Hippo expands its reinsurance panel
US home insurance disruptor Hippo has expanded its panel of reinsurers to support the company’s plans for continued expansion this year. The panel, which includes Arch, Markel, RenaissanceRe, TransRe and others, now reinsures the carrier behind Hippo’s largest programme, and actively protects homeowners across 15 US states.
As part of the panel, Hippo has formed its own captive to participate in the risk and underwriting profit. The new reinsurance structure enables the Hippo program to broaden the footprint of the business and attract more customers.
Hippo said its technology, underwriting and claims handling were key factors in attracting the attention of reinsurers to the panel, along with its protective services for homeowners including smart devices and Sheltr’s routine home maintenance checkups.
“Hippo believes that homeowners’ insurance and protection can be improved through technology,’’ said Ken Brandt, TransRe’s president of global underwriting operations. “By combining home checkups with smart monitors, they expect to reduce the number of serious events. We share that vision, and we are pleased to support Hippo’s technology-enabled products and services.”
Assaf Wand, CEO and co-founder at Hippo Insurance, added: “We’ll continue to focus on building the best possible homeowners insurance product for our customers, to keep them well-protected, while adding more value on the home maintenance and safety side to mitigate claims and lower overall loss ratios. As we expand to even more homes across the country, a diversified reinsurance panel ensures that our customers are protected in the most effective and cost-efficient way.”
