White Mountains said it has completed the sale of a controlling interest in insurance distribution platform Bamboo to funds advised by CVC Capital Partners.
In October, White Mountains announced the deal to CVC, valuing managing general agent Bamboo at $1.75 billion. Hamilton, Bermuda-based White Mountains bought a majority stake in Bamboo in January 2024 for about $300 million to enter the California homeowners’ insurance market.
Related: White Mountains Insurance to Sell Unit to CVC in $1.75 Billion Deal
White Mountains said it continues to retain about 15% fully-diluted equity stake in Midvale, Utah-based Bamboo.
Bamboo was launched in 2018 by John Chu. In September it announced an expansion into the Texas homeowners insurance market.
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