Hippo Holdings Inc. - HIPO STOCK NEWS

Hippo (NYSE: HIPO) has launched the Hippo Builder Insurance Agency (HBIA), expanding its growing channel for home insurance. This new agency enables small and medium-sized builders to generate revenue without any upfront costs or resource allocation. Builders can send leads to HBIA, which compensates them for each lead, regardless of policy purchase. The technology stack facilitates accurate policy quoting based on builder data, enhancing the home-buying process. Since 2019, nearly 100,000 new construction customers have utilized Hippo’s services, with a notable 75% of Lennar's new homes insured by Hippo in 2022.

Hippo (NYSE: HIPO) successfully finalized its 2023 reinsurance program amid challenging market conditions. CEO Rick McCathron noted that the company achieved better terms compared to last year's treaty, while CFO Stewart Ellis emphasized its strategy to retain more premium, focusing on everyday risks, and enhancing protection against major catastrophes. Key highlights include securing proportional quota share reinsurance from six rated reinsurers, a 32% increase in Excess-of-Loss reinsurance limits, and plans for additional disclosure during the 4Q22 earnings report on March 2, 2023.

Hippo (NYSE: HIPO) will release its fourth quarter financial results after market close on March 2, 2023. The company will hold a conference call and live webcast for investors and analysts at 5:00 PM ET. A shareholder letter detailing the financial results will be available on the company's website prior to the call. Hippo focuses on proactive home protection leveraging real-time data and smart technology, aiming to safeguard customers' financial assets.

Hippo (NYSE: HIPO) released its 2022 Housepower Report, revealing that 78% of U.S. homeowners regret their purchases, primarily due to unexpected costs and maintenance. A significant 67% reported negative impacts on mental health from homeownership issues. The report highlights the need for proactive home maintenance, with only 1% of homeowners completing all recommended tasks. In 2022, homeowners spent nearly $6,000 on repairs but delayed many due to economic concerns. Hippo aims to empower homeowners with tools and resources for better home care through its mobile app and services.

AM Best has confirmed the Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Ratings of 'a-' (Excellent) for Spinnaker Insurance Group. The ratings indicate strong balance sheet strength and adequate operating performance. Notably, Hippo Holdings Inc. (HIPO) acquired Spinnaker Insurance Company on August 31, 2020. The outlook remains stable, reflecting expectations of continued profitability and strong capitalization to support premium growth.

First Connect Insurance Services, a subsidiary of Hippo, has announced the launch of its new Carrier Store, enhancing service for independent agents by providing access to over 50 carriers. The platform simplifies onboarding and allows agents to discover new products quickly, including the addition of Pacific Specialty Insurance offerings in property, powersports, and liability. Since its pilot in August, agent interest has surged by 160%, indicating a growing network and improved operational efficiency.

Hippo (NYSE: HIPO) reported its Q3 2022 results, showing a 44% increase in revenue and a 36% rise in total gross premiums (TGP), reaching 332,000 customers. The adjusted EBITDA loss improved to $54.8 million, indicating better performance than anticipated amid challenging conditions, including Hurricane Ian. The company maintains its guidance of 30% TGP growth for the year and aims for a 90% gross loss ratio, despite the overall 110% due to the hurricane. Management remains optimistic about profitability in the coming quarters.

First Connect Insurance Services has partnered with biBERK, a leader in small business insurance, to enhance coverage options for independent agents. The new offerings include worker's compensation and professional liability policies, facilitating online quoting, binding, and issuance in just 5 minutes. This collaboration aims to mitigate operational risks for small businesses facing accidents, natural disasters, and professional errors. Hippo Holdings Inc. continues to strengthen its position in the insurance market, expanding the services available through its subsidiary, First Connect.

Hippo (NYSE: HIPO) will release its third quarter financial results on November 10, 2022, after market close. A conference call for analysts and investors is scheduled for the same day at 5:00 PM ET. Interested parties can access the shareholder letter and financial results on the company's investor relations website. Hippo focuses on proactive home protection using real-time data and smart home technology, aiming to safeguard customers' financial assets.