Hippo announces completion of $110m debut catastrophe bond

Palo alto, calif.--(business wire)--spinnaker insurance company, a wholly owned subsidiary of hippo holdings inc. (nyse: hipo), today announced the successful sponsorship of mountain re ltd. series 2023-1 catastrophe bond. the $110 million cat bond is a 10% upsize from the initial $100 million transaction target. as part of the transaction, spinnaker is entering into a reinsurance contract with mountain re that offers protection against a variety of perils, including named storms, fire followin.
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