Bamboo Expands Greenshoots Re Sidecar with Fourth Fronting Carrier, Growing Facility to Approximately $175 Million

First MGA-sponsored sidecar now provides multi-year collateralized capacity to four fronting carriers

Bamboo Ide8 Insurance Services, LLC (“Bamboo”) announced the completion of a multi-year sidecar transaction through Greenshoots Re Ltd. (“Greenshoots Re”) supporting Bamboo’s new California admitted program with MS Transverse.

With the closing of this transaction, Greenshoots Re now provides fully collateralized reinsurance capacity to four fronting carriers across Bamboo’s programs, with the total facility growing to approximately $175 million. Every investor across every sidecar transaction in the facility is committed on a multi-year basis, providing Bamboo and its carrier partners with durable, forward capacity through the underwriting cycle.

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John Chu, CEO of Bamboo, commented: “Greenshoots Re was built to be a long-term strategic capital vehicle. Welcoming a fourth carrier partner to the platform is further proof of that thesis: new partners see the value of the platform, and existing partners continue to grow with it. At approximately $175 million, with four fronting carriers and every investor committed on a multi-year basis, Greenshoots Re has become exactly the kind of durable, differentiated capacity franchise we set out to create.”

GC Securities, a division of MMC Securities LLC, acted as the sole structuring agent and sole placement agent for the sidecar transactions. Willkie Farr & Gallagher LLP served as deal counsel.

Liam Martens, Managing Director of GC Securities, said: “We’re proud to have supported Bamboo on another sidecar issuance. We continue to see healthy investor interest in Bamboo’s underwriting platform and the Greenshoots Re franchise. Bamboo has created a business and reinsurance capacity model which is unique amongst their peers and we look forward to working with them on the continued evolution of the Greenshoots Re franchise.”