US-based insurtech Hippo has completed the acquisition of Spinnaker Insurance Company, a property and casualty insurer licensed in 50 states.
Financial terms of the deal were not disclosed.
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Spinnaker has now joined Hippo’s family of companies and will operate independently under the Hippo umbrella.
Spinnaker is said to be Hippo’s largest carrier platform.
Hippo currently offers modern home insurance policies to consumers in over31 states in partnership with Spinnaker and other carriers.
The acquisition, which was announced this June, bolsters the company’s geographical reach.
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By GlobalDataThe company plans to expand its reach to an additional 11 states by June next year.
Hippo chief insurance officer Rick McCathron said: “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.
“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.”
Spinnaker CEO Dave Ingrey said: “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.
“The formalising of the deal is an exciting time for both companies in our relentless pursuit of revolutionising the customer experience.”
In July this year, Hippo closed a $150m Series E financing round to support its expansion plans, thereby hitting a valuation of $1.5bn.
The funding round included participation from FinTLV, Ribbit Capital, Dragoneer and Innovius Capital, among others.
