Bamboo Ide8 Insurance Services, LLC., part of White Mountains Insurance Group, alongside specialty insurer Accredited, have completed the reinsurance program supporting the launch of their new E&S Signature program.
John Chu, CEO of Bamboo, commented: “Greenshoots Re was first used to bring complementary capital markets capacity to another program’s traditional reinsurance panel earlier this year.
“However, our broader goal was to create a flexible, long term strategic capital vehicle providing incremental capacity access for both new and existing programs.
“The Accredited transaction is validation of this thesis, and we appreciate their support and recognition of this capability as we jointly launch E&S Signature and Texas. Greenshoots Re is a clear strategic differentiator for us, providing turn-key capital markets access and looking ahead we see numerous applications to expand its use.”
GC Securities, a division of MMC Securities LLC, acted as the sole structuring agent and sole placement agent for the sidecar. Willkie Farr & Gallagher LLP served as deal counsel.
Liam Martens, Managing Director of GC Securities, said: “We’re proud to have supported Bamboo on another sidecar issuance. We continue to see healthy investor interest in Bamboo’s underwriting platform and the Greenshoots Re franchise.
“We believe the Greenshoots Re franchise is unique insofar that it is the first MGA sponsored sidecar vehicle to have faced multiple unaffiliated cedants and will look to further extend its use in providing meaningful fully collateralized reinsurance support for additional Bamboo programs in the near future.”
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