{"id":21232,"date":"2026-09-01T02:52:27","date_gmt":"2026-08-31T17:52:27","guid":{"rendered":"https:\/\/tomorrowaccess.com\/?page_id=21232"},"modified":"2026-10-27T14:17:04","modified_gmt":"2026-10-27T05:17:04","slug":"bamboo-2026","status":"publish","type":"page","link":"https:\/\/tomorrowaccess.com\/en\/s-1-journal\/bamboo-2026","title":{"rendered":"Homeowners Insurance the Majors Fled. It Picks What Burns Less."},"content":{"rendered":"<style>@import url('https:\/\/fonts.googleapis.com\/css2?family=Newsreader:ital,opsz,wght@0,6..72,400;0,6..72,500;0,6..72,600;1,6..72,400&display=swap');html,body {max-width: 100vw !important;overflow-x: hidden !important;}main,main > .entry-content,main > .wp-block-post-content,main > .wp-block-post-content.is-layout-constrained,main > .wp-block-post-content.is-layout-constrained > *,main .wp-block-group,main .wp-block-post-content {max-width: 100% !important;padding-left: 0 !important;padding-right: 0 !important;margin-left: 0 !important;margin-right: 0 !important;}main#wp--skip-link--target {padding: 0 !important;margin-top: 0 !important;max-width: 100% !important;}.s1-figure-inline {display: block;width: 100%;max-width: 100%;margin: 60px 0;padding: 0;box-sizing: border-box;}.s1-figure-inline picture {display: block;width: 100%;}.s1-figure-inline img {display: block;width: 100%;max-width: 100%;height: auto;margin: 0;}@media (max-width: 720px) {.s1-hero-grid {grid-template-columns: 1fr !important;}.s1-hero-grid > div {border-right: none !important;border-bottom: 1px solid #e6e6e6 !important;padding: 24px 12px !important;}.s1-hero-grid > div:last-child {border-bottom: none !important;}.s1-hero-grid > div > div:first-child {font-size: 32px !important;white-space: normal !important;}.s1-body-table,.s1-body-table tbody,.s1-body-table tr,.s1-body-table td,.s1-body-table th {display: block !important;width: 100% !important;max-width: 100% !important;box-sizing: border-box !important;}.s1-body-table thead {display: none !important;}.s1-body-table tr {margin-bottom: 16px !important;padding: 8px 0 !important;border-top: 1px solid #1a1a1a !important;}.s1-body-table tr:last-child {border-bottom: 1px solid #1a1a1a !important;}.s1-body-table td {text-align: left !important;padding: 6px 8px !important;}.s1-body-table td::before {content: attr(data-label) \": \";font-weight: 700 !important;color: #000 !important;}.s1-body-table td:first-child::before,.s1-body-table td[data-label=\"\"]::before {display: none !important;}.s1-light-shadow {flex-direction: column !important;}.s1-light-shadow > div {border-left: 1px solid #1a1a1a !important;border-top: 0 !important;}.s1-light-shadow > div:first-child {border-top: 1px solid #1a1a1a !important;}h1 {font-size: clamp(26px, 7vw, 34px) !important;}h2 {font-size: clamp(22px, 5.5vw, 28px) !important;}.s1-article-cta-headline {font-size: 24px !important; line-height: 1.4 !important;}}@media (max-width: 480px) {.s1-article-cta-headline {font-size: 20px !important;}}<\/style>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #1a1a1a; overflow-wrap: break-word; text-wrap: pretty; font-size: 16px; -webkit-font-smoothing: antialiased; background: #fafafa; width: 100%;\">\n<div style=\"max-width: 1000px; margin: 0 auto; padding: 80px 20px 0; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif;\">\n  <a href=\"https:\/\/tomorrowaccess.com\/en\/s-1-journal\/\" style=\"text-decoration: none; color: inherit; display: block;\"><\/p>\n<div style=\"text-align: left; margin-bottom: 40px;\">\n<div style=\"width: 100%; height: 5px; background: #1a1a1a;\"><\/div>\n<div style=\"margin-top: 26px; font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 32px; font-weight: 600; color: #1a1a1a; letter-spacing: 0.01em; line-height: 1; margin-bottom: 14px;\">S-1 <span style=\"color: #daa241;\">Journal<\/span><\/div>\n<div style=\"display: flex; align-items: center; flex-wrap: wrap; gap: 14px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; margin-bottom: 26px;\">\n        <span style=\"font-size: 11px; letter-spacing: 0.18em; color: #1a1a1a; font-weight: 700; text-transform: uppercase;\">The 10 Questions<\/span><br \/>\n        <span style=\"font-size: 11px; color: #ccc;\">|<\/span><br \/>\n        <span style=\"font-size: 12px; letter-spacing: 0.02em; color: #666; font-weight: 400;\">Every S-1, decoded through the same 10 questions.