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Bamboo closes Greenshoots Re sidecar, expanding facility to about $175m
The fully collateralized reinsurance will cover four fronting carriers in Bamboo’s portfolio, with investors committed on a multi-year basis.
Bamboo Ide8 Insurance Services, LLC has finalized a multi-year reinsurance sidecar transaction through Greenshoots Re, described as the first MGA-sponsored sidecar, according to Artemis.
The deal is intended to support Bamboo’s new California admitted program with MS Transverse, and it follows a previous Greenshoots Re-linked sidecar used in Bamboo’s reinsurance renewal when the company was part of White Mountains Insurance Group.
Artemis reports that with the latest closing, Greenshoots Re will provide fully collateralized reinsurance to four fronting carriers within Bamboo’s portfolio, bringing the total facility size to roughly $175 million.
The outlet also said every investor across the Greenshoots Re sidecar transactions is committed on a multi-year basis, and that GC Securities acted as sole structuring and placement agent, with Willkie Farr & Gallagher LLP as deal counsel.