June 11, 2020
Willkie represented licensed insurance carrier Spinnaker in the transaction.
On June 3, Hippo Insurance Services, announced it has entered into a definitive agreement to acquire Spinnaker Insurance Company, a national property and casualty insurer licensed in 50 states and rated A- (Excellent) by A.M. Best Company. As part of the acquisition, Spinnaker will join Hippo’s family of companies.
Hippo Insurance Services has partnered with Spinnaker as its largest carrier platform since 2017, with Spinnaker-backed Hippo products currently available to consumers in more than 18 states. The acquisition of Spinnaker showcases the alignment between the two companies and the strength of the partnership built over the last 3 years. Hippo Insurance will continue to operate as a managing general agent with a portion of its premiums to be underwritten by its affiliate Spinnaker and the balance underwritten by other carrier partners. Spinnaker will operate independently under the Hippo umbrella and maintain its position as a best-in-class program and fronting company. Spinnaker will continue to service a diverse portfolio of top-quality program administrators and drive the growth of its value-added program platform.
Hippo Insurance Services offers homeowners a modern home insurance experience with an online purchase experience using trusted data sources, a smart home device kit with every policy and coverage for appliances, electronics and home offices. Headquartered in Palo Alto, California, Hippo Insurance Services is a licensed property casualty insurance agent with products underwritten by various insurance companies.
Spinnaker Insurance Company is a national property and casualty insurer rated A- by A.M. Best Company. With the ability to offer admitted insurance products in 50 states and the District of Columbia, 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.
The Willkie deal team was led by partners Russell Leaf and Michael Stern and associates Jeffrey Daniel and Daniel Morris.
