The Baldwin Group has entered into an agreement to acquire the homebuilder distribution network of Hippo Holdings Inc., a move aimed at reinforcing Baldwin’s position in the homebuilder insurance market. The transaction, expected to close on or around July 1, 2025, is projected to generate $29.2 million in revenue and approximately $7 million in adjusted EBITDA within the first year post-closing.
The acquisition, referred to internally as a “partnership,” will integrate the assets into Westwood Insurance Agency LLC, Baldwin’s indirect subsidiary. According to the company, Westwood will soon provide embedded insurance services to 20 of the top 25 homebuilders in the United States, covering over 35% of new single-family homes built annually.
“This collaboration aligns with Westwood’s goal to ensure that obtaining insurance is the easiest part of buying a home,” said Jim Roche, president of The Baldwin Group and CEO of its underwriting and technology operations.
Alongside the acquisition, Baldwin’s managing general agency, Millennial Specialty Insurance LLC (MSI), has signed a program administrator agreement and a claims administration agreement with Hippo affiliates. These agreements aim to expand proprietary insurance capacity to serve Westwood’s growing list of builder partners.
Hippo and its subsidiaries, including Spinnaker Insurance Company, will also provide fronting capacity and reinsurance support for MSI’s ongoing and future programs.
“We look forward to our deepening relationship with the Hippo team and are excited about the opportunity to continue our growth trajectory via tech-enabled innovation,” said Trevor Baldwin, CEO of The Baldwin Group.
Hippo’s builder distribution assets bring a significant client base to Baldwin. The eight additional builder partnerships added through this deal are expected to further strengthen Westwood’s embedded insurance model. According to Baldwin executives, the deal will be neutral to net leverage and accretive to 2026 adjusted diluted earnings per share.
Rick McCathron, Hippo’s CEO, emphasized the strategic nature of the agreement. “This long-term agreement with The Baldwin Group allows us to focus on what we do best - risk identification and selection - while providing an opportunity to accelerate the growth of our New Home business through Westwood’s industry-leading network,” he said.
Spinnaker, Hippo’s fronting carrier, will continue its role in supporting Baldwin’s MSI programs, furthering a relationship that spans more than a decade.
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