Baldwin Group subsidiary agrees to acquire Hippo's homebuilder distribution network
By Michael Jones
June 12 - (The insurer) - The Baldwin Group subsidiary Westwood Insurance Agency has entered an agreement to acquire Hippo's homebuilder distribution network, the company announced on Thursday.
The transaction is expected to occur on or around July 1, 2025, subject to certain closing conditions. Baldwin Group said it would be neutral to net leverage and accretive to 2026 pro forma adjusted diluted earnings per share.
The announcement said Hippo's homebuilder distribution network generated revenues of approximately $29.2 million in the most recent trailing 12-month period and is expected to deliver approximately $7 million of adjusted EBITDA over the 12 months following close.
Separately, Millennial Specialty Insurance (MSI), Baldwin Group's MGA, has entered a program administrator agreement and a claims administration agreement with an affiliate of Hippo on a new homebuilder program.
Hippo and its affiliates have also committed to provide capacity and reinsurance support for existing MSI programs, the announcement said.
Westwood was formerly QBE North America's personal lines MGA and retail broking unit prior to being acquired by Baldwin Group for $375 million in 2022.
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