners.

This exciting homeowner-focused partnership gives clients the opportunity to be proactive in their coverage, so their home can stay their happy place. Get started today at https://bambooinsurance.com/super.

About Super

Super was founded in 2015 with the mission to make caring for a home completely carefree. Powered by a proprietary data platform and backed by leading investors, Super offers subscription-based care for your home, including home warranties and home maintenance. We leverage data and technology to deliver high-quality, fast, and worry-free home repair and maintenance. Learn more at hellosuper.com.

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. 

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