(Image source: Bamboo homepage.)
Bamboo Insurance (Midvale, Utah), an InsurTech distribution company focused on transparency, customer advocacy and a frictionless experience, announced that it has acquired certain of the assets of First American Property and Casualty Insurance Agency (FAPCIA) from parent company First American Financial Corporation (Santa Ana, Calif.), a 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.
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 service to policyholders as part of the Bamboo team.
“Today Bamboo begins a new chapter in its growth,” comments John Chu, CEO, Bamboo Insurance. “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.”
Expanding Product Set and Geographical Reach
Since opening for business in 2018, Bamboo Insurance has offered what it characterizes as flexible and transparent insurance options, including homeowners, dwelling fire and ancillary products in the state of California. As a result of the acquisition of FAPCIA, Bamboo says its 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,” a Bamboo statement says.