<\/span>\n      <\/div>\n<div style=\"width: 100%; height: 1px; background: #daa241;\"><\/div>\n<\/p><\/div>\n<p>  <\/a>\n<\/div>\n<div style=\"max-width: 720px; margin: 0 auto; padding: 0 20px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #1a1a1a; overflow-wrap: break-word; text-wrap: pretty;\">\n<div style=\"margin: 0 0 32px 0;\">\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 30px; font-weight: 600; letter-spacing: 0; color: #daa241; margin: 0; line-height: 1.2;\">Bamboo Insurance Services<\/p>\n<\/div>\n<h1 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(32px, 6vw, 46px); font-weight: 600; line-height: 1.2; letter-spacing: -0.01em; color: #000; margin: 0 0 40px 0; text-wrap: pretty;\">Homeowners Insurance<br \/>the Majors Fled.<br \/>It Picks What Burns Less.<\/h1>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.03em; color: #888; margin: 0 0 60px 0; border-bottom: 1px solid #e6e6e6; padding-bottom: 16px;\">Source: <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/2125355\/000162828026059433\/bambooinsuranceservicesinc.htm\" target=\"_blank\" rel=\"noopener\" style=\"color: #daa241; text-decoration: underline; text-underline-offset: 3px; text-decoration-thickness: 1px;\">Bamboo Insurance Services, Inc. S-1 (filed 2026-08-28) \u2197<\/a><\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">On August 28, 2026, Bamboo Insurance Services filed an <span style=\"white-space:nowrap;\">S-1<\/span> with the SEC. It writes homeowners insurance in California, a market hit by the Los Angeles wildfires of January 2025 and one the majors had been pulling back from well before that. One number recurs through the prospectus, in the summary and in the body alike: over the last five fiscal years its loss ratio ran <strong style=\"font-weight: 700; color: #000;\">an average of 32 percentage points better<\/strong> than the industry.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The chart the filing offers as evidence, opened year by year, is below. In four of the five years the gap stays under 20 points. <strong style=\"font-weight: 700; color: #000;\">Only 2025 opens to 110<\/strong>. Take the simple average of the five and you get 32; take <strong style=\"font-weight: 700; color: #000;\">the average of the four without 2025 and you get 12<\/strong>.<\/p>\n<\/div>\n<div style=\"max-width: 720px; margin: 80px auto; padding: 0 20px;\">\n<div class=\"s1-hero-grid\" style=\"border-top: 1px solid #1a1a1a; border-bottom: 1px solid #1a1a1a; padding: 50px 0; display: grid; grid-template-columns: repeat(3, 1fr); gap: 0; text-align: center; align-items: start;\">\n<div style=\"padding: 0 12px; border-right: 1px solid #e6e6e6;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(28px, 4.5vw, 36px); font-weight: 500; line-height: 1.05; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">32 points<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10.5px; letter-spacing: 0.2em; color: #daa241; margin-top: 18px; font-weight: 700; text-transform: uppercase;\">OUTPERFORMANCE<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.04em; color: #888; margin-top: 6px; font-weight: 400; line-height: 1.4;\">five-year average loss ratio gap<\/div>\n<\/p><\/div>\n<div style=\"padding: 0 12px; border-right: 1px solid #e6e6e6;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(28px, 4.5vw, 36px); font-weight: 500; line-height: 1.05; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">12 points<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10.5px; letter-spacing: 0.2em; color: #daa241; margin-top: 18px; font-weight: 700; text-transform: uppercase;\">EX-2025<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.04em; color: #888; margin-top: 6px; font-weight: 400; line-height: 1.4;\">the gap across the other four years<\/div>\n<\/p><\/div>\n<div style=\"padding: 0 12px;\">\n<div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(28px, 4.5vw, 36px); font-weight: 500; line-height: 1.05; color: #000; letter-spacing: -0.02em; white-space: nowrap;\">98%<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 10.5px; letter-spacing: 0.2em; color: #daa241; margin-top: 18px; font-weight: 700; text-transform: uppercase;\">MODERATE OR LOWER<\/div>\n<div style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.04em; color: #888; margin-top: 6px; font-weight: 400; line-height: 1.4;\">of the California book<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n<div style=\"max-width: 720px; margin: 0 auto; padding: 0 20px; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; color: #1a1a1a; overflow-wrap: break-word; text-wrap: pretty;\">\n<figure class=\"s1-figure-inline\" style=\"margin: 60px 0; padding: 0; max-width: 100%;\"><figcaption style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 19px; font-weight: 700; line-height: 1.5; color: #1a1a1a; margin: 0 0 6px 0; overflow-wrap: break-word;\">One year&rsquo;s gap is larger than the other four combined.