Hippo Insurance

What Hippo Insurance does

Hippo Insurance is a technology-enabled homeowners insurance group that distributes tailored home insurance policies through a multi-channel platform combining direct-to-consumer online quoting, embedded partnerships with home builders and mortgage lenders, and a strategic distribution deal with Progressive Insurance. Its underwriting operations are anchored by Spinnaker Insurance Company, a wholly owned A- (AM Best) carrier with Financial Size Category IX status and policyholder surplus above $250M, while its agency operations (Hippo Analytics Inc. d/b/a Hippo Insurance Services) are licensed across all 50 US states and access a network of 70+ carrier partners. The company complements core homeowners coverage (HO-3, HO-5, plus landlord, HOA, flood, fire, auto, pet add-ons) with proactive home-protection services including the Hippo Home app, Hippo+ smart-home companion, Hippo Home Care, and the Clara AI-driven claims workflow supporting 24/7 FNOL intake and 70%+ digital claim filing.

The business generates revenue through agency commissions on policies placed via its carrier network, premium revenue from Spinnaker's direct underwriting and program partner business, and marketplace commissions through the First Connect digital insurtech platform (majority-owned by Centana Growth Partners). Distribution has expanded into four distinct vectors — DTC at hippo.com, embedded builder/mortgage channels, the Progressive channel across 8 states, and the First Connect wholesale marketplace — while AI capabilities underpin both underwriting (home-feature-based pricing using aerial and IoT data) and claims (Clara voice agent and aerial-imagery inspections). The company monetizes capital-markets reinsurance access through its Mountain Re catastrophe bond program ($110M debut in 2023, $100M Series 2026-1 with wildfire coverage) and has reported FY2025 GAAP net income of $58M on revenue of approximately $468.6M and gross written premium exceeding $1.1B. Hippo Holdings trades on the NYSE under ticker HIPO following its August 2021 SPAC merger with Reinvent Technology Partners Z.

Name

Hippo Insurance

Legal name

Hippo Analytics Inc. (operating subsidiary of Hippo Holdings Inc.)

Website

https://hippo.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Hippo Insurance is a NYSE-listed (HIPO) technology-enabled homeowners insurer that distributes tailored home insurance through direct, embedded, Progressive channel, and First Connect marketplace partnerships, underwriting via its A- rated Spinnaker carrier subsidiary and serving 500K+ homeowners across 38 US states.

Ownership category

akta.pro rank

Product category

Homeowners Insurance

NAICS

Direct Property and Casualty Insurance Carriers (524126), Direct Life, Health, and Medical Insurance Carriers (52411)

SIC

Accident & Health Insurance (6321), Insurance Agents, Brokers & Service (6411)

akta.pro primary industry

Pay-Per-Mile Personal Auto Insurance (FSAJAAAC)

Keywords

• Homeowners insurance
• Property casualty insurance
• Insurtech platform
• AI claims processing
• Home protection services

Headquarters

HQ city

San Jose

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Marketing or Sales, Technology or R&D, Personnel, Others, Infrastructure

Revenue model

1. Insurance Agency Commissions: Hippo Analytics Inc. d/b/a Hippo Insurance Services operates as a licensed property & casualty agency (50 states) and earns base commissions from insurers, normally a predetermined percentage of premium, on policies placed across its 70+ carrier partners.
2. Insurance Underwriting Premiums (Spinnaker Insurance Company): Spinnaker Insurance Company, a wholly owned subsidiary, underwrites property and casualty business directly and through program partners, generating premium revenue across homeowners, casualty, and commercial multi-peril lines.
3. Insurance Distribution / MGA Marketplace Fees: First Connect Insurance Services generates revenue as a digital insurtech platform/marketplace for independent agents, with majority ownership by Centana Growth Partners; hit $500M in gross written premium in the US.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels8 records

Core offering

Hippo Insurance Services is a licensed property and casualty insurance agency operating in 50 U.S. states that delivers homeowners insurance as its flagship product, supported by landlord, HOA, flood (via Neptune Flood), fire, auto, and pet coverages, sourced from a network of 70+ A- or higher-rated carrier partners. Policies are underwritten primarily through its wholly owned subsidiary Spinnaker Insurance Company (rated A- by A.M. Best with FSC IX), with proactive home protection delivered through the Hippo Home app and Hippo Home Care maintenance services. The company also operates First Connect Insurance Services, a digital marketplace giving independent agents access to 100+ carriers and MGAs.

