HIPPO HOLDINGS INC., S-1 filed on 8/24/2021
Securities Registration Statement
v3.21.2
Cover Page
 3 Months Ended
Mar. 31, 2021
Document Information [Line Items]  
Document Type S-1
Amendment Flag false
Entity Registrant Name Hippo Holdings Inc.
Entity Central Index Key 0001828105
Entity Filer Category Non-accelerated Filer
Entity Small Business true
Entity Emerging Growth Company true
Entity Ex Transition Period false
v3.21.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Dec. 31, 2019
Current assets:      
Cash and cash equivalents $ 101,045 $ 622,985  
Prepaid expenses 800,310 1,074,689  
Total current assets 901,355 1,697,674  
Cash and investments held in Trust Account 230,004,108 230,018,693  
Total Assets 230,905,463 231,716,367  
Current liabilities:      
Accounts payable 89,189 0  
Accrued expenses 874,866 139,684  
Due to related party 334,663 11,560  
Total current liabilities 1,298,718 151,244  
Liabilities [Abstract]      
Deferred legal fees 200,000 200,000  
Deferred underwriting commissions 8,050,000 8,050,000  
Derivative warrant liabilities 16,603,180 13,467,630  
Total liabilities 26,151,898 21,868,874  
Commitments and contingencies  
Shareholders' Equity:      
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding 0 0  
Additional paid-in capital 11,565,268 6,471,389  
Accumulated deficit (6,566,141) (1,472,213)  
Total Hippo Enterprises Inc. stockholders' deficit 5,000,005 5,000,003  
Total stockholders' equity 5,000,005 5,000,003  
Total liabilities, convertible preferred stock, and stockholders' deficit 230,905,463 231,716,367  
Class A Ordinary Shares      
Convertible preferred stock:      
Preferred stock, $0.000001 par value per share; 46,479,310 and 38,851,220 shares authorized as of December 31, 2020 and 2019, respectively; 43,985,178 and 36,035,688 shares issued and outstanding as of December 31, 2020 and 2019, respectively; Liquidation preferences of $359.4 million and $204.5 million as of December 31, 2020 and 2019, respectively 199,753,560 204,847,490  
Shareholders' Equity:      
Common stock, $0.000001 par value per share; 83,830,000 and 71,000,000 shares authorized as of December 31, 2020 and 2019, respectively; 13,307,826 and 12,069,742 shares issued and outstanding as of December 31, 2020 and 2019, respectively 303 252  
Class B Ordinary Shares      
Shareholders' Equity:      
Common stock, $0.000001 par value per share; 83,830,000 and 71,000,000 shares authorized as of December 31, 2020 and 2019, respectively; 13,307,826 and 12,069,742 shares issued and outstanding as of December 31, 2020 and 2019, respectively 575 575  
Hippo Enterprises Inc And Subsidiaries [Member]      
Investments:      
Fixed maturities available-for-sale, at fair value 56,600,000 56,000,000.0 $ 0
Short-term investments   0 96,500,000
Total investments 56,600,000 56,000,000.0 96,500,000
Current assets:      
Cash and cash equivalents 364,100,000 452,300,000 23,300,000
Restricted cash 46,100,000 40,100,000 18,700,000
Accounts receivable, net of allowance 54,000,000.0 37,100,000 3,500,000
Reinsurance recoverable on paid and unpaid losses and LAE 242,800,000 134,100,000 0
Deferred policy acquisition costs 0 1,900,000 0
Ceding commissions receivable 34,200,000 21,300,000 0
Prepaid reinsurance premiums 195,300,000 129,400,000 0
Property and equipment   900,000 900,000
Capitalized internal use software 18,700,000 14,700,000 7,800,000
Goodwill 48,200,000 47,800,000 1,900,000
Intangible assets 34,600,000 33,900,000 15,600,000
Other assets 27,200,000 10,800,000 2,300,000
Total Assets 1,121,800,000 979,400,000 170,500,000
Liabilities [Abstract]      
Loss and loss adjustment expense reserve 195,200,000 105,100,000 0
Unearned premiums 216,500,000 150,300,000 0
Reinsurance premiums payable 137,000,000.0 86,100,000 0
Provision for commission 13,000,000.0 28,200,000 12,900,000
Fiduciary liabilities 28,200,000 17,500,000 10,500,000
Convertible promissory notes 299,000,000.0 273,000,000.0 0
Derivative liability on notes 162,600,000 113,300,000 0
Contingent consideration liability 11,600,000 12,000,000.0 13,800,000
Preferred stock warrant liabilities 137,500,000 22,900,000 6,700,000
Accrued expenses and other liabilities 46,000,000.0 25,700,000 14,600,000
Total liabilities 1,246,600,000 834,100,000 58,500,000
Convertible preferred stock:      
Preferred stock, $0.000001 par value per share; 46,479,310 and 38,851,220 shares authorized as of December 31, 2020 and 2019, respectively; 43,985,178 and 36,035,688 shares issued and outstanding as of December 31, 2020 and 2019, respectively; Liquidation preferences of $359.4 million and $204.5 million as of December 31, 2020 and 2019, respectively 344,800,000 344,800,000 190,300,000
Shareholders' Equity:      
Common stock, $0.000001 par value per share; 83,830,000 and 71,000,000 shares authorized as of December 31, 2020 and 2019, respectively; 13,307,826 and 12,069,742 shares issued and outstanding as of December 31, 2020 and 2019, respectively 0 0 0
Additional paid-in capital 65,800,000 56,900,000 36,700,000
Accumulated other comprehensive income (300,000) 100,000 100,000
Accumulated deficit (536,400,000) (256,600,000) (115,100,000)
Total Hippo Enterprises Inc. stockholders' deficit (470,900,000) (199,600,000) (78,300,000)
Noncontrolling interest 1,300,000 100,000 0
Total stockholders' equity (469,600,000) (199,500,000) (78,300,000)
Total liabilities, convertible preferred stock, and stockholders' deficit $ 1,121,800,000 979,400,000 $ 170,500,000
Hippo Enterprises Inc And Subsidiaries [Member] | As Previously Reported      
Current assets:      
Other assets   9,900,000  
Reinvent Technology Partners Z [Member]      
Current assets:      
Cash and cash equivalents   622,985  
Prepaid expenses   1,074,689  
Total current assets   1,697,674  
Cash and investments held in Trust Account   230,018,693  
Total Assets   231,716,367  
Current liabilities:      
Accrued expenses   139,684  
Due to related party   11,560  
Total current liabilities   151,244  
Liabilities [Abstract]      
Deferred legal fees   200,000  
Deferred underwriting commissions   8,050,000  
Derivative warrant liabilities   13,467,630  
Total liabilities   21,868,874  
Convertible preferred stock:      
Preferred stock, $0.000001 par value per share; 46,479,310 and 38,851,220 shares authorized as of December 31, 2020 and 2019, respectively; 43,985,178 and 36,035,688 shares issued and outstanding as of December 31, 2020 and 2019, respectively; Liquidation preferences of $359.4 million and $204.5 million as of December 31, 2020 and 2019, respectively   204,847,490  
Shareholders' Equity:      
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding   0  
Additional paid-in capital   6,471,389  
Accumulated deficit   (1,472,213)  
Total Hippo Enterprises Inc. stockholders' deficit   5,000,003  
Total stockholders' equity   5,000,003  
Total liabilities, convertible preferred stock, and stockholders' deficit   231,716,367  
Reinvent Technology Partners Z [Member] | As Previously Reported      
Current assets:      
Total Assets   231,716,367  
Current liabilities:      
Total current liabilities   151,244  
Liabilities [Abstract]      
Deferred legal fees   200,000  
Deferred underwriting commissions   8,050,000  
Derivative warrant liabilities   0  
Total liabilities   8,401,244  
Convertible preferred stock:      
Preferred stock, $0.000001 par value per share; 46,479,310 and 38,851,220 shares authorized as of December 31, 2020 and 2019, respectively; 43,985,178 and 36,035,688 shares issued and outstanding as of December 31, 2020 and 2019, respectively; Liquidation preferences of $359.4 million and $204.5 million as of December 31, 2020 and 2019, respectively   218,315,120  
Shareholders' Equity:      
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding   0  
Additional paid-in capital   5,230,984  
Accumulated deficit   (231,673)  
Total Hippo Enterprises Inc. stockholders' deficit   5,000,003  
Total liabilities, convertible preferred stock, and stockholders' deficit   231,716,367  
Reinvent Technology Partners Z [Member] | Class A Ordinary Shares      
Convertible preferred stock:      
Preferred stock, $0.000001 par value per share; 46,479,310 and 38,851,220 shares authorized as of December 31, 2020 and 2019, respectively; 43,985,178 and 36,035,688 shares issued and outstanding as of December 31, 2020 and 2019, respectively; Liquidation preferences of $359.4 million and $204.5 million as of December 31, 2020 and 2019, respectively   204,847,490  
Shareholders' Equity:      
Common stock, $0.000001 par value per share; 83,830,000 and 71,000,000 shares authorized as of December 31, 2020 and 2019, respectively; 13,307,826 and 12,069,742 shares issued and outstanding as of December 31, 2020 and 2019, respectively   252  
Reinvent Technology Partners Z [Member] | Class A Ordinary Shares | As Previously Reported      
Shareholders' Equity:      
Common stock, $0.000001 par value per share; 83,830,000 and 71,000,000 shares authorized as of December 31, 2020 and 2019, respectively; 13,307,826 and 12,069,742 shares issued and outstanding as of December 31, 2020 and 2019, respectively   117  
Reinvent Technology Partners Z [Member] | Class B Ordinary Shares      
Shareholders' Equity:      
Common stock, $0.000001 par value per share; 83,830,000 and 71,000,000 shares authorized as of December 31, 2020 and 2019, respectively; 13,307,826 and 12,069,742 shares issued and outstanding as of December 31, 2020 and 2019, respectively   575  
Reinvent Technology Partners Z [Member] | Class B Ordinary Shares | As Previously Reported      
Shareholders' Equity:      
Common stock, $0.000001 par value per share; 83,830,000 and 71,000,000 shares authorized as of December 31, 2020 and 2019, respectively; 13,307,826 and 12,069,742 shares issued and outstanding as of December 31, 2020 and 2019, respectively   $ 575  
v3.21.2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2021
Dec. 31, 2020
Preferred stock, par value $ 0.0001 $ 0.0001
Preferred stock, shares authorized 5,000,000 5,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Class A Ordinary Shares    
Temporary equity, shares outstanding 19,975,356 20,484,749
Temporary equity, redemption value per share $ 10.00 $ 10.00
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 500,000,000 500,000,000
Common stock, shares issued 3,024,644 2,515,251
Common stock, shares outstanding 3,024,644 2,515,251
Class B Ordinary Shares    
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized 50,000,000 50,000,000
Common stock, shares issued 5,750,000 5,750,000
Common stock, shares outstanding 5,750,000 5,750,000
Hippo Enterprises Inc And Subsidiaries [Member]    
Amortized cost $ 56.9 $ 55.9
Accounts Receivable, Allowance for Credit Loss $ 0.4 $ 0.5
Preferred stock, par value $ 0.000001 $ 0.000001
Preferred stock, shares authorized 46,479,310 46,479,310
Preferred stock, shares issued 43,985,178 43,985,178
Preferred stock, shares outstanding 43,985,178 43,985,178
Common stock, par value $ 0.000001 $ 0.000001
Common stock, shares authorized 83,830,000 83,830,000
Common stock, shares issued 14,200,750 13,307,826
Common stock, shares outstanding 14,200,750 13,307,826
Temporary Equity, Liquidation Preference $ 359.4 $ 359.4
Reinvent Technology Partners Z [Member]    
Preferred stock, par value   $ 0.0001
Preferred stock, shares authorized   5,000,000
Preferred stock, shares issued   0
Preferred stock, shares outstanding   0
Reinvent Technology Partners Z [Member] | Class A Ordinary Shares    
Temporary equity, par value   $ 0.0001
Temporary equity, shares outstanding   20,484,749
Temporary equity, redemption value per share   $ 10.00
Common stock, par value   $ 0.0001
Common stock, shares authorized   500,000,000
Common stock, shares issued   2,515,251
Common stock, shares outstanding   2,515,251
Shares subject to possible redemption   20,484,749
Reinvent Technology Partners Z [Member] | Class B Ordinary Shares    
Common stock, par value   $ 0.0001
Common stock, shares authorized   50,000,000
Common stock, shares issued   5,750,000
Common stock, shares outstanding   5,750,000
v3.21.2
Condensed Consolidated Statement of Operations and Comprehensive Loss - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Dec. 31, 2019
Expenses:              
General and administrative $ 561,581     $ 2,017,703      
Loss from operations (561,581)     (2,017,703)      
Other income (expense)              
Unrealized gain on investments held in Trust Account 6,408     59,325      
Change in fair value of derivative warrant liabilities (2,076,920)     (3,135,550)      
Total other income (expense) (2,070,512)     (3,076,225)      
Net loss (2,632,093)     (5,093,928)      
Net loss attributable to Hippo Enterprises Inc. (2,632,093)     (5,093,928)      
Per share data:              
Net loss attributable to Hippo Enterprises Inc. — basic and diluted $ (2,632,093)     $ (5,093,928)      
Class A Ordinary Shares              
Per share data:              
Weighted-average shares used in computing net loss per share attributable to Hippo Enterprises Inc. — basic and diluted 23,000,000     23,000,000      
Net loss per share attributable to Hippo Enterprises Inc. — basic and diluted $ 0     $ 0      
Class B Ordinary Shares              
Per share data:              
Weighted-average shares used in computing net loss per share attributable to Hippo Enterprises Inc. — basic and diluted 5,750,000     5,750,000      
Net loss per share attributable to Hippo Enterprises Inc. — basic and diluted $ (0.46)     $ (0.89)      
Hippo Enterprises Inc And Subsidiaries [Member]              
Revenues [Abstract]              
Net earned premium $ 10,200,000   $ 2,500,000 $ 19,000,000.0 $ 4,000,000.0 $ 17,100,000 $ 0
Commission income, net 6,500,000   8,400,000 11,600,000 15,500,000 27,100,000 28,900,000
Service and fee income 4,100,000   800,000 7,100,000 2,100,000 6,300,000 3,600,000
Net investment income 100,000   200,000 200,000 600,000 1,100,000 2,200,000
Total revenue, net 20,900,000   11,900,000 37,900,000 22,200,000 51,600,000 34,700,000
Expenses:              
Losses and loss adjustment expenses 21,400,000   3,300,000 38,700,000 5,200,000 25,300,000 0
Insurance related expenses 8,500,000   4,100,000 16,000,000.0 8,000,000.0 19,300,000 7,100,000
Technology and development 7,500,000   3,700,000 14,500,000 7,300,000 18,000,000.0 7,700,000
Sales and marketing 22,200,000   17,300,000 46,900,000 35,300,000 69,400,000 66,300,000
General and administrative 8,800,000   5,500,000 17,100,000 11,100,000 36,800,000 34,600,000
Interest and other expense 36,000,000.0   2,900,000 183,100,000 4,000,000.0 26,000,000.0 2,000,000.0
Total expenses 104,400,000   36,800,000 316,300,000 70,900,000 194,800,000 117,700,000
Other income (expense)              
Loss before income taxes (83,500,000)   (24,900,000) (278,400,000) (48,700,000) (143,200,000) (83,000,000.0)
Income taxes (benefit) expense 200,000     300,000   (1,800,000) 100,000
Net loss (83,700,000)   (24,900,000) (278,700,000) (48,700,000) (141,400,000) (83,100,000)
Net income attributable to noncontrolling interests, net of tax 800,000   (100,000) 1,100,000 0 100,000 0
Net loss attributable to Hippo Enterprises Inc. (84,500,000)   (24,800,000) (279,800,000) (48,700,000) (141,500,000) (83,100,000)
Other comprehensive income:              
Change in net unrealized gain or loss on investments, net of tax 300,000   (200,000) (300,000)   0 100,000
Comprehensive loss attributable to Hippo (84,200,000)   (25,000,000.0) (280,100,000) (48,700,000) (141,500,000) (83,000,000.0)
Per share data:              
Net loss attributable to Hippo Enterprises Inc. — basic and diluted $ (84,500,000)   $ (24,800,000) $ (279,800,000) $ (48,700,000) $ (141,500,000) $ (83,100,000)
Weighted-average shares used in computing net loss per share attributable to Hippo Enterprises Inc. — basic and diluted 14,134,399   12,360,596 13,968,160 12,236,471 12,495,509 10,652,088
Net loss per share attributable to Hippo Enterprises Inc. — basic and diluted $ (5.98)   $ (2.01) $ (20.03) $ (3.98) $ (11.32) $ (7.80)
Reinvent Technology Partners Z [Member]              
Expenses:              
General and administrative   $ 250,366          
Loss from operations   (250,366)          
Other income (expense)              
Unrealized gain on investments held in Trust Account   18,693          
Financing costs — derivative warrant liabilities   (374,490)          
Change in fair value of derivative warrant liabilities   (866,050)          
Total other income (expense)   (1,221,847)          
Net loss   (1,472,213)          
Net loss attributable to Hippo Enterprises Inc.   (1,472,213)          
Per share data:              
Net loss attributable to Hippo Enterprises Inc. — basic and diluted   $ (1,472,213)          
Reinvent Technology Partners Z [Member] | Class A Ordinary Shares              
Per share data:              
Weighted-average shares used in computing net loss per share attributable to Hippo Enterprises Inc. — basic and diluted   23,000,000          
Net loss per share attributable to Hippo Enterprises Inc. — basic and diluted   $ 0          
Reinvent Technology Partners Z [Member] | Class B Ordinary Shares              
Per share data:              
Weighted-average shares used in computing net loss per share attributable to Hippo Enterprises Inc. — basic and diluted   5,750,000          
Net loss per share attributable to Hippo Enterprises Inc. — basic and diluted   $ (0.26)          
v3.21.2
Condensed Consolidated Statement of Changes in Shareholders' Equity - USD ($)
Total
Additional Paid-in Capital
Accumulated Deficit
Class A Ordinary Shares
Class A Ordinary Shares
Common Stock [Member]
Class B Ordinary Shares
Common Stock [Member]
Hippo Enterprises Inc And Subsidiaries [Member]
Hippo Enterprises Inc And Subsidiaries [Member]
As Previously Reported
Hippo Enterprises Inc And Subsidiaries [Member]
Common Stock [Member]
Hippo Enterprises Inc And Subsidiaries [Member]
Additional Paid-in Capital
Hippo Enterprises Inc And Subsidiaries [Member]
Accumulated Other Comprehensive Income
Hippo Enterprises Inc And Subsidiaries [Member]
Accumulated Deficit
Hippo Enterprises Inc And Subsidiaries [Member]
Total Hippo Enterprises Inc. Stockholders' Deficit
Hippo Enterprises Inc And Subsidiaries [Member]
Noncontrolling Interest [Member]
Hippo Enterprises Inc And Subsidiaries [Member]
Convertible Preferred Stock [Member]
Reinvent Technology Partners Z [Member]
Reinvent Technology Partners Z [Member]
As Previously Reported
Reinvent Technology Partners Z [Member]
Additional Paid-in Capital
Reinvent Technology Partners Z [Member]
Accumulated Deficit
Reinvent Technology Partners Z [Member]
Class A Ordinary Shares
Reinvent Technology Partners Z [Member]
Class A Ordinary Shares
Common Stock [Member]
Reinvent Technology Partners Z [Member]
Class B Ordinary Shares
Common Stock [Member]
Beginning balance at Dec. 31, 2018             $ (18,100,000)   $ 0 $ 13,900,000 $ 0 $ (32,000,000.0) $ (18,100,000) $ 0                
Beginning balance (in shares) at Dec. 31, 2018                 8,586,503                          
Beginning balance , Convertible Preferred Stock at Dec. 31, 2018                             $ 87,300,000              
Beginning balance, Convertible Preferred Stock (in shares) at Dec. 31, 2018                             28,627,021              
Net income (loss)             (83,100,000) $ (83,000,000.0)     100,000 (83,100,000) (83,000,000.0)                  
Issuance of Series C preferred stock, net of issuance costs                             $ 8,000,000.0              
Issuance of Series C preferred stock, net of issuance costs (in Shares)                             1,135,603              
Issuance of Series D preferred stock, net of issuance costs                             $ 95,000,000.0              
Issuance of Series D preferred stock, net of issuance costs (in Shares)                             6,273,064              
Issuance of common stock upon exercise of warrants (in Shares)                 58,500                          
Issuance of common stock upon exercise of stock options             900,000     900,000     900,000                  
Issuance of common stock upon exercise of stock options (in Shares)                 1,212,945                          
Vesting of early exercised stock options             100,000     100,000     100,000                  
Vesting of early exercised stock options (in Shares)                 56,791                          
Vesting of restricted stock awards (in Shares)                 2,155,003                          
Share-based compensation expense             21,800,000     21,800,000     21,800,000                  
Ending balance at Dec. 31, 2019             (78,300,000)   $ 0 36,700,000 100,000 (115,100,000) (78,300,000) 0                
Ending balance (in shares) at Dec. 31, 2019                 12,069,742                          
Ending balance , Convertible Preferred Stock at Dec. 31, 2019             190,300,000               $ 190,300,000              
Ending balance, Convertible Preferred Stock (in shares) at Dec. 31, 2019                             36,035,688              
Other comprehensive income             200,000       200,000   200,000                  
Net income (loss)             (23,900,000)         (23,900,000) (23,900,000)                  
Issuance of Series D preferred stock, net of issuance costs                             $ 4,900,000              
Issuance of Series D preferred stock, net of issuance costs (in Shares)                             321,415              
Issuance of common stock upon exercise of stock options             100,000     100,000     100,000                  
Issuance of common stock upon exercise of stock options (in Shares)                 82,697                          
Vesting of early exercised stock options (in Shares)                 38,694                          
Vesting of restricted stock awards (in Shares)                 10,557                          
Share-based compensation expense             1,000,000.0     1,000,000.0     1,000,000.0                  
Other             100,000             100,000                
Ending balance at Mar. 31, 2020             (100,800,000)   $ 0 37,800,000 300,000 (139,000,000.0) (100,900,000) 100,000                
Ending balance (in shares) at Mar. 31, 2020                 12,201,690                          
Ending balance , Convertible Preferred Stock at Mar. 31, 2020                             $ 195,200,000              
Ending balance, Convertible Preferred Stock (in shares) at Mar. 31, 2020                             36,357,103              
Beginning balance at Dec. 31, 2019             (78,300,000)   $ 0 36,700,000 100,000 (115,100,000) (78,300,000) 0                
Beginning balance (in shares) at Dec. 31, 2019                 12,069,742                          
Beginning balance , Convertible Preferred Stock at Dec. 31, 2019             190,300,000               $ 190,300,000              
Beginning balance, Convertible Preferred Stock (in shares) at Dec. 31, 2019                             36,035,688              
Net income (loss)             (48,700,000)                              
Ending balance at Jun. 30, 2020             (124,400,000)   $ 0 39,300,000 100,000 (163,800,000) (124,400,000) 0                
Ending balance (in shares) at Jun. 30, 2020                 12,465,363                          
Ending balance , Convertible Preferred Stock at Jun. 30, 2020                             $ 195,200,000              
Ending balance, Convertible Preferred Stock (in shares) at Jun. 30, 2020                             36,357,103              
Beginning balance at Dec. 31, 2019             (78,300,000)   $ 0 36,700,000 100,000 (115,100,000) (78,300,000) 0                
Beginning balance (in shares) at Dec. 31, 2019                 12,069,742                          
Beginning balance , Convertible Preferred Stock at Dec. 31, 2019             190,300,000               $ 190,300,000              
Beginning balance, Convertible Preferred Stock (in shares) at Dec. 31, 2019                             36,035,688              
Net income (loss)             (141,500,000) (141,400,000)       (141,500,000) (141,500,000) 100,000                
Issuance of Series D preferred stock, net of issuance costs                             $ 4,800,000              
Issuance of Series D preferred stock, net of issuance costs (in Shares)                             321,415              
Issuance of Series E preferred stock, net of issuance costs                             $ 149,700,000              
Issuance of Series E preferred stock, net of issuance costs (in Shares)                             7,628,075              
Issuance of common stock upon exercise of stock options             $ 2,500,000     2,500,000     2,500,000                  
Issuance of common stock upon exercise of stock options (in Shares)             1,179,870   1,179,870                          
Vesting of early exercised stock options (in Shares)                 38,694                          
Vesting of restricted stock awards (in Shares)                 19,520                          
Share-based compensation expense             $ 17,700,000     17,700,000     17,700,000                  
Ending balance at Dec. 31, 2020 $ 5,000,003 $ 6,471,389 $ (1,472,213)   $ 252 $ 575 (199,500,000)   $ 0 56,900,000 100,000 (256,600,000) (199,600,000) 100,000   $ 5,000,003   $ 6,471,389 $ (1,472,213)   $ 252 $ 575
Ending balance (in shares) at Dec. 31, 2020         2,515,251 5,750,000     13,307,826                       2,515,251 5,750,000
Ending balance , Convertible Preferred Stock at Dec. 31, 2020       $ 204,847,490     344,800,000               $ 344,800,000 204,847,490 $ 218,315,120     $ 204,847,490    
Ending balance, Convertible Preferred Stock (in shares) at Dec. 31, 2020       20,484,749                     43,985,178         20,484,749    
Beginning balance at Mar. 31, 2020             (100,800,000)   $ 0 37,800,000 300,000 (139,000,000.0) (100,900,000) 100,000                
Beginning balance (in shares) at Mar. 31, 2020                 12,201,690                          
Beginning balance , Convertible Preferred Stock at Mar. 31, 2020                             $ 195,200,000              
Beginning balance, Convertible Preferred Stock (in shares) at Mar. 31, 2020                             36,357,103              
Other comprehensive income             (200,000)       (200,000)   (200,000)                  
Net income (loss)             (24,800,000) (24,900,000)       (24,800,000) (24,800,000) (100,000)                
Issuance of common stock upon exercise of stock options             500,000     500,000     500,000                  
Issuance of common stock upon exercise of stock options (in Shares)                 258,673                          
Vesting of restricted stock awards (in Shares)                 5,000                          
Share-based compensation expense             1,000,000.0     1,000,000.0     1,000,000.0                  
Ending balance at Jun. 30, 2020             (124,400,000)   $ 0 39,300,000 100,000 (163,800,000) (124,400,000) 0                
Ending balance (in shares) at Jun. 30, 2020                 12,465,363                          
Ending balance , Convertible Preferred Stock at Jun. 30, 2020                             $ 195,200,000              
Ending balance, Convertible Preferred Stock (in shares) at Jun. 30, 2020                             36,357,103              
Beginning balance at Oct. 01, 2020                               0   0 0   $ 0 $ 0
Beginning balance (in shares) at Oct. 01, 2020                                         0 0
Issuance of Class B ordinary shares to Sponsor                               25,000   24,425       $ 575
Issuance of Class B ordinary shares to Sponsor, Shares                                           5,750,000
Sale of units in initial public offering less fair value of public warrants                               223,610,510   223,608,210     $ 2,300  
Sale of units in initial public offering less fair value of public warrants, Shares                                         23,000,000  
Offering costs                               (12,703,714)   (12,703,714)        
Excess cash received over fair value of private placement warrants                               387,910   387,910        
Shares subject to possible redemption                               (204,847,490)   (204,845,442)     $ (2,048)  
Shares subject to possible redemption (in shares)                                         (20,484,749)  
Net income (loss)                               (1,472,213) (231,673)   (1,472,213)      
Ending balance at Dec. 31, 2020 5,000,003 6,471,389 (1,472,213)   $ 252 $ 575 (199,500,000)   $ 0 56,900,000 100,000 (256,600,000) (199,600,000) 100,000   5,000,003   6,471,389 (1,472,213)   $ 252 $ 575
Ending balance (in shares) at Dec. 31, 2020         2,515,251 5,750,000     13,307,826                       2,515,251 5,750,000
Ending balance , Convertible Preferred Stock at Dec. 31, 2020       $ 204,847,490     344,800,000               $ 344,800,000 204,847,490 218,315,120     $ 204,847,490    
Ending balance, Convertible Preferred Stock (in shares) at Dec. 31, 2020       20,484,749                     43,985,178         20,484,749    
Other comprehensive income             (600,000)       (600,000)   (600,000)                  
Shares subject to possible redemption 2,461,840 2,461,816     $ 24                                  
Shares subject to possible redemption (in shares)         246,184                                  
Net income (loss) (2,461,835)   (2,461,835)       (194,900,000)         (195,200,000) (195,200,000) 300,000                
Issuance of common stock upon exercise of stock options             1,900,000     1,900,000     1,900,000                  
Issuance of common stock upon exercise of stock options (in Shares)                 662,101                          
Vesting of early exercised stock options             200,000     200,000     200,000                  
Vesting of early exercised stock options (in Shares)                 24,689                          
Repurchase of common stock (in Shares)                 (3,125)                          
Share-based compensation expense             2,900,000     2,900,000     2,900,000                  
Other                       (100,000) (100,000) 100,000                
Ending balance at Mar. 31, 2021 5,000,008 8,933,205 (3,934,048)   $ 276 $ 575 (390,000,000.0)   $ 0 61,900,000 (500,000) (451,900,000) (390,500,000) 500,000                
Ending balance (in shares) at Mar. 31, 2021         2,761,435 5,750,000     13,991,491                          
Ending balance , Convertible Preferred Stock at Mar. 31, 2021                             $ 344,800,000              
Ending balance, Convertible Preferred Stock (in shares) at Mar. 31, 2021                             43,985,178              
Beginning balance at Dec. 31, 2020 5,000,003 6,471,389 (1,472,213)   $ 252 $ 575 (199,500,000)   $ 0 56,900,000 100,000 (256,600,000) (199,600,000) 100,000   5,000,003   $ 6,471,389 $ (1,472,213)   $ 252 $ 575
Beginning balance (in shares) at Dec. 31, 2020         2,515,251 5,750,000     13,307,826                       2,515,251 5,750,000
Beginning balance , Convertible Preferred Stock at Dec. 31, 2020       $ 204,847,490     344,800,000               $ 344,800,000 $ 204,847,490 $ 218,315,120     $ 204,847,490    
Beginning balance, Convertible Preferred Stock (in shares) at Dec. 31, 2020       20,484,749                     43,985,178         20,484,749    
Issuance of Class B ordinary shares to Sponsor 25,000                                          
Net income (loss) (5,093,928)           $ (279,800,000)                              
Issuance of common stock upon exercise of stock options (in Shares)             846,674                              
Ending balance at Jun. 30, 2021 5,000,005 11,565,268 (6,566,141)   $ 303 $ 575 $ (469,600,000)   $ 0 65,800,000 (300,000) (536,400,000) (470,900,000) 1,300,000                
Ending balance (in shares) at Jun. 30, 2021         3,024,644 5,750,000     14,200,750                          
Ending balance , Convertible Preferred Stock at Jun. 30, 2021       $ 199,753,560     344,800,000               $ 344,800,000              
Ending balance, Convertible Preferred Stock (in shares) at Jun. 30, 2021       19,975,356                     43,985,178              
Beginning balance at Mar. 31, 2021 5,000,008 8,933,205 (3,934,048)   $ 276 $ 575 (390,000,000.0)   $ 0 61,900,000 (500,000) (451,900,000) (390,500,000) 500,000                
Beginning balance (in shares) at Mar. 31, 2021         2,761,435 5,750,000     13,991,491                          
Beginning balance , Convertible Preferred Stock at Mar. 31, 2021                             $ 344,800,000              
Beginning balance, Convertible Preferred Stock (in shares) at Mar. 31, 2021                             43,985,178              
Other comprehensive income             200,000       200,000   200,000                  
Shares subject to possible redemption 2,632,090 2,632,063     $ 27                                  
Shares subject to possible redemption (in shares)         263,209                                  
Net income (loss) (2,632,093)   (2,632,093)       (84,500,000) $ (83,700,000)       (84,500,000) (84,500,000) 800,000                
Issuance of common stock upon exercise of stock options             600,000     600,000     600,000                  
Issuance of common stock upon exercise of stock options (in Shares)                 184,573                          
Vesting of early exercised stock options             200,000     200,000     200,000                  
Vesting of early exercised stock options (in Shares)                 24,686                          
Share-based compensation expense             3,100,000     3,100,000     3,100,000                  
Ending balance at Jun. 30, 2021 $ 5,000,005 $ 11,565,268 $ (6,566,141)   $ 303 $ 575 (469,600,000)   $ 0 $ 65,800,000 $ (300,000) $ (536,400,000) $ (470,900,000) $ 1,300,000                
Ending balance (in shares) at Jun. 30, 2021         3,024,644 5,750,000     14,200,750                          
Ending balance , Convertible Preferred Stock at Jun. 30, 2021       $ 199,753,560     $ 344,800,000               $ 344,800,000              
Ending balance, Convertible Preferred Stock (in shares) at Jun. 30, 2021       19,975,356                     43,985,178              
v3.21.2
Condensed Consolidated Statement of Cash Flows - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Dec. 31, 2019
Cash Flows from Operating Activities:            
Net loss $ (2,632,093)   $ (5,093,928)      
Net loss (2,632,093)   (5,093,928)      
Adjustments to reconcile net loss to net cash used in operating activities:            
Unrealized gain on investments held in Trust Account (6,408)   (59,325)      
Change in fair value of derivative warrant liabilities 2,076,920   3,135,550      
Changes in operating assets and liabilities:            
Prepaid expenses     274,379      
Accounts payable     89,189      
Accrued expenses     735,182      
Due to related party     323,103      
Net cash used in operating activities       $ (595,850)    
Cash Flows from Investing Activities:            
Cash received from Trust Account     73,910      
Net cash provided by investing activities     73,910      
Cash flows from financing activities:            
Net (decrease) increase in cash, cash equivalents, and restricted cash     (521,940)      
Cash - beginning of the period     622,985      
Cash - end of the period 101,045 $ 622,985 101,045   $ 622,985  
Supplemental disclosures of non-cash financing and investing activities:            
Change in value of Class A ordinary shares subject to possible redemption     (5,093,930)      
Hippo Enterprises Inc And Subsidiaries [Member]            
Cash Flows from Operating Activities:            
Net loss (84,500,000)   (279,800,000) (48,700,000) (141,500,000) $ (83,100,000)
Net loss (83,700,000)   (278,700,000) (48,700,000) (141,400,000) (83,100,000)
Adjustments to reconcile net loss to net cash used in operating activities:            
Depreciation and amortization of property and equipment, intangible assets and capitalized internal use software     5,000,000.0 3,000,000.0 6,700,000 2,900,000
Share–based compensation expense     5,300,000 1,800,000 17,200,000 21,600,000
Change in fair value of preferred stock warrant liabilities     114,600,000 4,100,000 16,200,000 2,000,000.0
Change in fair value of contingent consideration liability     1,300,000   3,400,000 1,900,000
Change in fair value of derivative liability on notes     46,500,000   6,200,000  
Amortization of debt discount     17,100,000      
Non-cash service expense     7,000,000.0      
Other     5,400,000 300,000 1,300,000 (800,000)
Changes in operating assets and liabilities:            
Accounts receivable, net     (17,000,000.0) (3,800,000) (14,700,000) (1,600,000)
Reinsurance recoverable on paid and unpaid losses and LAE     (108,700,000)   (17,700,000)  
Deferred policy acquisition costs     1,900,000 (1,800,000) (900,000)  
Ceding commissions receivable     (12,900,000)   (3,400,000)  
Prepaid reinsurance premiums     (65,900,000) (1,200,000) 2,500,000  
Other assets     (12,500,000) (3,700,000) (6,900,000) (1,700,000)
Provision for commission slide and cancellations     (15,200,000) 3,200,000 15,300,000 11,200,000
Fiduciary liabilities     10,800,000 8,700,000 6,900,000 7,400,000
Accrued expenses and other liabilities     19,600,000 2,000,000.0 4,000,000.0 11,100,000
Loss and loss adjustment expense reserves     90,100,000 1,900,000 11,800,000  
Unearned premiums     66,200,000 9,900,000 18,100,000  
Reinsurance premiums payable     50,900,000 1,400,000 10,000,000.0  
Net cash used in operating activities     (69,200,000) (22,900,000) (65,400,000) (29,100,000)
Cash Flows from Investing Activities:            
Capitalized internal use software costs     (5,500,000) (4,300,000) (9,000,000.0) (5,700,000)
Purchase of intangible assets     (3,300,000)     (3,700,000)
Purchases of property and equipment       (200,000) (400,000) (900,000)
Purchases of investments     (7,100,000)   (16,700,000) (121,200,000)
Maturities of investments     2,000,000.0 42,600,000 76,800,000 59,800,000
Sales of investments     3,700,000 26,700,000 30,700,000  
Cash paid for acquisition, net of cash acquired         (83,700,000) (600,000)
Net cash provided by investing activities     (10,200,000) 64,800,000 (2,300,000) (72,300,000)
Cash flows from financing activities:            
Proceeds from preferred stock, net of issuance costs       4,900,000    
Proceeds from exercise of options     2,600,000 500,000 2,400,000 1,000,000.0
Payments of contingent consideration     (1,300,000) (2,400,000) (3,900,000) (2,600,000)
Payments for reverse recapitalization and transaction costs     (4,100,000)      
Proceeds from promissory notes, net of issuance costs         365,000,000.0  
Net cash (used in) provided by financing activities     (2,800,000) 3,000,000.0 518,100,000 101,400,000
Net (decrease) increase in cash, cash equivalents, and restricted cash     (82,200,000) 44,900,000 450,400,000 0.0
Cash, cash equivalents, and restricted cash at the beginning of the year     492,400,000 42,100,000 42,100,000 42,000,000.0
Cash, cash equivalents, and restricted cash at the end of the year 410,200,000 492,400,000 410,200,000 87,000,000.0 492,400,000 42,100,000
Cash - beginning of the period     452,300,000 23,300,000 23,300,000  
Cash - end of the period 364,100,000 452,300,000 364,100,000   452,300,000 23,300,000
Supplemental disclosures of non-cash financing and investing activities:            
Acquisition related contingent consideration           14,900,000
Convertible promissory notes issued for asset acquisition     7,000,000.0   12,500,000  
Share-based compensation expense capitalized for internal use software         (500,000) (300,000)
Purchases of software, accrued but unpaid     1,100,000   (400,000)  
Hippo Enterprises Inc And Subsidiaries [Member] | As Previously Reported            
Cash Flows from Operating Activities:            
Net loss $ (83,700,000)       (141,400,000) (83,000,000.0)
Cash flows from financing activities:            
Cash, cash equivalents, and restricted cash at the beginning of the year       $ 42,000,000.0 42,000,000.0  
Cash, cash equivalents, and restricted cash at the end of the year           42,000,000.0
Hippo Enterprises Inc And Subsidiaries [Member] | Series C Preferred Stock [Member]            
Cash flows from financing activities:            
Proceeds from preferred stock, net of issuance costs           8,000,000.0
Hippo Enterprises Inc And Subsidiaries [Member] | Series D Preferred Stock [Member]            
Cash flows from financing activities:            
Proceeds from preferred stock, net of issuance costs         4,900,000 $ 95,000,000.0
Hippo Enterprises Inc And Subsidiaries [Member] | Series E Preferred Stock [Member]            
Cash flows from financing activities:            
Proceeds from preferred stock, net of issuance costs         149,700,000  
Reinvent Technology Partners Z [Member]            
Cash Flows from Operating Activities:            
Net loss   (1,472,213)        
Net loss   (1,472,213)        
Adjustments to reconcile net loss to net cash used in operating activities:            
General and administrative expenses paid by Sponsor in exchange for issuance of Class B ordinary shares   25,000        
Unrealized gain on investments held in Trust Account   (18,693)        
Change in fair value of derivative warrant liabilities   866,050        
Financing costs — derivative warrant liabilities   374,490        
Changes in operating assets and liabilities:            
Prepaid expenses   (1,074,689)        
Accrued expenses   54,684        
Due to related party   11,560        
Net cash used in operating activities   (1,233,811)        
Cash Flows from Investing Activities:            
Cash deposited in Trust Account   (230,000,000)        
Net cash provided by investing activities   (230,000,000)        
Cash flows from financing activities:            
Repayment of note payable to related party   (60,093)        
Proceeds received from initial public offering, gross   230,000,000        
Proceeds received from private placement   6,600,000        
Offering costs paid   (4,683,111)        
Net cash (used in) provided by financing activities   231,856,796        
Net (decrease) increase in cash, cash equivalents, and restricted cash   622,985        
Cash, cash equivalents, and restricted cash at the beginning of the year   0 622,985      
Cash, cash equivalents, and restricted cash at the end of the year   622,985     622,985  
Cash - beginning of the period     $ 622,985      
Cash - end of the period   622,985     $ 622,985  
Supplemental disclosures of non-cash financing and investing activities:            
Offering costs included in accrued expenses   85,000        
Offering costs paid through note payable — related party   60,093        
Deferred legal fees   200,000        
Deferred underwriting commissions in connection with the initial public offering   8,050,000        
Initial value of common stock subject to possible redemption   205,911,610        
Change in value of common stock subject to possible redemption   (1,064,120)        
Reinvent Technology Partners Z [Member] | As Previously Reported            
Cash Flows from Operating Activities:            
Net loss   (231,673)        
Adjustments to reconcile net loss to net cash used in operating activities:            
Unrealized gain on investments held in Trust Account   (18,693)        
Changes in operating assets and liabilities:            
Net cash used in operating activities   (1,233,811)        
Cash Flows from Investing Activities:            
Net cash provided by investing activities   (230,000,000)        
Cash flows from financing activities:            
Net cash (used in) provided by financing activities   $ 231,856,796        
v3.21.2
Description of Business and Summary of Significant Accounting Policies
 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2020
Jun. 30, 2021
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Description of Business and Summary of Significant Accounting Policies  
1. Description of Business and Summary of Significant Accounting Policies
Description of Business
Hippo Holdings Inc. (f/k/a Hippo Enterprises Inc.) was originally incorporated under the name Reinvent Technology Partners Z (“RTPZ”) as a blank check company incorporated, a Cayman Islands exempted company, on October 2, 2020 for the purpose of effecting a merger, capital stock-exchange, asset acquisition, share purchase, reorganization, or similar business combination. On August 2, 2021, RTPZ domesticated as a Delaware corporation (the “Domestication”) and consummated the merger of RTPZ Merger Sub Inc. (“Merger Sub”), a Delaware corporation and subsidiary of RTPZ, with and into Hippo Enterprises Inc. (“Hippo”), a Delaware corporation (the “First Merger”), with Hippo surviving the Merger as a wholly owned subsidiary of Hippo Holdings, and, immediately following the First Merger, the merger of Hippo (as the surviving corporation of the First Merger) with and into Hippo Holdings, with Hippo Holdings surviving (the “Second Merger” and, together with the First Merger, the “Mergers”), in each case pursuant to the terms of the Agreement and Plan of Merger, dated as of March 3, 2021, by and among RTPZ, Merger Sub and Hippo.
Hippo Enterprises Inc., the holding company, was incorporated in January 2019 in Delaware (together with its subsidiaries, the “Company”, “Hippo”, “we”, “us”, or “our”). On October 3, 2019, the Company completed a corporate
re-organization
(a common control transaction) to improve its overall corporate structure, in which it brought under its control Hippo Analytics Inc., which was incorporated in October 2015 in Delaware, along with Hippo Analytics Inc.’s other subsidiaries.
The Company provides property insurance brokerage services and underwrites insurance policies for customers. The Company’s subsidiaries are licensed insurance companies and agencies including a licensed insurance program manager, producers, and insurance carriers. The Company distributes insurance products and services (e.g., claims processing) through its innovative technology platform aiming to provide the best offering in market coverage and pricing. The Company offers its policies
direct-to-consumer,
or through licensed insurance agents. The insurance products offered through Hippo Analytics Inc. primarily include homeowners’ insurance against risks of fire, wind, and theft. The Company is licensed as an insurance agency in 50 states and the District of Columbia and currently underwrites and distributes policies in 36 states as a managing general agent. The Company’s headquarters are located in Palo Alto, California.
In August 2020, the Company acquired its largest insurance carrier partner, Spinnaker Insurance Company (“Spinnaker”). Spinnaker writes commercial and personal lines products and is a licensed property casualty carrier in all 50 states and the District of Columbia. Beginning in September 2020, in connection with the acquisition of Spinnaker, the Company also retains portions of direct insurance risk for programs underwritten by third parties. The amount of risk retention is varied across the different programs. In January 2020, the Company began assuming insurance risk of policies underwritten by Hippo through a wholly owned Cayman domiciled insurance captive, RH Solutions Insurance Ltd. (“RHS”).
Basis of Presentation and Consolidation
The accompanying interim consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and are consistent in all material respects with those applied in the Company’s financial statements for the year ended December 31, 2020 included in Reinvent Technology Partners Z prospectus on Form
S-4/A
filed with the Securities and Exchange Commission (the “SEC”) on May 11, 2021. All intercompany transactions have been eliminated in consolidation. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances.
 
