Baldwin subsidiary to buy Hippo's homebuilder distribution network
Westwood Insurance Agency, an indirect subsidiary of the Baldwin Group, has agreed to acquire Hippo Holdings' homebuilder distribution network.
This network generated revenues of approximately $29.2m in the most recent trailing 12-month period.
The deal is contingent upon certain closing conditions, with an expected completion date of 1 July 2025.
Additionally, Millennial Specialty Insurance (MSI), the managing general agency (MGA) of the Baldwin Group, has signed programme administrator and claims administration agreements with an affiliate of Hippo to establish a new homebuilder programme.
This move is aimed at providing proprietary capacity for Westwood's builder partners.
Baldwin Group CEO Trevor Baldwin said: 'As we continue to grow and innovate across the insurance value chain, we remain focused on maintaining and building strong relationships with our capacity partners, powering our continued insurance product innovation to support our clients amidst a rapidly evolving risk landscape.
'We look forward to our deepening relationship with the Hippo team and are excited about the opportunity to continue our growth trajectory via tech-enabled innovation.'
Moreover, Hippo and its affiliates, including Spinnaker Insurance Company, will provide capacity and reinsurance support for existing and future programmes under MSI.
Hippo president and CEO Rick McCathron stated: 'This long-term agreement with the Baldwin Group allows us to focus on what we do best – risk identification and selection, while providing an opportunity to accelerate the growth of our New Home business through Westwood's industry-leading homebuilder network.
'We [Spinnaker] are also excited to build on our decade-long support of Baldwin's MSI Renters and MSI Homeowners programmes, as we provide capacity to a broader range of Baldwin's MGA programmes.'
In March, the Baldwin Group signed a note purchase agreement to raise $110m through surplus debentures to finance the launch of its reciprocal insurance exchange.
"Baldwin subsidiary to buy Hippo's homebuilder distribution network " was originally created and published by Life Insurance International, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
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