White Mountains to Sell Controlling Interest in Bamboo to CVC in $1.75 Billion Deal

White Mountains Insurance Group, Ltd. announced it has signed a definitive agreement to sell a controlling interest in Bamboo, a data-enabled insurance distribution platform, to funds advised by CVC Capital Partners. The transaction values Bamboo at $1.75 billion.

Transaction Details

White Mountains expects the sale to result in a gain of approximately $310 to its book value per share and net cash proceeds of about $840 million. The company will retain an approximately 15% fully diluted equity stake in Bamboo following the closing, valued at $250 million based on the transaction. The deal is expected to close by the end of the fourth quarter of 2025, subject to regulatory approvals and customary closing conditions. The closing is not contingent on financing.

Statements from White Mountains

Manning Rountree, Chief Executive Officer of White Mountains, said the company has valued its partnership with Bamboo and credited its rapid growth to innovation in the homeowners’ insurance market. Liam Caffrey, President and Chief Financial Officer, described the transaction as beneficial for both shareholders and Bamboo employees, noting continued partnership with Bamboo and CVC.
Chris Delehanty, Head of M&A at White Mountains, highlighted the success of Bamboo during its ownership as an example of the company’s collaborative approach with management teams in the insurance sector.

Comments from Bamboo and CVC

John Chu, CEO of Bamboo, expressed gratitude for White Mountains’ support and described the transaction as a milestone achieved through years of teamwork. Chu said Bamboo remains focused on client-first values and is “thrilled to welcome CVC as our new majority capital partner.”
CVC representatives Daniel Brand and Lorne Somerville emphasized Bamboo’s combination of growth, recurring revenue, and value to partners, calling it an optimal fit for CVC’s U.S. portfolio.

Background on the Companies

Bamboo was launched in 2018 following several wildfire losses in California. The company provides homeowners’ insurance and related products to the residential property market, primarily in California and Texas. Under White Mountains’ ownership, Bamboo’s managed premiums more than doubled to $484 million in 2024. Initially focused on California, Bamboo recently expanded into the Texas homeowners’ insurance market.

White Mountains is a Bermuda-based financial services holding company traded on the New York Stock Exchange and the Bermuda Stock Exchange under the symbol WTM. The company acquired a majority stake in Bamboo in January 2024 for nearly $300 million to enter the California homeowners’ insurance market.

CVC is a global private markets manager with approximately €200 billion in assets under management and offices across EMEA, the Americas, and Asia. Its private equity funds are invested in over 150 companies worldwide, with combined annual sales exceeding €165 billion.

Advisors

Evercore Group L.L.C. served as lead financial advisor, Piper Sandler & Co. as financial advisor, and Cravath, Swaine & Moore LLP as legal counsel to White Mountains and Bamboo. Willkie Farr & Gallagher acted as legal advisor to Bamboo management, and Latham & Watkins LLP represented CVC.

White Mountains will file a current report on Form 8-K with the U.S. Securities and Exchange Commission summarizing the terms and conditions of the transaction.