 
The interim financial information is unaudited, but reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. Interim results are not necessarily indicative of the results for a full year.
Reclassifications
Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. These reclassifications had no effect on previously reported revenue, expenses, net loss or the consolidate balance sheets.
Use of Estimates
The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include, but are not limited to, loss and loss adjustment expense (“LAE”) reserves, provision for commission slide and cancellations, reinsurance recoverable on paid and unpaid losses and LAE, the fair values of investments, common stock, share-based awards, preferred stock warrant liabilities, contingent consideration liabilities, embedded derivative liabilities, acquired intangible assets and goodwill, deferred tax assets and uncertain tax positions, and revenue recognition. The Company evaluates these estimates on an ongoing basis. These estimates are informed by experience and other assumptions that the Company believes are reasonable under the circumstances. Actual results may differ significantly from these estimates.
Recent Accounting Pronouncements
Emerging Growth Company
The Company currently qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012, and is provided the option to adopt new or revised accounting guidance either (i) within the same periods as those otherwise applicable to
non-emerging
growth companies or (ii) within the same time periods as private companies.
In certain cases, as indicated below, management has exercised the opt out election when it determines it is preferable to take advantage of early adoption provisions offered within the applicable guidance.
Accounting Pronouncements Recently Adopted
Internal-Use
Software
In August 2018, the FASB issued ASU No.
2018-15,
 Intangibles — Goodwill and Other — Internal Use
 Software (Subtopic
350-40):
Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract
. The intent of this pronouncement is to align the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal use software as defined in ASC
350-40.
ASU
2018-15 is
effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company adopted this new guidance on a prospective basis on January 1, 2021. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements.
 
