For Immediate Release
Bamboo Insurance Acquires Assets of First American Property and Casualty Insurance Agency
New York, NY, June 17, 2021 – Bamboo Insurance, a reimagined insurance company focused on transparency, customer advocacy and a frictionless experience, has acquired certain of the assets of First American Property and Casualty Insurance Agency (“FAPCIA”) from parent company First American Financial Corporation (NYSE: FAF), a leading provider of title insurance, settlement services and risk solutions for real estate transactions that traces its heritage back to 1889. First American announced in October 2020 its intent to exit its property and casualty business and to maintain focus on its core business.
This acquisition puts Bamboo Insurance on the map with expansive product lines across the continental US.
The assets acquired include over $22 million in premium in both personal and commercial lines underwritten by leading third-party carriers. FAPCIA’s staff will continue to provide excellent service to policyholders as part of the Bamboo team.
“Today Bamboo begins a new chapter in its growth,” according to CEO John Chu. “Adding full-service personal and commercial lines agency capabilities allows us to offer additional products to a much broader set of customers across the continental United States.”
Bamboo Insurance has historically offered flexible and transparent insurance options, including homeowners, dwelling fire and ancillary products in the state of California. Starting today, Bamboo’s new agency operation will be able to meet the needs of its customers by offering auto, renters, condominium, commercial lines, and a host of other insurance coverages alongside its existing products across the nation.
Adding an agency of this caliber will allow Bamboo Insurance to grow faster and expand further into the insurance value chain.
Merger & Acquisition Services, Inc. served as the sole financial advisor to First American Financial Corporation.
Merger & Acquisition Services, Inc. is a specialist advisory and financial services Firm to the insurance and reinsurance industry, with offices in New York, Connecticut, Georgia & Cayman Islands. Founded in 1999, the Firm and its affiliates provides investment banking and insurance consulting services globally, including; merger & acquisition advisory, capital raising, valuations, program placement/fronting, and reinsurance advisory. Merger & Acquisition Capital Services, LLC., a registered broker-dealer and member FINRA / SIPC, is an affiliate of Merger & Acquisition Services, Inc.
Investment banking services and all securities are offered in the United States by and through Merger & Acquisition Capital Services, LLC, a US registered broker-dealer and member FINRA/SIPC. Merger & Acquisition Services, Inc., M&A International LTD & M&A International Corporation U.A. do not underwrite securities, nor advise on, nor effect transactions in securities for the account of others.