Home insurance group Hippo has completed its previously announced merger with Reinvent Technology Partners Z, a publicly traded special purpose acquisition company.
Chief Executive Officer and Co-Founder Assaf Wand, along with the current Hippo management team, will continue to lead the company.
Hippo expects to receive more than $550 million in cash proceeds in connection with the transaction, net of fees and expenses funded in conjunction with the closing of the combination, which includes the proceeds from a previously announced private placement of common stock.
The proceeds will reportedly be used to fuel growth, market expansion and development of new product offerings, as well as accelerate Hippo’s plans to expand geographically and create a vertically integrated, end-to-end home protection and insurance platform.
Having completed two acquisitions in 2020, including the acquisition of Spinnaker Insurance Company, Hippo intends to continue building an all-inclusive home protection platform encompassing home warranty, smart home tech, home maintenance and professional monitoring services.
“Today’s important milestone showcases the tremendous progress we’ve made in our pursuit to revolutionize home insurance through the lens of the homeowner,” said Wand.
“We are excited to embark on this next phase of Hippo’s journey as we modernize the home insurance industry and bring joy back into homeownership.”
“We are thrilled to close our business combination with Hippo and look forward to this next chapter in transforming homeowner’s insurance with Hippo’s digital-first set of offerings,” said Reid Hoffman, LinkedIn Co-Founder and Co-Lead Director of RTPZ.
“Assaf and his world-class team are well positioned to modernize a massive market that is ripe for disruption through Hippo’s leading technology and insurance expertise.”