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Centana Growth Partners Acquires Majority Stake in Hippo’s First Connect Insurance Services

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Centana Growth Partners has acquired a majority stake in First Connect Insurance Services, formerly a subsidiary of Hippo Holdings (NYSE: HIPO), with an initial investment exceeding $b>$60 million. The investment, supported by Pruven Capital, Cota Capital, and Cross Creek, aims to accelerate First Connect's product growth and market expansion. Aviad Pinkovezky will continue as President and has been named CEO.

First Connect operates a tech-driven platform connecting independent insurance agents with carriers, streamlining the process of carrier appointment and policy quoting. The platform features a Carrier Store with over 100 carriers and MGAs, an Appetite Finder tool, and AI-driven validation for E&O documents, reducing compliance approval times from weeks to minutes.

Centana Growth Partners ha acquisito una partecipazione di maggioranza in First Connect Insurance Services, precedentemente una sussidiaria di Hippo Holdings (NYSE: HIPO), con un investimento iniziale superiore a 60 milioni di dollari. L'investimento, supportato da Pruven Capital, Cota Capital e Cross Creek, mira ad accelerare la crescita dei prodotti di First Connect e l'espansione sul mercato. Aviad Pinkovezky continuerà come Presidente ed è stato nominato CEO.

First Connect gestisce una piattaforma tecnologica che collega agenti assicurativi indipendenti con compagnie, semplificando il processo di nomina degli assicuratori e di preventivazione delle polizze. La piattaforma presenta uno Store di Assicuratori con oltre 100 compagnie e MGA, uno strumento di Ricerca di Appetiti e una convalida basata su AI per i documenti E&O, riducendo i tempi di approvazione della conformità da settimane a minuti.

Centana Growth Partners ha adquirido una participación mayoritaria en First Connect Insurance Services, anteriormente una subsidiaria de Hippo Holdings (NYSE: HIPO), con una inversión inicial superior a 60 millones de dólares. La inversión, apoyada por Pruven Capital, Cota Capital y Cross Creek, tiene como objetivo acelerar el crecimiento de productos de First Connect y la expansión en el mercado. Aviad Pinkovezky continuará como Presidente y ha sido nombrado CEO.

First Connect opera una plataforma impulsada por tecnología que conecta a agentes de seguros independientes con carriers, agilizando el proceso de nombramiento de carriers y cotización de pólizas. La plataforma cuenta con una Tienda de Carriers que incluye más de 100 carriers y MGAs, una herramienta de Buscador de Apetitos, y validación impulsada por IA para documentos E&O, reduciendo los tiempos de aprobación de cumplimiento de semanas a minutos.

Centana Growth PartnersFirst Connect Insurance Services의 지분 대다수를 인수했습니다. 이전에는 Hippo Holdings (NYSE: HIPO)의 자회사였으며, 초기 투자액은 6000만 달러 이상입니다. Pruven Capital, Cota Capital, Cross Creek의 지원을 받는 이 투자는 First Connect의 제품 성장과 시장 확장을 가속화하는 것을 목표로 합니다. Aviad Pinkovezky는 사장직을 계속 유지하며 CEO로 임명되었습니다.

First Connect는 독립 보험 대리인을 보험사와 연결하는 기술 중심의 플랫폼을 운영하며, 보험사 등록 및 정책 견적 프로세스를 간소화합니다. 이 플랫폼은 100개 이상의 보험사와 MGA가 포함된 보험사 매장을 제공하며, apetito 찾기 도구와 E&O 문서에 대한 AI 기반 검증 기능을 특징으로 하여, 승인 시간을 수 주에서 몇 분으로 줄입니다.

Centana Growth Partners a acquis une participation majoritaire dans First Connect Insurance Services, anciennement une filiale de Hippo Holdings (NYSE: HIPO), avec un investissement initial de plus de 60 millions de dollars. Cet investissement, soutenu par Pruven Capital, Cota Capital et Cross Creek, vise à accélérer la croissance des produits de First Connect et son expansion sur le marché. Aviad Pinkovezky continuera en tant que Président et a été nommé CEO.

First Connect exploite une plateforme axée sur la technologie qui relie des agents d'assurance indépendants à des assureurs, simplifiant ainsi le processus de nomination des assureurs et d'établissement des devis de polices. La plateforme propose un Magasin d'Assureurs avec plus de 100 assureurs et MGA, un outil de Recherche d'Appétit, et une validation basée sur l'IA pour les documents E&O, réduisant ainsi les délais d'approbation de conformité de plusieurs semaines à quelques minutes.

