Bamboo Ide8 Insurance Services and specialty insurer Accredited have finalized the reinsurance program supporting the launch of Bamboo’s new E&S Signature program.
The reinsurance arrangement includes a multi-year sidecar transaction funded through Greenshoots Re Ltd., which was initially established earlier this year to support another Bamboo program renewal.
“Greenshoots Re was first used to bring complementary capital markets capacity to another program’s traditional reinsurance panel earlier this year,” said John Chu (pictured above), CEO of Bamboo.
Chu said that the broader objective was to create a flexible, long-term strategic capital vehicle to provide incremental capacity for both new and existing programs. He noted, “The Accredited transaction is validation of this thesis, and we appreciate their support and recognition of this capability as we jointly launch E&S Signature and Texas.”
Last month, Bamboo Insurance expanded into the Texas homeowners insurance market, marking its first move outside California. The company said that it aims to address coverage gaps and provide stable, personalized options in a market that has seen insurer exits and rising rates.
Bamboo said that its approach is to offer simple, transparent policies and a customer-focused experience, which the company believes can help ease market pressure and increase competition for Texas homeowners.
In April, Bamboo and Sutton National Insurance Company also renewed their reinsurance program, which included the issuance of a US$100 million catastrophe bond (Greengrove Re Ltd. Series 2025-1) and a US$70 million Greenshoots Re Ltd. sidecar transaction. These transactions are designed to bolster underwriting resilience for catastrophe exposures and provide diversified risk capacity through capital markets.
The Greenshoots Re Ltd. sidecar structure has enabled Bamboo and its partners to access capital markets-based quota share capacity, supporting efforts to meet the insurance needs for California homeowners.
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