- Hippo Enterprises — a high-growth insurtech group that is transforming the home insurance industry — announced recently that it raised $350 million in funding from Mitsui Sumitomo Insurance Company
Hippo Enterprises — a high-growth insurtech group that is transforming the home insurance industry — announced recently that it raised $350 million in funding from Mitsui Sumitomo Insurance Company, Limited (a subsidiary of MS&AD Insurance Group Holdings). And in connection with this partnership, MS&AD Ventures managing partner Takashi Sato will be joining Hippo’s board of directors as an observer.
This round of funding will support Hippo’s product rollout in more states in order to reach 95% of the U.S. homeowners population in the next year as well as providing additional capital for its insurance and reinsurance companies. Plus the investment solidifies the strategic partnership between the two companies — which began with MS&AD Ventures’ initial investment in Hippo’s Series E funding round in July 2020.
Hippo and Mitsui Sumitomo Insurance Company, Limited also plan to sign a reinsurance treaty. In this case, Mitsui Sumitomo will take on a portion of risk to support Hippo’s Insurance Company, a national property and casualty insurer licensed in 50 states and rated A- (Excellent) by A.M. Best Company.
“Mitsui Sumitomo is one of the best when it comes to risk management and shares our desire to leverage data and analytics to create better outcomes for homeowners. We’re excited to deepen our partnership and gain additional catastrophe modeling expertise from one of the world’s largest insurers.”
— Assaf Wand, CEO and Co-founder of Hippo
“We value the innovation that Hippo brought to the home insurance space through its advanced classification of risk. We look forward to learning from one another through our strategic partnership, providing high value-added products and services to customers of both companies in the U.S. and Japan, and to continue to support Hippo, which quickly became a top insurtech in the U.S. home insurance space and is beloved by its customers.”
— Shinichiro Funabiki, Director, Vice President Executive Officer at Mitsui Sumitomo Insurance Company, Limited