Centana Growth Partners hat eine Mehrheitsbeteiligung an First Connect Insurance Services erworben, die zuvor eine Tochtergesellschaft von Hippo Holdings (NYSE: HIPO) war, mit einer Anfangsinvestition von über 60 Millionen Dollar. Die Investition, unterstützt von Pruven Capital, Cota Capital und Cross Creek, zielt darauf ab, das Produktwachstum und die Marktexpansion von First Connect zu beschleunigen. Aviad Pinkovezky bleibt Präsident und wurde zum CEO ernannt.

First Connect betreibt eine technologiegetriebene Plattform, die unabhängige Versicherungsagenten mit Versicherern verbindet und den Prozess der Versichererbenennung und der Policenangebotserstellung optimiert. Die Plattform verfügt über einen Carrier-Store mit über 100 Versicherern und MGAs, ein Appetite Finder-Tool und KI-gestützte Validierung für E&O-Dokumente, wodurch die Genehmigungszeiten für die Einhaltung von Wochen auf Minuten reduziert werden.

Positive
  • Secured substantial funding of over $60 million for growth and expansion
  • Platform includes over 100 carriers and MGAs in its marketplace
  • AI-powered solution reduces compliance approval times from weeks to minutes
  • Operating in a large market with independent agents representing two-thirds of P&C insurance
Negative
  • Separation from parent company Hippo Holdings may require operational adjustments
  • Faces competition in a volatile insurance market

Insights

The $60 million investment in First Connect represents a significant strategic shift for Hippo Holdings. This divestment allows Hippo to monetize a non-core asset while maintaining potential upside through any remaining minority stake. The deal's structure suggests a focus on streamlining operations and strengthening the balance sheet.

The transaction's impact on Hippo's financials is notable, considering the company's market cap of $588.6 million. The deal value represents approximately 10.2% of Hippo's market capitalization, indicating a meaningful capital injection that could support core operations and strategic initiatives.

For investors, this move signals Hippo's strategic pivot to focus on its core insurance business while potentially benefiting from First Connect's future success through any retained ownership. The participation of established investors like Pruven Capital and Cota Capital validates First Connect's business model and growth potential.

First Connect's platform addresses a critical market inefficiency in the insurance distribution landscape. With independent agents controlling nearly 66% of the P&C insurance market, the platform's ability to streamline carrier-agent relationships represents significant market potential.

The AI-driven validation system for E&O documentation is particularly innovative, reducing onboarding time from weeks to minutes. This technological advantage, combined with the Carrier Store marketplace featuring over 100 carriers and MGAs, positions First Connect as a potential market leader in insurance distribution technology.

The strategic investment by Centana Growth Partners, known for their financial services expertise, suggests strong growth potential in the independent agent market segment. The platform's focus on reducing administrative complexity while expanding market access addresses key pain points in the industry.

Strategic growth equity investment to allow First Connect to focus exclusively on enhancing its online platform that digitally connects independent agents and carriers

NEW YORK & PALO ALTO, Calif.--(BUSINESS WIRE)-- Centana Growth Partners, a growth equity firm specializing in the financial services ecosystem, is pleased to announce that it has acquired a majority stake in insurtech platform First Connect Insurance Services, formerly an indirect wholly-owned subsidiary of Hippo Holdings Inc. (NYSE: HIPO). Aviad Pinkovezky will continue in his role as President and has been named CEO, post closing.

The initial investment, exceeding $60 million, is led by Centana with participation from Pruven Capital, Cota Capital, and Cross Creek. This funding will enable First Connect to accelerate product growth, expand market penetration, and continue its efforts to be the industry-leading insurtech platform, providing independent insurance agents with fast access to carriers and cutting-edge, tech-driven workflows.

The market of independent agents (IAs) is growing, but the ability to offer diversified insurance products that best suit the personal and commercial needs of policy holders remains lacking. There are tens of thousands of IAs producing hundreds of billions of dollars in premiums in the U.S., yet carriers face significant challenges in directly appointing and collaborating with these agents due to the administrative burdens of vetting, onboarding, and monitoring them.

While market access is a long-standing problem for independent agents, First Connect is addressing it with a tech-first approach that expedites critical market access to carriers, enhances agent workflows, and enables faster, more efficient policy quoting.

“The insurance market is increasingly volatile, with agents and carriers grappling with fragmented systems and changing underwriting processes,” said Sarah Kim, Partner, Centana Growth Partners. “First Connect’s commitment to addressing the unique needs of independent agents caught our attention. The Company's strong unit economics, impressive growth trajectory, and ambitious, talented team impressed us.”

