At a glance
- Its Spinnaker Insurance subsidiary can front qualifying programs as Greenlight's preferred U.S. admitted carrier.
- Where the two sides line up, Spinnaker issues the policies behind the programs and Greenlight Re supplies reinsurance capacity and underwriting expertise.
- For allocators weighing fronting counterparty exposure, program selection and fronting terms will depend on how many Greenlight Re-backed MGAs clear Hippo's underwriting.
Hippo Holdings can co-invest in early-stage managing general agents alongside Greenlight Capital Re's Innovations segment, Carrier Management reported Nov. 5. Its Spinnaker Insurance subsidiary can front qualifying programs as Greenlight's preferred U.S. admitted carrier. Terms were not disclosed.
Where the two sides line up, Spinnaker issues the policies behind the programs and Greenlight Re supplies reinsurance capacity and underwriting expertise. Spinnaker's fronting role applies only to qualifying co-invested programs as opportunities align.
For allocators weighing fronting counterparty exposure, program selection and fronting terms will depend on how many Greenlight Re-backed MGAs clear Hippo's underwriting. Spinnaker's paper sits in front of those same early-stage programs, linking Hippo's capital to Greenlight Re's deal flow.
As Private Wealth Daily reported in August, fronting growth is slowing as loss development catches up.
Reported by the Insurer–manager partnerships desk from Carrier Management. Published . Corrections