Big Law
Hippo Enterprises Goes Public Through a $5B Merger With a Blank-Check Firm
March 4 (Reuters) – Hippo Enterprises will go public through a $5 billion merger with a blank-check firm backed by Silicon Valley heavyweights Reid Hoffman and Mark Pincus, in a sign of rising interest in the fast-growing “insurtech” sector.
The deal announced on Thursday comes when the COVID-19 pandemic has forced the insurance sector to rely heavily on technology to reach customers, helping the “insurtech” sector, which uses artificial intelligence and big data.
Founded in 2015, Palo Alto-based Hippo sells homeowners insurance online and the merger with special purpose acquisition company (SPAC) Reinvent Technology Partners Z will include a private investment of about $450 million and give it $1.2 billion in cash.
