U.S. insurtech startup Hippo Insurance announced on Tuesday it scored $350 million investment and formed a partnership with Mitsui Sumitomo Insurance Company, Limited, a subsidiary of MS&AD Insurance Group Holdings, Inc. According to Hippo, the investment will support the insurtech’s product roll out in additional states, to reach 95% of the U.S. homeowners population in the next year, as well as providing additional capital for its insurance and reinsurance companies.
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.”
Hippo further revealed that the investment solidifies the strategic partnership between the two companies, which began with MS&AD Ventures’ initial investment in Hippo’s Series E funding round in July 2020. Speaking about the investment, Assaf Wand, CEO and Co-Founder of Hippo, stated:
“Mitsui Sumitomo is one of the best when it comes to risk management and shares our desire to leverage data and analytics to create better outcomes for homeowners. We’re excited to deepen our partnership and gain additional catastrophe modeling expertise from one of the world’s largest insurers.”
Shinichiro Funabiki, Director, Vice President Executive Officer at Mitsui Sumitomo Insurance Company, Limited., went on to add:
“We value the innovation that Hippo brought to the home insurance space through its advanced classification of risk. We look forward to learning from one another through our strategic partnership, providing high value-added products and services to customers of both companies in the U.S. and Japan, and to continue to support Hippo, which quickly became a top insurtech in the U.S. home insurance space and is beloved by its customers.”