<\/figcaption><figcaption style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; color: #888; letter-spacing: 0.04em; margin: 0 0 20px 0;\">Loss ratios for Bamboo and the ten largest California homeowners insurers (gross, including CAT losses, LAE included). The 2025 industry figure is preliminary and excludes national-level adjusting and other expenses<\/figcaption><picture><source media=\"(max-width: 720px)\" srcset=\"https:\/\/tomorrowaccess.com\/wp-content\/uploads\/2026\/08\/bamboo-en-figure-lead-q6-loss-ratio-by-year-mobile.png\"><img decoding=\"async\" src=\"https:\/\/tomorrowaccess.com\/wp-content\/uploads\/2026\/08\/bamboo-en-figure-lead-q6-loss-ratio-by-year-pc.png\" alt=\"Bar chart of Bamboo and industry loss ratios from 2021 to 2025 with the gap for each year. The gap runs 15, 11, 5 and 18 points, and opens to 110 only in 2025\" style=\"display: block; width: 100%; max-width: 100%; height: auto; margin: 0;\" loading=\"lazy\">\n<\/picture>\n<\/figure>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 60px 0 1.5em 0;\">What happened in 2025 is plain enough. The loss ratio of the ten largest California homeowners insurers <strong style=\"font-weight: 700; color: #000;\">jumped to <span style=\"white-space:nowrap;\">175%<\/span><\/strong>; Bamboo came in at <span style=\"white-space:nowrap;\">65%<\/span>. It was the wildfire year. Bamboo&rsquo;s houses burned too. Far fewer of them did.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Why not more? The company gives two reasons: risk selection and aggregation management. As the measure of the first, the filing says roughly <span style=\"white-space:nowrap;\">98%<\/span> of its California policies sit in wildfire risk categorized as moderate or lower. The founder sets the <span style=\"white-space:nowrap;\">five-year<\/span> loss ratio and that <span style=\"white-space:nowrap;\">98%<\/span> side by side in his letter and writes: <strong style=\"font-weight: 700; color: #000;\">that is not luck<\/strong>, that is disciplined underwriting.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.4em 0;\">Ten questions. We lay out only what the S-1 says.<\/p>\n<div class=\"s1-toc-top\" style=\"margin: 60px 0; padding: 30px; background: #fafafa; border-top: 1px solid #e6e6e6; border-bottom: 1px solid #e6e6e6; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif;\"><div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 13px; color: #daa241; letter-spacing: 0.22em; margin-bottom: 16px;\">CONTENTS<\/div><ul style=\"list-style: none; padding: 0; margin: 0 0 20px; font-size: 14px;\"><li style=\"padding: 9px 0; border-bottom: 1px solid #e6e6e6; display: flex; align-items: baseline; gap: 16px; color: #000000;\"><span style=\"color: #daa241; font-weight: 700; min-width: 60px; font-family: 'Newsreader', Georgia, 'Times New Roman', serif;\">Q1<\/span><span>What is this company, really?<\/span><\/li><li style=\"padding: 9px 0; border-bottom: 1px solid #e6e6e6; display: flex; align-items: baseline; gap: 16px; color: #000000;\"><span style=\"color: #daa241; font-weight: 700; min-width: 60px; font-family: 'Newsreader', Georgia, 'Times New Roman', serif;\">Q2<\/span><span>What is it competing on?<\/span><\/li><li style=\"padding: 9px 0; border-bottom: 1px solid #e6e6e6; display: flex; align-items: baseline; gap: 16px; color: #666666;\"><span style=\"color: #daa241; font-weight: 700; min-width: 60px; font-family: 'Newsreader', Georgia, 'Times New Roman', serif;\">Q3<\/span><span>How big is the market?<\/span><\/li><li style=\"padding: 9px 0; border-bottom: 1px solid #e6e6e6; display: flex; align-items: baseline; gap: 16px; color: #666666;\"><span style=\"color: #daa241; font-weight: 700; min-width: 60px; font-family: 'Newsreader', Georgia, 'Times New Roman', serif;\">Q4<\/span><span>Who uses it?<\/span><\/li><li style=\"padding: 9px 0; border-bottom: 1px solid #e6e6e6; display: flex; align-items: baseline; gap: 16px; color: #666666;\"><span style=\"color: #daa241; font-weight: 700; min-width: 60px; font-family: 'Newsreader', Georgia, 'Times New Roman', serif;\">Q5<\/span><span>How does it make money?<\/span><\/li><li style=\"padding: 9px 0; border-bottom: 1px solid #e6e6e6; display: flex; align-items: baseline; gap: 16px; color: #666666;\"><span style=\"color: #daa241; font-weight: 700; min-width: 60px; font-family: 'Newsreader', Georgia, 'Times New Roman', serif;\">Q6<\/span><span>Are the numbers healthy?