Hippo CEO addresses Spinnaker Insurance coverage sale rumors

Hippo Insurance coverage could not “should have” Spinnaker Insurance coverage however the insurance coverage firm stays one of many “jewels inside the Hippo crown”, Hippo CEO Rick McCathron (pictured) informed Insurance coverage Enterprise as he declined to touch upon sale hypothesis that has equipped across the enterprise.

“Our view is we’re not going to touch upon a rumor as a result of … rumors are at all times flying and we’ve had rumors about Spinnaker for a few years,” McCathron informed Insurance coverage Enterprise.

“We’re thrilled with Spinnaker as an asset, we’re thrilled with the contribution it makes to our earnings, we’re thrilled with the partnerships and the expansion of that firm, and we do need to have management over our personal steadiness sheet.

“Do now we have to have Spinnaker to companion with prospects and our householders’ insurance coverage program? No, we don’t, but it surely de-risks our enterprise rather a lot once we do have our personal provider, we do have our personal capability, and we are able to file our personal charges and our personal tips.

“And so we’re happy with Spinnaker as an asset, it’s one of many jewels inside the Hippo crown.”

On the time, McCathron, then Hippo chief insurance coverage officer, hailed the acquisition because the “pure subsequent step” for Hippo because it appeared to construct on its residence insurance coverage providing.

Hippo releases Q3 2023 outcomes

McCathron spoke to Insurance coverage Enterprise this November, because the insurtech launched its Q3 outcomes for 2023.

The enterprise has sought to rollout a gradual reopening of its householders’ insurance coverage providing after pushing pause in August, and McCathron shared that it has begun the method of getting enterprise again on-line with its builder channel energetic once more.

Hippo reported a web lack of $53 million for the quarter and debuted its greatest set of outcomes as far as a public firm, based on McCathron. The insurtech underwent a SPAC course of in 2021, itemizing on the NYSE in August of that 12 months.