Since 2017, Hippo Insurance Services has been partnering Spinnaker Insurance as its largest carrier platform
Spinnaker Insurance to become part of Hippo’s family of companies. (Credit: Gerd Altmann from Pixabay)
Hippo Insurance Services, a home insurance company, has agreed to acquire US property and casualty insurer (P&C) Spinnaker Insurance for an undisclosed price.
Licensed to operate across 50 states, Spinnaker Insurance, which is domiciled in Illinois, will join Hippo’s family of companies upon closing of the deal which will be subject to regulatory approval.
The company is said to partner with programme administrators and managing general agents across niche markets. It particularly focuses on short-tail business with an emphasis on homeowners, renters, and small commercial, and also on certain specialty lines, and fronting opportunities.
Since 2017, Hippo Insurance Services has been partnering the property and casualty insurer as its largest carrier platform.
Spinnaker Insurance-backed Hippo products are currently available to consumers across more than 18 states.
Hippo Insurance Services said that the acquisition highlights the alignment between the two firms and the strength of the partnership that has developed over the last three years. The company said that the acquisition will enable it to grow the geographical presence of its modern home insurance policies which also feature smart home monitoring kits.
Hippo chief insurance officer Rick McCathron said: “Bringing Spinnaker into the Hippo family is a natural next step in growing our proactive home insurance offering.
“Spinnaker knows the complexities of our industry, mirrors our same standards for technology innovation and customer experience and has continued to meet, oftentimes exceeding, our expectations over the years.”
Hippo Insurance Services said that it will continue to operate as a managing general agent with a part of its premiums to be underwritten by its affiliate Spinnaker Insurance and the remaining to be underwritten by other carrier partners.
The newly acquired firm will independently operate under the Hippo umbrella.
Spinnaker Insurance CEO comments on the acquisition by Hippo Insurance Services
Spinnaker Insurance CEO Dave Ingrey said: “Since launching in 2015, Spinnaker has pioneered the concept of value-added fronting: working to create products that benefit the policyholder, the producer, the insurer, and the reinsurer.
“We know Hippo shares these ideals and we appreciate their relentless pursuit of innovative ways to grow their value proposition for all their customers. Spinnaker is very excited that as a result of this transaction, we can continue to transform the customer experience in ways that will help both companies, as well as all our current and future business partners.”