The Baldwin Group has announced that its indirect subsidiary, Westwood Insurance Agency LLC, has entered into an agreement to acquire the homebuilder distribution network from Hippo Holdings, Inc. and its affiliates, expected to close on or around July 1st, 2025.
Westwood will acquire all outstanding equity interests of the entities comprising Hippo’s homebuilder distribution network, further strengthening its position within the homebuilding industry.
The homebuilder distribution network generated approximately $29.2 million in revenue over the most recent trailing 12-month period and is expected to deliver around $7 million in adjusted EBITDA over the 12 months following the close of the transaction.
Separate from the acquisition, The Baldwin Group’s managing general agency, Millennial Specialty Insurance, LLC (MSI), has entered into a Program Administrator Agreement and Claims Administration Agreement with a Hippo affiliate. These agreements support a new homebuilder program aimed at providing additional proprietary capacity for Westwood’s builder partners.
In addition, Hippo and its affiliates, including Spinnaker Insurance Company, have committed to providing capacity and reinsurance support for existing and potential future MSI programs.
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Jim Roche, President of The Baldwin Group and CEO of Underwriting Capacity and Technology Operations, said, “Through the acquisition of Hippo’s homebuilder distribution network, Westwood now provides an embedded insurance solution to 20 of the top 25 homebuilders across the country.
“The addition of Hippo’s builder product, along with MSI’s own product for new construction homes, gives Westwood even more capacity to support its builder clients in an otherwise challenging insurance market. This collaboration aligns with Westwood’s goal to ensure that obtaining insurance is the easiest part of buying a home.”
Trevor Baldwin, Chief Executive Officer of The Baldwin Group, added, “As we continue to grow and innovate across the insurance value chain, we remain focused on maintaining and building strong relationships with our capacity partners, powering our continued insurance product innovation to support our clients amidst a rapidly evolving risk landscape.
“We look forward to our deepening relationship with the Hippo team and are excited about the opportunity to continue our growth trajectory via tech-enabled innovation.”
Rick McCathron, President and Chief Executive Officer of Hippo, remarked, “This long-term agreement with The Baldwin Group allows us to focus on what we do best—risk identification and selection, while providing an opportunity to accelerate the growth of our New Home business through Westwood’s industry-leading homebuilder network. We [Spinnaker] are also excited to build on our decade-long support of Baldwin’s MSI Renters and MSI Homeowners programs, as we provide capacity to a broader range of Baldwin’s MGA programs.”
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