Spinnaker Insurance Company, a wholly owned subsidiary of Hippo Holdings that provides property and casualty solutions to the program insurance market, has reported that it has reached an AM Best Financial Size Category (FSC) of IX, representing policyholder surplus above $250 million.
Spinnaker Insurance Company states that this development strengthens its ability to provide increased capacity and adaptability to both existing and prospective programme partners.
The milestone also coincides with recent reporting by sister publication Artemis that Spinnaker Insurance Company has returned to the catastrophe bond market, seeking $100 million or more in collateralised reinsurance through a new Mountain Re Ltd. (Series 2026-1) issuance to renew and broaden its capital markets-backed protection.
“Reaching Financial Size Category IX enhances our ability to support current and new programs with greater capacity and flexibility, helping our partners grow and ensuring we continue to deliver strong protection to our policyholders,” commented Torben Ostergaard, President & CEO of Spinnaker Insurance Company.
Spinnaker Insurance Company indicates that the upgrade reflects ongoing business expansion, solid capital positioning, and a consistent approach to execution within the program insurance sector. The company links this progress to the wider strategic priorities and forward outlook of Hippo Holdings.
“This milestone supports Hippo’s strategy of driving growth across both our owned and partner MGAs, while improving diversification across our portfolio and advancing our path toward our 2028 targets of more than $2 billion in gross written premium and $125 million in adjusted net income,” added Rick McCathron, President & CEO of Hippo Holdings.
Spinnaker Insurance Company, together with its affiliates, operates nationwide as a property and casualty insurer and holds an A- rating from AM Best. The company notes that it provides admitted insurance products across all US states and jurisdictions, working through programme administrators and managing general agents to access specialised personal, commercial, and specialty markets, alongside standard and non-standard business lines.
