Centana Growth Partners acquires a majority stake in First Connect Insurance Services

Growth equity firm Centana Growth Partners has acquired a majority stake in First Connect Insurance Services , the wholly-owned wholesale P&C insurance provider under Hippo. The investment, totaling over $60 million, was led by Centana with contributions from Pruven Capital, Cota Capital, and Cross Creek.

This follows Hippo’s December 2020 acquisition of First Connect for approximately $25 million.

“The insurance market is increasingly volatile, with agents and carriers grappling with fragmented systems and changing underwriting processes. First Connect’s commitment to addressing the unique needs of independent agents caught our attention. The Company’s strong unit economics, impressive growth trajectory, and ambitious, talented team impressed us.” – Sarah Kim, Partner, Centana Growth Partners.

“Independent agents are the heart of the insurance industry – but need better tools to access the right carriers, grow their books and place risks seamlessly. We also know from conversation with Pruven LPs including Prudential, WTW, Lincoln, TIAA, Mutual of Omaha and others that carriers need better tools to engage and manage this vital partner channel. First Connect is revolutionizing insurance distribution with a tech-native platform and we at Pruven Capital are excited to partner with the team in their mission to help agencies turbocharge their growth.” – Ramneek Gupta, Managing Partner of Pruven Capital.

The platform offers a Carrier Store, allowing agents to access carriers, view coverage details, underwriting guides, and commission rates; an Appetite Finder that matches agents with carriers interested in specific risks; and AI-driven Validation for E&O documents, automating compliance checks.

Based on our sources, First Connect is appointed with Spinnaker, RLI, Clearcover, Foremost, The Hartford, Stillwater, and others.

Bottom Line: A timely report.