Hippo Enterprises, a Palo Alto, Calif.-based insurtech group focused on home insurance, raised $350m in funding.
Backers included Mitsui Sumitomo Insurance Company, Limited, a subsidiary of MS&AD Insurance Group Holdings, Inc. Through this partnership, Takashi Sato, a managing partner of MS&AD Ventures, the corporate venture capital fund of MS&AD Insurance Group Holdings, will join Hippo’s board of directors as an observer.
The company intends to use the funds for product roll out in additional states, as well as providing additional capital for its insurance and reinsurance companies.
Led by Assaf Wand, CEO and Co-founder, Hippo Enterprises provides home insurance via an online purchase experience using data sources, a smart home device kit included with eligible policies and more available coverage for possessions like appliances, electronics and home offices. With its insurance products available to over 70 percent of homeowners in the U.S., Hippo Insurance Services is a licensed property casualty insurance agent with products underwritten by various insurance companies.
Hippo and Mitsui Sumitomo Insurance Company, Limited plan to sign a reinsurance treaty. Mitsui Sumitomo will take on a portion of risk to support Hippo’s Insurance Company, a national property and casualty insurer licensed in 50 states and rated A- (Excellent) by A.M. Best Company.