The insurer is set for a reverse merger with Reinvent Technology Partners Z to list on the New York Stock Exchange at a valuation of $5bn.

Hippo Enterprises, a US-based online home insurance provider backed by corporates Comcast, Lennar, MS&AD, Munich Re and Standard Industries, agreed to a reverse merger with special purpose acquisition company Reinvent Technology Partners Z on Thursday.

Homebuilder Lennar joined fellow existing backers Dragoneer and Ribbit Capital to co-lead a $550m private investment in public equity together with Reinvent Capital and unnamed mutual funds.

Hippo will have access to approximately $1.2bn in cash once the transaction closes, also including some $230m held…

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Thierry Heles

Thierry Heles is editor-at-large of Global University Venturing and Global Corporate Venturing, and host of the Beyond the Breakthrough podcast.
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