Home-insurance technology upstart Hippo Enterprises Inc. is teaming with a special-purpose acquisition company to go public, the latest insuretech business to tap equity markets and challenge traditional insurers head-on.
The six-year-old Hippo, based in Palo Alto, Calif., will go public through a merger with
Reinvent Technology Partners Z
in a deal that values the firm at $5 billion, the companies said. Reinvent Technology Partners Z had an initial public offering of stock in November.
The cost of health care is becoming less affordable for both privately insured individuals and employers who offer health insurance coverage. Long-standing concerns about high and rising health care costs in the United States have been recently exacerbated by the COVID-19 pandemic, which has increased financial pressure on many employers and individuals and led to record unemployment, furloughs and reduced wages. A large body of research has documented that private insurers pay higher prices than Medicare and that this gap is growing. Health care spending in the United States is nearly double the average amount spent by other high-income
The land mass that became Antarctica once sat along the Equator. Over Earth’s history, several supercontinents have broken up and come back together like the Backstreet Boys.
Our current seven continents and five oceans are the result of more than 3 billion years of planetary evolution, the tectonic plates crisscrossing atop the semi-solid ooze of Earth’s core.
But charting the precise movements of those plates over all that time is challenging; existing models are often piecemeal, span only a few million years, or focus on just continental or oceanic changes, not both.
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