Oct. 3 at 3:36 PM
White Mountains Insurance Group shares rose Friday after the company announced a definitive agreement to sell a majority stake in Bamboo to CVC Capital Partners–advised funds, valuing the insurance platform at
$1.75 billion. The deal is expected to generate roughly
$310 per White Mountains book value per share and about
$840 million in net cash proceeds. White Mountains will retain a 15% stake in Bamboo, valued at
$250 million.
Bamboo, a data-driven insurance distribution platform serving homeowners in California and Texas, will continue under CEO John Chu while partnering with CVC for its next growth phase. CVC partner Daniel Brand described Bamboo as “a unique, best-in-class asset with differentiated technology, speed, and underwriting capabilities.” The transaction is expected to close by late Q4 2025, subject to regulatory approvals and customary closing conditions.
$WTM