<\/span><\/li><li style=\"padding: 9px 0; border-bottom: 1px solid #e6e6e6; display: flex; align-items: baseline; gap: 16px; color: #666666;\"><span style=\"color: #daa241; font-weight: 700; min-width: 60px; font-family: 'Newsreader', Georgia, 'Times New Roman', serif;\">Q7<\/span><span>Who runs it?<\/span><\/li><li style=\"padding: 9px 0; border-bottom: 1px solid #e6e6e6; display: flex; align-items: baseline; gap: 16px; color: #666666;\"><span style=\"color: #daa241; font-weight: 700; min-width: 60px; font-family: 'Newsreader', Georgia, 'Times New Roman', serif;\">Q8<\/span><span>Who controls it?<\/span><\/li><li style=\"padding: 9px 0; border-bottom: 1px solid #e6e6e6; display: flex; align-items: baseline; gap: 16px; color: #666666;\"><span style=\"color: #daa241; font-weight: 700; min-width: 60px; font-family: 'Newsreader', Georgia, 'Times New Roman', serif;\">Q9<\/span><span>What does it fear?<\/span><\/li><li style=\"padding: 9px 0; border-bottom: 1px solid #e6e6e6; display: flex; align-items: baseline; gap: 16px; color: #666666;\"><span style=\"color: #daa241; font-weight: 700; min-width: 60px; font-family: 'Newsreader', Georgia, 'Times New Roman', serif;\">Q10<\/span><span>What happens to the money raised?<\/span><\/li><li style=\"padding: 9px 0;  display: flex; align-items: baseline; gap: 16px; color: #666666;\"><span style=\"color: #daa241; font-weight: 700; min-width: 60px; font-family: 'Newsreader', Georgia, 'Times New Roman', serif;\">\u2014<\/span><span>Closing: beyond the ten questions<\/span><\/li><\/ul><p style=\"margin: 0; font-size: 13px; color: #666666; line-height: 1.7;\">Q1 and Q2 are free. Q3 onward is a one-time $25 unlock. <a href=\"https:\/\/buy.stripe.com\/3cI5kCdzy2WragXcrh67S0s?client_reference_id=bamboo-en\" style=\"color: #daa241; font-weight: 700; text-decoration: none; white-space: nowrap;\">Unlock the full piece for $25 &rarr;<\/a><\/p><\/div><p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 1<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">What is this company, really?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Prospectus Summary (p.1 onward), Business (p.113 onward) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">In one line: a company that sells insurance and bears almost none of the claims.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">What Bamboo handles is homeowners insurance. It quotes, it decides what to accept, it collects the premium. When something happens it adjusts the claim. To the policyholder it looks like an insurance company.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The difference is that <strong style=\"font-weight: 700; color: #000;\">the name on the policy is not Bamboo<\/strong>. A partner carrier issues the insurance, and that carrier and the reinsurers behind it are the ones who ultimately bear the loss. Bamboo&rsquo;s revenue is mostly commission.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Not entirely, though. The prospectus says the company does not assume &ldquo;significant&rdquo; balance sheet insurance risk &mdash; not that it assumes none. It keeps a small vehicle of its own that does take risk. Question 5 opens that.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The prospectus calls this business an MGU, a <strong style=\"font-weight: 700; color: #000;\">managing general underwriter<\/strong>. It runs the design, the underwriting and the claims handling, and <strong style=\"font-weight: 700; color: #000;\">leaves most of the risk on someone else&rsquo;s balance sheet<\/strong>.<\/p>\n<blockquote style=\"position: relative; margin: 36px 0; padding: 20px 22px 16px 22px; background: #f5f1e6; box-sizing: border-box; max-width: 100%; overflow: hidden;\"><p>\n<span aria-hidden=\"true\" style=\"position: absolute; top: 2px; left: 10px; font-family: Georgia, 'Times New Roman', serif; font-size: 42px; font-weight: 400; color: #daa241; line-height: 1;\">&ldquo;<\/span><\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 17px; font-weight: 400; line-height: 1.65; letter-spacing: 0.02em; color: #1a1a1a; margin: 0 0 10px 0; padding-left: 24px; overflow-wrap: break-word; overflow-wrap: break-word;\">Where others saw risk they could not price, we saw a market that was being misread and an opportunity to underwrite it properly.