Hippo Holdings Inc. (HIPO)

Price$33.83Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Underwriting has crossed into profitabilityHippo's technology-led insurance platform is producing rapid premium growth while maintaining a sub-100% combined ratio.

Q2 gross written premium increased 61% year over year to $482.2m, revenue rose 23% to $144.7m and net income attributable to Hippo reached $10.1m. The combined ratio improved to 95.8%, while the accident-year loss ratio excluding catastrophes improved to 45.8%. Management raised 2026 guidance to $1.65-$1.70b of GWP, a 99%-101% combined ratio and $62-$70m of adjusted net income.

Business mix is increasingly diversifiedHippo is no longer primarily a homeowners insurtech; third-party programs and commercial and casualty lines now drive much of its growth.

Q2 homeowners represented only 22% of GWP, versus 37% casualty and 29% commercial multi-peril. Hippo had 52 programs at quarter-end, and existing-program GWP growth was 79%. Its expanded Accelerant relationship is expected to add more than $500m of annual GWP across specialty programs in 2027. Diversification can reduce concentration, but faster program growth increases dependence on MGA partners, pricing discipline and reinsurance capacity.

Valuation reflects the profitability inflectionThe stock is not cheap on book value, but the earnings multiple is reasonable if current underwriting returns persist.

At $31.88 and 26.38m June shares, market capitalization is about $841m. That equals roughly 1.81x June book value of $17.65 per share and 2.05x tangible book value of $15.56. Against the midpoint of $62-$70m 2026 adjusted-net-income guidance, the equity trades near 12.7x adjusted earnings. Q2 annualized adjusted ROE was 18.4%, supporting a book-value premium, although GAAP profitability has a much shorter track record.

Liquidity is strong, while reinsurance remains centralHippo has substantial liquid assets and modest financial leverage, but its risk-transfer structure is economically more important than standardized debt figures suggest.

June liquidity included $244.5m of cash plus $498.0m of fixed-income and short-term investments. The supplied $2.8m debt figure is actually the lease liability; Hippo also has a $50m 9.5% surplus note carried at $47.9m. Q2 net retention was only 38%, with $299m of $482m written premium ceded. The new group catastrophe program provides $512.9m per-occurrence and $776.9m aggregate limits. Principal risks are hurricanes and wildfires, reinsurer counterparty exposure, reserve uncertainty, rapid program expansion, regulatory capital needs and deterioration in pricing discipline.

AI: News

Homeowners expansion will increase footprint to 22 statesHippo's latest material announcement resumes targeted homeowners expansion after two years focused on underwriting improvement.

Beginning in Q4, Hippo plans to add 14 states to its homeowners program through national distribution partners, increasing availability from eight to 22 states. Management says improved pricing, underwriting rules and automation allow faster state launches with roughly 70% less engineering effort per state than the original rollout. The strategy creates growth upside but introduces execution, catastrophe-concentration and regulatory risks in new markets.

Q2 results triggered a substantial guidance upgradeStrong premium growth and underwriting profitability increased management's confidence in the 2026 outlook.

Hippo raised full-year GWP guidance from $1.45-$1.525b to $1.65-$1.70b, revenue guidance to $580-$585m and adjusted net income to $62-$70m. Expected combined ratio improved to 99%-101% from 103%-105%, while expected catastrophe loss ratio fell to 10% from 13%. The quarter also produced $21m of adjusted net income and 18.4% annualized adjusted ROE.

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Financial statements

	2025	2024	2023	2022	2021	2020
Revenue	$468.6M	$372.1M	$209.7M	$119.7M	$91.2M	$51.6M
Net income	$57.7M	−$40.5M	−$273.1M	−$333.4M	−$371.4M	−$141.5M
Net profit margin	12.31%	−10.88%	−130.23%	−278.53%	−407.24%	−274.22%
Basic EPSper basic share	$2.28	-$1.64	-$11.58	-$14.66	-$34.11	-$40.75
Diluted EPSper diluted share	$2.22	-$1.64	-$11.58	-$14.66	-$34.11	-$40.75

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

5.68%of listed shares

BlackRock, Inc.1.5M shares · Jun 30, 2026

View holders

Top 20 reported holders of HIPO
Holder	% owned
Len FW Investor, LLC / LENNAR CORP /NEW/ / Len X, LLC	—2.48M shares
BlackRock, Inc.	5.68%1.5M shares
Wand Assaf	≈4.39%1.16M shares
Bond Capital Management, LP	3.99%1.05M shares
Hood River Capital Management LLC	3.42%901.43K shares
VANGUARD CAPITAL MANAGEMENT LLC	3.40%898.02K shares
GEODE CAPITAL MANAGEMENT, LLC	2.45%646.91K shares
WESTERLY CAPITAL MANAGEMENT, LLC	2.44%645K shares
McCathron Richard	≈2.24%590.43K shares
STATE STREET CORP	1.68%443.72K shares
DIMENSIONAL FUND ADVISORS LP	1.61%423.96K shares
BANCO BILBAO VIZCAYA ARGENTARIA, S.A.	1.53%403.59K shares
MORGAN STANLEY	1.09%287.8K shares
Stoic Point Capital Management LLC	1.00%263.62K shares
VANGUARD PORTFOLIO MANAGEMENT LLC	0.91%239.84K shares
NORTHERN TRUST CORP	0.78%205.29K shares
SEI INVESTMENTS CO	0.73%193.19K shares
LAKEWOOD CAPITAL MANAGEMENT, LP	0.72%190K shares
JACOBS LEVY EQUITY MANAGEMENT, INC	0.71%186.55K shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	0.69%181.46K shares

Percentages use 26.38M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$4.8K disclosed value

Sells (SEC code S)57$22.12M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 9, 2026Form 4 · 10b5-1	McCathron RichardChief Executive Officer	SellCommon Stock	5.0K	$25.00	$125.0K	590.4K
May 15, 2026Form 4 · 10b5-1	Ostergaard TorbenCEO Spinnaker	SellCommon Stock	3.7K	$26.10	$95.7K	65.7K
May 11, 2026Form 4 · 10b5-1	McCathron RichardChief Executive Officer	SellCommon Stock	5.0K	$27.10	$135.5K	604.2K
Apr 9, 2026Form 4 · 10b5-1	McCathron RichardChief Executive Officer	SellCommon Stock	5.0K	$26.05	$130.3K	610.6K
Mar 9, 2026Form 4 · 10b5-1	McCathron RichardChief Executive Officer	SellCommon Stock	5.0K	$25.86	$129.3K	615.6K