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Hippo Holdings
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Latest analysis
Updated Oct 29, 2026
Hippo reports 5th consecutive quarter of underwriting profit; raises 2026 guidance on 60% GWP growth and disciplined casualty expansion.
Hippo delivered Q3 2026 gross written premiums of $498 million, up 60% year-over-year, achieving a 98.4% combined ratio and marking its fifth consecutive quarter of underwriting profitability. Management raised full-year guidance across all metrics: gross written premium to $1.7–1.75 billion (from $1.65–1.7 billion), adjusted net income to $77–80 million (from $62–70 million), and lowered combined ratio guidance to 97–98% (from 99–101%). The outperformance stems from disciplined retention discipline in casualty and commercial multi-peril lines (which now represent 38% and 22% of GWP respectively), operating leverage from AI-driven efficiency, and expansion of program partnerships including a new Greenlight Re arrangement to support emerging MGAs.
Tone: bullishRevenue
$468.6M
HIPO 10-K · FY 2025
Employees
540
Revenue growth YoY
+26%
Founded
2015
Profile
HIPO 10-K Item 1 · Mar 5, 2026Hippo Holdings is a technology-native insurance holding company that delivers property and casualty insurance products through owned and partner managing general agents (MGAs). The company operates as a multi-carrier platform offering admitted and non-admitted (E&S) paper across homeowners, renters, commercial multi-peril, casualty, and other lines. Its strategy combines fee income from carrier platform services with selective underwriting risk retention across personal and commercial lines.
Read filing description ↓ Collapse description ↑
Hippo Holdings Inc. is a technology-native insurance holding company that, through its subsidiaries, delivers a broad range of insurance products to customers via its owned and partner MGAs which generated $1.1 billion of gross written premium in 2025. By combining disciplined underwriting, advanced data analytics, and a customer-first approach, Hippo is building a diversified risk portfolio aimed at delivering sustainable long-term returns on stockholders' equity. The Company offers its services primarily in the United States as of December 31, 2025. Hippo had $436.1 million of stockholders' equity at year-end 2025, operates as a multi-carrier platform and strives to be the carrier of choice for leading MGAs. The platform serves as a licensed insurance carrier for MGAs, offering admitted and non-admitted (E&S) paper together with access to capital, regulatory licenses, and reinsurance across multiple lines of business spanning homeowners, renters, commercial multi-peril, casualty, and other lines. Hippo focuses on balanced, diversified growth by combining stable fee income from its carrier platform with selective risk retention across personal and commercial lines. Hippo's roadmap for value creation is defined by three strategic pillars: strategic diversification beyond personal lines into commercial multi-peril and casualty; unlocking market growth through technology-forward customer experience and strategic partnerships; and optimized risk management through a diversified portfolio and deep risk management capabilities.
Primary products
- Homeowners insurance
- Renters insurance
- Casualty insurance
- Commercial Multi-Peril (CMP) insurance
- Specialty property programs
- Niche personal or commercial products
Business segments
End markets
Geographies
Named customers
Named competitors
“the P&C market is fragmented, with just one carrier having over 10% market share according to S&P Capital IQ. This allows for multiple large and growing players to coexist with differentiated products and approaches.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased $96.5 million, or 26%, in 2025 versus 2024, driven primarily by a $107.6 million increase in net earned premium.
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