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 9.5px; font-weight: 700; letter-spacing: 0.16em; color: #daa241; margin: 0; padding-left: 24px; overflow-wrap: anywhere;\">BAMBOO INSURANCE S-1 (AUG 2026) \/ LETTER FROM OUR FOUNDER AND CEO<\/p>\n<\/blockquote>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The scale: managed premium of <span style=\"white-space:nowrap;\">$766<\/span> million in 2025, up <span style=\"white-space:nowrap;\">58%<\/span> from <span style=\"white-space:nowrap;\">$484<\/span> million the year before. For the twelve months to June 2026 it reaches <span style=\"white-space:nowrap;\">$879<\/span> million.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The headcount running that was <strong style=\"font-weight: 700; color: #000;\">290<\/strong> at the end of June 2026. The office is in Midvale, Utah, and the company owns no real property. Most roles, it says, can be performed remotely.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">A company that underwrites California houses does not have its head office in California. That is what a business that keeps risk off its own books looks like.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">It walked in the year everyone else was walking out<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The legal beginning was November 2017, a limited liability company formed in Arizona. It began writing in 2018, and the premium it managed at the end of that year was about <span style=\"white-space:nowrap;\">$2<\/span> million.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The founder&rsquo;s letter does not treat that timing as an accident. It says the company launched in California in 2018, at a moment when most carriers were exiting the market, and that <strong style=\"font-weight: 700; color: #000;\">the timing was deliberate<\/strong>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Seven years later its share of that state is <span style=\"white-space:nowrap;\">4%<\/span>. <span style=\"white-space:nowrap;\">$766<\/span> million is <strong style=\"font-weight: 700; color: #000;\">more than 380 times<\/strong> <span style=\"white-space:nowrap;\">$2<\/span> million.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Not a company that underwrites insurance. A company that sells a way of underwriting it.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; letter-spacing: 0.22em; font-weight: 700; color: #daa241; margin: 100px 0 12px 0; text-transform: uppercase;\">Question 2<\/p>\n<h2 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: clamp(26px, 5vw, 32px); font-weight: 600; line-height: 1.25; letter-spacing: -0.005em; color: #000; margin: 0 0 28px 0;\">What is it competing on?<\/h2>\n<div style=\"margin: 0 0 30px 0; padding: 0 0 16px 0; border-bottom: 1px solid #1a1a1a;\">\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.2em; color: #daa241; font-weight: 700; margin: 0 0 8px 0; text-transform: uppercase;\">Primary source \u00b7 from the S-1<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 15px; line-height: 1.6; color: #1a1a1a; margin: 0;\">Business (Our Competitive Moats, p.114 onward), Business (Our Data-Driven Underwriting, p.122 onward) \u2014 from the S-1<\/p>\n<\/div>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">It competes in three places: a number, the providers of capital, and selection.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The prospectus lists six strengths: underwriting excellence, diversified capacity providers, broad distribution, operating expense efficiency, a <span style=\"white-space:nowrap;\">high-retention<\/span> customer base, and an experienced management team. Read them in order and it becomes clear that all of them hang off the first.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">Good underwriting attracts capital. Capital means the agent does not get turned away. Not turning agents away means more policies, more data, and better underwriting again. The prospectus calls this a flywheel. What starts the wheel is a single number: the loss ratio.<\/p>\n<h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 22px; font-weight: 700; line-height: 1.5; color: #000; margin: 30px 0 16px 0; border-left: 4px solid #daa241; padding: 0 0 0 16px;\">The one number everything starts from<\/h3>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The sentence the company keeps repeating is this one.