Bamboo Insurance Acquires Assets of First American Property and Casualty Insurance Agency
06/17/2021 - 02:43 PM
PALO ALTO, Calif. , June 17, 2021 /PRNewswire/ -- 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
"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.
About Bamboo Insurance Founded by insurance industry veterans, Bamboo Insurance is a high growth insurtech company offering both commercial and personal lines products. To learn more about Bamboo, please visit www.bambooinsurance.com
Media Contact Katie Treacy ktreacy@bambooinsurance.com
Investor Contact Taylor Mobley tmobley@bambooinsurance.com
http://www.prnewswire.com/news-releases/bamboo-insurance-acquires-assets-of-first-american-property-and-casualty-insurance-agency-301315029.html
SOURCE Bamboo Insurance
First American Financial Corp
FAF Rankings
#2012 Ranked by Stock Gains
FAF Stock Data
Industry
Direct Property and Casualty Insurance Carriers
Sector
Finance and Insurance
Tags
Finance, Specialty Insurance, Finance and Insurance, Direct Property and Casualty Insurance Carriers
Country
US
City
Santa Ana
About FAF
first american title insurance company provides comprehensive title insurance protection and professional settlement services for homebuyers and sellers, real estate agents and brokers, mortgage lenders, commercial property professionals, homebuilders and developers, title agencies and legal professionals to facilitate real estate purchases, construction, refinances or equity loans. first american's thorough title searches, title clearance and title insurance policies help to produce clear property titles and enable the efficient transfer of real estate. as one of the largest title insurance companies in the nation, first american offers title insurance and settlement services through its direct operations and an extensive network of agents throughout the united states and internationally. first american title insurance company traces its history to 1889 and is the largest subsidiary of first american financial corporation (nyse: faf).
