(Image credit: Xavier Turpain.)
Spinnaker Insurance Company (Bedminster, N.J.), a national property and casualty insurer licensed in 50 states and rated A- (Excellent) by A.M. Best Company, wholly owned by Hippo Enterprises Inc., today announced the appointment of Torben Ostergaard as its new president and CEO. Ostergaard joins Spinnaker after more than a decade in c-suite roles at insurance and financial services firm USAA (San Antonio). Dave Ingrey, who previously held the CEO position, will transition to chief operating officer and continue to play an integral role in shaping Spinnaker’s future, according to a Spinnaker statement.
Torben Ostergaard, President and CEO, Spinnaker Insurance Company.
Ostergaard has 25 years’ experience as a risk officer working across the financial services industry. At USAA, he served as EVP, chief risk officer and a member of the executive council that manages the day-to-day operations of the company, including property/casualty insurance, banking and life insurance. Prior to USAA, he was chief credit officer at HSBC Financial in Canada. He is currently serving on Opendoor’s risk advisory board.
After three years with Spinnaker as its leading fronting carrier partner, Hippo, a technology-driven startup home insurance group with a customer-centric market proposition, closed its acquisition of the company in August 2020. Spinnaker has pioneered value-added fronting insurance by creating products that benefit the producer, the insurer, the reinsurer, and the end-customer, according to the statement. Spinnaker-backed Hippo products are currently available to consumers in more than 34 states.
“I’ve been blown away by the combination of innovation and technology that Hippo has deployed alongside Spinnaker and am thrilled to be joining Spinnaker as its CEO,” comments Ostergaard. “I look forward to building on the great work of the team that’s established Spinnaker as a premier fronting company to bring its world-class fronting services and technology to the next level for the benefit of our existing partners and as we expand into new categories of business.”
Expanding Support for MGAs
Rick McCathron, Head of Insurance, Hippo.
Spinnaker recently announced several new partnerships and says it will continue to expand its support for prominent MGAs across multiple categories. A 2020 Conning study on MGAs showed a 6.3 percent increase in MGA premium volumes from 2018 to 2019 to $45.4 billion.
“Torben’s risk management and financial expertise, public company experience at USAA and Fortune 100 executive leadership makes him exceptionally qualified to lead Spinnaker to its next chapter of growth,” comments Rick McCathron, President, Hippo Enterprises and Chairman of Spinnaker Insurance Company. “We are incredibly grateful to Dave for bringing the Spinnaker business to this stage and having him remain in a critical leadership role will provide continuity and accelerate business growth, innovation, and expansion into new channels.”