Insurtech Hippo has sold a majority stake in its subsidiary First Connect Insurance Services for more than $US60 million ($96 million).

The platform gives brokers fast access to more than 100 carriers and underwriting agencies across home, motor, cyber, small business, life and specialty lines. It is a licensed property and casualty and life insurance agent with products underwritten by various insurers.

The investment round was led by Centana Growth Partners.

Aviad Pinkovezky will continue as First Connect president and become CEO.

Hippo says the “partnership with Centana marks an exciting phase of growth for First Connect, as we continue to harness the significant potential of the US independent agent market”. 

First Connect says it reduces administrative complexity for brokers and speeds quoting and policy binding.