The transaction includes a $550 million private investment in public equity or PIPE, that was increased
from $500 million. Current Hippo investorsincluding Dragoneer Investment Group, Lennar and Ribbit Capitalled the PIPE which also drew mutual funds and Reinvent Capital. Hippo shareholders will retain about 87% of the company once it
closes the merger with Reinvent.
In the future, Hippo will be looking to add products such as warranty insurance, as it aims to take home protection to
more consumers, Rick McCathron, Hippos president, told Barrons. Hippo has been acquisitive: Last year, it bought Spinnaker Insurance, a national property and casualty insurer licensed in 50 states, and purchased Sheltr, a preventive home
maintenance platform, in November 2019. We think there are few companies out there that match what were doing, McCathron said. If there are others out there, we would consider them. We dont have anything imminent.
Hippos combination with Reinvent comes roughly one month after Metromile (MILE), a
pay-per-mile auto insurer, closed its merger with Insu Acquisition Corp II, a blank check company from financial services company Cohen & Co. (COHN). MetroMile
began publicly trading in February.
Important Information for Investors and Stockholders
This communication relates to a proposed transaction between Reinvent Technology Partners Z (RTPZ) and Hippo Enterprises Inc. (Hippo).
This communication does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be
unlawful prior to registration or qualification under the securities laws of any such jurisdiction. RTPZ intends to file a registration statement on Form S-4 with the U.S. Securities and Exchange Commission
(the SEC), which will include a document that serves as a prospectus and proxy statement of RTPZ, referred to as a proxy statement/prospectus. A proxy statement/prospectus will be sent to all RTPZ shareholders. RTPZ also will file other
documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of RTPZ are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed
or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction.
Investors and security holders will be able to obtain free copies of the registration statement, the proxy statement/prospectus and all other relevant
documents filed or that will be filed with the SEC by RTPZ through the website maintained by the SEC at www.sec.gov. The documents filed by RTPZ with the SEC also may be obtained free of charge at RTPZs website at
https://www.reinventtechnologypartners.com or upon written request to 215 Park Avenue, Floor 11 New York, NY.
Participants in the Solicitation
RTPZ and Hippo and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from RTPZs
shareholders in connection with the proposed transaction. A list of the names of the directors and executive officers of RTPZ and information regarding their interests in the business combination will be contained in the proxy statement/prospectus
when available. You may obtain free copies of these documents as described in the preceding paragraph.
Forward Looking Statements
This communication may be deemed to include certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed
transaction between RTPZ and Hippo. These forward-looking statements generally are identified by the words believe, project, expect, anticipate, estimate, intend,
strategy, future, opportunity, plan, may, should, will, would, will be, will continue, will likely result, and
similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the forward-looking statements in this communication, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely
affect the price of RTPZs securities; (ii) the risk that the transaction may not be completed by RTPZs business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by
RTPZ; (iii) the failure to satisfy the conditions to the consummation of the