M&A Deal Summary

White Mountains Acquires Bamboo

On October 20, 2023, White Mountains acquired insurance company Bamboo

Acquisition Highlights
  • This is White Mountains’ 19th transaction in the Insurance sector.
  • This is White Mountains’ 17th transaction in the United States.
  • This is White Mountains’ 1st transaction in Utah.

M&A Deal Summary
Date 2023-10-20
Target Bamboo
Sector Insurance
Buyer(s) White Mountains
Deal Type Add-on Acquisition
Advisor(s) Evercore Group (Financial)
Willkie Farr & Gallagher (Legal)

Target

Bamboo

Midvale, Utah, United States
Bamboo is a capital-light, tech- and data-enabled insurance distribution platform providing insurance offerings to the residential property market in California. The company operates primarily through its full-service MGA business, where it 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 Insurance is based in Midvale, Utah.

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Buyer(S) 1

Buyer

White Mountains

Hamilton, Bermuda
Category Company
Founded 1980
Sector Insurance
Employees782
Revenue 2.2B USD (2023)
DESCRIPTION

White Mountains is a domiciled financial services holding company with business interests in property and casualty insurance and reinsurance. White Mountains was founded in 1980 and is based in Hamilton, Bermuda.

DEAL STATS #
Overall 22 of 22
Sector (Insurance) 19 of 19
Type (Add-on Acquisition) 7 of 7
State (Utah) 1 of 1
Country (United States) 17 of 17
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-09 NSM

Conshohocken, Pennsylvania, United States

NSM is a full-service MGA and program administrator for specialty property & casualty insurance. The company places insurance in niche sectors such as special transportation, social services, real estate, and pet. On behalf of its insurance carrier partners, NSM typically manages all aspects of the placement process, including product development, marketing, underwriting, policy issuance, and claims. NSM was established in 1990 and is headquartered in Conshohocken, Pennsylvania.

Sell $1.8B
Mergr

Product

Company

Legal