Hippo, a Palo Alto, CA-based home insurance and ownership company, closed its acquisition of Spinnaker Insurance Company, a national property and casualty insurer licensed in 50 states.
The amount of the deal was not disclosed.
As part of the acquisition, Spinnaker joins Hippo’s family of companies.
Hippo has partnered with its largest carrier platform Spinnaker since 2017. With Spinnaker and its other carrier partners, Hippo provides modern home insurance policies to consumers in more than 31 states. The acquisition will accelerate its geographical reach with the company expecting to be available to consumers in 11 additional states by June 2021.
Hippo Insurance Services will continue to operate as a managing general agent and Spinnaker will operate independently under the Hippo umbrella and will continue to service a diverse portfolio of top-quality program administrators and drive the growth of its program platform.