White Mountains Sells Controlling Interest in Bamboo MG Agent for $1.75B

White Mountains has completed the sale of a controlling interest in the insurance distribution platform Bamboo to funds advised by CVC Capital Partners.

The transaction values Bamboo, a managing general agent, at $1.75 billion. White Mountains originally acquired a majority stake in Bamboo in January 2024 for approximately $300 million to establish a presence in the California homeowners insurance market.

Following the sale, White Mountains retains an approximately 15% fully-diluted equity stake in Bamboo. Founded in 2018 and based in Midvale, Utah, Bamboo announced its expansion into the Texas homeowners insurance market in September 2024. This deal marks a significant realignment in ownership for Bamboo within the U.S. homeowners insurance distribution space.