 
Accounting Pronouncements Not Yet Adopted
In February 2016, the FASB issued ASU No.
2016-02,
 Leases (Topic 842)
(“ASU
2016-02”)
.
 Lessees will be required to recognize a
right-of-use
asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). The liability will be equal to the present value of future lease payments. The asset will be based on the liability, subject to adjustment, such as for initial direct costs. For income statement purposes, a dual model was retained, requiring leases to be classified as either operating or finance leases. Operating leases will result in straight-line expense (similar to current operating leases) while finance leases will result in a front-loaded expense pattern (similar to current capital leases). This ASU is effective for annual reporting periods beginning after December 15, 2021, and interim reporting periods beginning after December 15, 2022. The adoption of the new standard is expected to result in the recognition of lease liabilities and right-of-use assets as of January 1, 2022. The Company is evaluating the potential impact of this pronouncement.
In June 2016, the FASB issued ASU No.
2016-13,
 Financial instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
(“ASU
2016-13”),
and subsequent related ASUs, which amends the guidance on the impairment of financial instruments by requiring measurement and recognition of expected credit losses for financial assets held. ASU
2016-13
is effective for fiscal years, and for interim periods within the fiscal years, beginning after December 15, 2022. The Company is currently evaluating the impact on the Company’s consolidated financial statements.
In December 2019, the FASB issued ASU No.
2019-12,
 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
. ASU
2019-12 removes
certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance to improve consistent application. This ASU will be effective for annual periods beginning after December 15, 2021, and interim periods beginning after December 15, 2020. ASU
2019-12
will be effective for private entities for annual periods beginning after December 15, 2021, and interim periods beginning after December 15, 2020, with early adoption permitted. The Company expects to adopt ASU
2019-12
under the private company transition guidance beginning January 1, 2022 and does not expect the adoption of this standard to have a material impact on the Company’s consolidated financial statements.
In August 2020, the FASB issued ASU
No. 2020-06,
Debt — Debt with Conversion and Other Options (Subtopic
470-20)
and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic
815-40):
Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity
, which simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the
if-converted
method. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The Company is currently evaluating the timing of adoption and the impact on the consolidated financial statements.
 
