Spinnaker Insurance Achieves Major Milestone and Re-enters Catastrophe Bond Market

Spinnaker Insurance Company, a subsidiary of Hippo Holdings, recently achieved AM Best Financial Size Category IX, indicating a policyholder surplus of over $250 million. This significant milestone enhances Spinnaker's capacity and flexibility for current and potential program partners within the property and casualty insurance sector. The company's robust capital position and consistent execution strategy in program insurance play a crucial role in this achievement.

In parallel, Spinnaker re-entered the catastrophe bond market, as reported by Artemis, by seeking more than $100 million through the Mountain Re Ltd. (Series 2026-1) issuance. This move aims to bolster its collateralized reinsurance efforts, extending the carrier’s capital markets-backed protection. Torben Ostergaard, President & CEO of Spinnaker Insurance Company, emphasizes that this financial enhancement bolsters their ability to support program growth and deliver comprehensive protection to policyholders.

The upgrade aligns with the strategic goals of Hippo Holdings, as noted by Rick McCathron, President & CEO. It supports Hippo's aim for growth across owned and partner managing general agents (MGAs), advancing toward targets such as $2 billion in gross written premium by 2028. Operating nationwide, Spinnaker provides property and casualty insurance with an A- rating from AM Best, offering admitted insurance products in all U.S. states and jurisdictions through partnerships with program administrators and MGAs for specialized markets.