CVC to Acquire Majority Stake in Bamboo from White Mountains - InforCapital

White Mountains Insurance Group has entered into a definitive agreement to sell a controlling interest in Bamboo, a fast-growing, data-driven insurance distribution platform focused on homeowners’ insurance in California and Texas, to funds advised by CVC Capital Partners. The transaction values Bamboo at $1.75 billion.

Following the deal, White Mountains will retain a 15% fully diluted equity stake, valued at approximately $250 million, and expects to receive about $840 million in cash proceeds. The transaction is anticipated to increase White Mountains’ book value by roughly $310 per share.

The agreement marks a significant milestone for Bamboo, which has scaled rapidly by offering a modern, technology-enabled approach to homeowners' insurance underwriting and distribution. The company focuses on risk selection, speed of service, and customer experience across key residential markets.

Manning Rountree, CEO of White Mountains, called Bamboo’s growth a testament to innovation and praised the team for building a high-performing, client-focused company. Liam Caffrey, President and CFO, emphasized that the deal benefits both shareholders and employees, and expressed confidence in Bamboo’s continued success under CVC’s leadership.

John Chu, CEO of Bamboo, said the transaction reflects years of execution and growth by the Bamboo team. While proud of the progress, he noted the company is still in its early innings and welcomed CVC as a strategic partner for the next growth phase, with White Mountains remaining involved.

CVC, a global private equity firm with over $160 billion in assets under management, highlighted Bamboo’s strong growth profile, high recurring revenue, and platform value. Daniel Brand, Partner at CVC, and Lorne Somerville, Managing Partner and Co-Head of CVC US, described Bamboo as a unique fit for the firm’s U.S. portfolio.

The transaction is expected to close by the end of Q4 2025, pending regulatory approval and standard closing conditions. The deal is not contingent on financing.

This deal is part of a growing trend in the insurance industry, where strategic investors and private equity firms are acquiring technology-driven and specialty insurance platforms with scalable models:

• KKR recently acquired a controlling stake in Global Atlantic, a life and annuities platform, to expand its footprint in insurance-linked investing.
• Brookfield Reinsurance completed the acquisition of Argo Group, a U.S.-focused underwriter of specialty insurance products, for approximately $1.1 billion.
• Warburg Pincus and Dragoneer co-led a $250 million investment into InsurTech firm Kin Insurance, targeting digital distribution in catastrophe-exposed markets.
• HDI Global and TPG both expanded their investments in niche MGA and fronting platforms, targeting profitable growth through fee-based insurance revenue.

These transactions underscore investor appetite for scalable platforms combining recurring premium streams, digital infrastructure, and access to capital-light, fee-generating insurance strategies. With its data-centric underwriting, regional focus, and strategic backing from both White Mountains and CVC, Bamboo is well-positioned to capitalize on this next chapter of industry transformation.