<\/p>\n<blockquote style=\"position: relative; margin: 36px 0; padding: 20px 22px 16px 22px; background: #f5f1e6; box-sizing: border-box; max-width: 100%; overflow: hidden;\"><p>\n<span aria-hidden=\"true\" style=\"position: absolute; top: 2px; left: 10px; font-family: Georgia, 'Times New Roman', serif; font-size: 42px; font-weight: 400; color: #daa241; line-height: 1;\">&ldquo;<\/span><\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 17px; font-weight: 400; line-height: 1.65; letter-spacing: 0.02em; color: #1a1a1a; margin: 0 0 10px 0; padding-left: 24px; overflow-wrap: break-word; overflow-wrap: break-word;\">Over the last five fiscal years, our loss ratios have <strong style=\"font-weight: 700; color: #000;\">outperformed the industry by an average of 32 percentage points<\/strong>.<\/p>\n<p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 9.5px; font-weight: 700; letter-spacing: 0.16em; color: #daa241; margin: 0; padding-left: 24px; overflow-wrap: anywhere;\">BAMBOO INSURANCE S-1 (AUG 2026) \/ MD&#038;A, OVERVIEW<\/p>\n<\/blockquote>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">The components: a gross loss ratio including catastrophe losses <strong style=\"font-weight: 700; color: #000;\">averaging <span style=\"white-space:nowrap;\">55%<\/span> over five years<\/strong>, <strong style=\"font-weight: 700; color: #000;\">against <span style=\"white-space:nowrap;\">86%<\/span><\/strong> for the ten largest California homeowners insurers on a weighted average basis. The chart it rests on is titled &ldquo;California Loss Ratio Outperformance.&rdquo; The spread is tighter too &mdash; a standard deviation of <span style=\"white-space:nowrap;\">11%<\/span> against <span style=\"white-space:nowrap;\">45%<\/span>.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">A loss ratio is the share of collected premium that goes back out in payments. Those payments include not only the claims themselves but the cost of investigating and settling them. Lower is better underwriting. The gap here is more than 30 points. Note that <span style=\"white-space:nowrap;\">55%<\/span> <strong style=\"font-weight: 700; color: #000;\">against <span style=\"white-space:nowrap;\">86%<\/span><\/strong> shows as 31 on the page, while the company writes 32. Where the 32 comes from is opened in Question 6.<\/p>\n<p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #1a1a1a; margin: 0 0 1.5em 0;\">This number carries the whole of the company&rsquo;s case. The capacity providers arriving, the agents coming over &mdash; all of it starts here. Which is why Question 6 opens this number and no other.<\/p>\n<div class=\"s1-paywall-fade\" aria-hidden=\"true\" style=\"position:relative; height:0; overflow:visible;\"><div style=\"position:absolute; left:0; right:0; bottom:0; height:220px; background:linear-gradient(to bottom, rgba(250,250,250,0) 0%, rgba(250,250,250,0.55) 45%, rgba(250,250,250,0.9) 80%, #fafafa 100%); pointer-events:none;\"><\/div><\/div><div class=\"s1-paywall-cta\" style=\"margin: 60px 0; padding: 60px 30px; background: #fafafa; border-top: 2px solid #daa241; border-bottom: 1px solid #e6e6e6; text-align: center; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif;\">\n\n  <div style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 13px; color: #daa241; letter-spacing: 0.22em; margin-bottom: 16px;\">CONTINUE READING<\/div>\n\n  <h3 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 28px; font-weight: 400; line-height: 1.5; color: #000; margin: 0 0 32px; letter-spacing: 0.02em;\">\n    Keep reading\n  <\/h3>\n\n  <ul style=\"list-style: none; padding: 0; margin: 0 auto 32px; max-width: 380px; text-align: left; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px;\">\n      <li style=\"padding: 10px 0; border-bottom: 1px solid #e6e6e6; display: flex; align-items: baseline; gap: 16px;\">\n        <span style=\"color: #daa241; font-weight: 700; min-width: 54px; font-family: 'Newsreader', Georgia, 'Times New Roman', serif;\">Q3<\/span>\n        <span>How big is the market?<\/span>\n      <\/li>      <li style=\"padding: 10px 0; border-bottom: 1px solid #e6e6e6; display: flex; align-items: baseline; gap: 16px;\">\n        <span style=\"color: #daa241; font-weight: 700; min-width: 54px; font-family: 'Newsreader', Georgia, 'Times New Roman', serif;\">Q4<\/span>\n        <span>Who actually uses it?<\/span>\n      <\/li>      <li style=\"padding: 10px 0; border-bottom: 1px solid #e6e6e6; display: flex; align-items: baseline; gap: 16px;\">\n        <span style=\"color: #daa241; font-weight: 700; min-width: 54px; font-family: 'Newsreader', Georgia, 'Times New Roman', serif;\">Q5<\/span>\n        <span>How does it make money?