Hippo expands reinsurance panel
CA-based home insurance provider Hippo announced its diversified panel of reinsurers which includes Arch, Markel, RenaissanceRe, TransRe and others that now reinsure the carrier behind Hippo’s largest program.
As part of the panel, Hippo has formed its own captive to participate in the risk and underwriting profit. The new reinsurance structure enables the Hippo program to broaden the footprint of the business and attract more customers.
“Hippo believes that homeowners’ insurance and protection can be improved through technology. By combining home checkups with smart monitors, they expect to reduce the number of serious events. We share that vision, and we are pleased to support Hippo’s technology-enabled products and services.” – Ken Brandt, TransRe’s President of Global Underwriting Operations.
“We’ll continue to focus on building the best possible homeowners insurance product for our customers, to keep them well-protected, while adding more value on the home maintenance and safety side to mitigate claims and lower overall loss ratios. As we expand to even more homes across the country, a diversified reinsurance panel ensures that our customers are protected in the most effective and cost-efficient way.” – Assaf Wand, CEO and Co-founder at Hippo Insurance.
Established in 2015, Hippo is now a team of ~180 people. It has raised over $200 million since its inception.