Ally Financial to back Hippo’s home insurance in select states
announced a new issuing carrier relationship with Motors Insurance Corporation
, a subsidiary of Ally Financial and a 50 state carrier to allow Ally Financial to offer Hippo’s home insurance policies in 10 states; for starters.
Hippo will underwrite the policies, while Ally will put up around $500 million to back them. According to the companies, the deal will strengthen and double Hippo Insurance Services’ insurance underwriting capacity, becoming Hippo’s largest managing general agent (MGA) unaffiliated program to date.
This is the first time Ally will be offering home insurance through Motors Insurance Corp., which focuses on car insurance.