<\/span>\n      <\/li>      <li style=\"padding: 10px 0; border-bottom: 1px solid #e6e6e6; display: flex; align-items: baseline; gap: 16px;\">\n        <span style=\"color: #daa241; font-weight: 700; min-width: 54px; font-family: 'Newsreader', Georgia, 'Times New Roman', serif;\">Q6<\/span>\n        <span>Are the numbers healthy?<\/span>\n      <\/li>      <li style=\"padding: 10px 0; border-bottom: 1px solid #e6e6e6; display: flex; align-items: baseline; gap: 16px;\">\n        <span style=\"color: #daa241; font-weight: 700; min-width: 54px; font-family: 'Newsreader', Georgia, 'Times New Roman', serif;\">Q7<\/span>\n        <span>Who runs it?<\/span>\n      <\/li>      <li style=\"padding: 10px 0; border-bottom: 1px solid #e6e6e6; display: flex; align-items: baseline; gap: 16px;\">\n        <span style=\"color: #daa241; font-weight: 700; min-width: 54px; font-family: 'Newsreader', Georgia, 'Times New Roman', serif;\">Q8<\/span>\n        <span>Who controls it?<\/span>\n      <\/li>      <li style=\"padding: 10px 0; border-bottom: 1px solid #e6e6e6; display: flex; align-items: baseline; gap: 16px;\">\n        <span style=\"color: #daa241; font-weight: 700; min-width: 54px; font-family: 'Newsreader', Georgia, 'Times New Roman', serif;\">Q9<\/span>\n        <span>What is it afraid of?<\/span>\n      <\/li>      <li style=\"padding: 10px 0; border-bottom: 1px solid #e6e6e6; display: flex; align-items: baseline; gap: 16px;\">\n        <span style=\"color: #daa241; font-weight: 700; min-width: 54px; font-family: 'Newsreader', Georgia, 'Times New Roman', serif;\">Q10<\/span>\n        <span>What becomes of the money it raises?<\/span>\n      <\/li>      <li style=\"padding: 10px 0;  display: flex; align-items: baseline; gap: 16px;\">\n        <span style=\"color: #daa241; font-weight: 700; min-width: 54px; font-family: 'Newsreader', Georgia, 'Times New Roman', serif;\">Closing<\/span>\n        <span>Beyond the ten questions<\/span>\n      <\/li>\n  <\/ul>\n<div class=\"s1-owarini-teaser\" style=\"max-width: 720px; margin: 0 auto 30px; padding: 30px 0 0; border-top: 1px solid #e6e6e6; text-align: left; position: relative;\"><p style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 12px; letter-spacing: 0.25em; font-weight: 700; color: #daa241; margin: 0 0 12px; text-transform: uppercase;\">In closing<\/p><h4 style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 24px; font-weight: 400; line-height: 1.5; color: #000; margin: 0 0 30px; letter-spacing: 0.02em;\">Beyond the ten questions<\/h4><p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #000; margin: 0 0 24px;\">What Bamboo sells is not insurance. It is a way of underwriting it. Another company issues the policy, another company ultimately bears the loss, and what passes through these books is commission. In the January 2025 wildfires the program as a whole took about $165 million of loss. What the company&rsquo;s own captive bore was about $3.5 million. They measure different layers of the same event and cannot be divided one by the other, but that difference is the design of this business model itself.<\/p><p style=\"font-family: 'Newsreader', Georgia, 'Times New Roman', serif; font-size: 20px; line-height: 1.65; letter-spacing: 0; color: #000; margin: 0;\">The number that demonstrates the quality of the underwriting was the 32 points on the loss ratio.<\/p><div aria-hidden=\"true\" style=\"position: absolute; left: 0; right: 0; bottom: 0; height: 60px; background: linear-gradient(to bottom, rgba(250,250,250,0) 0%, rgba(250,250,250,0.85) 100%); pointer-events: none;\"><\/div><\/div>\n  <a href=\"https:\/\/buy.stripe.com\/3cI5kCdzy2WragXcrh67S0s?client_reference_id=bamboo-en\" style=\"display: inline-block; background: #daa241; color: #fff; padding: 18px 48px; font-size: 16px; font-weight: 700; text-decoration: none; letter-spacing: 0.08em; transition: background 0.2s;\" onmouseover=\"this.style.background='#b88a36'\" onmouseout=\"this.style.background='#daa241'\">\n    Full access for $25 &rarr;\n  <\/a>\n\n  <div style=\"margin: 60px 0 0; text-align: left;\">\n    <a href=\"https:\/\/tomorrowaccess.com\/en\/s-1-journal\" style=\"font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 16px; font-weight: 700; color: #daa241; text-decoration: none; letter-spacing: 0.02em;\">&larr; Back to S-1 Journal<\/a>\n  <\/div>\n\n<\/div><div class=\"s1-paywall-locked\" aria-hidden=\"true\" style=\"display:none;\"><\/div><div class=\"s1-article-footer\" style=\"margin: 16px 0 0; padding: 8px 30px 36px; background: transparent; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 13px; color: #666; line-height: 1.8; text-align: center;\">\n  <div style=\"max-width: 680px; margin: 0 auto;\">\n    <p style=\"margin: 0 0 18px;\">This article is an explainer for informational purposes only. It is not investment advice or a solicitation to invest. Any investment decision is your own responsibility. The facts here are based on each company&rsquo;s S-1 filing but are not guaranteed to be accurate or complete. Please consult the primary filing on <a href=\"https:\/\/www.sec.gov\/cgi-bin\/browse-edgar?action=getcompany&type=S-1&dateb=&owner=include&count=40\" target=\"_blank\" rel=\"noopener\" style=\"color: #daa241; text-decoration: underline; text-underline-offset: 2px;\">SEC EDGAR<\/a>.