Hippo Holdings Inc (NYSE: HIPO) is a property and casualty insurance holding company that provides insurance products to individuals and business customers primarily in the United States. Revenue comes from a combination of insurance underwriting activities through regulated carrier subsidiaries and fee- and commission-based services. The company conducts underwriting directly through its own carriers while also distributing through insurance producers, generating commission income, service and fee income, and net earned premium. Net earned premium grew from $107.5 million in FY2023 to $272.5 million in FY2024 and $380.1 million in FY2025. The net loss ratio improved from 169% in FY2023 to 77% in FY2024 and 60% in FY2025. The company maintains a reinsurance program to manage risk exposure and reduce earnings volatility. Headquarters are split between San Jose, California and Austin, Texas, with additional offices in Dallas, Texas; Bedminster, New Jersey; and Warsaw, Poland. Richard McCathron serves as President and CEO, and Guy Zeltser serves as CFO, as of the 10-K filed March 5, 2026.

Revenue model

Hippo generates revenue from two primary sources: net earned premium from insurance underwriting through regulated carrier subsidiaries, and fee- and commission-based services including commission income and service fees. Net earned premium was $380.1 million in FY2025, $272.5 million in FY2024, and $107.5 million in FY2023. Commission income, net and service and fee income offset expenses at $63.1 million in FY2025, $75.2 million in FY2024, and $79.1 million in FY2023.

Products and services

Hippo offers property and casualty insurance products to both individual and business customers. Lines of business are disaggregated by product category in the company's filings. The company also provides insurance capacity and related services through its subsidiaries. Claims exposure includes losses from catastrophe events such as hurricanes, wildfires, coastal storms, cold weather, tornadoes, and hailstorms.

Customers and end markets

Customers are individual homeowners and business customers in the United States. The company distributes through insurance producers who maintain direct relationships with end customers, as well as through its own channels. No customer concentration figures are disclosed in the excerpts.

Value-chain role

Hippo acts as an insurance carrier and holding company, underwriting risk through regulated subsidiaries, ceding portions of that risk through a reinsurance program, and distributing products both directly and through third-party insurance producers. The company incorporates AI technologies into business processes including customer communications and document generation.

Geographic exposure

Operations are primarily in the United States. Office locations include San Jose, California; Austin, Texas (owned office building); Dallas, Texas; Bedminster, New Jersey; and Warsaw, Poland, as of the 10-K filed March 5, 2026.

Source: SEC 10-K, filed 2026-03-05

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