.jpg)
XL Catlin has entered into an underwriting agreement with program administrator Bamboo Insurance to offer property insurance in California.
Bamboo Insurance distributes personal lines products within California. Through the underwriting agreement, Bamboo is offering home owners HO-3 and fire, dwelling products.
“XL Catlin has a long history of identifying high quality specialized program administrators that address market needs and benefit from our underwriting expertise and strong capital position. We are very excited about adding the Bamboo team to this list,” commented XL Catlin chief executive of reinsurance North America John Welch.
“Bamboo has the right combination of deep market knowledge, an accomplished team of professionals across all disciplines, leading technology skills and strong relationships with their producers,” added Welch. “In addition, we believe the timing is right to bring a fresh approach and new capacity to the California insurance market. We look forward to working with Bamboo.”
Bamboo CEO John Chu explained in a statement that when he founded the company, he reimagined an insurer “that balances the core tenets of product manufacturing with insurtech driven changes to the operating platform.”
“We wanted Bamboo to embrace all the new technology driven advancements but apply them to drive profitable growth through machine driven underwriting and a significantly lower cost platform,” Chu remarked.
“I wanted to create a company that centered on transparency and advocacy, two key differentiators in the P&C market that have largely not been part of the industry,” Chu continued. “I believe that the end to end experience customers and agents have had with P&C companies is not friendly and borders on adversarial. We believe that must change and outdated processes and systems have been the driving force for these issues, something that our team and Bamboo is not burdened with.”
In addition to its underwriting agreement with XL Catlin, Bamboo also offers earthquake policies underwritten by Palomar Specialty Insurance, as well as flood polices underwritten by Prospect General Insurance.