1. Description of Business and Summary of Significant Accounting Policies
Description of Business
Hippo Enterprises Inc., the holding company, was incorporated in January 2019 in Delaware (together with its subsidiaries, the “Company”). On October 3, 2019, the Company completed a corporate
re-organization
(a common control transaction) to improve its overall corporate structure, in which it brought under its control Hippo Analytics Inc., which was incorporated in October 2015 in Delaware, along with Hippo Analytics Inc.’s other subsidiaries.
Results of operations for 2019 comprise those of the previously separate entities (the Company and Hippo Analytics Inc. and subsidiaries) combined from the beginning of the period to October 2019 (the date the transaction was completed) and those of the combined operations from October to the end of the period. By eliminating the effects of intra-entity transaction in determining the results of operations for the period before the combination, these results are substantially the same as the results of operations for the period after the date of combination. The Company is headquartered in Palo Alto, California, with its insurance operations headquartered in Austin, Texas. The Company’s goal is to make homes safer and better protected so customers spend less time worrying about the burdens of homeownership and more time enjoying their lives within their homes. Harnessing real-time data, smart home technology, and a growing suite of home services, thereby create a vertically integrated home protection platform.
In January 2020, the Company began assuming insurance risk of policies underwritten by Hippo through a wholly owned Cayman domiciled insurance captive, RH Solutions Ltd. (“RHS”). In August 2020, the Company acquired its largest insurance carrier partner, Spinnaker Insurance Company (“Spinnaker”). Beginning in September, in connection with the acquisition of Spinnaker, the Company also retains portions of direct insurance risk for programs underwritten by third parties. The amount of risk retention is varied across the different programs. The Company retained an average of 10% risk across all programs.
The Company provides personal property insurance brokerage services and underwrites insurance policies. The Company’s subsidiaries are licensed insurance companies and agencies including a licensed insurance program manager, producers, and insurance carriers. As of March 31, 2021, the Company was licensed as an insurance agency in 50 states and the District of Columbia and currently underwrites and distributes policies in 34 states as a managing general agent, and Spinnaker writes commercial and personal lines products and is a licensed property casualty carrier in all 50 states and the District of Columbia. The Company distributes insurance products and services (e.g., claims processing) through its innovative technology platform. The Company offers its policies online, over the phone, or through licensed insurance agents. The insurance products offered through Hippo Analytics Inc. primarily include homeowners’ insurance against risks of fire, wind, and theft.
Basis of Presentation and Consolidation
The consolidated financial statements and accompanying notes of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
The Company assesses whether they are the primary beneficiary of a variable interest entity (“VIE”) at the inception of the arrangement and at each reporting date. If the Company is the primary beneficiary, the Company consolidates the VIE and records noncontrolling interest in consolidated financial statements to recognize the minority ownership interest. If the Company is not the primary beneficiary of a VIE, the Company accounts for the investment or other variable interests in a VIE applicable U.S. GAAP.
Use of Estimates
The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include, but are not limited to, loss and loss adjustment expense (“LAE”) reserves, provision for commission, reinsurance recoverable on paid and unpaid losses and LAE, the fair values of investments, common stock, share-based awards, preferred stock warrant liabilities, contingent consideration liabilities, embedded derivative liabilities, acquired intangible assets and goodwill, deferred tax assets and uncertain tax positions, and revenue recognition. The Company evaluates these estimates on an ongoing basis. These estimates are informed by experience and other assumptions that the Company believes are reasonable under the circumstances. Actual results may differ significantly from these estimates.
Segment Information
The Company’s chief operating decision maker reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. As such, the Company has a single operating and reportable segment structure. All the Company’s long-lived assets are in the United States.
Cash, Cash Equivalents, and Restricted Cash
Cash consists of cash on deposit. The Company considers all highly liquid securities readily convertible to cash, that mature within three months or less from the original date of purchase to be cash equivalents. The Company’s restricted cash relates to cash restricted to support issued letter of credits and collateral to insurers. The Company’s restricted cash also includes fiduciary assets.
Fiduciary Assets and Liabilities
In its capacity as an insurance agent and broker, the Company collects premiums from insureds and, after deducting its commission, remits the premiums to the respective insurers. The Company also processes claims on behalf of insurers and collects claims from insurers on behalf of insureds. Premiums collected from insureds but not yet remitted to insurance companies and claims collected from insurance companies but not yet remitted to insureds are fiduciary assets. Fiduciary assets are recorded within restricted cash in the Company’s consolidated balance sheets. Unremitted insurance premiums and claims are held in a fiduciary capacity and the obligation to remit these funds is recorded as fiduciary liabilities in the consolidated balance sheets.
Investments
The Company has categorized its investment portfolio as
available-for-sale
and has reported the portfolio at fair value, adjusted for other-than-temporary declines in fair value, with unrealized gains and losses, net of tax, reported as an amount in other comprehensive loss. Fair values are based on quoted market prices or dealer quotes, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. Amortization of premium and accretion of discount are computed using the scientific method (constant yield to worst). Realized gains and losses are determined using specific identification method and included in the determination of income. Net investment income includes interest and dividend income, amortization and accretion of investment premiums and discounts, respectively, realized gains and losses on sales of securities, and other-than-temporary declines in the fair value of securities, if any. The cost of securities sold is based on the specific identification method.
The Company regularly reviews all the investments for other-than-temporary declines in fair value. The review includes the consideration of the cause of the impairment, including the creditworthiness of the security issuers, the number of securities in an unrealized loss position, the severity and duration of the unrealized losses, whether the Company has the intent to sell the securities, and whether it is more likely than not the Company will be required to sell the securities before the recovery of their amortized cost basis. When the Company determines that the decline in fair value of an investment is below the accounting basis and the decline is other-than-temporary, it reduces the carrying value of the security and records a loss for the amount of such decline in net investment income in the consolidated statements of operations and comprehensive loss.​​​​​​​
Fair Value of Financial Instruments
The Company applies fair value accounting for all financial assets and liabilities and
non-financial
assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions, and credit risk. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
 
  •  
Level 1 — Quoted prices in active markets for identical assets or liabilities that are publicly accessible at the measurement date.
 
  •  
Level 2 — Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
 
  •  
Level 3 — Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.
The Company’s financial instruments include cash equivalents, restricted cash, fixed maturities, short-term investments, accounts receivable, accounts payable, assumed and ceded reinsurance contracts and preferred stock warrants. Cash equivalents and restricted cash are principally stated at amortized cost, which approximates their fair value. Short-term investments and preferred stock warrants are reported at fair value. The recorded carrying amount of accounts receivable, assumed and ceded reinsurance contracts, and accounts payable approximates their fair value due to their short-term nature.
Concentration of Credit Risks
Financial instruments that potentially subject the Company to concentrations of credit risk are primarily comprised of cash and cash equivalents, short-term investments, fixed maturities
available-for-sale,
and reinsurance recoverables. Cash deposits may, at times, exceed amounts insured by the Federal Deposit Insurance Corporation and the Securities Investor Protection Corporation. However, its exposure to credit risk in the event of default by the financial institutions is limited to the extent of amounts recorded on the balance sheet. The Company performs evaluations of the relative credit standing of these financial institutions to limit the amount of credit exposure. The Company has not experienced any losses on its deposits of cash and cash equivalents to date. The Company limits its exposure to credit losses by investing in money market funds, U.S. government
securities, or securities with average credit quality of
AA-
or better. Premium receivables are a mix of receivables due from policyholders, agents, and program administrators. The Company has no significant
off-balance-sheet
concentration of credit risks such as foreign exchange contracts, option contracts, or other foreign hedging arrangements.
The Company enters into quota share and excess of loss contracts which may be susceptible to catastrophe exposure. The ceding of insurance does not legally discharge the Company from its primary liability for the full amount of the policy coverage, and therefore the Company will be required to pay the loss and bear collection risk if the reinsurer fails to meet its obligations under the reinsurance agreement. To minimize exposure to significant losses from reinsurance insolvencies, the Company evaluates the financial condition of its reinsurers, monitors concentrations of credit risk and, in certain circumstances, holds substantial collateral (in the form of funds withheld and letters of credit) as security under the reinsurance agreements.
Accounts Receivable
Accounts receivable consists of premium receivables and commission receivables and is reported net of an allowance for premium amounts or estimated uncollectible commission. Such allowance is based upon an ongoing review of amounts outstanding, length of collection periods, the creditworthiness of the insured and other relevant factors. Amounts deemed to be uncollectible are written off against the allowance. At December 31, 2020 and 2019, the Company has established an allowance of $0.5 million and $0.0 million, respectively. Write-offs of receivables have not been material to the Company during the years ended December 31, 2020 and 2019.
Reinsurance
Reinsurance recoverable, including amounts related to incurred but not reported claims (“IBNR”), represent paid losses and LAE and reserves for unpaid losses and LAE ceded to reinsurers that are subject to reimbursement under reinsurance treaties. To minimize exposure to losses related to a reinsurer’s inability to pay, the financial condition of such reinsurer is evaluated initially upon placement of the reinsurance and periodically thereafter. In addition to considering the financial condition of a reinsurer, the collectability of the reinsurance recoverable is evaluated based upon a number of other factors. Such factors include the amounts outstanding, length of collection periods, disputes, any collateral or letters of credit held and other relevant factors. To the extent that an allowance for uncollectible reinsurance recoverable is established, amounts deemed to be uncollectible would be written off against the allowance for estimated uncollectible reinsurance recoverable. The Company currently has no allowance for uncollectible reinsurance recoverable.
Ceded premium written is recorded in accordance with the applicable terms of the reinsurance contracts and ceded premium earned is charged against revenue over the period of the reinsurance contracts. Ceded losses incurred reduce net loss and LAE incurred over the applicable periods of the reinsurance contracts with third-party reinsurers.
Amounts recoverable from reinsurers are estimated in a manner consistent with the liability associated with the reinsured business and consistent with the terms of the underlying contract.
Deferred Policy Acquisition Costs, net of Ceding Commissions
Incremental direct costs of acquiring insurance contracts and certain costs related directly to the acquisition process are deferred and amortized over the term of the policies or reinsurance treaties to which they relate. Those costs include commissions, premium taxes, and board and bureau fees. Ceding commissions relating to
reinsurance agreements are recorded as a reimbursement for both deferrable and
non-deferrable
acquisition costs. The portion of the ceding commission that is equal to the
pro-rata
share of acquisition costs based on quota share percentage is recorded as an offset to the direct deferred acquisition costs. Any portion of the ceding commission that exceeds the deferable acquisition costs of the business ceded is recorded as a deferred liability and amortized over the same period in which the related premiums are earned. The amortization of deferred policy acquisition costs is included in insurance related expenses on the consolidated statements of operations and comprehensive loss.​​​​​​​
Premium Deficiency
A premium deficiency is recognized if the sum of expected losses and LAE, unamortized acquisition costs, and policy maintenance costs exceeds the remaining unearned premiums. A premium deficiency would first be recognized by charging any unamortized acquisition costs to expense to the extent required to eliminate the deficiency. If the premium deficiency was greater than unamortized acquisition costs, a liability would be accrued for the excess deficiency. The Company does not consider anticipated investment income when determining if a premium deficiency exists. There was no premium deficiency at December 31, 2020 or 2019.
Property and Equipment
Property and equipment is stated at cost, net of accumulated depreciation. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful life of three years for furniture, fixtures, and equipment and two years for computer equipment. Leasehold improvements are also depreciated using the straight-line method and are amortized over the shorter of the remaining term of the lease or the useful life of the improvement. Depreciation expense totaled $0.4 million and $0.2 million for the years ended December 31, 2020 and 2019, respectively.
Expenditures for improvements are capitalized, and expenditures for maintenance and repairs are expensed as incurred. Upon sale or retirement, the cost and related accumulated depreciation is removed from the related accounts, and the resulting gain or loss, if any, is reflected in interest and other expense in the consolidated statements of operations and comprehensive loss.
Capitalized Internal Use Software
The Company capitalizes the costs to develop its internal use software when preliminary development efforts are successfully completed, management has authorized and committed project funding, it is probable that the project will be completed, and the software will be used as intended. Such costs are amortized on a straight-line basis over the estimated useful life of five years. Costs incurred prior to meeting these criteria, in addition to costs incurred for training and maintenance, are expensed as incurred.
Goodwill and Intangible Assets
The Company accounts for business combinations using the acquisition method of accounting, which requires that assets acquired and liabilities assumed be recorded at their fair values as of the acquisition date on the consolidated balance sheets. Any excess of purchase price over the fair value of net assets acquired is recorded as goodwill. The determination of estimated fair value requires the Company to make significant estimates and assumptions. As a result, the Company has up to one year to finalize its estimates of fair value, any changes of which would be offset against previously recorded goodwill. Transaction costs associated with business combinations are expensed as they are incurred.
Included in the purchase price of an acquisition may be an estimation of the fair value of liabilities associated with contingent consideration. The fair value of contingent consideration is based upon the present value of the
expected future payments to be made to the sellers of an acquired business in accordance with the provisions contained in the respective purchase agreement(s). Subsequent changes in the fair value of contingent consideration are recorded in the consolidated statements of operations and comprehensive loss.
When the Company determines net assets acquired does not meet the definition of a business combination under the acquisition method of accounting, the transaction is accounted for as an acquisition of assets and, therefore, no goodwill is recorded.
Amortization and Impairment
Intangible assets with finite useful lives are amortized over their estimated useful lives in the consolidated statements of operations and comprehensive loss.
Indefinite-lived intangible assets and goodwill are not amortized but are tested for impairment annually, or more frequently if necessary. The goodwill impairment test is performed at the reporting unit level. The Company may initially perform a qualitative analysis to determine if it is more likely than not that the goodwill balance is impaired. If a qualitative assessment is not performed or if a determination is made that it is not more likely than not that the value of the respective reporting unit exceeds its carrying amount, then the Company will perform a
two-step
quantitative analysis. First, the fair value of each reporting unit is compared to its carrying value. If the fair value of the reporting unit is less than its carrying value, the Company performs a hypothetical purchase price allocation based on the reporting unit’s fair value to determine the fair value of the reporting unit’s goodwill. Any resulting difference will be a charge to operations in the consolidated statements of operations and comprehensive loss in the period in which the determination is made. Fair value is determined using a combination of present value techniques and market prices of comparable businesses. Indefinite-lived intangible assets are tested for impairment by comparing the estimated fair value of the asset to the asset’s carrying value. If the carrying value of the asset exceeds its estimated fair value, an impairment loss is recognized, and the asset is written down to its estimated fair value. There were
no
material impairment losses recognized on indefinite-lived intangible assets or goodwill during the years ended December 31, 2020 and 2019.
The Company evaluates the recoverability of long-lived assets, excluding goodwill and indefinite-lived intangible assets, whenever events or changes in circumstances indicate the carrying value of such asset may not be recoverable. Should there be an indication of impairment, the Company tests for recoverability by comparing the estimated undiscounted future cash flows expected to result from the use of the asset to the carrying amount of the asset or asset group. If the asset or asset group is determined to be impaired, any excess of the carrying value of the asset or asset group over its estimated fair value is recognized as an impairment loss. There were no material impairment losses recognized on long-lived assets during the years ended December 31, 2020 and 2019.
Loss and Loss Adjustment Expense Reserve
Recorded loss and loss adjustment expense reserve represents the Company’s best estimate of the amounts yet to be paid for all loss and loss adjustment expenses that will be paid on claims that occurred during the period and prior, whether those claims are currently known or unknown. The Company’s carriers are required to estimate and hold a provision for the carriers’ loss and loss adjustment expense reserve as of a given date.    
Loss and loss adjustment reserves at December 31, 2020 are the amount of ultimate loss and loss adjustment expense less the paid amounts as of December 31, 2020.
Ultimate loss and loss adjustment expense for an accident period is the sum of the following items:
 
