Bamboo partners with Incline to underwrite California homeowners programs
By Mia MacGregor
April 1 - (The Insurer) - Homeowners MGA Bamboo Insurance has partnered with Texas-based Incline P&C Group to underwrite both admitted and nonadmitted homeowners programs in California, effective immediately.
Bamboo stated that the partnership combines its underwriting platform with program carrier Incline’s financial strength to provide additional capacity to the California market.
"The challenges facing the California insurance market are undisputed,” said John Chu, CEO of Bamboo Insurance.
“This partnership will provide affordable insurance coverage for hundreds of thousands of Californians in the coming years.”
Earlier this month, The Insurer reported that Bamboo and its fronting carrier Sutton National were working on the placement of a reinsurance program at April 1 that includes an upsized catastrophe bond and a new quota share sidecar alongside traditional excess-of-loss cover.
White Mountains acquired 73% of Bamboo in January 2024 for up to $323 million in cash.
In its recently filed 10-K for 2024, White Mountains reported that Bamboo “does not expect the wildfires will have a material impact on its MGA earnings in the first quarter of 2025."
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