PALO ALTO, Calif.--(BUSINESS WIRE)--Hippo, the high-growth company that’s transforming home insurance and ownership, announced today that it has entered into a definitive agreement, pending regulatory approval, to acquire Spinnaker Insurance Company, a national property and casualty insurer licensed in 50 states and rated A- (Excellent) by A.M. Best Company. As part of the acquisition, Spinnaker will join Hippo’s family of companies.
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 3 years. This strategic move will allow Hippo to expand the geographical reach of its modern home insurance policies which also include smart home monitoring kits.
“Bringing Spinnaker into the Hippo family is a natural next step in growing our proactive home insurance offering,” said Rick McCathron, Chief Insurance Officer at Hippo. “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.”