Baldwin completes $100 million acquisition of Hippo's homebuilder distribution network

By Isha Marathe

July 2 - (The Insurer) - The Baldwin Group's indirect subsidiary, Westwood Insurance Agency, has completed the$100 million acquisition of a homebuilder distribution network from Hippo Holdings.

As previously reported, Westwood Insurance Agency had agreed in June to buy Hippo’s homebuilder distribution network, which generated revenues of around $29.2 million 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, entered a program administrator agreement and a claims administration agreement with an affiliate of Hippo on a new homebuilder program.