Hippo Holdings Inc. - HIPO STOCK NEWS

Hippo Holdings (NYSE: HIPO) released a national survey revealing that while 70% of U.S. homeowners grew up with spring cleaning, only 51% plan to engage in it this year, with many neglecting vital home maintenance tasks. Key findings indicate that less than half are addressing appliance (43%) and structural (38%) maintenance. Furthermore, 59% experienced unexpected home issues in the past year, costing an average of $6,000 in repairs. To assist homeowners, Hippo Home Care is offering free access to tools and expert advice for home maintenance, emphasizing the importance of proactive care to prevent costly repairs.

Hippo Holdings Inc. (NYSE: HIPO) has authorized a $50 million stock repurchase program aimed at enhancing shareholder value. The repurchases will take place in the open market or through negotiated transactions, with execution determined by market conditions. This program offers flexibility, allowing Hippo to adjust the amount and timing of repurchases. The initiative underscores Hippo's commitment to proactive home protection while aiming to strengthen its financial position. This move may lead to increased earnings per share (EPS) and reflects management's confidence in the company's future.

Hippo (NYSE: HIPO) announced its consolidated financial results for Q4 2022, reporting a significant 33% annual growth in total gross premium (TGP) and a Q4 gross loss ratio of 42%. The company achieved a GAAP net loss of $63.1 million, an improvement from $129.2 million in Q3, and aims for positive adjusted EBITDA by late 2024. With revenues of $35.8 million, Hippo is on track to exceed 40% revenue growth for 2023. The company ended the year with $640 million in cash and investments, strengthening its financial position.

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.