Spinnaker Insurance Company, a wholly owned subsidiary of Hippo Holdings, provides property and casualty solutions to the plan insurance market. The company reported that it has achieved Class IX AM optimal financial size category (FSC) with policyholder surplus of more than $250 million.
Spinnaker Insurance Company said the development enhances its ability to provide greater capacity and adaptability to existing and potential plan partners.
This milestone coincides with recent reporting from sister publication Artemis that Spinnaker Insurance Company has returned to the catastrophe bond market, seeking $100 million or more in collateralized reinsurance through the issuance of a new Mountain Re Ltd. (Series 2026-1) to renew and expand its capital markets-backed protections.
Torben Ostergaard, President and Chief Executive Officer of Spinnaker Insurance Company, commented: “Realizing financial scale to Category IX enhances our ability to support current and new programs with greater capacity and flexibility, helping our partners grow and ensuring we continue to provide strong protection to our policyholders.”
Spinnaker Insurance Company said the upgrade reflects continued business expansion, solid capital positioning and consistent execution in the project insurance space. The company links this development to Hippo Holdings’ broader strategic focus and forward-looking outlook.
Rick McCathron, President and Chief Executive Officer of Hippo Holdings, added: “This milestone supports Hippo’s strategy to drive growth at our owned and partner MGAs while improving the diversification of our portfolio and advances our goals of 2028 gross written premiums exceeding $2 billion and adjusted net income exceeding $125 million.”
Spinnaker Insurance Company and its affiliates operate property and casualty insurance companies nationwide and hold an A- rating from AM Best. The company noted that it offers approved insurance products in all U.S. states and jurisdictions, accessing specialized personal, commercial and professional markets and standard and non-standard lines of business through program administrators and managing general agents.