CVC Capital Partners has agreed to acquire a controlling interest in Bamboo Insurance, a data-driven homeowners’ insurance platform operating in California and Texas, in a transaction valuing the business at $1.75bn.

The deal marks one of CVC’s largest US insurtech investments to date and underscores its continued focus on scalable, technology-enabled financial services platforms.

White Mountains Insurance Group, Bamboo’s current majority owner, will receive approximately $840m in net cash proceeds and retain a 15% equity stake valued at $250m. The sale is expected to close by the end of 2025, pending regulatory approvals.

“It has been our privilege to partner with Bamboo. Its rapid growth is a testament to the value and innovation it is bringing to the homeowners’ insurance market,” said Manning Rountree, Chief Executive Officer of White Mountains.

Bamboo Chief Executive Officer John Chu described the transaction as a significant milestone: “While I’m incredibly proud of the growth we’ve achieved while staying true to our client-first values, we’re still in the early innings. We are thrilled to welcome CVC on as our new majority capital partner alongside White Mountains as we embark on the next phase of Bamboo’s growth journey.”

Lorne Somerville, Managing Partner and Co-Head of CVC US, said: “We believe Bamboo’s mix of high growth, recurring revenue and value to its partners make it an optimal fit for CVC’s US portfolio.”

Evercore served as lead financial adviser to White Mountains, with Piper Sandler acting as co-adviser. Cravath, Swaine & Moore LLP provided legal counsel to White Mountains and Bamboo, and Latham & Watkins LLP advised CVC.

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