Hippo, a Palo Alto, Calif.-based home insurance company, is to acquire Spinnaker Insurance Company, a national property and casualty insurer licensed in 50 states.
As part of the acquisition, Spinnaker will join Hippo’s family of companies. This strategic deal will allow Hippo to expand the geographical reach of its modern home insurance policies which also include smart home monitoring kits.
Hippo Insurance Services has partnered with Spinnaker as its largest carrier platform since 2017, with Spinnaker-backed Hippo products currently available to consumers in more than 18 states.
Hippo Insurance will continue to operate as a managing general agent with a portion of its premiums to be underwritten by its affiliate Spinnaker and the balance underwritten by other carrier partners. Spinnaker will operate independently under the Hippo umbrella and maintain its position as a program and fronting company.
The company will continue to service a diverse portfolio of top-quality program administrators and drive the growth of its value-added program platform.
Hippo Insurance Services is a licensed property casualty insurance agent with products underwritten by various insurance companies. Its policies are available to over 65 percent of homeowners in the U.S.
FinSMEs
04/06/2020