Bamboo says its Greenshoots Re sidecar facility has expanded to about $175 million, providing fully collateralized multi-year reinsurance capacity to four fronting carriers including support for its new California admitted program.
Bamboo Insurance said its Greenshoots Re sidecar facility has grown to approximately $175 million and now provides fully collateralized reinsurance capacity to four fronting carriers across its programs, including support for the company's new California admitted program with MS Transverse Insurance Company. The update builds on Bamboo's earlier launch of a partnership with MS Transverse that added about $150 million in new admitted homeowners and dwelling fire capacity in California, aimed at constrained catastrophe-exposed markets such as Los Angeles, San Diego and San Francisco. Bamboo had said that expansion broadened its admitted-market offerings with lower-premium and more flexible structures for homeowners, landlords and agents, including deductible options of up to $10,000, mandatory water-damage sublimits with flexible tiers and claim-free discounts that increase over time. Bamboo said every investor across every sidecar transaction in the Greenshoots Re facility is committed on a multi-year basis, giving the company and its carrier partners durable forward capacity through the underwriting cycle. John Chu, CEO of Bamboo, said the platform was designed as a long-term strategic capital vehicle and that adding a fourth carrier partner shows both new and existing partners continue to expand their use of it. GC Securities, a division of MMC Securities LLC, acted as sole structuring agent and sole placement agent for the sidecar transactions, while Willkie Farr & Gallagher LLP served as deal counsel. Bamboo describes itself as a technology-enabled, underwriting-first and capital-light MGU focused on homeowners' coverage, using AI and automation across underwriting, claims and distribution.