Is Bamboo A Good Insurance Company?

WOODSIDE, Calif., June 18, 2018 /PRNewswire/ WOODSIDE, Calif., June 18, 2018 /PRNewswire/ WOODSIDE, Calif., June 18, 2018 — Bamboo Insurance, a new insuretech-focused program administrator, has signed an underwriting agreement with XL Catlin to provide property insurance in California.

How long has bamboo Insurance been in business?

Bamboo will be able to offer additional products to a significantly larger number of customers across the continental United States as a result of the acquisition. Anthony R. O’Donnell (Anthony R. O’Donnell) is a (Image courtesy of the Bamboo website.) Bamboo Insurance (Midvale, Utah), an InsurTech distribution company focused on transparency, customer advocacy, and a frictionless experience, announced the acquisition of certain assets of First American Property and Casualty Insurance Agency (FAPCIA) from parent company First American Financial Corporation (Santa Ana, Calif.), a provider of title insurance, settlement services, and risk solutions for real estate transactions with a history dating back to 1889. In October 2020, First American announced its intention to depart the property and casualty sector and focus on its core business. Over $22 million in premium was acquired in both personal and commercial policies, underwritten by renowned third-party carriers. As part of the Bamboo team, FAPCIA’s staff will continue to provide service to policyholders. Bamboo Insurance’s Founder and CEO, John Chu. “Today, Bamboo Insurance begins a new chapter in its growth,” says John Chu, the company’s CEO. “By adding full-service personal and commercial lines agency capabilities, we will be able to provide new products to a far broader set of consumers throughout the continental United States.” Product Line Expansion and Geographical Reach Since its inception in 2018, Bamboo Insurance has provided what it calls “flexible and transparent insurance alternatives” in California, including homeowners, dwelling fire, and auxiliary products. Bamboo claims that its new agency business will be able to meet the needs of its consumers by supplying car, renters, condominium, commercial lines, and a variety of other insurance coverages alongside its existing products across the country as a result of the acquisition of FAPCIA. According to a Bamboo statement, “adding an agency of this caliber will allow Bamboo Insurance to grow faster and expand further into the insurance value chain.”

When did Bamboo insurance start?

Trying to get away from it all “Nine insurance industry professionals set out to develop a more transparent insurance company by breaking free from the confines of old technology. Bamboo Insurance was born as a result, and it was launched in June 2018.

Dealing with outdated technology was a challenge “It’s like a freight train,” says Libbie Bock, Senior Vice President, Operations and Underwriting, and Head of Bamboo Agency. “Instead of just going off the track and going in a different direction, you just end up adding a new car to the freight train, and it just gets longer and longer and longer.”

Bamboo Insurance began as a Managing General Underwriter with the support of Axa and Sutton National. They have focused on home insurance for the most of the last three years since they started.