He says, “We don’t need to do business” but it is a “jewel”
Hippo Insurance doesn’t necessarily have to have Spinnaker Insurance, but the insurance company remains one of Hippo’s crown jewels, points out Hippo CEO Rick McCathron (pictured). insurance business Since he declined to comment on the sale speculations that have been swirling around the business.
“Our view is we’re not going to comment on any rumors because … rumors are always flying and we’ve had rumors about Spinnaker for a few years,” McCathron said. insurance business,
“We’re thrilled with Spinnaker as an asset, we’re thrilled with its contribution to our earnings, we’re thrilled with the partnerships and the growth of that company, and we want to take control of our balance sheet.
“Do we need Spinnaker to partner with customers and our homeowner’s insurance program? No, we don’t, but when we have our own carrier, our own capacity, and we can file our own rates and our own guidelines it de-risks our business a lot.
“And so we are delighted with Spinnaker as an asset, it is one of the jewels in the Hippo crown.”
At the time, McCathron, then chief insurance officer of Hippo, described the acquisition as a “natural next step” for Hippo as it looked to grow its home insurance offering.
Hippo releases Q3 2023 results
spoke to mccathron insurance business This November, when the insurtech released its Q3 results for 2023.
The business has sought to gradually restart its homeowners insurance offering after pausing in August, and McCathron shared that he has begun the process of bringing the business back online by reactivating its builder channel. Done.
According to McCathron, Hippo reported a net loss of $53 million for the quarter and posted its best results ever as a public company. The insuretech launched a SPAC process in 2021, which listed on the NYSE in August of that year.
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