07:34 AM EDT, 06/12/2025 (MT Newswires) -- Baldwin Insurance Group ( BWIN ) said Thursday that its subsidiary, Westwood Insurance Agency, has agreed to acquire Hippo Holdings' ( HIPO ) homebuilder distribution network.

The transaction is expected to close around July 1, pending standard conditions.

The company said the acquired network generated about $29.2 million in revenue over the past year and is projected to contribute about $7 million in adjusted EBITDA in the 12 months post-closing.

The deal is expected to be neutral to Baldwin's net leverage and accretive to its 2026 pro forma adjusted diluted EPS, it added.

Separately, Baldwin's managing general agency arm, Millennial Specialty Insurance, entered into new agreements with Hippo affiliates to expand proprietary insurance capacity for builder clients.