White Mountains to acquire ~70% of Bamboo for ~$285M; California homeowners MGA

WHITE MOUNTAINS INSURANCE GROUP LTD

White Mountains to invest approx. $285M for ~70% of Bamboo, a California homeowner MGA.
Bamboo insures over 100,000 California policyholders; founded in 2018 by John Chu.
John Chu and current management will continue leading the business with a significant equity stake.
Transaction expected to close Q1 2024, subject to regulatory approvals; no financing condition.
White Mountains' final ownership could range from 62% to 81% based on unitholder rollovers.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

WHITE MOUNTAINS INSURANCE GROUP LTD entered into Agreement and Plan of Merger with Bamboo IDE8 Insurance Services, LLC valued at approximately $285 million in cash (effective 2023-10-19).

Action: entry
Agreement: merger
Counterparty: Bamboo IDE8 Insurance Services, LLC
Value: approximately $285 million in cash
Effective: 2023-10-19

Exact text from the filing

On October 19, 2023, White Mountains Insurance Group, Ltd. (“ White Mountains ”) and its indirect wholly owned subsidiaries PM Holdings LLC (“ Parent ”) and WM Pierce Merger Sub LLC (“ Merger Sub ”) entered into an Agreement and Plan of Merger (the “ Merger Agreement ”) with Bamboo IDE8 Insurance Services, LLC (“ Bamboo ”) and John Chu, as the unitholders’ representative.

View on SEC.gov

Browse all material agreements →

WHITE MOUNTAINS INSURANCE GROUP LTD filing history →

Source: SEC EDGAR

accession 0000776867-23-000014

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.