XL Catlin and new insurtech-focused programme administrator, Bamboo Insurance, have entered into an underwriting agreement to provide property insurance in California.

Bamboo Insurance was founded by John Chu, who has worked in the property and casualty insurance sector for 25 years. He said: “As the industry has evolved over the years, I wanted to build a reimagined insurance company that balances the core tenets of product manufacturing with insurtech-driven changes to the operating platform.

“We wanted Bamboo to embrace all the new technology driven advancements but apply them to drive profitable growth through machine-driven underwriting and a significantly lower-cost platform.”

Mr Chu added: “I wanted to create a company that centred on transparency and advocacy, two key differentiators in the P&C market that have largely not been part of the industry.

“I believe that the end-to-end experience customers and agents have had with P&C companies is not friendly and borders on adversarial. We believe that must change and outdated processes and systems have been the driving force for these issues, something that our team and Bamboo is not burdened with.”

Through the XL Catlin company, Catlin Insurance Company, Inc, Bamboo is offering homeowners HO-3 and fire, dwelling products.

XL Catlin’s John Welch, chief executive, Reinsurance North America, said: “XL Catlin has a long history of identifying high quality specialised programme administrators that address market needs and benefit from our underwriting expertise and strong capital position. We are very excited about adding the Bamboo team to this list.”

XL Catlin stated it works with programme administrators who have unique industry skills, specialised underwriting talent and a proven record of success managing books of programme business to provide customised general and speciality property, casualty and professional monoline and package programs.

Mr Welch said: “Bamboo has the right combination of deep market knowledge, an accomplished team of professionals across all disciplines, leading technology skills and strong relationships with their producers. In addition, we believe the timing is right to bring a fresh approach and new capacity to the California insurance market. We look forward to working with Bamboo.”