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Hippo Acquires Spinnaker Insurance to Extend Geographic Reach of Home Insurance Offerings
Wednesday 03 June 2020

US-based insurance services provider Hippo has agreed to acquire US-based Spinnaker Insurance company, a national property and casualty insurer licensed in 50 states, to expand the geographical reach of its modern home insurance policies which also include smart home monitoring kits, the company said.

Terms of the transaction were not disclosed.

Hippo Insurance Services has partnered with Spinnaker as its largest carrier platform since 2017, with Spinnaker-backed Hippo products currently available to consumers in more than 18 states.

The acquisition of Spinnaker showcases the alignment between the two companies and the strength of the partnership built over the last three years.

Hippo Insurance will continue to operate as a managing general agent with a portion of its premiums to be underwritten by its affiliate Spinnaker and the balance underwritten by other carrier partners.

Willkie Farr and Gallagher LLP and TigerRisk Capital Markets and Advisory advised Spinnaker on the transaction, which is expected to close in the third quarter of 2020. Hippo was advised by Latham and Watkins, LLP.

Hippo Insurance Services is a licensed property casualty insurance agent with products underwritten by various insurance companies.

Spinnaker Insurance Company is a national property and casualty insurer.
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Date Published: 03/06/2020

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