White Mountains’ Acquisition of a Majority Stake in Bamboo

On October 20, 2023, White Mountains Insurance Group, Ltd. (“White Mountains”), a Bermuda‑domiciled financial services holding company, announced that it has entered into an agreement to acquire a majority stake in Bamboo Ide8 Insurance Services, LLC (“Bamboo”), a managing general agent focused on the California homeowners insurance market. White Mountains expects to invest approximately $285 million, including primary capital to support Bamboo's growth, and to acquire approximately 70% of Bamboo’s outstanding equity interests. Cravath is representing White Mountains in connection with the transaction.

The Cravath team is led by partner Maurio A. Fiore and includes foreign associate attorney James Addison and associates Abhilasha Gokulan and Lyudmila D. Kirichenko on M&A matters; partner Christopher K. Fargo, of counsel Kiran Sheffrin and associate Joana W. Li on tax matters; partner Amanda Hines Gold and associate Molly E. Nichols on executive compensation and benefits matters; partner David J. Kappos and associates Christopher P. Davis and David M. Ungar on intellectual property matters; of counsel Jesse M. Weiss and foreign associate attorney Jokin Beltran de Lubiano on antitrust matters; senior attorney Annmarie M. Terraciano on environmental matters and practice area attorney Brian M. Budnick on real estate matters.