Hippo has entered into an issuing carrier relationship with Ally Financial subsidiary, Motors Insurance, to augment underwriting capabilities.
Under the partnership Ally Financial will offer home insurance policies underwritten by Hippo and Ally Financial will assume their risk and put aside the cash, around $500m in the beginning, the firms told Reuters.
Go deeper with GlobalData
The partnership will see Hippo Insurance Services become the insurer’s largest managing general agent (MGA) unaffiliated programme to date.
For Ally Financial this will be the first issuing carrier relationship.
Additionally, the partnership expands Hippo’s book of business across multiple partners, which will initially launch in 10 states and later roll out across the US.
Concurrently, the insurer announced another issuing carrier relationship with Incline P&C Group to offer Hippo’s protective policies and services to the latter’s home insurance customers.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataAlly Financial president of insurance Mark Manzo said: “This relationship complements and diversifies the ongoing expansion of Ally’s insurance business.
“We’re excited to build on the investment from our strategic investment arm, Ally Ventures, and support Hippo’s national growth.”
Hippo president Rick McCathron said: “By working with Ally, we are bringing significant growth and diversification to our business, offering Hippo’s protective insurance products to more homeowners across the country.”
The partnership comes close on the heels of Hippo’s merger with Reinvent Technology Partners Z to become a publicly-traded company.
