The Baldwin Group has announced a significant expansion of its insurance capabilities for the homebuilding industry through a strategic acquisition and new partnerships. Westwood Insurance Agency, a subsidiary of The Baldwin Group, has entered into an agreement to acquire Hippo’s homebuilder distribution network, adding eight new homebuilders to its client roster.
Key Highlights of the Acquisition
- Westwood will power the home insurance experience for 20 of the top 25 homebuilders in the U.S., representing over 35% of new single-family homes built annually.
- Hippo’s homebuilder distribution network generated $29.2 million in revenue over the trailing 12-month period and is expected to deliver approximately $7 million of adjusted EBITDA over the next 12 months.
- The acquisition is expected to be neutral to Net Leverage and accretive to 2026 pro forma adjusted Diluted EPS.
Enhancing Insurance Capacity and Partnerships
In addition to the acquisition, Millennial Specialty Insurance (MSI), The Baldwin Group’s managing general agency, has entered into agreements with Hippo to provide additional proprietary capacity for Westwood’s builder partners. Hippo and its affiliates, including Spinnaker Insurance Company, will provide fronting capacity and reinsurance support for existing and future MSI programs.
Industry Impact and Quotes from Executives
“Through this acquisition, Westwood now provides an embedded insurance solution to 20 of the top 25 homebuilders across the country,” said Jim Roche, President of The Baldwin Group and CEO of Underwriting Capacity and Technology Operations. “This collaboration aligns with Westwood’s goal to make obtaining insurance the easiest part of buying a home.”
Trevor Baldwin, CEO of The Baldwin Group, emphasized the company’s focus on maintaining strong relationships with capacity partners and driving innovation in insurance products. “We look forward to deepening our relationship with the Hippo team and continuing our growth trajectory through tech-enabled innovation.”
Rick McCathron, President and CEO of Hippo, noted that the agreement allows Hippo to focus on risk identification and selection while accelerating the growth of their New Home business through Westwood’s industry-leading homebuilder network.
About The Baldwin Group
The Baldwin Group is an independent insurance distribution firm providing expertise and insights to clients. The company represents over three million clients across the United States and internationally. Westwood Insurance Agency, established in 1952, specializes in builder-sourced homeowners insurance and has served over one million homeowners. MSI is one of the largest independent managing general agencies in the U.S., offering over 20 insurance products across personal, commercial, and professional lines.
The acquisition and partnerships are expected to strengthen The Baldwin Group’s position in the homebuilding insurance market, enhancing its ability to provide comprehensive insurance solutions to its clients.
