Bamboo Insurance and Sutton National Announce Reinsurance Program Renewal

Core Insights - Sutton Specialty Insurance Company and Sutton National Insurance Company, along with Bamboo Ide8 Insurance Services, announced the renewal of Bamboo's reinsurance program, which includes the successful closing of the Greengrove Re Ltd. Series 2025-1 catastrophe bond and the Greenshoots Re Ltd. Series 2025-1 sidecar transaction [1][5] Group 1: Greengrove Re Ltd. Catastrophe Bond - Greengrove Re Ltd. issued a $100 million catastrophe bond with a spread of 7.75%, an initial base expected loss of 1.44%, and an indemnity trigger over a three-year term, maturing on April 7, 2028 [2] - The offering reflects a 33% increase from the initial $75 million placement target, with the final spread priced at the lower end of the initial price guidance of 7.50% to 8.50% [2] Group 2: Greenshoots Re Ltd. Sidecar Transaction - Greenshoots Re Ltd. issued $70 million of preference shares for a sidecar transaction supported by several institutional investors [4] - Sutton National entered into a quota share reinsurance contract with Greenshoots Re Ltd., allowing participation in the underwriting results of Bamboo's business written on behalf of Sutton National [4] Group 3: Strategic Importance and Market Response - The transactions are seen as a milestone in Bamboo's history and partnership with Sutton National, aimed at addressing the coverage needs of California homeowners [5] - Investor support for these transactions is viewed as a validation of Bamboo's business model and approach to catastrophe risk management [5][6]