Topa and Hippo Announce Mutual Decision to Transition Partnership
CALABASAS, Calif. and PALO ALTO, Calif. (PRWEB) September 23, 2020
Topa Insurance Company (Topa), a leading specialty property-casualty insurer, and Hippo Enterprises Inc. (Hippo), a technology-driven homeowners insurtech, today announced their mutual decision to transition their partnership. This move supports Topa’s strategy to devote more effort and resources to commercial line products, shifting away from personal line products. Following the transition, Hippo customer policies with Topa will be underwritten by Spinnaker Insurance Company, a wholly-owned subsidiary of Hippo, without any interruption in service or coverage. Spinnaker is a national property and casualty insurer licensed in 50 states and rated A- (Excellent) by A.M. Best Company.
“Hippo has been an excellent partner to Topa, and we have been very pleased with the growth of the business we have written together over the past three years,” said Topa’s President and CEO Michael Day. “The transition provides mutual benefit as we increase our focus on commercial line products where we see significant opportunities.”
Hippo has partnered with Topa since 2017 to provide home insurance products, which are now available in eight western states. The strength of the partnership has allowed both companies to build their core businesses over the last three years, supporting the national expansion of Hippo’s insurance business available in 31 states currently.
“Topa has been instrumental in advancing the growth of our business to reach more homeowners,” said Rick McCathron, President of Hippo. “Hippo’s focused on providing our customers with the best possible experience through insurance products, smart home devices, and home services. We’re looking forward to offering our existing customers access to the same great Hippo products underwritten by Spinnaker Insurance Company.”
Topa, an A- (Excellent) A.M. Best-rated property and casualty insurance carrier, admitted in 22 states, will continue to offer its commercial auto, commercial package, and other casualty products through wholesale brokers and managing general agents (MGAs). In addition, Topa is one of the leading insurers in the cannabis industry, currently writing in 22 states, with plans to continue to grow and expand its cannabis-related presence and products into additional states. Topa’s writings are supported by both Topa’s strong capital base and a panel of highly-rated reinsurance partners.
Hippo will continue to operate as an MGA with its premiums underwritten by Spinnaker Insurance and is in the final stages of discussions with additional carriers to continue to drive its growth across the country. The company plans to accelerate its geographical expansion to be available to consumers in 11 additional states by June 2021.
About Topa Insurance Company (Topa)
Topa Insurance Company, the largest of the wholly owned subsidiaries of Topa Insurance Group, a boutique insurance holding company based in Calabasas, CA. Topa provides insurance products through the wholesale markets. Other subsidiaries include Dorchester Insurance Company (USVI), NevPac Reinsurance (BVI), and Topa Insurance Services (USVI). Topa Insurance Group is focused on underwriting profit, operational excellence and agility for continuous growth. For more information, please visit http://www.topa-ins.com.
Hippo is on a mission to transform home insurance for the modern household. The company brings homeowners closer to a modern home insurance experience with an efficient online purchase experience using trusted data sources, a smart home device kit included with eligible policies and more available coverage for possessions like appliances, electronics and home offices. Hippo Insurance Services is part of Hippo’s family of companies that brings together home wellness and home insurance for today’s homeowners. Headquartered in Palo Alto, California, with insurance products available to over 70 percent of homeowners in the U.S., Hippo Insurance Services is a licensed property casualty insurance agent with products underwritten by various insurance companies. For more information, including licensing information, visit http://www.hippo.com.