  1-
Loss and loss adjustment expense paid for an accident period as of a given evaluation date
 
  2-
Case reserves for loss and loss adjustment expense for losses for an accident period that have been reported but not yet paid as of a given evaluation date
 
  3-
IBNR amounts for loss and loss adjustment expense for an accident period are the costs of events or conditions that have not been reported to, or specifically identified by the Company, as of a given date, but have occurred during the period.
Case reserves are established within the claims adjustment process based on all known circumstances of a claim at the time. In addition, IBNR reserves are established by the Company based on reported Loss and Loss Adjustment Expenses and actuarially determined estimates of ultimate Loss and Loss Adjustment Expenses.
The Company’s loss and loss adjustment expense reserve amounts are reviewed quarterly, and adjustments, if any, are reflected in current operations in the consolidated statements of operations and comprehensive loss in the period in which they become known. The establishment of new loss and loss adjustment expense reserves or the adjustment of previously recorded loss and loss adjustment expense reserves could result in significant positive or negative changes to our financial condition for any particular period. While the Company believes that it has made a reasonable estimate of loss and loss adjustment expense reserves, the ultimate loss experience may not be as reliably predicted as may be the case with other insurance expenses, and it is possible that actual Loss and Loss Adjustment Expenses will be higher or lower than the loss and loss adjustment reserve amount recorded by the Company.
Provision for Commission
Provision for commission includes return commission payable to insurers based on the actual performance of insurance policies issued by the Company against a contractual range of performance targets. The Company’s reserve estimation is based on current and historical performance of the portfolio of insurance policies placed with the insurance carriers.
Provision for commission also includes cancellation reserve which represent the Company’s estimate of return commission payable to insureds based on policy cancellations after the effective date. The Company’s estimation for the reserve uses historical policy cancellation.
The commission slide and cancellation liabilities are based on assumptions and estimates, and while management believes the amount recorded is the Company’s best estimate, the ultimate liability may differ from the amount recorded. The methods for making such estimates and for establishing the resulting liability are continually reviewed, and any adjustments are reflected in the period in which they become known.
Leases
The Company categorizes leases at their inception as either operating or capital leases. As of and for the years ended December 31, 2020 and 2019, the Company’s leases are categorized as operating. In certain lease agreements, the Company may receive rent holidays and other incentives. For operating leases, the Company recognizes lease costs on a straight-line basis once control of the space is achieved, without regard to deferred payment terms such as rent holidays that defer the commencement date of required payments. Additionally, incentives received are treated as a reduction of costs over the term of the agreement.
Revenue Recognition
Net Earned Premium
Net earned premium represents the earned portion of the Company’s gross written premium for insurance policies written or assumed by the Company and less ceded written premium (any portion of the Company’s
gross written premium that is ceded to third-party reinsurers under the Company’s reinsurance agreements). The Company earns written premiums on a
pro-rata
basis over the term of the policies.
Commission Income, net includes
:
 
1.
Managing General Agent (“MGA”) Commission: The Company operates as a MGA for multiple insurers. The Company designs and underwrites insurance products on behalf of the insurers culminating in the sale of insurance policies. The Company earns recurring commission and policy fees associated with the policies, they sell. While the Company has underwriting authority and responsibility for administering claims, the Company does not take the risk associated with policies on the consolidated balance sheets. Rather, the Company works with carrier platforms and a diversified panel of highly rated reinsurance companies who pay the Company commission in exchange for the opportunity to take that risk on their balance sheets. The Company’s performance obligation associated with these contracts is the placement of the policy, which is met on the effective data. Upon issuance of a new policy, the Company charge policy fees and inspection fees, retain the share of ceding commission, and remit the balance premium to the respective insurers. Subsequent ceding commission adjustments arising from policy changes such as endorsements, are recognized when the adjustments can be reasonably estimated.
 
2.
Agency Commission: The Company also operate licensed insurance agencies that are engaged solely in the sale of policies, including
non-Hippo
policies. For these policies, the Company earns a recurring agency commission from the carriers whose policies the Company sells, which is recorded in the commission income, net line in the consolidated statements of operations and comprehensive loss. Similar to the MGA business, the performance obligation from the agency contracts is the placement of the insurance policies. For both MGA and insurance agency activities, the Company recognizes commission received from insurers for the sale of insurance contracts as revenue at a point in time on the policy effective dates.
 
3.
Ceding Commission: The Company receives revenue based on the premium they cede to third-party reinsurers for the compensation reimbursement for the Company’s acquisition and underwriting services. Excess of ceding commission over the cost of acquisition and underwriting expenses is included in commission income, net line on the consolidated statements of operations and comprehensive loss. For the policies that the Company write on their own carrier as MGA, the Company recognizes the commission as ceding commission on the consolidated statements of operations and comprehensive loss. The Company earns commission on reinsurance premium ceded in a matter consistent with the recognition of the earned premium on the underlying insurance policies, on a
pro-rata
basis over the terms of the policies reinsured. The Company records the portion of ceding commission income which represents reimbursement of successful direct acquisition costs related to the underlying policies as an offset to the applicable direct acquisition costs.
 
4.
Carrier Fronting Fees: Through the Company’s
insurance-as-a-service
business the Company earns recurring fees from the MGA programs they support. The Company earns fronting fees in a manner consistent with the recognition of the earned premium on the underlying insurance policies, on a
pro-rata
basis over the terms of the policies. This revenue is included in the commission income, net line on the consolidated statements of operations and comprehensive loss.
 
5.
Claim Processing Fees: As a MGA the Company receives a fee, that is calculated as a percent of the premium, from the insurers in exchange for providing claims adjudication services. The Claims adjudication services are provided over the term of the policy and recognized ratably over the same period.
Service and Fee Income
Service and fee income mainly represent policy fees and small portion of other revenue. The Company directly bill policyholders for policy fees and collect and retain fees per the terms of the contracts between the Company
and our insurers. Similar to the commission revenue, the Company estimates a cancellation reserve for policy fees using historical information. The performance obligation associated with these fees is satisfied at a point in time upon completion of the underwriting process, which is the policy effective date. Accordingly, the Company recognizes all fees as revenue on the policy effective date.
Disaggregated Revenue
The following table disaggregates the Company’s revenues by major source (in millions):
 
    
Year Ended
December 31,
  
    
2020
     
2019
  
Net earned premium
    $ 17.1      $ —    
MGA commissions, net
      12.4        20.1  
Agency commissions, net
      10.0        6.6  
Policy fees
      4.3        2.8  
Claims processing fees
      4.7        2.2  
Other revenue
      2.0        0.8  
Net investment income
      1.1        2.2  
  
 
 
     
 
 
  
Total revenue, net
    $ 51.6      $ 34.7  
  
 
 
     
 
 
  
All revenues for the years ended December 31, 2020 and 2019 are from business conducted in the United States.
Insurance Related Expenses
Insurance related expenses primarily consist of amortization of commissions costs and deferred acquisition costs, and credit card processing fees not charged to the Company’s customers. Insurance related expenses also include employee compensation, including stock-based compensation and benefits, of our underwriting teams as well as allocated occupancy costs and related overhead based on headcount, and amortization of capitalized internal use software costs. Insurance related expenses are offset by the portion of ceding commission income which represents reimbursement of successful acquisition costs related to the underlying policies. Additionally, insurance related expenses are comprised of the costs of providing bound policies and delivering claims services to the Company’s customers. These costs include technology service costs including software, data services, and third-party call center costs in addition to personnel-related costs.
Technology and Development
Technology and development expenses primarily consist of employee compensation, including stock-based compensation and benefits for the Company’s technology staff, which includes information technology development, infrastructure support, actuarial, and third-party services. Technology and development also includes allocated facility costs and related overhead based on headcount.
Sales and Marketing
Sales and marketing expenses primarily consist of sales commissions expense for policies placed on third-party carriers by us as a managing general agent, advertising costs, and marketing expenditures as well as employee compensation, including stock-based compensation and benefits for employees engaged in sales, marketing, data analytics, and consumer acquisition functions. The Company expenses advertising costs as incurred. Advertising expenses were $11.8 million and $22.8 million for the years ended December 31, 2020 and 2019, respectively.
General and Administrative
General and administrative expenses primarily consist of employee compensation, including stock-based compensation and benefits for the Company’s finance, human resources, legal, and general management functions as well as facilities and professional services.
Interest and Other Expense
Interest and other expense primarily consist of interest expense incurred for the convertible promissory notes, and fair value adjustments on preferred stock warrant liabilities and embedded derivative liability on convertible promissory notes.
Share-Based Compensation Expense
The Company recognizes share-based compensation expense based on the estimated fair value of equity-based payment awards on the date of grant using the Black-Scholes-Merton option-pricing model. The Company recognizes share-based compensation expenses for the value of its awards granted based on the straight-line method over the requisite service period of each of the awards in the Company’s consolidated statements of operations and comprehensive loss. The Company has elected to record forfeitures as they occur.
Certain employees early exercised stock options in exchange for promissory notes. The Company has accounted for the promissory notes as nonrecourse in their entirety since the promissory notes are not aligned with a corresponding percentage of the underlying shares. The fair value of the stock option is recognized over the requisite service period through a charge to share-based compensation expenses. The maturity date of the promissory notes reflects the legal term of the stock option for purposes of valuing the award.
Income Taxes
The Company accounts for income taxes using the asset and liability method, under which deferred tax liabilities and assets are recognized for the expected future tax consequences of temporary differences between consolidated financial statement carrying amounts and the tax basis of assets and liabilities and net operating loss and tax credit carryforwards. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The effect on deferred taxes of a change in tax rate is recognized in income in the period that includes the enactment date.
The Company determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely than not that a position will be sustained, no amount of benefit attributable to the position is recognized. The tax benefit to be recognized of any tax position that meets the more likely than not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the contingency.
Net Loss Per Share Attributable to Common Stockholders of Hippo Enterprises Inc.
Basic and diluted net loss per share attributable to common stockholders of Hippo Enterprises Inc. is presented in conformity with the
two-class method
required for common stock and participating securities. Under the
two-class method,
net loss is attributed to common stockholders and participating securities based on their participation rights. The Company considers all series of its convertible preferred stock and unvested common stock, which includes early exercised stock options and restricted stock awards (“RSAs”), to be participating securities as holders of such securities have
non-forfeitable
dividend rights in the event of the Company’s declaration of a dividend for shares of common stock.
Under the
two-class method,
the net loss attributable to common stockholders of Hippo Enterprises Inc. is not allocated to the convertible preferred stock and unvested common stock as these securities do not have a contractual obligation to share in the Company’s losses.
Distributed and undistributed earnings allocated to participating securities are subtracted from net loss in determining net loss attributable to common stockholders. Under the
two-class method,
basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average shares used in computing net loss per share attributable to common stockholders.
For periods in which the Company reports net losses, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.
Related Party
In February 2020, Comcast Neptune, LLC assumed the Master Services Agreement between Loop Labs, Inc. d/b/a Notion and the Company. Comcast Neptune, LLC and its affiliated funds is a beneficial owner of more than 5% of our outstanding capital stock. The Company incurred a total of $3.2 million of expenses during the year ended December 31, 2020 related to this services agreement.
In December 2020, we acquired First Connect Insurance Services, a wholesale P&C insurance provider for independent agents interested in gaining access to the advanced quoting platforms that are provided by InsurTech companies. One of our executive officers, Richard McCathron, was the President and Chief Executive Officer of First Connect Insurance services from 2012 to 2017 and owned greater than 10% of First Connect Insurance Services prior to the time of the transaction. The Company paid Mr. McCathron $6.4 million for his equity interests in First Connect Insurance Services prior to the transaction. The Company also entered into an agency aggregator agreement with First Connect. The Company incurred a total of $9.9 million and $7.2 million of expenses during the year ended December 31, 2020 and 2019 respectively, related to this agreement.
In October 2020, Hippo entered into a Master Services Agreement with Forecast Labs, LLC, which operates a startup studio for Comcast Ventures, LP, which provides accelerator and incubator services to select portfolio companies of Comcast Ventures. Comcast Ventures and its affiliated funds are beneficial owners of more than 5% of outstanding Hippo capital stock. Hippo incurred a total of $2.2 million of expenses during the years ended December 31, 2020 and 2019 related to this agreement.
On April 15, 2019, the Company closed on an acquisition agreement with CalAtlantic Title Group, LLC to purchase 100% of the equity interests in North American Advantage Insurance Services, LLC (“NAAIS”), which provides insurance services to homebuilder customers. The seller’s ultimate parent is an investor in the Company that participated in the Company’s Series C and Series D financing. See Note 18 for additional information of the acquisition.
In February 2019, we entered into an Accelerate Agreement with Comcast Ventures, LLC. Comcast Ventures, LLC and its affiliated funds are beneficial owners of more than 5% of our outstanding capital stock. The Company incurred over $120,000 of expenses during the years ended December 31, 2020 and 2019 related to this services agreement.
In February 2018, we entered into a
Co-Marketing
Program Agreement with Comcast Warranty and Home Insurance Agency, LLC. Comcast Warranty and Home Insurance, LLC and its affiliated funds are beneficial owners of more than 5% of our outstanding capital stock. The Company incurred a total of $500,000 of expenses during the years ended December 31, 2020, 2019 and 2018 related to this program agreement.
 
