Insurance company Bamboo Insurance has acquired certain of the assets of title insurance, settlement services and risk solutions provider First American Property and Casualty Insurance Agency (FAPCIA) from parent company First American Financial Corporation.
The assets acquired include over $22m in premium in both personal and commercial lines underwritten by third-party carriers. FAPCIA’s staff will continue to provide service to policyholders as part of the Bamboo team. First American announced in October 2020 its intent to exit its property and casualty business and to maintain focus on its core business.
The acquisition will allow Bamboo Insurance to grow faster and expand further into the insurance value chain, it said.
Bamboo Insurance offers flexible and transparent insurance options, including homeowners, dwelling fire and ancillary products in the state of California. Now, it will be able to meet the needs of its customers by offering auto, renters, condominium, commercial lines and a host of other insurance coverages alongside its existing products across the nation.
Commenting on the deal, Bamboo CEO John Chu said, “Today Bamboo begins a new chapter in its growth. Adding full-service personal and commercial lines agency capabilities allows us to offer additional products to a much broader set of customers across the continental United States.”
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