Hippo, an InsurTech and managing general agent focused on home insurance, has completed its acquisition of Spinnaker Insurance Company, with an expansion into additional states next on its plate.
The deal, first announced in June, follows a multi-year partnership between the companies.
Spinnaker is a New Jersey-based national property casualty insurer, with a license to do business in all 50 states. Hippo noted at the time of its acquisition announcement that Spinnaker has been its largest carrier platform partner since 2017. Hippo said that with Spinnaker and its other carrier partners, it provides modern home insurance policies to consumers in more than 31 states. With the acquisition in place, Hiscox said it will be able to accelerate its geographic research to consumers in 11 more states by June 2021.
Plans call for Spinnaker to join the Hippo “family of companies.” They include Sheltr, a San Francisco-based technology-enabled services startup designed to provide home wellness checkups. Hippo will continue as a managing independent agent. Spinnaker will operate independently under the Hippo umbrella while still serving a portfolio of third-party administrators and driving the growth of its program platform.
After two acquisitions, Hippo is eying an initial public offering. The company closed a $150 million financing round in July. CEO Assaf Wand said the company will be ready to go public in 2021.