Topa Insurance, a specialty property-casualty insurer, and U.S. insurtech Hippo Enterprises Inc. announced earlier this week that they have made a mutual decision to transition their partnership. Following the transition, Hippo customer policies with Topa will be underwritten by Spinnaker Insurance Company, a wholly-owned subsidiary of Hippo, without any interruption in service or coverage. Spinnaker is a national property and casualty insurer licensed in 50 states and rated A- (Excellent) by A.M. Best Company.
Speaking about the transition, Topa’s President and CEO, Michael Day, stated:
“Hippo has been an excellent partner to Topa, and we have been very pleased with the growth of the business we have written together over the past three years. The transition provides mutual benefit as we increase our focus on commercial line products where we see significant opportunities.”
Rick McCathron, President of Hippo, added:
“Hippo’s focused on providing our customers with the best possible experience through insurance products, smart home devices, and home services. We’re looking forward to offering our existing customers access to the same great Hippo products underwritten by Spinnaker Insurance Company.”
Founded in 2015, Hippo describes itself as a home insurance company that’s changing the way people safeguard their most important asset.
“We’ve reimagined the traditional homeowners insurance policy, removed things that didn’t make sense, updated the necessities and increased coverage for contemporary needs, things like smartphones, electronics and home office equipment.”
Topa Insurance’s partnership ending comes less than a month after Hippo announced it launched in the state of Delaware. Hippo also recently revealed it raised $150 million through its Series E funding round and bought its total funding to $359 million, valuing its business at $1.5 billion post-financing.
