Insurtech startup Hippo Insurance announced on Wednesday it is set to acquire Spinnaker Insurance Company, a national property and casualty insurer. Hippo reported it has partnered with Spinnaker as its largest carrier platform since 2017, with Spinnaker-backed Hippo products currently available to consumers in nearly 20 states.
Hippo also revealed that the acquisition of Spinnaker “showcases” the alignment between the two companies and the strength of the partnership built over the past three years.
“This strategic move will allow Hippo to expand the geographical reach of its modern home insurance policies which also include smart home monitoring kits.”
Hippo further explained that it 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 CEO, Dave Ingrey, added:
“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.”