BUSINESS WIRE
Strategic growth equity investment to allow First Connect to focus exclusively on enhancing its online platform that digitally connects independent agents and carriers
Centana Growth Partners Acquires Majority Stake in Hippo’s First Connect Insurance Services
Goldcomm for Centana
Corey Goldman
centana@goldcomm.co
416-322-2863
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.
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