Hippo, Baldwin in partnership

Hippo Holdings Inc. said Thursday it is forming a strategic partnership with The Baldwin Insurance Group Inc. for product distribution.

Hippo will distribute its new construction homeowners product through the homebuilder network of Baldwin subsidiary Westwood Insurance Agency.

That will allow Hippo access to three times as many new construction homebuyers and accelerate the growth of its New Homes business, the insurer said in a statement.

Baldwin will buy Hippo’s existing homebuilder distribution network for $100 million. Hippo’s homebuilder distribution network generated revenues of approximately $29.2 million over the past 12 months and is expected to deliver about $7 million in earnings, Baldwin said in a statement.

The deal also expands the use of Hippo’s fronting platform Spinnaker beyond its support of Baldwin’s MSI Renters and MSI Homeowners programs to provide capacity to a broader range of Baldwin’s managing general agent programs, the statement said.