Spinnaker Insurance Company, Illinois (IL) : Contacts, Products, Claims and More

Spinnaker Insurance Company operates as a property/casualty insurance company with a specialization in procuring small to medium-sized market risks through managing general agent programs.

The company’s primary focus centers on U.S. catastrophe-exposed program business, and it additionally offers services as a fronting insurer for short-tail business.

On June 3rd, 2020, Hippo acquired Spinnaker Insurance Company, with the specific terms of the transaction remaining undisclosed.

An image of Spinnaker Insurance Company operates
Spinnaker Insurance Company.

 

Spinnaker Insurance Company Contacts

 

Inquiry Type Phone Number Email Address
Claims Question (888) 221-7742, press 1
Policy Question (888) 221-7742, press 1
Agent looking to become a Spinnaker Representative (888) 221-7742, press 1 contact@spinnakerins.com 1 Pluckemin Way, Suite 102, Bedminster, NJ 07921

 

Spinnaker Insuarance Company Products

Spinnaker offers a range of property insurance policies, encompassing various types of coverage within their offerings.

Homeowners. This type of coverage is for a single-family dwelling and pays out damages incurred to your home from an approved peril. Typical homeowners insurance coverage can be customized to cover theft, personal liability, flood damage, and more.

Condominium. Coverage includes owner-occupied, secondary, and rented units, including short- and long-term rental situations. Condominiums typically have their own basic insurance coverage, but it usually only includes the exterior structure and common areas. Acquiring additional coverage is necessary to cover personal belongings and more.

Commercial. This type of policy covers small business commercial structures such as offices, bakeries, small apartment complexes, and more.

Their Digital Insurance Partner Is The Spinnaker Insurance Company.

Mobile App Features and Functionality

Spinnaker Insurance Company does not offer a dedicated mobile app for policyholders.

However, Hippo Insurance, their partner, provides a customer portal accessible via their website.

Through this portal, policyholders can access their documents and make payments, providing a degree of digital convenience.

It’s worth noting that neither Spinnaker nor Hippo offers an online claims center, so claims must be initiated by contacting them directly.

Online Account Management Capabilities

For policy management, Spinnaker Insurance relies on Hippo Insurance’s online platform.

Policyholders can log in to their accounts on the Hippo website to access policy documents and handle payments.

While this online account management option provides some convenience, it does not offer the same level of digital features found in dedicated insurance apps.

Digital Tools and Resources

Spinnaker Insurance primarily operates through traditional channels, and as a result, their digital tools and resources are somewhat limited.

Most digital interactions, including obtaining quotes and managing policies, are facilitated through Hippo Insurance’s online platform

Spinnaker Insurance Company  Financial Strength Rating

Spinnaker Insurance Company holds an A.M. Best rating of “A-,” signifying an excellent score. The company’s outlook remains affirmed as stable.

The A.M. Best initial rating for Spinnaker dates back to October 6, 2015, with the most recent evaluation conducted on October 13, 2021.

The rating reflects the company’s substantial risk-adjusted capitalization and a robust balance sheet. Spinnaker maintains a favorable trend in operating performance, bolstered by a highly experienced management team.

Nonetheless, Hippo Insurance experienced significant losses in the past year, including a $59 million loss in the fourth quarter of 2021, following a net loss of $54 million from the previous year.

There exists a potential risk that Spinnaker may face negative ratings in the future should Hippo Insurance’s balance sheet or operating performance further deteriorate.

Although this situation may appear disconcerting for the financial strength of Spinnaker Insurance Company, its short-term outlook remains stable and robust.

Frequently Asked Questions

What is Spinnaker Insurance Company?

Spinnaker Insurance Company is an insurance underwriter that provides property and casualty insurance policies in all 50 states of the US, including Washington, D.C.

Is Spinnaker Insurance Company financially sound?

Yes ,It  has an A.M. Best rating of “A-,” which is an excellent score. Their outlook has been affirmed as stable.

How can I get a quote for Spinnaker Insurance policies?

Spinnaker Insurance does not offer an online quote platform, but you can contact them directly through phone number (888) 221-7742. Alternatively, you can get a quote for Spinnaker policies through Hippo Insurance.

What types of insurance policies does Spinnaker Insurance provide?

It  offers homeowners, renters, and commercial insurance policies.

Conclusion

To discover the Informative and beneficial aspects of the IL Insurance Company in this  article.

For further exploration of various reinsurance subjects, you can check out my other articles on this blog

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