California-based insurtech company Hippo has formed a strategic partnership with Spinnaker Insurance Co. to expand its product offerings into new states.
Hippo offers homeowners insurance through an online platform, as well as protection for possessions like appliances, consumer electronics and home offices.
Hippo, which debuted in the California market last April, will use Spinnaker’s admitted platform to deliver its home and condo insurance products to customers in additional states. Its California policies are backed by TOPA Insurance.
The company launched its first product with Spinnaker in late December in Texas.
The partnership with Hippo is Spinnaker’s first with an insurtech company in the homeowners space.
Hippo was founded in 2015 by Assaf Wand and Eyal Navon and made its debut in the insurance marketplace in April 2017, after raising an initial $14 million. The company is headquartered in Mountain View, Calif.
Spinnaker Insurance Co. is a property/casualty insurer in 46 states and jurisdictions. Spinnaker utilizes program administrators and managing general agents to access niche markets, focusing on short-tail business (with an emphasis on homeowners, renters, and small commercial), certain specialty lines and fronting opportunities.
Topics InsurTech Mergers & Acquisitions California Tech Homeowners
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