Product overview

Hippo is a technology-enabled insurance group offering homeowners insurance as its core product, supported by related property and casualty coverages including Landlord, HOA, Fire, Flood (delivered via the Neptune Flood partnership), Auto, and Pet insurance, distributed through its digital platform and a network of 70+ carrier partners. The offering combines core insurance products with proactive home protection modules including the Hippo+ smart home companion service, Hippo Home Care maintenance services, and the Hippo Home mobile app for ongoing homeowner engagement. Underwriting is conducted through its wholly owned subsidiary Spinnaker Insurance Company (rated A- by A.M. Best with FSC IX status), while the proprietary Clara AI voice agent and AI-driven claims workflow automate first notice of loss filing. First Connect Insurance Services serves as a digital distribution marketplace for independent agents, Hippo Builder Insurance Agency powers the home builder channel, and the newer Wingsail subsidiary extends Hippo's footprint into Florida as an AI-driven insurer. Mountain Re is Hippo's catastrophe bond program providing diversified reinsurance capital through institutional markets.

Differentiator

Problem solved

Functional benefit

Brands

• Hippo+: Premium home insurance offering with expanded proactive home protection services
• Wingsail
• Spinnaker Insurance Company
• First Connect Insurance Services
• Hippo Builder Insurance Agency
• Clara

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration12 records

AI capability13 records

Feature5 records

Partnerships

18 partnerships are on record, tiered core, flagship and minor.

• Progressive (carrier-network reference)coreChannel Partner/ Reseller/ Distributor · 15 June 2026Progressive is also listed among Hippo's carrier partners alongside Bamboo, Stillwater, Nationwide, American Integrity, Liberty Mutual, and Homeowners on hippo.com — Hippo Insurance Services quotes Progressive among its 70+ carrier partners.
• Progressive InsuranceflagshipChannel Partner/ Reseller/ Distributor · 19 March 2026Strategic distribution relationship through Progressive Advantage Agency and HomeQuote Explorer, launched earlier in 2026 in 8 US states with planned expansion. Hippo's homeowners insurance is offered via Progressive's online platform and agents, complementing its Westwood relationship; bundled policy discounts are made available. Cited as a key driver in Q1 2026's 58% YoY gross written premium growth and Hippo's raised 2026 guidance.
• Westwood Insurance Agency (Baldwin Group)coreChannel Partner/ Reseller/ Distributor · 1 July 2025Westwood (subsidiary of The Baldwin Group) completed the acquisition of Hippo's home builder distribution network (~$29.2M revenue / ~$7M adjusted EBITDA over 12 months), gaining access to 20 of the top 25 US home builders and a new-construction-specific insurance product. Earlier complementary distribution partnership.
• Berkshire Hathaway biBERKminorChannel Partner/ Reseller/ Distributor · 8 November 2024biBERK small business insurance products added to the First Connect platform to broaden offerings available to independent agents.
• RingcoreTechnology or Integration · 12 June 2022Partnership to help protect homes from water damage, fire, and break-ins by integrating Ring devices with Hippo's proactive home protection platform.
• SwingDev (Poland engineering boutique)coreStrategic or Co-development Partner · 1 March 2022SwingDev was acquired by Hippo to establish Hippo's first European engineering, product development, and innovation site in Poland; the team works on Hippo Builders, Hippo Home Care, and other strategic initiatives alongside US and Israel teams.
• SocotracoreTechnology or Integration · 10 January 2022Core insurance platform partnership supporting Hippo's HOA insurance product on Socotra's cloud-native core.
• Ally Financial (subsidiary)coreChannel Partner/ Reseller/ Distributor · 10 August 2021Relationship with an Ally Financial subsidiary doubled Hippo's underwriting capacity and embedded home insurance into Ally's mortgage origination.
• Incline P&C GroupcoreChannel Partner/ Reseller/ Distributor · 10 August 2021Incline P&C Group to further underwriting capacity for Hippo, supporting growing home insurance group.
• CAPE AnalyticscoreTechnology or Integration · 27 May 2021Partnership advancing property intelligence and automation, feeding CAPE's aerial property analytics into Hippo's underwriting engine.
• Kangaroo Home SecuritycoreGTM or Marketing Partner · 16 November 2020Co-marketing/partnership to combine Kangaroo's home security devices with Hippo homeowners insurance, offering customers flexibility and financial ease.
• SimpliSafecoreGTM or Marketing Partner · 30 March 2020Partnership to offer a homeowners insurance policy bundled with SimpliSafe home alarm devices and professional monitoring capabilities; cited in the home security systems market as a notable partnership.
• Home Point FinancialcoreChannel Partner/ Reseller/ Distributor · 9 December 2019National mortgage provider partnership integrating Hippo homeowners insurance into Home Point Financial's mortgage origination flow.
• ArturocoreTechnology or Integration · 10 July 2019Data partnership providing homeowners better pricing, underwriting, and renewals through Arturo's property analytics.
• VeriskcoreTechnology or Integration · 5 March 2019Integration of Verisk solutions to deliver fast, personalized service from quote to claim, supporting underwriting and risk scoring.
• Zesty.aicoreTechnology or Integration · 11 September 2018Partnership on aerial image analytics for property-level underwriting and risk assessment.
• Spinnaker Insurance CompanyflagshipStrategic or Co-development Partner · 9 January 2018Originally a partner expanding Hippo's US footprint, Spinnaker was subsequently fully acquired by Hippo (announced June 2020, closed August 2020) and is now the wholly owned A- (AM Best) carrier that underwrites Hippo's business.
• LendingQBminorChannel Partner/ Reseller/ Distributor · 19 December 2017Partnership to deliver instant home insurance and compliance for lenders using the LendingQB loan origination system.

