Hippo Enterprises, the high-growth insurtech group that's transforming home insurance, announced a capital investment of $350 million from Mitsui Sumitomo Insurance Company, Limited, a subsidiary of MS&AD Insurance Group Holdings, Inc. Through this partnership, Takashi Sato, a managing partner of MS&AD Ventures, the corporate venture capital fund of MS&AD Insurance Group Holdings, will join Hippo's board of directors as an observer.

The investment will support Hippo's product roll out in additional states, to reach 95 percent of the U.S. homeowners population in the next year, as well as providing additional capital for its insurance and reinsurance companies. The investment solidifies the strategic partnership between the two companies, which began with MS&AD Ventures' initial investment in Hippo's Series E funding round in July, 2020.

Hippo Enterprises, Inc. is on a mission to transform home insurance for the modern household. The company brings homeowners closer to a modern home insurance experience with an efficient online purchase experience using trusted data sources, a smart home device kit included with eligible policies and more available coverage for possessions like appliances, electronics and home offices. Headquartered in Palo Alto, California, with insurance products available to over 70 percent of homeowners in the U.S., Hippo Insurance Services is a licensed property casualty insurance agent with products underwritten by various insurance companies. For more information, including licensing information, visit www.hippo.com.