<\/p>\n    <p style=\"margin: 0;\"><a href=\"https:\/\/tomorrowaccess.com\/en\/s-1-journal#sales-info\" style=\"color: #daa241; text-decoration: underline; text-underline-offset: 3px; font-weight: 700;\">Pricing &amp; terms &rarr;<\/a><\/p>\n  <\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>S-1 Journal The 10 Questions | Every S-1, decoded through the same 10 questions. Bamboo Insurance Services Hom [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":24357,"parent":20744,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_yoast_wpseo_focuskw":"Bamboo Insurance S-1","_yoast_wpseo_title":"Bamboo Insurance (BMB) S-1, Explained: The Homeowners Market the Majors Fled %%sep%% %%sitename%%","_yoast_wpseo_metadesc":"Bamboo walked into the California homeowners market the majors were walking out of. Its loss ratio beats the industry by 32 points. Open that number year by year and most of the gap was made in a single year, 2025.","_yoast_wpseo_canonical":"","_yoast_wpseo_opengraph-title":"","_yoast_wpseo_opengraph-description":"","_yoast_wpseo_twitter-title":"","_yoast_wpseo_twitter-description":"","_uag_custom_page_level_css":"","eventcal-data-date-start":"","eventcal-data-date-end":"","eventcal-data-url":"","eventcal-data-place":"","eventcal-data-capacity":"","eventcal-data-ticket":"","eventcal-data-report":"","eventcal-data-note":"","mentoring-company":"","mentoring-position":"","mentoring-name":"","mentoring-url":"","mentoring-text-top":"","mentoring-text-01":"","mentoring-text-02":"","mentoring-text-03":"","mentoring-images":"","mentoring-logo":"","expert-pitch-data-thumbnail":"https:\/\/www.youtube.com\/embed\/M7DlaXKYhLw","expert-pitch-data-youtube":"","expert-pitch-data-date":"2022.03.01 TUE 12:00-13:00","expert-pitch-data-name":"Global Brain, Partner US office \u4e00\u5bae \u7fd4\u5e73\u6c0f","expert-pitch-data-excerpt":"\u91d1\u878d\u5e02\u5834\u304c\u5927\u304d\u304f\u5909\u308f\u308d\u3046\u3068\u3057\u3066\u3044\u307e\u3059\u3002 \u3053\u308c\u307e\u3067\u306f\u65e7\u6765\u306e\u9280\u884c\u304c\u307b\u307c\u5168\u3066\u306e\u6a5f\u80fd\u3092\u6301\u3063\u3066\u3044\u307e\u3057\u305f\u304c\u3001\u304a\u91d1\u3092\u8caf\u3081\u308b\u3001\u9001\u91d1\u3059\u308b\u3001\u6c7a\u6e08\u3059\u308b\u3001\u306a\u3069\u306e\u6a5f\u80fd\u304c\u7d30\u5206\u5316\u3057\u3066\u3001\u3055\u307e\u3056\u307e\u306a\u4eba\u304c\u500b\u3005\u306e\u30b5\u30fc\u30d3\u30b9\u3092\u63d0\u4f9b\u3067\u304d\u308b\u6642\u4ee3\u306b\u306a\u308a\u307e\u3057\u305f\u3002 \u3055\u3089\u306bAI\u306e\u6280\u8853\u3084\u81a8\u5927\u306a\u91cf\u3092\u51e6\u7406\u3067\u304d\u308b\u6280\u8853\u3001\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u6280\u8853\u306a\u3069\u3082\u6210\u719f\u3057\u3066\u304d\u305f\u3053\u3068\u3082\u3042\u308a\u3001\u305d\u306e\u52d5\u304d\u306f\u52a0\u901f\u3057\u3066\u3044\u307e\u3059\u3002 \u52d5\u304d\u304c\u6fc0\u3057\u3044\u30d5\u30a3\u30f3\u30c6\u30c3\u30af\u306b\u3064\u3044\u3066\u3001\u6295\u8cc7\u304c\u6d3b\u767a\u3067\u3001\u4eca\u5e74\u306f\u30b0\u30ed\u30fc\u30d0\u30eb\u6295\u8cc7\u3068Fintech\u306a\u3069\u306b\u3082\u6ce8\u529b\u3055\u308c\u3066\u3044\u304fGlobal Brain Partner \u4e00\u5bae\u6c0f\u3068\u6700\u65b0\u60c5\u5831\u3092\u304a\u5c4a\u3051\u3057\u307e\u3059\u3002","expert-pitch-data-download-file":"","expert-pitch-data-peatix":"","expert-pitch-data-whitepaper-show":false,"common-label-text":"","_locale":"en_US","_original_post":"https:\/\/tomorrowaccess.com\/?page_id=21212","footnotes":""},"class_list":["post-21232","page","type-page","status-publish","has-post-thumbnail","hentry","en-US"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Bamboo Insurance (BMB) S-1, Explained: The Homeowners Market the Majors Fled | Tomorrow Access<\/title>\n<meta name=\"description\" content=\"Bamboo walked into the California homeowners market the majors were walking out of. 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