Scale indicators14 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• State Farm: Largest US homeowners insurer by premium, agent-led mutual. Comparable to Hippo on homeowners scale, multi-product bundling, and represents the legacy benchmark Hippo is trying to disrupt with AI.
• Allstate: Largest publicly traded US personal lines insurer; has aggressively pursued digital transformation (Esurance, Answer Financial) and competes with Hippo in direct homeowners. Provides benchmark for incumbent scale and combined ratio.
• GEICO (Berkshire Hathaway): Berkshire Hathaway's direct-to-consumer auto and homeowners carrier. Comparable to Hippo on direct digital distribution, brand-led acquisition, and digital claims experience.
• Progressive: Top-5 US P&C insurer (NYSE: PGR) and also Hippo's flagship distribution partner via Progressive Advantage Agency and HomeQuote Explorer. Overlapping capabilities in homeowners pricing, distribution scale, and data-driven underwriting.
• Liberty Mutual: Global P&C carrier and listed Hippo carrier partner; significant US homeowners and small commercial presence. Broad incumbent comparable on underwriting capacity and product breadth.

Direct peers

• Goosehead Insurance: Public agency-based insurance distributor (NASDAQ: GSHD) specializing in home and auto, with an embedded digital platform. Comparable to Hippo's agency-driven distribution and policy servicing.
• Lemonade: Public InsurTech (NYSE: LMND) offering AI-driven homeowners, renters, pet, auto, and term life insurance direct-to-consumer. Most direct comparable to Hippo on AI-led digital underwriting, mobile-first UX, and homeowners as a flagship product.
• Openly: InsurTech homeowners carrier focused on independent agents and high-value homes. Highly comparable to Hippo on tech-enabled underwriting, agent/MGA distribution, and reliance on partner carriers.
• Kin Insurance: InsurTech homeowners carrier (NYSE: KIN) with a direct-to-consumer focus and heavy footprint in catastrophe-exposed states. Direct overlap with Hippo on tech-enabled homeowners underwriting and product.
• Branch Insurance: Bundle-focused InsurTech offering home, auto, and life with instant binding. Comparable to Hippo on multi-channel (DTC + embedded + partner) distribution and product breadth across home and auto.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/hippo_insurance
• Facebookfacebook.com/myhippo.insurance

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles23 records

Subsidiaries6 records

Funding overview

Funding rounds10 records

Investors40 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hippo Insurance