Bamboo Ide8 Insurance Services, LLC announced that it has entered into an agreement in a round of funding on October 19, 2023. The transaction will include participation from new investor White Mountains Insurance Group, Ltd. for majority stake. The investor expects to indirectly acquire approximately 70% of the issued and outstanding equity interests of the company for approximately $285 million in cash.

The investor's final ownership interest could range between a minimum of approximately 62% of Bamboo and a maximum of approximately 81% of Bamboo. The transaction is expected to close in the first quarter of 2024. The closing is subject to regulatory approvals and other customary closing conditions.

The closing is not subject to a financing condition. Completion of the transactions does not require the approval of the White Mountains shareholders.