XL Catlin has entered into an underwriting agreement with Bamboo Insurance, a new InsurTech-focused program administrator, to provide property insurance in California.
Bamboo will offer Home Owners HO-3 and Fire, Dwelling products through the XL Catlin Company, Catlin Insurance Company, Inc.
John Welch, Chief Executive, Reinsurance North America at XL Catlin, commented on the new partnership: “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. We are very excited about adding the Bamboo team to this list.”
XL Catlin says it focuses on working with program administrators who have unique industry skills, specialised underwriting expertise, and a proven record of providing customised general and specialty property, casualty, and professional mono-line and package programmes.
Welch continued: “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. 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.”
John Chu, Chief Executive Officer (CEO) at Bamboo Insurance, also commented: “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.
“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,” added 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 We believe that must change and outdated processes and systems have been the driving force for these issues, something that our team and Bamboo is not burdened with.”
