This announcement is part of a typical market transformation. Insurance Commissioner Ricardo Lara’s Sustainable Insurance Strategy – Proposition 103 reforms finalized in December 2024, allowing insurers to use forward-looking catastrophe models and reinsurance costs in rate filings in exchange for expanding coverage in wildfire-prone areas – have begun re-entry into the measurable admitted market. The California FAIR plan, the state’s insurer of last resort, had grown to cover more than 450,000 properties after 2024 following non-renewals from carriers including State Farm, heightened by the Los Angeles wildfires in January 2026. The California Department of Insurance reported that FAIR Plan residential policy growth slowed to about 2.4% in the first quarter of 2026, sharply down from the 35,000 to 50,000 policies added per quarter through 2024 and 2025 – the most specific evidence available that acknowledges that market capacity is beginning to displace last resort coverage. The Bamboo-MS Transverse Partnership is a manifestation of that change.
Bamboo Insurance adds $150 million to California homeowner’s capacity & more related News Here
