Bamboo Insurance Acquires Assets of First American Property and Casualty Insurance Agency

Rhea-AI Summary

Bamboo Insurance has acquired certain assets of First American Property and Casualty Insurance Agency (FAPCIA) from First American Financial Corporation (NYSE: FAF) as part of its strategy to expand its service offerings. The acquisition includes over $22 million in premiums across personal and commercial lines, enhancing Bamboo's ability to serve a broader customer base across the continental United States. CEO John Chu emphasized this deal marks a significant milestone in Bamboo's growth, enabling them to offer an extensive range of insurance products including auto, renters, and commercial coverage.

Positive

• Acquisition of assets worth over $22 million in premiums enhances market position.
• Expands product offerings to include auto, renters, and commercial insurance lines.
• Integration of FAPCIA's skilled staff strengthens customer service capabilities.

Negative

• None.

PALO ALTO, Calif., June 17, 2021 /PRNewswire/ -- Bamboo Insurance, a reimagined insurance company focused on transparency, customer advocacy and a frictionless experience, has acquired certain of the assets of First American Property and Casualty Insurance Agency ("FAPCIA") from parent company First American Financial Corporation (NYSE: FAF), a leading provider of title insurance, settlement services and risk solutions for real estate transactions that traces its heritage back to 1889. First American announced in October 2020 its intent to exit its property and casualty business and to maintain focus on its core business.

This acquisition puts Bamboo Insurance on the map with expansive product lines across the continental US.

The assets acquired include over $22 million in premium in both personal and commercial lines underwritten by leading third-party carriers. FAPCIA's staff will continue to provide excellent service to policyholders as part of the Bamboo team.

"Today Bamboo begins a new chapter in its growth," according to CEO John Chu. "Adding full-service personal and commercial lines agency capabilities allows us to offer additional products to a much broader set of customers across the continental United States."     

Bamboo Insurance has historically offered flexible and transparent insurance options, including homeowners, dwelling fire and ancillary products in the state of California. Starting today, Bamboo's new agency operation will be able to meet the needs of its customers by offering auto, renters, condominium, commercial lines, and a host of other insurance coverages alongside its existing products across the nation.

Adding an agency of this caliber will allow Bamboo Insurance to grow faster and expand further into the insurance value chain.

About Bamboo Insurance
Founded by insurance industry veterans, Bamboo Insurance is a high growth insurtech company offering both commercial and personal lines products. To learn more about Bamboo, please visit www.bambooinsurance.com.

Media Contact
Katie Treacy
ktreacy@bambooinsurance.com

Investor Contact
Taylor Mobley
tmobley@bambooinsurance.com 

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SOURCE Bamboo Insurance

FAQ

What assets did Bamboo Insurance acquire from First American Financial Corporation (FAF)?

Bamboo Insurance acquired certain assets of First American Property and Casualty Insurance Agency, which include over $22 million in premiums.

How will the acquisition impact Bamboo Insurance and its product offerings?

The acquisition allows Bamboo Insurance to expand its product offerings to include auto, renters, and commercial lines insurance across the continental US.

What is the strategic significance of this acquisition for Bamboo Insurance?

This acquisition enables Bamboo Insurance to grow faster and expand into the insurance value chain, thus reaching more customers.

Who is the CEO of Bamboo Insurance and what did they say about the acquisition?

CEO John Chu stated that this acquisition marks a new chapter in Bamboo's growth, allowing them to offer additional products to a broader customer base.