White Mountains Insurance Group has completed the sale of a controlling stake in data-driven insurance distribution platform Bamboo to a fund affiliate advised by CVC Capital Partners.
The deal, initially announced in October, valued Bamboo at $1.75 billion. At the time, White Mountains said it would continue to hold approximately 15% of the company’s fully diluted shares, a position it will maintain under the final terms of the deal.
Manning Rountree, CEO of White Mountains, commented: “We are honored to partner with Bamboo. Its rapid growth is a testament to the value and innovation it brings to the homeowners insurance market.”
Bamboo CEO John Chu thanked the White Mountains team for their “invaluable guidance” and support and said the transaction was the result of years of dedication and hard work by the entire Bamboo team.
He continued: “While I’m incredibly proud of the growth we’ve achieved while staying true to our customer-first values, we’re still in our early days.
“We are pleased to welcome CVC as our new primary capital partner along with White Mountains as we embark on the next phase of Bamboo’s growth journey.”
Daniel Brand, partner at CVC, added: “Bamboo is a unique asset that brings differentiated technology, speed and underwriting to meet the insurance needs of homeowners in California and Texas.”