“Our partnership with Centana marks an exciting phase of growth for First Connect, as we continue to harness the significant potential of the U.S independent agent market,” said Aviad Pinkovezky, CEO, First Connect. “This investment allows us to double down on what matters most to our agents and carrier partners, which is strengthening our product and elevating our service potential. By expanding our team across product, engineering, sales, and account management, we’re well positioned to scale to meet the increasing demand for our solution.”

“Independent agents are the heart of the insurance industry – but need better tools to access the right carriers, grow their books and place risks seamlessly. We also know from conversation with Pruven LPs including Prudential, WTW, Lincoln, TIAA, Mutual of Omaha and others that carriers need better tools to engage and manage this vital partner channel,” said Ramneek Gupta, Managing Partner of Pruven Capital. “First Connect is revolutionizing insurance distribution with a tech-native platform and we at Pruven Capital are excited to partner with the team in their mission to help agencies turbocharge their growth.”

In the U.S, independent agents represent nearly two-thirds of the property and casualty (P&C) insurance market. First Connect offers agents seamless access to a broader network of carriers and MGAs in an easy-to-use digital platform, enabling independent agents to start producing with carriers within hours, rather than months. What’s more, by integrating directly with carriers, First Connect reduces administrative complexity, and accelerates the quoting and policy binding process.

The platform includes:

  • Carrier Store: A marketplace with over 100 carriers and MGAs, offering agents an easy way to discover and get access to those carriers, as well review relevant information such as lines of business written, states coverage, underwriting guides and commission rates.
  • Appetite Finder: A tool that helps agents identify carriers with appetite for specific risks, providing a simplified path to quoting and binding policies. Carriers benefit from being presented to agents to be considered for specific risks that are well within their appetite.
  • AI-driven Validation: By implementing an AI-powered solution for validating Errors & Omissions (E&O) documents, we've automated the majority of the verification process, reducing compliance approval times for new agents from weeks to just minutes, allowing agents to start selling policies almost instantly.

About Centana Growth Partners

Centana Growth Partners is a specialized growth equity firm that invests in the future of finance. Centana collaborates with companies across the entire financial services ecosystem, from institutions to fintech disruptors, to add strategic and long-term value to their portfolio companies. Centana empowers entrepreneurs with a combination of capital, network, and expertise to accelerate their growth. The Centana team taps into decades of financial services expertise and insight to invest in companies that bring real value and innovation to the industry. Visit http://www.centanagrowth.com for more information.

About First Connect Insurance Services

First Connect Insurance Services is a digital platform designed to level the playing field for independent agents by providing access to over 100 carriers and MGAs across home, auto, cyber, small business, life, and specialty lines. First Connect is a licensed property casualty and life insurance agent with products underwritten by various insurance companies. For more information, visit www.firstconnectinsurance.com.

About Hippo

Hippo is protecting the joy of homeownership, helping to safeguard customers’ most important financial asset by harnessing the power of real-time data, smart home technology, and a growing suite of home services to deliver proactive home protection.

Hippo Holdings Inc. operating subsidiaries include Hippo Insurance Services, Hippo Home Care, First Connect Insurance Services, Spinnaker Insurance Company, Spinnaker Specialty Insurance Company, and Mainsail Insurance Company. Hippo Insurance Services is a licensed property casualty insurance agent with products underwritten by various affiliated and unaffiliated insurance companies. For more information, including licensing details, visit http://www.hippo.com.

Goldcomm for Centana

Corey Goldman

centana@goldcomm.co

416-322-2863

Source: Centana Growth Partners

FAQ

How much did Centana Growth Partners invest in First Connect Insurance Services (HIPO)?

Centana Growth Partners led an investment exceeding $60 million in First Connect Insurance Services, with participation from Pruven Capital, Cota Capital, and Cross Creek.

What is First Connect's market presence in the insurance industry?

First Connect operates a platform with over 100 carriers and MGAs, serving the independent agent market which represents nearly two-thirds of the U.S. property and casualty insurance market.

Who will lead First Connect after Centana's acquisition?

Aviad Pinkovezky will continue in his role as President and has been named CEO following the acquisition.

What key features does First Connect's platform offer?

First Connect's platform includes a Carrier Store marketplace, an Appetite Finder tool for risk assessment, and AI-driven validation for E&O documents that reduces compliance approval times from weeks to minutes.

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