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Mitsui Sumitomo Insurance to invest $350m in US startup Hippo

Japanese provider embraces AI to predict and mitigate disaster damage

A home in Louisiana damaged by Hurricane Delta: Hippo uses artificial intelligence to prevent or minimize problems, reducing insurance damages.   © Reuters

TOKYO -- Mitsui Sumitomo Insurance will invest $350 million in U.S. home insurance technology company Hippo, looking to tap the "insurtech" startup's expertise in artificial intelligence to help policyholders minimize damages from fires and other disasters.

Mitsui Sumitomo will purchase convertible bonds from the company, which follows a separate investment in July made through Mitsui Sumitomo's venture capital arm. Japanese company will also enter into a strategic partnership with Hippo, valued at roughly $1.5 billion.

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