Hippo partners with Greenlight Re to link early-stage insurance investment with Spinnaker carrier capacity

Agreement lays the foundation for Hippo to evaluate opportunities to invest alongside Greenlight Re and positions Spinnaker as the preferred U.S. admitted carrier for qualifying insurance programs

SAN JOSE, Calif., Oct. 28, 2026 /PRNewswire/ -- Hippo Holdings Inc. (NYSE: HIPO) ("Hippo") today announced a strategic partnership with the Innovations segment of Greenlight Capital Re, Ltd. (NASDAQ: GLRE) ("Greenlight Re") that connects opportunities to invest in emerging managing general agents (MGAs) with carrier and reinsurance support for their programs.

Through the investment model of Greenlight Re Innovations, Hippo can invest alongside Greenlight Re in early-stage insurance programs, while its subsidiary Spinnaker Insurance Company can serve as Greenlight's preferred U.S. admitted fronting carrier for qualifying co-invested programs as opportunities align. Spinnaker will issue the insurance policies behind those programs through a connected, aligned deal flow. Greenlight Re will bring reinsurance capacity and expertise to support the insurance risk.

Emerging MGAs need funding to build their businesses, an insurer to issue their policies and reinsurance to support the risk. This partnership will coordinate the beneficial relationships emerging MGAs need for capacity, capital, and expertise for qualifying programs. For the wider insurance market, the aim is to help new providers develop products backed by experienced underwriting and reinsurance partners.

"We believe the MGA and program market remains one of the most dynamic areas of insurance," said Rick McCathron, president and CEO of Hippo. "Our partnership with Greenlight Re brings experience identifying and backing those businesses, giving us opportunities to participate in emerging innovative programs both as an investor and through Spinnaker's role as their carrier. It supports our strategy to grow across insurance products while applying the underwriting discipline that has shaped Hippo's business — the same discipline that helped build many of our biggest program partners today."

Connecting investment with capacity

The companies already support several of the same successful insurance programs that have grown to scale. Spinnaker issues policies for their programs, while Greenlight Re has invested in those businesses and/or provided reinsurance capacity. The partnership builds on those existing relationships to establish a more coordinated approach to evaluating emerging programs and accelerating speed to market with full insurance stack capabilities.

"This partnership combines Greenlight Re's track record of making significant investments in emerging businesses, and Spinnaker's track record of quickly bringing programs to market with the right underwriting capabilities and capacity," said Jesse Willmott, president, reinsurance and portfolio management at Spinnaker Insurance Company. "We already support a number of businesses that Greenlight Re has backed, and this partnership gives us a way to work together to deliver a more efficient model as new programs take shape."

Engaging with emerging MGA business

The partnership comes as Hippo works with emerging MGA programs to support insurance innovation and diversify across insurance products. Greenlight Re brings a steady source of potential investments and program partners supported by Hippo's underwriting experience and Spinnaker's carrier capacity.

"Since 2018, Greenlight Re Innovations has built a diverse portfolio of technology-driven insurance businesses," said Greg Richardson, CEO of Greenlight Re. "Our partnership with Hippo and Spinnaker gives those businesses more ways to scale, and it fits our focus on disciplined, profitable growth."

About Hippo

Hippo is a technology-native insurance group that uses its carrier platform to diversify risk across both personal and commercial lines. Through the Hippo Homeowners Insurance Program, the company applies deep industry expertise and advanced underwriting to deliver proactive, tailored coverage for homeowners. Hippo Holdings Inc. subsidiaries include Hippo Insurance Services, Spinnaker Insurance Company, Spinnaker Specialty Insurance Company and Wingsail Insurance Company. Hippo Insurance Services is a licensed property casualty insurance agent with products underwritten by various affiliated and unaffiliated insurance companies. For more information, please visit http://www.hippo.com.

Media Contact:
Courtney Klosterman 
[email protected] 

Investor Contact:
Charles Sebaski
[email protected] 

About Greenlight Capital Re, Ltd.

Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd's platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. Since 2018, the Company's innovations unit, Greenlight Re Innovations, has supported technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.

Media Contact:
David E. Sigmon, General Counsel
[email protected] 

Advisor

Insurance Advisory Partners LLC acted as exclusive financial advisor to Greenlight Re.

Greenlight Re Forward-Looking Statements

This news release contains forward-looking statements concerning Greenlight Capital Re, Ltd. and/or its subsidiaries within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws, including statements regarding the anticipated benefits, performance, and expected results of the strategic partnership. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on the Company's behalf. These risks and uncertainties include, but are not limited to: the ability of the parties to implement and realize the expected benefits of the strategic partnership, including with regard to finding and evaluating potential early-stage insurance investment opportunities, issuing insurance policies, and providing reinsurance capacity; development and performance risks; changes in market, economic and regulatory conditions; operational and data security risks; the parties' ability to maintain the relationship; and other factors described in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC's website at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as to the date of this release, whether as a result of new information, future events, or otherwise, except as provided by law.

Hippo Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the expected benefits of the strategic partnership with Greenlight Re, Hippo's potential investments alongside Greenlight Re, and Spinnaker's expected role as carrier for co-invested programs. These statements are based on management's current expectations and are subject to risks and uncertainties that could cause actual results to differ materially, including those described in Hippo's filings with the Securities and Exchange Commission. Readers should not place undue reliance on these statements, which speak only as of the date of this press release. Hippo undertakes no obligation to update or revise any forward-looking statements, except as required by law. For a discussion of the risks and uncertainties that could cause actual results to differ, please refer to the Risk Factors section of Hippo's most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.

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SOURCE Hippo Holdings Inc.