""SPAC Stock"" – Google News
Founded in 2015, Hippo is a California-based property insurance company. The company, backed by CEO Assaf Wand, raised capital for a $ 1.5 billion investment in Hippo in 2020.
In 2020, Hippo reported total rewards booked of $ 405 million in 2020, up 33 percent year over year. The company expects total rewards written to be $ 544 million in 2021, $ 796 million in 2022, $ 1.15 billion in 2023, and $ 1.6 billion in 2024. In the presentation, Hippo highlighted that the gross written premiums for Lemonade, Metromile and Root in 2023 are expected to be USD 778 million, USD 524 million and USD 2.15 billion, respectively.
Hippo estimates the total addressable market for the U.S. homeowner insurance market to be worth approximately $ 105 billion. Given the company’s strong growth prospects, RTPZ stock looks like a good buy. However, the stock is a speculative game until the Hippo-RTPZ deal is closed.