White Mountains Sells Bamboo Stake to CVC for $1.75bn
White Mountains Insurance Group has agreed to sell a controlling stake in its data-driven insurance distribution platform, Bamboo, to private equity firm CVC Capital Partners for $1.75bn (€1.5bn). The deal, expected to close by the end of 2025, is set to yield White Mountains a significant gain and net cash proceeds of around $840m.
Bamboo, operating in the residential property markets of California and Texas, runs two integrated businesses: a retail agency and a captive reinsurer. The platform, focusing on data-driven insurance distribution, shares underwriting risk with reinsurance partners. Post-transaction, White Mountains will retain around a 15% equity interest in Bamboo, valued at $250m based on the sale price. The closure of the deal is not contingent upon financing.
In July 2025, White Mountains agreed to acquire a 51% stake in Distinguished Programs, a specialist in property and casualty insurance programme management. Bamboo's managing general agent business handles the entire placement process for fronting and reinsurance partners.
The sale of Bamboo to CVC Capital Partners is expected to close by the end of the fourth quarter of 2025, pending regulatory approvals and other standard closing conditions. This transaction is set to provide White Mountains with a substantial gain and net cash proceeds, while it retains a significant equity interest in Bamboo.
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