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Hippo partners with Spinnaker Insurance to expand U.S. footprint

Posted: January 11, 2018

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New Jersey-based Spinnaker Insurance has formed a strategic partnership with California-based insurtech company, Hippo, allowing the latter to bring coverage to more than 60% of the U.S. population by year’s end.

According to a statement, Hippo offers what it calls “smart home coverage.”

Spinnaker is based in Chester, N.J.

Hippo will leverage Spinnaker’s admitted platform to offer its home and condo insurance products to an expanded audience nationwide, a statement said. Homeowners in Texas will be the first to benefit from the deal, as Hippo had launched its products in the state late last year.

news“Spinnaker is an innovative carrier with a highly respected leadership team that shares Hippo’s belief that homeowners’ insurance was overdue for modernization,” said Hippo head of insurance Richard L. McCathron. “It has already proven to be a valuable partnership. Contributing to our groundbreaking and efficient quote process, Spinnaker has helped us solidify a client-friendly underwriting process through our trusted data sources that lowers friction for the end customer.”

Hippo stands alone as Spinnaker’s first partnership with an insurtech company in the homeowners space. Spinnaker’s national licenses, collaborative relationships with reinsurers, regulators, and other service providers as well as constructive underwriting knowledge will help Hippo meet its aggressive expansion plan, according to a statement.

“Spinnaker is committed to being the conduit between insurtech producers and the reinsurance and capital markets. We find Hippo to have a stand-out team and superior product for today’s homeowner,” saidSpinnaker Insurance chief underwriting officer Ken Ingrey. “The longevity of insurtechs will come down to product innovation, ease of use, and customer service – Spinnaker is thrilled to be partnering with Hippo as we believe the organization reflects the characteristics of a successful platform.”

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