03/04/2021 | News release | Distributed by Public on 03/05/2021 22:05
Davis Polk is advising the joint placement agents to Reinvent Technology Partners Z, a special purpose acquisition company (SPAC), in connection with its proposed business combination with Hippo Enterprises Inc. and related private placement of common stock, which would result in Hippo becoming a publicly listed company. Upon closing of the transaction, the combined company will be publicly traded. The transaction is expected to be completed in mid-2021, subject to customary closing conditions.
Founded in 2015, Hippo's goal is to make homes safer and better protected by taking a proactive approach designed to prevent losses. Harnessing real-time data, smart home technology, and a growing suite of home services, Hippo is creating the first vertically integrated, end-to-end home protection and insurance platform. Hippo's licensed property casualty agent, Hippo Insurance Services, is a leader in the transformation of the $105 billion United States home insurance industry, digitizing the entire home insurance process in order to create lasting advantages and efficiencies across the customer lifecycle. Home insurance products offered through Hippo Insurance Services are currently available in 32 states, covering more than 70% of the U.S. population, and the company expects its products to be available to 95% of the U.S. population by the end of 2021.
The Davis Polk corporate team includes partners Byron B. Rooney and Stephen Salmon and associate Andrew Rowe. Members of the Davis Polk team are based in the New York, Northern California and London offices.