Hippo Holdings Inc. (“Hippo”), the home insurance group that created a new standard of care and protection for homeowners, today announced the completion of its previously announced business combination with Reinvent Technology Partners Z (“RTPZ”) (NYSE: RTPZ), a publicly traded special purpose acquisition company that takes a “venture capital at scale” approach. Hippo’s common stock and warrants trade today under the symbols “RTPZ” and “RTPZ.WS,” respectively, and begin trading tomorrow on the New York Stock Exchange (“NYSE”) under the ticker symbols “HIPO” and “HIPO.WS,” respectively.
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In connection with the transaction, Hippo expects to receive more than $550 million in cash proceeds, net of fees and expenses funded in conjunction with the closing of the business combination, which includes the proceeds from a previously announced private placement of common stock. The proceeds will be used to fuel growth, market expansion and development of new product offerings, as well as accelerate Hippo’s plans to expand geographically and create the first-of-its-kind vertically integrated, end-to-end home protection and insurance platform.
As a well-capitalized public company, Hippo is even better positioned to transform the home insurance industry with its unique end-to-end home protection and home insurance platform. Chief Executive Officer and Co-Founder Assaf Wand, along with the Hippo management team, will continue to lead the company.
“Today’s important milestone showcases the tremendous progress we’ve made in our pursuit to revolutionize home insurance through the lens of the homeowner,” said Assaf Wand, Founder and CEO of Hippo. “We are excited to embark on this next phase of Hippo’s journey as we modernize the home insurance industry and bring joy back into homeownership.”
“We are thrilled to close our business combination with Hippo and look forward to this next chapter in transforming homeowner’s insurance with Hippo’s digital-first set of offerings,” said Reid Hoffman, LinkedIn Co-Founder and Co-Lead Director of RTPZ. “Assaf and his world-class team are well positioned to modernize a massive market that is ripe for disruption through Hippo’s leading technology and insurance expertise.”
Source: Business Wire
