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Counterpart vs Hippo Insurance — Underwriting workstation for US insurance, 2026.

Counterpart (3 named carriers) and Hippo Insurance (9 named carriers) both sit at the underwriting workstation layer. Zero customer overlap in the public roster — they are addressing different segments of the same stack layer.

Last verified 2026-04-22 · methodology

TL;DR

  • Counterpart has 3 publicly-named carrier deployments; Hippo Insurance has 9. Both at the underwriting workstation layer.
  • Zero customer overlap in the public roster. Counterpart and Hippo Insurance are addressing different carriers within the same stack layer.
  • Both classified ai-native on Phidea's generation axis.
  • Ownership contrast: Counterpart is independently held; Hippo Insurance is public (NYSE: HIPO).
  • Analyst coverage: 1 firm cover both, 3 only Counterpart, 4 only Hippo Insurance.

Customer overlap

BucketCount
Named on Counterpart only3
Named on Hippo Insurance only9
Named on both0
of which US-named on at least one side0

Only on Counterpart

  • Markel (Evanston Insurance Company) (US)
  • Aspen Specialty Insurance Company (US)
  • Westfield Specialty (US)

Only on Hippo Insurance

  • Spinnaker Insurance Company (US)
  • Progressive Advantage Agency, Inc. (distribution partner) (US)
  • Mountain Re Ltd. (Series 2023-1) — catastrophe bond (Bermuda)
  • Notion (smart-home sensor partner) (US)
  • SimpliSafe (smart-home / security partner) (US)
  • Ring (Amazon) (smart-home partner) (US)
  • ADT (smart-home / installed services partner) (US)
  • Kangaroo (smart-home sensor partner) (US)
  • Lennar Corporation (embedded homebuilder partner / investor) (US)

Counts derived from 15sourced carrier-deployment entries across both vendor cards. Aggregate-only statements (e.g. “16 of the top 20”) excluded.

Stack position

Counterpart
Generation
ai-native
Stack layer
Underwriting workstation
Founded
2020
Lines
commercial, specialty
Hippo Insurance
Generation
ai-native
Stack layer
Underwriting workstation
Founded
2015
Lines
home, commercial
Replaces
traditional homeowners agent distribution, manual property underwriting

Ownership and corporate context

Counterpart
Type
independent

Source: Insurance Journal

Hippo Insurance
Type
public
Ticker
NYSE: HIPO

Source: Business Wire

Carrier-segment specialization

Counterpart — geographic split

  • US
    3

Hippo Insurance — geographic split

  • US
    8
  • Bermuda
    1

Analyst coverage differential

Both covered by
  • TechCrunch · Counterpart (2021: Insuretech startup Counterpart raises $10M in funding round led by Valor Equity Partners) · Hippo Insurance (2020: Understanding Hippo's valuation in a post-Lemonade IPO world)
Only Counterpart cited by
  • Carrier Management (2021: Counterpart Pulls in $10M to Expand Management Liability Insurance Platform)
  • The Insurer (2025: Counterpart's Hackett: Five years in, doubling down on agentic insurance, MGA partnerships and AI edge)
  • Insurance Journal (2022: Counterpart Raises $30 Million in Series B Funding Round)
Only Hippo Insurance cited by
  • Bloomberg (via Insurance Journal) (2021: Insurtech Hippo in Talks to Go Public via Merger With SPAC)
  • Fortune (2023: Hippo Holdings has SPAC remorse 2 years after the deal that saw the firm valued at $5 billion)
  • Seeking Alpha (2021: Hippo Stock: Disruptive But Too Expensive (NYSE:RTPZ))
  • S&P Global Market Intelligence (2022: Hippo's stock yet to resurface despite reverse split, layoffs)

Recent news (last 12 months)

No news items in the last 12 months for either tool.

Sourced limitations

Counterpart
  • Counterpart is a managing general agent, not a software vendor. Brokers place business with Counterpart and carriers (Markel, Aspen, Westfield Specialty) cede capacity to it — there is no standalone Counterpart underwriting workstation that a carrier can license. The Agentic Insurance tooling is internal to Counterpart's own book.
    Source: Business Wire
  • Counterpart writes US small and mid-market management and professional liability only — D&O, EPL, Fiduciary, Crime, Miscellaneous Professional Liability and, more recently, Allied Healthcare Professional Liability and Architects & Engineers. It does not underwrite cyber, property, casualty, or personal lines, and the admitted Westfield program is scoped to nonprofits and SMBs.
    Source: Business Wire
  • No Gartner, Celent, Forrester or Novarica coverage of Counterpart appears in public search. Recognition is trade press (TechCrunch, Carrier Management, The Insurer, Insurance Journal, Business Insurance) plus vendor-curated lists (CB Insights Top 50 Insurtech 2024, Inside P&C Underwriting Innovation of the Year 2023) — there is no independent analyst quadrant placement.
    Source: Business Wire
Hippo Insurance
  • Hippo's post-IPO stock performance has been severely impaired. After going public at a $5 billion valuation via SPAC merger with Reinvent Technology Partners Z in August 2021, the stock lost over 90% of its value by 2023. Hippo executed a 1-for-25 reverse stock split and 10% workforce reduction in September 2022 to stabilize the share price, and CEO Rick McCathron publicly stated the company would have fared better with a traditional IPO. Hippo's experience is emblematic of the broader 2021–2022 neoinsurance SPAC cohort collapse (Root, MetroMile, Lemonade).
    Source: Fortune
  • Hippo is a 'carrier-as-tech' hybrid, not a pure software vendor. Its technology stack is bundled with its own balance sheet via Spinnaker Insurance Company. Hippo cannot sell its AI underwriting platform as standalone SaaS to competing carriers; its revenue is tied to written premium, loss ratio, and reinsurance economics — not tech-style recurring software revenue. This structural conflation of tech and insurance risk is part of why public markets have discounted InsurTech valuations.
    Source: TechCrunch
  • Hippo does not appear in publicly indexed Gartner, Forrester, or Celent leader quadrants for homeowners insurance underwriting or policy admin. Its recognition is concentrated in tech/trade press (TechCrunch, Bloomberg, Insurance Journal, Seeking Alpha) and SEC filings rather than independent analyst evaluations of the underwriting workstation or policy admin categories.
    Source: Seeking Alpha

Limitations published on Phidea are sourced to the underlying citation and reflect what is publicly named — not an exhaustive list. Consult the vendor card for the full record.

Frequently asked

Do any carriers run both Counterpart and Hippo Insurance?
Not in Phidea's public roster. Across 12 sourced carrier-deployment entries on both vendor cards, zero carriers appear on both. The two tools are addressing different carriers within the same stack layer.
Who owns Counterpart and Hippo Insurance?
Counterpart is independently held. Hippo Insurance is public (NYSE: HIPO).
Which has more named US carriers?
Hippo Insurance has the larger publicly-named US roster: Counterpart 3, Hippo Insurance 9. Public-roster size is a coverage signal, not a quality signal — vendors with stronger NDAs may have larger actual US footprints than the public count shows.
Where are these tools positioned in the insurance stack?
Both sit at the underwriting workstation layer. Counterpart operates as a standalone vendor; Hippo Insurance replaces traditional homeowners agent distribution, manual property underwriting.

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