U.S. Insurtech Hippo Set to Purchase Spinnaker Insurance coverage

Insurtech startup Hippo Insurance coverage introduced on Wednesday it’s set to accumulate Spinnaker Insurance coverage Firm, a nationwide property and casualty insurer. Hippo reported it has partnered with Spinnaker as its largest service platform since 2017, with Spinnaker-backed Hippo merchandise presently accessible to shoppers in practically 20 states.

Hippo additionally revealed that the acquisition of Spinnaker “showcases” the alignment between the 2 firms and the energy of the partnership constructed over the previous three years.

“This strategic transfer will permit Hippo to develop the geographical attain of its fashionable dwelling insurance coverage insurance policies which additionally embrace good dwelling monitoring kits.”

Hippo additional defined that it’ll proceed to function as a managing basic agent with a portion of its premiums to be underwritten by its affiliate Spinnaker and the stability underwritten by different service companions. Spinnaker CEO, Dave Ingrey, added:

“We all know Hippo shares these beliefs and we admire their relentless pursuit of revolutionary methods to develop their worth proposition for all their clients. Spinnaker could be very excited that because of this transaction, we will proceed to remodel the shopper expertise in methods that may assist each firms, in addition to all our present and future enterprise companions.”