US-based Hippo Insurance Services has entered into a definitive agreement to acquire Spinnaker Insurance Company, a national property and casualty insurer licensed in 50 states.
Following the acquisition, Spinnaker will join Hippo’s group of companies.
Since 2017, Hippo has partnered with Spinnaker as its largest carrier platform. The company currently offers Spinnaker-backed products to consumers in over 18 states.
Hippo chief insurance officer Rick McCathron said: “Bringing Spinnaker into the Hippo family is a natural next step in growing our proactive home insurance offering.
“Spinnaker knows the complexities of our industry, mirrors our same standards for technology innovation and customer experience and has continued to meet, oftentimes exceeding, our expectations over the years. We’re proud of the progress we’ve made as partners and look forward to closing the acquisition.”
Following the acquisition, a portion of Hippo Insurance’s premiums will be underwritten by Spinnaker and the balance will be underwritten by other carrier partners.
Spinnaker CEO Dave Ingrey said: “Spinnaker is excited to join the Hippo family. Since launching in 2015, Spinnaker has pioneered the concept of value-added fronting: working to create products that benefit the policyholder, the producer, the insurer, and the reinsurer.”
Spinnaker will maintain its position as fronting company and operate independently under the Hippo.
Furthermore, it will continue to service a diverse portfolio of top-quality programme administrators and drive the growth of its value-added programme platform.