The property and casualty insuance provider nearly doubled its overall funding with a strategic investment by MS&AD subsidiary Mitsui Sumitomo.
Mitsui Sumitomo Insurance, a subsidiary of insurance group MS&AD, invested $350m in US-based online home insurance provider Hippo Enterprises yesterday through a strategic partnership deal.
Hippo sells property and casualty insurance through an online service and will use the funding to expand into more US states and supply additional capital to its own insurance and reinsurance companies.
The agreement will involve Mitsui Sumitomo signing a reinsurance treaty that will involve it accepting a portion of risk on Hippo’s behalf. Takashi Sato, managing partner at MS&AD corporate venturing unit MS&AD Ventures, is taking a board observer position at Hippo.
Shinichiro Funabiki, chief digitalisation officer for Mitsui Sumitomo Insurance, said: “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…
