STAMFORD, Conn. and
WOODSIDE, Calif., June, 18, 2018
/PRNewswire/ -- XL Catlin and new insuretech-focused program
administrator, Bamboo Insurance has entered into an underwriting
agreement to provide property insurance in California.
Commenting on the Bamboo partnership, John Welch, Chief Executive, Reinsurance North
America, said "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 works with program administrators who have unique
industry skills, specialized underwriting talent and a proven
record of success managing books of program business to provide
customized general and specialty property, casualty and
professional mono-line and package programs.
Mr. 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."
According to Bamboo CEO John
Chu, "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," said Mr. 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We believe that must change and outdated processes and systems have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."
Through the XL Catlin Company, Catlin Insurance Company, Inc.,
Bamboo is offering Home Owners HO-3 and Fire, Dwelling
products.
About Bamboo Insurance
Founded by John Chu, a 25-year
veteran of the P&C insurance industry Bamboo Insurance is a
California-based program
administrator focused on distribution of personal lines products
within California. For more information about Bamboo, or to
explore the opportunity to write with Bamboo, please visit
https://bambooinsurance.
About XL Catlin Insurance Operations
XL Catlin insurance companies offer property, casualty,
professional, financial lines and specialty insurance products
globally. Businesses that are moving the world forward choose XL
Catlin as their partner. To learn more, visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group Ltd (NYSE:XL)
insurance and reinsurance companies which provide property,
casualty, professional and specialty products to industrial,
commercial and professional firms, insurance companies and other
enterprises throughout the world. Clients look to XL Catlin for
answers to their most complex risks and to help move their world
forward. To learn more, visit xlcatlin.com.
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SOURCE XL Catlin