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Zynga and LinkedIn Founders Try to Pitch Money-Losing Home Insurance Company to Investors


Zynga and LinkedIn Founders Try to Pitch Money-Losing Home Insurance Company to Investors
Posted on 03/05/2021
The homeowners’ insurance market is historically cyclical in nature and is highly regulated. Most insurance data sits with insurance companies, especially claims data. Hippo Enterprises Inc. is a home-insurance startup. Labeled as an insurtech play, Hippo Enterprises agreed to go public through a merger with Reinvent Technology Partners Z, a special purpose acquisition company has Zynga Inc. founder Mark Pincus and LinkedIn co-founder Reid Hoffman as lead directors. The SPAC deal values Hippo Enterprises at US$ 5 billion in enterprise value and Reinvent Technology Partners Z will be renamed Hippo Holdings Inc. ....

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Hippo to go public in $5 billion merger with Mark Pincus, Reid Hoffman-backed SPAC


By Reuters Staff
3 Min Read
(Reuters) - Hippo Enterprises will go public through a $5 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.
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The deal, announced on Thursday, comes when the COVID-19 pandemic has forced the insurance sector to rely heavily on technology to reach customers, helping the “insurtech” sector, which uses artificial intelligence and big data.
Founded in 2015, Palo Alto-based Hippo sells homeowners insurance online and the merger with special purpose acquisition company (SPAC) Reinvent Technology Partners Z will include a private investment of about $450 million and give it $1.2 billion in cash. ....

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