Hippo to go public in US$5b merger with Mark Pincus, Reid Hoffman-backed SPAC | Malay Mail

📆 05.03.2021 4:01:00
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NEW YORK, March 4 — Hippo Enterprises will go public through a US$5 billion (RM20.2 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 today, comes...

Thursday, 04 Mar 2021 11:48 PM MYT

The deal, announced today, comes when the Covid-19 pandemic has forced the insurance sector to rely heavily on technology to reach customers, helping the “insurtech” sector that uses artificial intelligence and big data. Global insurtech investments jumped in 2020, even as the larger insurance industry faced huge and varying claims from businesses and households hit by the pandemic.

Hippo and its peers such as Unqork, Waterdrop, Oscar Health, Bind Benefits and Newfront Insurance received a total of US$1.1 billion in funding in the final quarter of 2020.

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