Recent Accounting Pronouncements
Emerging Growth Company
Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to
non-emerging
growth companies but any such election to opt out is irrevocable. This opt out election is applied individually to each standard. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised, and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. In certain cases, as indicated below, management has exercised the opt out election when it determines it is preferable to take advantage of early adoption provisions offered within the applicable guidance.
This may make comparison of the Company’s consolidated financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Accounting Pronouncements Recently Adopted
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)
2014-09,
Revenue from Contracts with Customers
(“Topic 606”), requiring an entity to recognize revenue relating to contracts with customers that depicts the transfer of promised goods or services to customers in an amount reflecting the consideration to which the entity expects to be entitled in exchange for such goods or services. In order to meet this requirement, the entity must apply the following steps: (i) identify the contracts with the customers; (ii) identify performance obligations in the contracts; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations per the contracts; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Additionally, disclosures required for revenue recognition include qualitative and quantitative information about contracts with customers, significant judgments and changes in judgments, and assets recognized from costs to obtain or fulfill a contract. The Company adopted Topic 606 as of January 1, 2019, using the full retrospective method to restate each prior reporting period presented.
In January 2016, the FASB issued ASU
No. 2016-01
Financial Instruments, Overall, Recognition and Measurement of Financial Assets and Financial Liabilities
(“ASU
2016-01”).
ASU
2016-01
affected the recognition, measurement, presentation, and disclosure of financial instruments. The guidance requires equity investments to be measured at fair value with changes in fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee) and an assessment of a valuation allowance on deferred tax assets related to unrealized losses of
available-for-sale
debt securities in combination with other deferred tax assets. The Company adopted the standard and all related amendments prospectively, effective January 1, 2019. The adoption of ASU
2016-01
did not have a material impact on the financial condition and results of operations of the Company.
In January 2017, the FASB issued ASU
No. 2017-01,
Business Combinations (Topic 805): Clarifying the Definition of a Business
(“ASU
2017-01”).
ASU
2017-01
changes the criteria for determining whether a group of assets acquired is a business. Specifically, when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the assets acquired would not be considered a business. The Company adopted ASU
2017-01
as of January 1, 2019 on a prospective basis and, accordingly, this guidance will only affect the Company’s analysis of the accounting for any future acquisitions occurring after the date of adoption.
 
Accounting Pronouncements Not Yet Adopted
In February 2016, the FASB issued ASU No.
2016-02,
 Leases (Topic 842)
(“ASU
2016-02”)
.
 ASU
2016-02
requires a lessee to recognize in the consolidated balance sheet a liability to make lease payments (the lease liability) and a
right-to-use asset
representing its right to use the underlying asset for the lease term. This ASU is effective for public and private companies’ fiscal years beginning after December 15, 2018, and December 15, 2021, respectively, with early adoption permitted. The Company expects to adopt ASU
2016-02 under
the private company transition guidance beginning January 1, 2022 and is currently evaluating the impact on the Company’s consolidated financial statements.
In June 2016, the FASB issued ASU No.
2016-13,
 Financial instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
(“ASU
2016-13”),
and subsequent related ASUs, which amends the guidance on the impairment of financial instruments by requiring measurement and recognition of expected credit losses for financial assets held. ASU
2016-13
is effective for public and private companies’ fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019, and December 15, 2022, respectively. The Company expects to adopt ASU
2016-13 under
the private company transition guidance beginning January 1, 2023 and is currently evaluating the impact on the Company’s consolidated financial statements.
In August 2018, the FASB issued ASU No.
2018-15,
 Intangibles — Goodwill and Other — Internal Use
 Software (Subtopic
350-40):
Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract
 (“ASU
2018-15”).
The intent of this pronouncement is to align the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal use software as defined in ASC
350-40.
Under ASU
2018-15,
the capitalized implementation costs related to a cloud computing arrangement will be amortized over the term of the arrangement and all capitalized implementation amounts will be required to be presented in the same line items of the consolidated financial statements as the related hosting fees. ASU
2018-15 is
effective for public and private companies’ fiscal years beginning after December 15, 2019, and December 15, 2020, respectively, and interim periods within those fiscal years, with early adoption permitted. The Company expects to adopt ASU
2018-15 under
the private company transition guidance beginning January 1, 2021 and is currently evaluating the impact on the Company’s consolidated financial statements.
In December 2019, the FASB issued ASU No.
2019-12,
 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
 (“ASU
2019-12”).
ASU
2019-12 removes
certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance to improve consistent application. ASU
2019-12 will
be effective for public entities for interim and annual periods beginning after December 15, 2020, with early adoption permitted. ASU
2019-12 will
be effective for private entities for annual periods beginning after December 15, 2021, and interim periods beginning after December 15, 2020, with early adoption permitted. The Company expects to adopt ASU
2019-12 under
the private company transition guidance beginning January 1, 2022 and is currently assessing the impact the guidance will have on the Company’s consolidated financial statements.
In August 2020, the FASB issued ASU
No. 2020-06,
Debt—Debt with Conversion and Other Options (Subtopic
470-20)
and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic
815-40):
Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity
(“ASU
2020-06”),
which simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the
if-converted
method. ASU
2020-06
is effective for public and private companies’ fiscal years beginning after December 15, 2021, and December 15, 2023, respectively, and interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the timing of adoption and the impact on the consolidated financial statements.
Reinvent Technology Partners Z [Member]      
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]      
Description of Business and Summary of Significant Accounting Policies
Note 1 — Description of Organization, Business Operations and Basis of Presentation
Reinvent Technology Partners Z, formerly known as Reinvent Technology Partners B (the “Company”), is a blank check company incorporated as a Cayman Islands exempted company on October 2, 2020. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses that the Company has not yet identified (“Business Combination”).
All activity for the period from October 2, 2020 (inception) through December 31, 2020 relates to the Company’s formation and the initial public offering (the “Initial Public Offering”), which is described below, and, subsequent to the Initial Public Offering, the search for a target company for a Business Combination. The Company has selected December 31 as its fiscal year end. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate
non-operating
income in the form of interest income on cash and cash equivalents from the net proceeds derived from the Initial Public Offering and Private Placement (defined below).
The Company’s sponsor is Reinvent Sponsor Z LLC, a Cayman Islands limited liability company (“Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on November 18, 2020. On November 23, 2020, the Company consummated its Initial Public Offering of 23,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units, the “Public Shares”), including 3,000,000 additional Units to cover over-allotments (the “Over-Allotment Units”), at $10.00 per Unit, generating gross proceeds of $230.0 million, and incurring offering costs of approximately $13.1 million, inclusive of approximately $8.1 million in deferred underwriting commissions (Note 7).
Substantially concurrently with the closing of the Initial Public Offering, the Company consummated the private placement (the “Private Placement”) of 4,400,000 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”), at a price of $1.50 per Private Placement Warrant to the Sponsor, generating gross proceeds of $6.6 million (Note 5).
Upon the closing of the Initial Public Offering and the Private Placement, $230.0 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a trust account (“Trust Account”) with Continental Stock Transfer & Trust Company acting as trustee and invested in United States government treasury bills with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions under Rule
2a-7
under the Investment Company Act of 1940, as amended, or the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below.
The Company’s management has broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company’s initial Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (net of amounts disbursed to management for working capital purposes, if permitted, and excluding the amount of any deferred underwriting discount held in Trust) at the time the Company signs a definitive agreement in connection with the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act.
 
The Company will provide its holders of Public Shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a general meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account. The
per-share
amount to be distributed to Public Shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 7). These Public Shares will be recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and a majority of the shares voted are voted in favor of the Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to the Company’s amended and restated memorandum and articles of association (the “Amended and Restated Memorandum and Articles of Association”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (the “SEC”), and file tender offer documents with the SEC prior to completing a Business Combination. If, however, a shareholder approval of the transactions is required by law, or the Company decides to obtain shareholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks shareholder approval in connection with a Business Combination, the holders of the Founder Shares (as defined in Note 6) prior to the Initial Public Offering (the “Initial Shareholders”) agreed to vote their Founder Shares and any Public Shares purchased by them during or after the Initial Public Offering in favor of a Business Combination. In addition, the Initial Shareholders agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination.
Notwithstanding the foregoing, the Company’s Amended and Restated Memorandum and Articles of Association provides that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Class A ordinary shares sold in the Initial Public Offering, without the prior consent of the Company.
The Company’s Sponsor, executive officers and directors agreed not to propose an amendment to the Amended and Restated Memorandum and Articles of Association that would affect the substance or timing of the Company’s obligation to provide for the redemption of its Public Shares in connection with a Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the Public Shareholders with the opportunity to redeem their Class A ordinary shares in conjunction with any such amendment.
If the Company is unable to complete a Business Combination within 24 months from the closing of the Initial Public Offering, or 27 months from the closing of the Initial Public Offering if the Company has executed a letter of intent, agreement in principle or definitive agreement for an initial Business Combination within 24 months from the closing of the Initial Public Offering (as such period may be extended, the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not more than 10 business days thereafter, redeem the Public Shares, at a
per-share
price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to fund its working capital requirements, subject to an annual limit of $165,000, and/or to pay its taxes (less up to $100,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable), divided by the number of then issued
and outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any); and (3) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.
The Initial Shareholders agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Initial Shareholders should acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters agreed to waive their rights to their deferred underwriting commission (see Note 7) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Company’s Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.
   
