(Image source: Bamboo Insurance homepage.)
Bamboo Insurance (Woodside, Calif.), a technology-focused program administrator focused on distributing personal lines insurance products has launched in the California property insurance market through an underwriting agreement with XL Catlin (Stamford, Conn.). Bamboo offers Home Owners HO-3 and Fire, and Dwelling insurance, using technology to drive processes characterized by transparency and advocacy, and correcting what founder and CEO John Chu characterizes as a historical relationship with agents and policyholders bordering on the adversarial.
The agreement fits with XL Catlin’s history of working with program administrators with unique underwriting talent and a proven record of success managing books of program business to provide customized general and specialty property, casualty and professional mono-line and package programs.
“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,” comments John Welch, Chief Executive, Reinsurance North America, XL Catlin. “We are very excited about adding the Bamboo team to this list.”
“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,” Welch adds. “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 was founded by John Chu, a 25-year veteran of the property/casualty insurance industry who has held senior leadership positions at companies such as The Hartford and The McGraw Group, as well as in financial services and venture capital.
Reimagined Insurance Company
“As the industry has evolved over the years, I wanted to build a reimagined insurance company that balances the core tenets of product manufacturing with insure-tech driven changes to the operating platform,” comments Chu. “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.”
“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,” adds Chu. “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.”