Munich Re will stop reinsuring digital managing general agency Hippo at Jan. 1, 2020, The Insurance Insider reported.
Due to its rapid growth, Hippo is no longer within the risk appetite of the German reinsurer's insurtech unit, Munich Re Digital Partners, according to a source. Guy Carpenter & Co. LLC is reportedly putting together a reinsurance panel for the MGA.
Munich Re participated in Hippo's $70 million series B funding round in November 2018 and will remain an investor in the business, according to the report.
Munich Re and Guy Carpenter declined to comment.
