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White Mountains Insurance Group, Ltd. (NYSE:WTM) has agreed to acquire a majority stake in Bamboo Ide8 Insurance Services, LLC, an MGA focused on the California homeowners insurance market.
White Mountains expects to invest ~$285 million, including primary capital to support Bamboo's growth, and to acquire ~70% of Bamboo basic shares outstanding.
Bamboo, launched in 2018 by John Chu, provides homeowners' insurance for over 100,000 California policyholders, using its technology-enabled underwriting platform to select and manage risk. They've grown profitably in California and plan to expand to other states.
John Chu, a seasoned insurance executive, and Bamboo's current management will continue to lead the business and retain a significant equity stake.
The transaction is expected to close in the first quarter of 2024.
Price Action: WTM shares are trading at $1,492.97 on the last check Friday.
Posted In: WTM
