Hippo Partners with Spinnaker Insurance to Expand US Footprint
Hippo, the California-based insurtech company that is transforming home insurance for savvy homeowners, today announced its strategic partnerships with Spinnaker Insurance Company. Through the partnership, Hippo will expand to new states, bringing its smart home coverage to more than 60 percent of the U.S. population by the end of the year.
Hippo will leverage Spinnaker’s highly-rated and widely-licensed admitted platform to deliver its modern home and condo insurance products to an expanded audience nationwide. Texas homeowners are the first to benefit from the deal, as Hippo launched its products in the Lone Star State in late December.
“Spinnaker is an innovative carrier with a highly respected leadership team that shares Hippo’s belief that homeowners insurance was overdue for modernization,” said Richard L. McCathron CPCU, CIC Head of Insurance at Hippo. “It has already proven to be a valuable partnership. Contributing to our groundbreaking and efficient quote process, Spinnaker has helped us solidify a client-friendly underwriting process through our trusted data sources that lowers friction for the end customer.”
Hippo stands alone as Spinnaker’s first partnership with an insurtech company in the homeowners space. Spinnaker’s national licenses, collaborative relationships with reinsurers, regulators, and other service providers as well as constructive underwriting knowledge will help Hippo meet its aggressive expansion plan.
“Spinnaker is committed to being the conduit between insurtech producers and the reinsurance and capital markets. We find Hippo to have a stand-out team and superior product for today’s homeowner,” said Ken Ingrey, Chief Underwriting Officer for Spinnaker Insurance Company. “The longevity of insurtechs will come down to product innovation, ease of use, and customer service – Spinnaker is thrilled to be partnering with Hippo as we believe the organization reflects the characteristics of a successful platform.”
About Hippo
Hippo is on a mission to transform home insurance for the modern household. Among its many innovations, Hippo allows homeowners to get a quote and purchase home insurance online in 60 seconds or less, save up to 25 percent compared with traditional insurers, and obtain smarter coverage for modern households. This includes protection for possessions like appliances, consumer electronics and home offices. Founded in 2015 by Assaf Wand and Eyal Navon, Hippo made its debut in the insurance marketplace in April 2017, after raising an initial $14 million to reinvent home insurance. The company is headquartered in Mountain View, California. For more information, visit www.myhippo.com.
About Spinnaker
Spinnaker Insurance Company is a national property and casualty insurer rated A- by A.M. Best Company. With the capacity to offer admitted insurance products in 46 states and jurisdictions, Spinnaker utilizes program administrators and managing general agents to access niche markets, focusing on short-tail business (with an emphasis on homeowners, renters, and small commercial), certain specialty lines, and fronting opportunities. Learn more at www.spinnakerins.com.
Source: Hippo
