Japan’s Mitsui Sumitomo to invest $350 million in insurance startup Hippo

NEW YORK (Reuters) – Mitsui Sumitomo Insurance Company, a subsidiary of Japan’s MS&AD Insurance Group, will invest $350 million in U.S. home insurance technology company Hippo Enterprises to fund its next stage of growth, the companies said in a joint statement on Tuesday.

Mitsui bought a convertible note in Hippo that will turn into an equity stake the next time it raises new funds, Hippo Chief Executive Officer Assaf Wand told Reuters in an interview.

MS&AD’s venture arm was part of Hippo’s Series E funding round that was announced in July, and the new investment – which is accompanied by a plan to sign a reinsurance agreement with Mitsui Sumitomo – builds on that partnership.

Hippo was valued at $1.5 billion in July, although Wand noted this figure was now outdated because of market developments and the growth of the business. He declined to disclose an updated valuation.

“We have

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Nov 20, 2020 (WiredRelease via Comtex) —
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Global Finance Lease Market 2020 by Company, Regions, Type and Application, Forecast to 2025

The report will make detailed analysis mainly on in-depth research on the development environment, Market size, development trend, operation situation and future development trend of Finance Lease Market on the basis of stating current situation of the industry in 2020.

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