Hippo Holdings has completed its business combination with Reinvent Technology Partners Z (RTPZ), now trading as HIPO on the NYSE. This transaction brings in over $550 million to Hippo, aimed at expanding its market presence and developing new products. CEO Assaf Wand emphasizes the commitment to modernizing home insurance through an integrated platform, leveraging technology and data. The company plans to enhance home protection for U.S. homeowners, now available in 37 states with coverage for over 80% of the market.
Reinvent Technology Partners Z (RTPZ) is set to hold an Extraordinary General Meeting on July 29, 2021, to vote on its business combination with Hippo Enterprises Inc., a home insurance group. Shareholders as of June 21, 2021, can vote at this meeting. If approved, RTPZ will change its name to Hippo Holdings Inc., trading under the symbols HIPO and HIPO.WS. A proxy statement with details will be sent to shareholders. RTPZ has engaged Morrow Sodali LLC for proxy solicitation assistance.
Hippo Enterprises has reached a definitive agreement with Reinvent Technology Partners Z (NYSE:RTPZ) to merge, creating a publicly traded entity focused on home insurance innovation. Hippo aims to redefine the insurance landscape by utilizing real-time data and smart home technology to prevent losses and streamline the insurance process. Currently operating in 32 states, Hippo plans to expand to 95% coverage by year-end 2021. The transaction, expected to close in mid-2021, includes a $550 million PIPE investment, providing ample cash for growth.