v3.21.2
Description of Organization, Business Operations and Basis of Presentation
 6 Months Ended
Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Organization, Business Operations and Basis of Presentation
Note 1 — Description of Organization, Business Operations and Basis of Presentation
Hippo Holdings Inc, formerly known as Reinvent Technology Partners Z, which was formerly known as Reinvent Technology Partners B (the “Company”), was a blank check company incorporated as a Cayman Islands exempted company on October 2, 2020. On February 23, 2021, RTPZ Merger Sub Inc., a Delaware corporation and a direct wholly-owned subsidiary of the Company, was formed. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses that the Company has not yet identified (a “Business Combination”).
All activity for the period from October 2, 2020 (inception) through June 30, 2021 relates to the Company’s formation and the initial
public offering (the “Initial Public Offering”), which is described below, and, subsequent to the Initial Public Offering, the search for a target company for a Business Combination. The Company has selected December 31 as its fiscal year end. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will
generate non-operating income
in the form of interest income on cash and cash equivalents from the net proceeds derived from the Initial Public Offering and Private Placement (defined below).
The Company’s sponsor is Reinvent Sponsor Z LLC, a Cayman Islands limited liability company (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective on
November 18, 2020
. On
November 23, 2020
, the Company consummated its Initial Public Offering of 23,000,000 units (the “Units” and, with respect to the Class A ordinary shares included in the Units, the “Public Shares”), including 3,000,000 additional Units to cover over-allotments (the “Over-Allotment Units”), at $10.00 per Unit, generating gross proceeds of $230.0 million, and incurring offering costs of approximately $13.1 million, inclusive of approximately $8.1 million in deferred underwriting commissions (Note 6).
Substantially concurrently with the closing of the Initial Public Offering, the Company consummated the private placement (the “Private Placement”) of 4,400,000 warrants (each, a “Private Placement Warrant” and collectively, the “Private Placement Warrants”), at a price of $1.50 per Private Placement Warrant to the Sponsor, generating gross proceeds of $6.6 million (Note 4).
Upon the closing of the Initial Public Offering and the Private Placement, $230.0 million ($10.00 per Unit) of the net proceeds of the Initial Public Offering and certain of the proceeds of the Private Placement were placed in a trust account (“Trust Account”) with Continental Stock Transfer & Trust Company acting as trustee and invested in United States government treasury bills with a maturity of 185 days or less or in money market funds investing solely in U.S. Treasuries and meeting certain conditions under
Rule 2a-7 under
the Investment Company Act of 1940, as amended, or the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account as described below.
The Company’s management has broad discretion with respect to the specific application of the net proceeds of its Initial Public Offering and the sale of Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. The Company’s initial Business Combination must be with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (net of amounts disbursed to management for working capital purposes, if permitted, and excluding the amount of any deferred underwriting discount held in Trust) at the time the Company signs a definitive agreement in connection with the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise
acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act.
The Company will provide its holders of Public Shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a general meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.00 per share, plus any pro rata interest earned on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The
per-share amount
to be distributed to Public Shareholders who redeem their Public Shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters (as discussed in Note 6). These Public Shares will be recorded at a redemption value and classified as temporary equity upon the completion of the Initial Public Offering, in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity” (“ASC 480”) In such case, the Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 upon such consummation of a Business Combination and a majority of the shares voted are voted in favor of the Business Combination. If a shareholder vote is not required by law and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to the amended and restated memorandum and articles of association which were adopted by the Company upon the consummation of the Initial Public Offering (the “Amended and Restated Memorandum and Articles of Association”), conduct the redemptions pursuant to the tender offer rules of the U.S. Securities and Exchange Commission (the “SEC”), and file tender offer documents with the SEC prior to completing a Business Combination. If, however, a shareholder approval of the transactions is required by law, or the Company decides to obtain shareholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. Additionally, each Public Shareholder may elect to redeem their Public Shares irrespective of whether they vote for or against the proposed transaction. If the Company seeks shareholder approval in connection with a Business Combination, the holders of the Founder Shares (as defined in Note 5) prior to the Initial Public Offering (the “Initial Shareholders”) have agreed to vote their Founder Shares and any Public Shares purchased by them during or after the Initial Public Offering in favor of a Business Combination. In addition, the Initial Shareholders have agreed to waive their redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of a Business Combination.
Notwithstanding the foregoing, the Company’s Amended and Restated Memorandum and Articles of Association provides that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the Class A ordinary shares sold in the Initial Public Offering, without the prior consent of the Company.
The Sponsor and the Company’s executive officers and directors have agreed not to propose an amendment to the Company’s Amended and Restated Memorandum and Articles of Association that would affect the substance or timing of the Company’s obligation to provide for the redemption of its Public Shares in connection with a Business Combination or to redeem 100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the Public Shareholders with the opportunity to redeem their Class A ordinary shares in conjunction with any such amendment.
If the Company is unable to complete a Business Combination within 24 months from the closing of the Initial Public Offering, or 27 months from the closing of the Initial Public Offering if the Company has executed a letter of intent, agreement in principle or definitive agreement for an initial Business Combination within 24 months from the closing of the Initial Public Offering (as such period may be extended, the “Combination Period”), the Company will (i) cease all operations except for the purpose of winding up; (2) as promptly as reasonably possible but not more than 10 business days thereafter, redeem the Public Shares, at a
per-share price,
payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to fund its working capital requirements, subject to an annual limit of $165,000, and/or to pay its taxes (less up to $100,000 of interest to pay dissolution expenses and which interest shall be net of taxes payable), divided by the number of then issued and outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any); and (3) as promptly as reasonably possible following such redemption, subject to the approval of the remaining shareholders and the board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law.
The Initial Shareholders agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Initial Shareholders should acquire Public Shares in or after the Initial Public Offering, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to their deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the redemption of the Company’s Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.00 per share initially held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has entered into a written letter of intent, confidentiality or other similar agreement or business combination agreement, reduce the amount of funds in the Trust Account to below the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date of the liquidation of the Trust Account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) nor will it apply to any claims under the Company’s indemnity of the underwriters of the Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). In the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account.
Proposed Hippo Business Combination
On February 23, 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Hippo Enterprises Inc., a Delaware corporation (“Hippo”), and RTPZ Merger Sub Inc., a Delaware corporation and a direct wholly-owned subsidiary of the Company (“Merger Sub”). The Merger
Agreement provides that, among other things and upon the terms and subject to the conditions thereof, the following transactions will occur (together with the other agreements and transactions contemplated by the Merger Agreement, the “Hippo Business Combination”): (i) at the closing of the transactions contemplated by the Merger Agreement (the “Closing”), upon the terms and subject to the conditions of the Merger Agreement and in accordance with the General Corporation Law of the State of Delaware, as amended (the “DGCL”), (a) Merger Sub will merge with and into Hippo, the separate corporate existence of Merger Sub will cease and Hippo will be the surviving corporation and a wholly owned subsidiary of the Company (the “First Merger”) and (b) immediately following the First Merger, Hippo (as the surviving corporation of the First Merger) will merge with and into the Company, the separate corporate existence of Hippo will cease and the Company will be the surviving corporation (the “Second Merger” and, together with the First Merger, the “Mergers”); (ii) as a result of the Merger, among other things, all outstanding shares of capital stock of Hippo will be canceled in exchange for the right to receive, in the aggregate, a number of shares of RTPZ Common Stock (as defined below) equal to the quotient obtained by dividing (x) $5,522,000,000 (representing the enterprise value of $5,000,000,000 plus Hippo’s cash as of December 31, 2020 ($522,000,000)) by (y) $10.00; and (iii) upon the effective time of the Domestication (as defined below), the Company will immediately be renamed “Hippo Holdings Inc.”
Prior to the Closing, subject to the approval of the Company’s shareholders, and in accordance with the DGCL, Cayman Islands Companies Act (as revised) (the “CICA”) and the Company’s amended and restated memorandum and articles of association, the Company will effect a deregistration under the CICA and a domestication under Section 388 of the DGCL (by means of filing a certificate of domestication with the Secretary of State of Delaware), pursuant to which the Company’s jurisdiction of incorporation will be changed from the Cayman Islands to the State of Delaware (the “Domestication”).
In connection with the Domestication, (i) each of the then issued and outstanding Class A ordinary shares, par value $0.0001 per share, of the Company, will convert automatically, on a
one-for-one
basis, into a share of common stock, par value $0.0001, of the Company (after its Domestication) (the “RTPZ Common Stock”), (ii) each of the then issued and outstanding Class B ordinary shares, par value $0.0001 per share, of the Company, will convert automatically, on a
one-for-one
basis, into a share of RTPZ Common Stock, (iii) each then issued and outstanding warrant to acquire the Company’s Class A Ordinary Shares will convert automatically into a warrant to acquire an equal number of shares of RTPZ Common Stock (“Domesticated RTPZ Warrant”), and (iv) each then issued and outstanding unit of the Company will convert automatically into a share of RTPZ Common Stock, on a
one-for-one
basis, and
one-fifth
of one Domesticated RTPZ Warrant.
On March 3, 2021, concurrently with the execution of the Merger Agreement, the Company entered into subscription agreements with certain investors (collectively, the “PIPE Investors”), pursuant to, and on the terms and subject to the conditions of which, the PIPE Investors have collectively subscribed for 55 million shares of RTPZ Common Stock for an aggregate purchase price equal to $550 million (the “PIPE Investment”). The PIPE Investment will be consummated substantially concurrently with the Closing, subject to the terms and conditions contemplated by the applicable subscription agreements.
On August 2, 2021, the Company closed the Business Combination and on August 3, 2021, Hippo Holdings common stock and warrants begin publicly trading on The New York Stock Exchange under the new symbols “HIPO” and “HIPO.WS”, respectively.
v3.21.2
Restatement of Financial Statements
 3 Months Ended
Dec. 31, 2020
Reinvent Technology Partners Z [Member]  
Restatement of Financial Statements
Note 2 — Restatement of Financial Statements
In April 2021, the Company concluded that, because of a misapplication of the accounting guidance related to its Public and Private Placement warrants the Company issued in November 2020, the Company’s previously issued consolidated financial statements for the Affected Periods should no longer be relied upon. As such, the Company is restating its consolidated financial statements for the Affected Periods.
On April 12, 2021, the staff of the Securities and Exchange Commission (the “SEC Staff”) issued a public statement entitled “Staff Statement on Accounting and Reporting Considerations for Warrants issued by Special Purpose Acquisition Companies (“SPACs”) (the “SEC Staff Statement”). In the SEC Staff Statement, the SEC Staff expressed its view that certain terms and conditions common to SPAC warrants may require the warrants to be classified as liabilities on the SPAC’s balance sheet as opposed to equity. Since issuance on November 23, 2020 the Company’s warrants were accounted for as equity within the Company’s previously reported balance sheets, and after discussion and evaluation, including with the Company’s independent auditors, management concluded that the warrants should be presented as liabilities with subsequent fair value remeasurement.
Historically, the Warrants were reflected as a component of equity as opposed to liabilities on the balance sheets and the statements of operations did not include the subsequent
non-cash
changes in estimated fair value
of the Warrants, based on our application of FASB ASC Topic
815-40,
Derivatives and Hedging, Contracts in Entity
’
s Own Equity
(“ASC
815-40”).
The views expressed in the SEC Staff Statement were not consistent with the Company’s historical interpretation of the specific provisions within its warrant agreement and the Company’s application of ASC
815-40
to the warrant agreement. The Company reassessed its accounting for Warrants issued on November 23, 2020, in light of the SEC Staff’s published views. Based on this reassessment, management determined that the Warrants should be classified as liabilities measured at fair value upon issuance, with subsequent changes in fair value reported in the Company Statement of Operations each reporting period.
Therefore, the Company, in consultation with its Audit Committee, concluded that its previously issued financial statements for the periods beginning with the period from October 2, 2020 through December 31, 2020 (collectively, the “Affected Periods”) should be restated because of a misapplication in the guidance around accounting for certain of our outstanding warrants to purchase ordinary shares (the “Warrants”) and should no longer be relied upon. The Warrants were issued in connection with the Company’s Initial Public Offering of 23,000,000 Units and the sale of Private Placement warrants completed on November 23, 2020. Each Unit consists of one of the Company’s Class A ordinary shares, $0.0001 par value, and
one-half
of one redeemable warrant. Each whole Warrant entitles the holder to purchase one of Class A ordinary share at a price of $11.50 per share. The Warrants will expire worthless five years from the date of completion of our initial business combination. The material terms of the warrants are more fully described in Note 8 — Derivative Warrant Liabilities. See Note 10 — Fair Value Measurements.
Impact of the Restatement
The impact of the restatement on the balance sheets, statements of operations and statements of cash flows for the Affected Periods is presented below. The restatement had no impact on net cash flows from operating, investing or financing activities.
The tables below present the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported financial statements as of and for the year ended December 31, 2020:
 
    
As of December 31, 2020
  
    
As Previously
Reported
    
Restatement
Adjustment
    
As Restated
  
Balance Sheet
       
Total assets
    $ 231,716,367     $ —       $ 231,716,367  
  
 
 
    
 
 
    
 
 
  
Liabilities and shareholders’ equity
       
Total current liabilities
    $ 151,244     $ —       $ 151,244  
Deferred legal fees
      200,000       —         200,000  
Deferred underwriting commissions
      8,050,000         8,050,000  
Derivative warrant liabilities
      —         13,467,630       13,467,630  
    
 
 
    
 
 
  
Total liabilities
      8,401,244       13,467,630       21,868,874  
Class A common stock, $0.0001 par value; shares subject to possible redemption
      218,315,120       (13,467,630 )      204,847,490  
Shareholders’ equity
       
Preferred stock — $0.0001 par value
      —         —         —    
Class A common stock — $0.0001 par value
      117       135       252  
Class B common stock — $0.0001 par value
      575       —         575  
Additional
paid-in-capital
      5,230,984       1,240,405       6,471,389  
Accumulated deficit
      (231,673 )      (1,240,540 )      (1,472,213 ) 
    
 
 
    
 
 
  
Total shareholders’ equity
      5,000,003       —         5,000,003  
    
 
 
    
 
 
  
Total liabilities and shareholders’ equity
    $ 231,716,367     $ —       $ 231,716,367  
    
 
 
    
 
 
  
    
Period From October 2, 2020 (Inception)
Through December 31, 2020
  
    
As Previously
Reported
    
Restatement
Adjustment
    
As Restated
  
Statement of Operations
       
Loss from operations
    $ (250,366 )    $ —       $ (250,366 ) 
Other (expense) income:
       
Change in fair value of warrant liabilities
      —         (866,050 )      (866,050 ) 
Financing costs
      —         (374,490 )      (374,490 ) 
Unrealized gain on investments held in Trust Account
      18,693       —         18,693  
  
 
 
    
 
 
    
 
 
  
Total other (expense) income
      18,693       (1,240,540 )      (1,221,847 ) 
  
 
 
    
 
 
    
 
 
  
Net loss
    $ (231,673 )    $ (1,240,540 )    $ (1,472,213 ) 
  
 
 
    
 
 
    
 
 
  
Basic and Diluted weighted-average Class A common stock outstanding
      23,000,000         23,000,000  
  
 
 
      
 
 
  
Basic and Diluted net loss per Class A common shares
    $ 0.00       $ —    
  
 
 
      
 
 
  
Basic and Diluted weighted-average Class B common stock outstanding
      5,750,000         5,750,000  
  
 
 
      
 
 
  
Basic and Diluted net loss per Class B common shares
    $ (0.06 )      $ (0.26 ) 
  
 
 
      
 
 
  
    
Period From October 2, 2020 (Inception)

Through December 31, 2020
  
    
As Previously
Reported
    
Restatement
Adjustment
    
As Restated
  
Statement of Cash Flows
       
Net loss
    $ (231,673 )    $ (1,240,540 )    $ (1,472,213 ) 
Adjustments to reconcile net loss to net cash used in operating activities
      6,307       1,240,540       1,246,847  
Net cash used in operating activities
      (1,233,811 )      —         (1,233,811 ) 
Net cash used in investing activities
      (230,000,000 )      —         (230,000,000 ) 
Net cash provided by financing activities
      231,856,796       —         231,856,796  
  
 
 
    
 
 
    
 
 
  
Net change in cash
    $ 622,985     $ —       $ 622,985  
  
 
 
    
 
 
    
 
 
  
In addition, the impact to the balance sheet dated November 23, 2020, filed on Form
8-K
on November 28, 2020 related to the impact of accounting for the public and private warrants as liabilities at fair value resulted in a $12.6 million increase to the derivative warrant liabilities line item at November 23, 2020 and offsetting decrease to the Class A common stock subject to possible redemption mezzanine equity line item.
 
The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet dated November 23, 2020.
 
    
As of November 23, 2020
  
    
As Previously
Reported
    
Restatement
Adjustment
    
As Restated
  
Unaudited Condensed Balance Sheet
       
Total assets
    $ 233,001,707     $ —       $ 233,001,707  
  
 
 
    
 
 
    
 
 
  
Liabilities and shareholders’ equity
       
Total current liabilities
    $ 1,438,508     $ —       $ 1,438,508  
Deferred underwriting commissions
      8,050,000       —         8,050,000  
Derivative warrant liabilities
      —         12,601,580       12,601,580  
  
 
 
    
 
 
    
 
 
  
Total liabilities
      9,488,508       12,601,580       22,090,088  
Class A common stock, $0.0001 par value; shares subject to possible redemption
      218,513,190       (12,601,580 )      205,911,610  
Shareholders’ equity
       
Preferred stock - $0.0001 par value
      —         —         —    
Class A common stock - $0.0001 par value
      115       126       241  
Class B common stock - $0.0001 par value
      575       —         575  
Additional paid-in-capital
      5,032,916       374,364       5,407,280  
Accumulated deficit
      (33,597 )      (374,490 )      (408,087 ) 
  
 
 
    
 
 
    
 
 
  
Total shareholders’ equity
      5,000,009       —         5,000,009  
  
 
 
    
 
 
    
 
 
  
Total liabilities and shareholders’ equity
    $ 233,001,707     $ —       $ 233,001,707  
  
 
 
    
 
 
    
 
 
  
v3.21.2
Investments
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]    
Investments
 
2. Investments
The amortized cost and fair value of fixed maturities securities are as follows (in millions):
 
    
June 30, 2021
  
    
Amortized
Cost
     
Unrealized
Gains
     
Unrealized
Losses
     
Fair Value
  
Fixed maturities
available-for-sale:
            
U.S. government and agencies
      10.0      —          —          10.0
States, and other territories
      5.9      —          —          5.9
Corporate securities
      18.5      —          (0.1 )       18.4
Foreign securities
      0.3      —          —          0.3
Residential mortgage-backed securities
      10.7      —          (0.1 )       10.6
Commercial mortgage-backed securities
      5.1      —          (0.1 )       5.0
Asset backed securities
      6.4      —          —          6.4
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 56.9    $ —      $ (0.3 )     $ 56.6
  
 
 
     
 
 
     
 
 
     
 
 
  
 
    
December 31, 2020
  
    
Amortized
Cost
     
Unrealized
Gains
     
Unrealized
Losses
     
Fair Value
  
Fixed maturities
available-for-sale:
            
U.S. government and agencies
      10.1      —          —          10.1
States, and other territories
      5.1      —          —          5.1
Corporate securities
      17.4      —          —          17.4
Foreign securities
      0.8      —          —          0.8
Residential mortgage-backed securities
      12.9      —          —          12.9
Commercial mortgage-backed securities
      5.4      0.1      —          5.5
Asset backed securities
      4.2      —          —          4.2
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 55.9    $ 0.1    $ —        $ 56.0
  
 
 
     
 
 
     
 
 
     
 
 
  
As of June 30, 2021, no securities have been in a continuous unrealized loss position for greater than 12 months. There were no other-than-temporary impairments recognized for the three month periods ended June 30, 2021 and 2020.
 
