Press Release August 11, 2021
AUSTIN, Texas – Today, the premier insurance program market services firm Incline P&C Group has announced a new issuing carrier relationship with Hippo Insurance Services, which is part of the Hippo family of companies that created a new standard of care and protection for homeowners. The agreement will offer Hippo’s protective policies and services to home insurance customers. Over the last six years, Hippo has expanded its insurance products to reach homeowners in 37 states and grown its distribution partnerships to meet customers when and where they want to buy. The agreement will enable Hippo to enhance its underwriting capabilities, bringing its innovative and proactive approach to home insurance to more homeowners across the country. “Strong carrier relationships are integral to how we scale and grow our business, pushing our proactive approach forward to deliver the first home protection platform to customers across the country,” Rick McCathron, President at Hippo said. “Incline is a specialized firm with an innovative platform and underwriting expertise that furthers our commitment to innovation in the space, and deepens our relationship with our customers. Chris and his team have impressed us with their strategic approach and aligned interests that will support our shared growth.” With a portfolio of home care services and products, Hippo has established a new standard for home protection. Through advanced underwriting, smart devices, and preventive maintenance, the company helps homeowners foresee potential issues before they turn into costly problems. The company is continuing to expand products and services in line with its commitment to innovation and vertical integration across the home space. “Technology is shaping and simplifying every aspect of our world, including home insurance,” Chris McClellan, President and CEO, Incline P&C Group said. “Hippo’s innovative, proactive approach to insurance is a reflection of modern technology transforming the future of the home insurance market and so much more. We are thrilled for our partnership.” The agreement with Incline expands Hippo’s book of business across multiple fronting partners and substantiates the MGA portion of Hippo’s business separate from its carrier business through Spinnaker, maintaining a capital light model with sophisticated underwriting guidelines and pricing models. Hippo’s homeowners program will be offered through Incline’s distribution channels and a separate reinsurance program will be placed.
About Incline Insurance Group
Bringing over 75 years of combined industry experience, Incline Insurance Group is the premier program insurance market services firm. Privately owned and operated with an exclusive focus on the program insurance market, the executive team’s experience and expertise combined with effective underwriting discipline and risk management provides each client with various platforms and associated services to meet almost any need in the industry. Partnering with a team that has a wealth of experience and the financial strength is critical when choosing the right program carrier. Incline brings those qualifications and more. Key services include active program management, disciplined underwriting process, actuarial, legal and regulatory analysis, risk management, reinsurance expertise and economic alignment. Founded in 2019, Incline has a team of over 40 employees; headquartered in Austin, TX with offices in Dallas, TX, Fort Worth, TX and Greenwich, CT.
Hippo’s goal is to make homes safer and better protected so customers spend less time worrying about the burdens of homeownership and more time enjoying their homes and the life within. Harnessing real-time data, smart home technology, and a growing suite of home services, we are creating the first integrated home protection platform. Hippo is headquartered in Palo Alto, California with offices in Austin and Dallas, Texas and insurance products available to more than 80 percent of U.S. homeowners in 37 states. Hippo Insurance Services is a licensed property casualty insurance agent with commercial and personal lines products underwritten by various insurance companies. For more information, including licensing information, visit hippo.com
The information in this press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “expect,” “possible,” “will,” or the negative of such terms or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties, and assumptions about us that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activities, performance, or achievements expressed or implied by such forward-looking statements. These and other important factors are discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Registration Statement on Form S-4and Current Report on Form 8-K, each filed with the Securities and Exchange Commission (the “SEC”) and in our other filings with the SEC. While we may elect to update or revise such forward-looking statements at some point in the future, we disclaim any obligation to do so.
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