Bamboo Insurance Services, a home insurance company controlled by private equity firm CVC Capital Partners, is seeking to raise as much as $700 million in an initial public offering that will enable its backers — including Bermudian-based White Mountains Insurance Group — to cut their stakes.

The Utah-based company plans to market 35 million shares for $18 to $20 each, according to its filing yesterday with the US Securities and Exchange Commission. The company won't receive any proceeds of the share sale.

The filing said all shares in the offering will be sold by existing shareholders. In June, Bamboo amended a term loan agreement and borrowed an additional $150 million, the proceeds of which were distributed to equity owners.

Founded in 2018, Bamboo was valued at $1.75 billion when funds advised by CVC bought a controlling stake last year from White Mountains.

The Bermudian company retained roughly a 15 per cent stake valued at $250 million at the time of the transaction.

Bamboo’s filing also says it is in the process of redomiciling its captive insurer, Bamboo Captive, from Arizona to Bermuda in the third quarter of 2026.

Bamboo says the move is intended to provide greater flexibility for its insurance and reinsurance operations and a regulatory framework suited to its risk-management objectives.

The captive was originally established in Bermuda as Ide8 Ltd in 2020. It was moved from the island to Arizona in late 2024, after White Mountains acquired Bamboo, and is now set to return to the island.

Bamboo has other interests on the island, including its Bermuda special purpose insurers Greenshoots Re and Greengrove Re, which were capitalised with third-party funds of $400 million and $100 million, respectively.

At the midpoint of the range, the company would have a fully diluted market value of $3.08 billion based on the outstanding shares listed and accounting for stock including restricted share units. The IPO is expected to price September 22, according to a marketing presentation seen by Bloomberg News.

Bamboo had net income of $13.8 million on revenue of $173.4 million for the six months ended June 30, compared with net income of $23.7 million on revenue of $123.9 million in the corresponding period a year earlier, according to an August filing.

Bamboo is one of several insurance companies with filings to potentially go public. Specialty home insurer Orion180 Insurance Group Inc. filed for an IPO on August 20, and Hellman & Friedman-backed insurance broker Hub International Holdings Inc. said on June 26 it had filed confidentially for an IPO.

The offering is being led by JPMorgan Chase & Co. and Morgan Stanley. The company expects its shares to trade on the New York Stock Exchange under the symbol BMB.