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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  MS&AD Insurance Group Holdings, Inc.    8725   JP3890310000

MS&AD INSURANCE GROUP HOLDINGS, INC.

(8725)
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Japan's Mitsui Sumitomo to invest $350 million in insurance startup Hippo

11/24/2020 | 09:02am EST

NEW YORK (Reuters) - Mitsui Sumitomo Insurance Company, a subsidiary of Japan's MS&AD Insurance Group, will invest $350 million in U.S. home insurance technology company Hippo Enterprises to fund its next stage of growth, the companies said in a joint statement on Tuesday.

Mitsui bought a convertible note in Hippo that will turn into an equity stake the next time it raises new funds, Hippo Chief Executive Officer Assaf Wand told Reuters in an interview.

MS&AD's venture arm was part of Hippo's Series E funding round that was announced in July, and the new investment - which is accompanied by a plan to sign a reinsurance agreement with Mitsui Sumitomo - builds on that partnership.

Hippo was valued at $1.5 billion in July, although Wand noted this figure was now outdated because of market developments and the growth of the business. He declined to disclose an updated valuation.

"We have been very thoughtful on the people that we've bought into the capital structure and how can they help us build the biggest franchise," said Wand.

Insurance technology startups such as Hippo have been growing rapidly in the pandemic as more consumers seek quotes and policies remotely.

Investors have funneled billions of dollars into the public offerings for Lemonade Inc, Root Inc and SelectQuote Inc this year, at significantly higher valuations than traditional insurance companies.

Asked if Hippo could become a publicly traded company in 2021, raise new funds from private investors or seek a sale, Wand said the company was evaluating all these options.

The Mitsui Sumitomo investment will allow Hippo to continue growing its product range and expand in new U.S. markets. Hippo aims to be able to offer services to about 95% of the U.S. population in the next year, Wand said.

Hippo's other investors include Comcast Ventures, and technology-focused investment firms Dragoneer and BOND.

(Reporting by David French in New York; Editing by Rashmi Aich)

By David French


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
APPLIED ENERGETICS, INC. 0.27% 0.34 Delayed Quote.13.33%
COMCAST CORPORATION -1.80% 48.69 Delayed Quote.-7.08%
MS&AD INSURANCE GROUP HOLDINGS, INC. -1.03% 3282 End-of-day quote.4.49%
SELECTQUOTE, INC. 3.98% 23.54 Delayed Quote.13.45%
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Financials
Sales 2021 5 142 B 49 483 M 49 483 M
Net income 2021 153 B 1 475 M 1 475 M
Net Debt 2021 800 B 7 699 M 7 699 M
P/E ratio 2021 12,9x
Yield 2021 4,64%
Capitalization 1 851 B 17 833 M 17 814 M
EV / Sales 2021 0,52x
EV / Sales 2022 0,51x
Nbr of Employees 41 797
Free-Float 81,0%
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Technical analysis trends MS&AD INSURANCE GROUP HOLDINGS, INC.
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 3 807,86 JPY
Last Close Price 3 282,00 JPY
Spread / Highest target 57,2%
Spread / Average Target 16,0%
Spread / Lowest Target -5,55%
EPS Revisions
Managers and Directors
NameTitle
Noriyuki Hara President & Representative Director
Yasuyoshi Karasawa Chairman
Shinichiro Funabiki Group Chief Information Officer
Hisahito Suzuki Director
Shiro Fujii Director
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