Hippo, the California-headquartered, homeowners focused InsurTech, has closed its acquisition of Spinnaker Insurance Company, a national property and casualty insurer licensed in 50 US states.
Since 2017, Hippo Insurance Services has partnered with Spinnaker as its largest carrier platform, with Hippo products that are backed by Spinnaker currently available in more than 18 states across the U.S.
The partnership was Spinnaker’s first with an InsurTech, and enabled Hippo to leverage the national P&C insurer’s admitted platform to deliver its home and condo insurance solutions.
The acquisition, which sees Spinnaker become part of the Hippo family of companies, shows the alignment between the pair and the strength of the partnership built over the last three years.
For Hippo, the acquisition enables geographical expansion of its modern home insurance policies, which also include smart home monitoring kits.
“We’ve experienced tremendous growth in the last three years since our launch, and the acquisition of Spinnaker will allow Hippo Home Insurance products to reach a greater number of homeowners across the country,” said Rick McCathron, Hippo’s Chief Insurance Officer.
“We’d like to thank the Spinnaker team and the regulators for continuing to be extraordinarily diligent and efficient in these trying times. We are delighted to officially welcome Spinnaker into the Hippo family.”
Hippo Insurance Services will continue to operate as a managing general agent and Spinnaker will operate independently under the Hippo umbrella and will continue to service a diverse portfolio of program administrators and drive the growth of its program platform.
“Joining forces with Hippo has already proven to benefit our business as we work to create products that benefit the policyholder, the producer, the insurer, and the reinsurer,” said Spinnaker Chief Executive Officer Dave Ingrey.
“The formalizing of the deal is an exciting time for both companies in our relentless pursuit of revolutionizing the customer experience.”
