Westwood to Acquire Hippo’s Homebuilder Distribution Network
Deal News | Jun 12, 2025 | Re-Insurance News
The Baldwin Group, through its subsidiary Westwood Insurance Agency LLC, has announced an agreement to acquire the homebuilder distribution network currently owned by Hippo Holdings, Inc. This transaction, expected to finalize by July 1st, 2025, will see Westwood obtaining all equity interests in the entities forming the network. This strategic move aims to bolster Westwood's influence within the homebuilding sector. The network in question generated approximately $29.2 million in revenue over the past year and is anticipated to achieve around $7 million in adjusted EBITDA in the year following the acquisition's closure. Additionally, The Baldwin Group's subsidiary, Millennial Specialty Insurance, LLC (MSI), has entered into separate agreements with Hippo affiliates, broadening its capacity and allowing it to support Westwood's builder clients in a challenging insurance environment. This acquisition and collaboration with Hippo signify an emphasis on enhancing insurance accessibility as part of the home-buying process. Leaders from both The Baldwin Group and Hippo express optimism about reinforced partnerships and innovation within the insurance marketplace.
Sectors
- Insurance
- Real Estate/Homebuilding
Geography
- United States – The transactions and partnerships discussed in the article are primarily focused on the U.S., where both Hippo and Westwood operate within the homebuilding insurance sector.
Industry
- Insurance – This industry is central to the article as the acquisition and agreements are primarily focused on enhancing the insurance distribution network for homebuilders.
- Real Estate/Homebuilding – Relevant due to the focus on providing insurance solutions to leading homebuilders across the country.
Financials
- 29.2 million – The revenue generated by the homebuilder distribution network over the most recent trailing 12-month period.
- 7 million – The expected adjusted EBITDA over the 12 months following the transaction closure.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| The Baldwin Group | Parent Company | Company | The parent company involved in the acquisition through its subsidiary Westwood Insurance Agency LLC. |
| Westwood Insurance Agency LLC | Acquirer | Company | An indirect subsidiary of The Baldwin Group acquiring Hippo's homebuilder distribution network. |
| Hippo Holdings, Inc. | Target Company | Company | The company selling its homebuilder distribution network to Westwood Insurance Agency. |
| Millennial Specialty Insurance, LLC (MSI) | Affiliate Company | Company | A managing general agency of The Baldwin Group entering agreements with Hippo to expand insurance program capabilities. |
| Spinnaker Insurance Company | Support Provider | Company | An affiliate of Hippo providing capacity and reinsurance support. |
| Jim Roche | President & CEO | Person | President of The Baldwin Group and CEO of Underwriting Capacity and Technology Operations. |
| Trevor Baldwin | CEO | Person | CEO of The Baldwin Group, overseeing the strategic growth including this acquisition. |
| Rick McCathron | President & CEO | Person | President and CEO of Hippo, focusing on strategic partnerships and programs. |