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…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.