Bamboo Insurance acquires certain assets of First American Property and Casualty Insurance Agency
Bamboo Insurance, an Utah-based insurtech company, has acquired some of the assets of First American Property and Casualty Insurance Agency (FAPCIA) from First American Financial Corporation, a provider of title insurance, risk solutions, and settlement services for real estate transactions.
The financial terms of the deal were not disclosed by the parties.
In October 2020, First American Financial had announced its intent to exit from property and casualty insurance and to sustain focus on its core business.
The assets of First American Property and Casualty Insurance Agency acquired include more than $22 million in premium in personal and commercial lines said to be underwritten by major third-party carriers.
The staff of First American Property and Casualty Insurance Agency will continue to cater to policyholders as part of Bamboo Insurance.
Bamboo Insurance acquires certain assets of First American Property and Casualty Insurance Agency. Photo courtesy of Adam Radosavljevic from Pixabay.
John Chu – CEO of Bamboo Insurance said: “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 been engaged in providing insurance options such as homeowners, dwelling fire, and ancillary products in California.
The insurtech company said that its new agency operation will be able to cope up with the requirements of its customers by providing auto, condominium, renters, commercial lines, and a range of other insurance coverages along with its existing products across the US.
Bamboo Insurance said that adding the assets of First American Property and Casualty Insurance Agency will help it expand quicker and grow further into the insurance value chain.