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Bamboo Insurance files for NYSE IPO under ticker BMB
The technology-enabled MGU says it has added $150 million of admitted homeowners and dwelling fire capacity in California since July via its Greenshoots Re sidecar.
Bamboo Insurance, a California-focused admitted carrier, has filed to go public on the New York Stock Exchange under the ticker BMB, a move that will subject the company’s wildfire-focused capacity model to greater public financial scrutiny. Insurance Business reports the listing will bring new disclosure around metrics brokers and other market participants have previously seen only through private reporting, including loss ratios and how concentrated capacity provider relationships are.
The IPO involves underwriting and capital structures rather than direct underwriting risk by Bamboo itself. The company prices and selects risk in-house, while a group of fronting carriers holds the capital behind the policies, a structure Bamboo describes as capital-light. Insurance Business also notes that J.P. Morgan and Morgan Stanley are acting as joint lead bookrunners, with Deutsche Bank Securities, Evercore ISI, and Wells Fargo Securities as active bookrunners, and that the share count and price range have not been set.
Bamboo’s capacity buildout includes Greenshoots Re, its sidecar platform, which has grown to roughly $175 million backing four fronting carriers. Insurance Business reports the company added $150 million of admitted homeowners and dwelling fire capacity across constrained parts of California in July.
The filing comes after California’s Sustainable Insurance Strategy reforms expanded admitted insurers’ rate flexibility in exchange for writing more business in wildfire-hit areas. Insurance Business adds that the broader U.S. market has seen continued growth in capital-light underwriting platforms, citing AM Best and EY data that US MGA and delegated underwriting premium rose 15% to $89.9 billion in 2024 and that P and C sidecar capital reached about $19.6 billion in 2025, up roughly 40% year on year.