Founded in 2015, Hippo is a property insurance company based in California. The company, backed by CEO Assaf Wand, had raised capital in 2020 in an investment that valued Hippo at $1.5 billion.
In 2020, Hippo reported total written premiums of $405 million in 2020, which represents a growth of 33 percent YoY. The company expects to post total written premiums of $544 million in 2021, $796 million in 2022, $1.15 billion in 2023, and $1.6 billion in 2024. In the presentation, Hippo highlighted that the 2023 gross written premiums for Lemonade, Metromile, and Root are expected to be $778 million, $524 million, and $2.15 billion.
Hippo thinks that the total addressable market for the U.S. homeowners insurance market is worth about $105 billion. Based on the company’s strong growth outlook, RTPZ stock looks like a good buy. However, the stock is a speculative play until the Hippo-RTPZ deal closes.
View more information: https://marketrealist.com/p/hippo-rtpz-spac-merger-date/