Insurtech Hippo outlines big plans for expansion as it goes public

Hippo, a US insurtech focused on the home insurance market, has become a publicly traded company following its merger with special purpose acquisition company Reinvent Technology Partners Z.

In connection with the transaction, Hippo expects to receive more than $550 million in cash proceeds, net of fees and expenses funded in conjunction with the closing of the business combination, which includes the proceeds from a previously announced private placement of common stock.

The company will use the proceeds to fuel growth, market expansion and development of new product offerings, as well as accelerate its plans to expand geographically and create the first-of-its-kind vertically integrated, end-to-end home protection and insurance platform.

Hippo said that as a well-capitalised public company, it is better positioned to transform the home insurance industry with its unique end-to-end home protection and home insurance platform. Its chief executive officer and co-founder Assaf Wand (pictured), along with the Hippo management team, will continue to lead the company.

"Today’s important milestone showcases the tremendous progress we’ve made in our pursuit to revolutionise home insurance through the lens of the homeowner,” said Wand. “We are excited to embark on this next phase of Hippo’s journey as we modernise the home insurance industry and bring joy back into homeownership.”

Reid Hoffman, LinkedIn co-founder and co-lead director of RTPZ, commented: “We are thrilled to close our business combination with Hippo and look forward to this next chapter in transforming homeowner’s insurance with Hippo’s digital-first set of offerings. Assaf and his world-class team are well positioned to modernize a massive market that is ripe for disruption through Hippo’s leading technology and insurance expertise.”

Did you get value from this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.