 
The amortized cost and fair value of fixed maturities securities by contractual maturity are as follows (in millions):
 
    
June 30, 2021
  
    
Amortized Cost
     
Fair Value
  
Due to mature:
      
One year or less
    $ 9.3    $ 9.3
After one year through five years
      21.1      21.1
After five years
      4.2      4.1
After ten years
      0.1      0.1
Residential mortgage-backed securities
      10.7      10.6
Commercial mortgage-backed securities
      5.1      5.0
Asset backed securities
      6.4      6.4
  
 
 
     
 
 
  
Total fixed maturities
available-for-sale
    $ 56.9    $ 56.6
  
 
 
     
 
 
  
Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
Net realized gains on fixed maturity securities and short-term investments were insignificant for the periods ended June 30, 2021 and 2020, respectively.
The Company’s net investment income is comprised of the following (in millions):
 
    
Three Months Ended June 30,
     
Six Months Ended June 30,
  
    
      2021      
     
      2020      
     
      2021      
     
      2020      
  
Fixed maturities income
    $ 0.1    $ 0.2    $ 0.2    $ 0.6
  
 
 
     
 
 
     
 
 
     
 
 
  
Total gross investment income
      0.1      0.2      0.2      0.6
Investment expenses
      —          —          —          —    
  
 
 
     
 
 
     
 
 
     
 
 
  
Net investment income
    $ 0.1    $ 0.2    $ 0.2    $ 0.6
  
 
 
     
 
 
     
 
 
     
 
 
  
 
 
Pursuant to certain regulatory requirements, the Company is required to hold assets on deposit with various state insurance departments for the benefit of policyholders. These special deposits are included in fixed maturities,
available-for-sale
on the consolidated balance sheets. The following table reflects special deposits (in millions):​​​​​​​
 
    
June 30, 2021
  
    
Amortized Cost
     
Fair Value
  
State
      
Illinois
    $ 1.6    $ 1.6
Colorado
      1.5      1.5
Nevada
      0.2      0.2
North Carolina
      0.3      0.3
Virginia
      0.3      0.4
New Mexico
      0.3      0.4
New York
      3.1      3.1
Vermont
      0.3      0.3
Massachusetts
      0.1      0.1
Florida
      0.3      0.3
Georgia
      0.1      0.1
  
 
 
     
 
 
  
Total states
    $ 8.1    $ 8.3
  
 
 
     
 
 
  
2. Investments
The amortized cost and fair value of fixed maturities securities and short-term investments are as follows (in millions):
 
    
As of December 31, 2020
  
    
Amortized
Cost
     
Unrealized
Gains
     
Unrealized
Losses
     
Fair
Value
  
Fixed maturities
available-for-sale:
            
U.S. government and agencies
    $ 9.5      $ —        $ —        $ 9.5  
All other government
      0.6        —          —          0.6  
States, and other territories
      5.1        —          —          5.1  
Corporate securities
      17.4        —          —          17.4  
Foreign securities
      0.8        —          —          0.8  
Residential mortgage-backed securities
      12.9        —          —          12.9  
Commercial mortgage-backed securities
      5.4        0.1        —          5.5  
Asset backed securities
      4.2        —          —          4.2  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 55.9      $ 0.1      $ —        $ 56.0  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
    
As of December 31, 2019
  
    
Amortized
Cost
     
Unrealized
Gains
     
Unrealized
Losses
     
Fair
Value
  
Short-term investments:
            
U.S. government securities
    $ 96.4      $ 0.1      $ —        $ 96.5  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 96.4      $ 0.1      $ —        $ 96.5  
  
 
 
     
 
 
     
 
 
     
 
 
  
As of December 31, 2020, no securities have been in a continuous unrealized loss position. There were no other-than-temporary impairments recognized for the years ended December 31, 2020 and 2019.
The amortized cost and fair value of fixed maturities securities and short-term investments by contractual maturity are as follows (in millions):
 
    
As of December 31, 2020
  
    
Amortized Cost
     
Fair Value
  
Due to mature:
      
One year or less
    $ 6.4      $ 6.4  
After one year through five years
      21.5        21.5  
After five years
      5.4        5.4  
After ten years
      0.1        0.1  
Residential mortgage-backed securities
      12.9        12.9  
Commercial mortgage-backed securities
      5.4        5.5  
Asset backed securities
      4.2        4.2  
  
 
 
     
 
 
  
Total fixed maturities
available-for-sale
    $ 55.9      $ 56.0  
  
 
 
     
 
 
  
 
    
As of December 31, 2019
  
    
Amortized Cost
     
Fair Value
  
Due to mature:
      
One year or less
    $ 96.4      $ 96.5  
  
 
 
     
 
 
  
Total short-term investments
    $ 96.4      $ 96.5  
  
 
 
     
 
 
  
Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.
Net realized gains fixed maturity securities and short-term investments were insignificant for the year ended December 31, 2020 and 2019, respectively.
The Company’s net investment income is comprised of the following (in millions):
 
    
Year ended
December 31,
  
    
2020
     
2019
  
Fixed maturities income
    $ 1.1      $ —    
Short-term investment income
      —          2.2  
  
 
 
     
 
 
  
Total gross investment income
      1.1        2.2  
Investment expenses
      —          —    
  
 
 
     
 
 
  
Net investment income
    $ 1.1      $ 2.2  
  
 
 
     
 
 
  
Pursuant to certain regulatory requirements, the Company is required to hold assets on deposit with various state insurance departments for the benefit of policyholders. These special deposits are included in fixed maturities,
available-for-sale
on the consolidated balance sheets. The following table reflects special deposits (in millions):​​​​​​​
 
    
As of December 31, 2020
  
    
Amortized Cost
     
Fair Value
  
State
      
Illinois
    $ 1.6      $ 1.6  
Colorado
      1.5        1.5  
Nevada
      0.4        0.4  
North Carolina
      0.3        0.3  
Virginia
      0.4        0.4  
New Mexico
      0.4        0.4  
New York
      3.1        3.1  
Vermont
      0.3        0.3  
Massachusetts
      0.1        0.1  
Florida
      0.3        0.3  
  
 
 
     
 
 
  
Total states
    $ 8.4      $ 8.4  
  
 
 
     
 
 
  
 
v3.21.2
Summary of Significant Accounting Policies
 3 Months Ended 6 Months Ended
Dec. 31, 2020
Jun. 30, 2021
Significant Accounting Policies [Text Block]  
Note 2 — Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for
financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021 or any future period. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements contained in Amendment No. 1 to the Company’s Annual Report on
Form 10-K/A filed
with the SEC on May 11, 2021.
Emerging Growth Company
The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but
any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.
This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Liquidity and Capital Resources
As of June 30, 2021, the Company had approximately $101,000 in its operating bank account and a working capital deficit of approximately $397,000.
The Company’s liquidity needs to date have been satisfied through a contribution of $25,000 from Sponsor to cover for certain expenses in exchange for the issuance of the Founder Shares, the loan of approximately $194,000 from the Sponsor pursuant to the promissory note (see Note 4), and the proceeds from the consummation of the Initial Public Offering and Private Placement not held in the Trust Account. The Company fully repaid the promissory note as of September 21, 2020 (see Note 4). In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans (see Note 4). As of June 30, 2021, there were no amounts outstanding under any Working Capital Loan.
On August 2, 2021, the Company closed the Business Combination. On August 2, 2021, the Company issued, in the aggregate, 55,000,000 shares of its common stock to investors at $10.00 per share for aggregate consideration of $550,000,000.​​​​​​​
Risk and Uncertainties
On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus (the
“COVID-19
outbreak”). In March 2020, the WHO classified the
COVID-19
outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the
COVID-19
outbreak continues to evolve. The impact of the
COVID-19
outbreak on the Company’s results of operations, financial position and cash flows will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions. These developments and the impact of the
COVID-19
outbreak on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s results of operations, financial position and cash flows may be materially adversely affected. Additionally, the Company’s ability to complete an initial Business Combination may be materially adversely affected due to significant governmental measures that have been, and may in the future be, implemented to contain the
COVID-19
outbreak or treat its impact, including travel restrictions, the shutdown of businesses and quarantines, among others, which may limit the Company’s ability to have meetings with potential investors or affect the ability of a potential target company’s personnel, vendors and service providers to negotiate and consummate an initial Business Combination in a timely manner. The Company’s ability to consummate an initial Business Combination may also be dependent on the ability to raise additional equity and debt financing, which may be impacted by the
COVID-19
outbreak and the resulting market downturn.
Use of Estimates
The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting estimates included in these condensed consolidated financial statements is the determination of the fair value of the warrant liability. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates.
Cash and Cash Equivalents
The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of June 30, 2021 and December 31, 2020.
Investments Held in the Trust Account
The Company’s portfolio of investments is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair
value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. When the Company’s investments held in the Trust Account are comprised of money market funds, the investments are recognized at fair value. Trading securities and investments in money market funds are presented on the condensed consolidated balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in unrealized gain on investments held in Trust Account in the accompanying unaudited condensed consolidated statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information.    ​​​​​​​
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation coverage limit of $250,000. As of June 30, 2021 and December 31, 2020, the Company had not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.
Fair Value of Financial Instruments
The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC Topic 820, “Fair Value Measurements,” approximates the carrying amounts represented in the condensed consolidated balance sheets.
Fair Value Measurements
Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
 
  •  
Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;
 
  •  
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
 
  •  
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.
Derivative Warrant Liabilities
The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants,
to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is
re-assessed
at the end of each reporting period.
The warrants issued in the Initial Public Offering (the “Public Warrants”) and the Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the carrying value of the instruments to fair value at each reporting period until they are exercised. The initial fair value of Public Warrants issued in connection with the Public Offering and the fair value of Private Placement Warrants have been estimated using a Monte Carlo simulation model each measurement date. The fair value of the Public Warrants as of June 30, 2021 is based on observable listed prices for such warrants. The fair value of the Public Warrants as of December 31, 2020 was estimated using a Monte Carlo simulation model. Derivative warrant liabilities are classified as
non-current
liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.
Offering Costs Associated with the Initial Public Offering
Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with derivative warrant liabilities were expensed as incurred and presented as
non-operating
expenses in the condensed consolidated statements of operations. Offering costs associated with the Class A ordinary shares were charged to shareholders’ equity upon the completion of the Initial Public Offering. The Company will keep deferred underwriting commissions classified as
non-current
liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.
Class A Ordinary Shares Subject to Possible Redemption
The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480. Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at June 30, 2021 and December 31, 2020, 19,975,356 and 20,484,749, respectively, of Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of the Company’s condensed consolidated balance sheets.
Income Taxes
FASB ASC Topic 740, “Income Taxes” prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of June 30, 2021. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company
recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of June 30, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.
There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited condensed consolidated financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.
Net Income (Loss) Per Ordinary Share
Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding during the periods. The Company has not considered the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 9,000,000, of the Company’s Class A ordinary shares in the calculation of diluted net income (loss) per share, since the exercise of the warrants are contingent upon the occurrence of future events.
The Company’s unaudited condensed consolidated statements of operations includes a presentation of net income (loss) per share for ordinary shares subject to redemption in a manner similar to the
two-class
method of net income (loss) per share. Net income (loss) per ordinary share, basic and diluted for Class A ordinary shares is calculated by dividing the unrealized gain on investments held in the Trust Account, net of applicable taxes and interest to fund working capital requirements, subject to an annual limit of $165,000, available to be withdrawn from the Trust Account, resulting in income of approximately $6,000 and $59,000 for the three and six months ended June 30, 2021, respectively, by the weighted average number of Class A ordinary shares outstanding for the period. Net income (loss) per ordinary share, basic and diluted for Class B ordinary shares is calculated by dividing the net income (loss), less net income (loss) attributable to Class A ordinary shares by the weighted average number of Class B ordinary shares outstanding for the period.
Recent Accounting Pronouncements
In August 2020, the FASB issued Accounting Standards Update (“ASU”)
No. 2020-06, “Debt—Debt
with Conversion and Other Options
(Subtopic 470-20) and
Derivatives and Hedging—Contracts in Entity’s Own Equity
(Subtopic 815-40): Accounting
for Convertible Instruments and Contracts in an Entity’s Own
Equity” (“ASU 2020-06”), which
simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company adopted
ASU 2020-06 on
January 1, 2021. Adoption of the ASU did not impact the Company’s financial position, results of operations or cash flows.
The Company’s management does not believe that any other recently issued, but not yet effective, accounting pronouncement if currently adopted would have a material effect on the Company’s unaudited condensed financial statements.
Reinvent Technology Partners Z [Member]    
Significant Accounting Policies [Text Block]
Note 3 — Summary of Significant Accounting Policies
Basis of Presentation
The Company’s financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position for the period presented.
As described in Note 2 — Restatement of Financial Statements, the Company’s consolidated financial statements for the period from October 2, 2020 (inception) through December 31, 2020 (the “Affected Periods”), are restated in this proxy statement/prospectus to correct the misapplication of accounting guidance related to the Company’s warrants in the Company’s previously issued audited and unaudited condensed financial statements for such periods. The restated financial statements are indicated as “Restated” in the audited and unaudited condensed financial statements and accompanying notes, as applicable. See Note 2 — Restatement of Financial Statements for further discussion.
Emerging Growth Company
The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to
non-emerging
growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.
This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Liquidity and Capital Resources
As of December 31, 2020, the Company had approximately $623,000 in its operating bank accounts, and working capital of approximately $1.5 million.
The Company’s liquidity needs to date have been satisfied through a contribution of $25,000 from the Sponsor to cover certain expenses in exchange for the issuance of the Founder Shares (see Note 6), the loan of approximately $60,000 from the Sponsor pursuant to the Note (see Note 6), and the proceeds from the consummation of the Initial Public Offering and Private Placement not held in the Trust Account. The Company fully repaid the Note as of November 23, 2020. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans (see Note 6). As of December 31, 2020, there were no amounts outstanding under any Working Capital Loan.
Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity from the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors to meet its needs through the earlier of the consummation of a Business Combination and one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.
Risk and Uncertainties
On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus (the
“COVID-19
outbreak”). In March 2020, the WHO classified the
COVID-19
outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the
COVID-19
outbreak continues to evolve. The impact of the
COVID-19
outbreak on the Company’s results of operations, financial position and cash flows will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions.
These developments and the impact of the
COVID-19
outbreak on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s results of operations, financial position and cash flows may be materially adversely affected. Additionally, the Company’s ability to complete an initial Business Combination may be materially adversely affected due to significant governmental measures that have been, and may in the future be, implemented to contain the
COVID-19
outbreak or treat its impact, including travel restrictions, the
shutdown of businesses and quarantines, among others, which may limit the Company’s ability to have meetings with potential investors or affect the ability of a potential target company’s personnel, vendors and service providers to negotiate and consummate an initial Business Combination in a timely manner. The Company’s ability to consummate an initial Business Combination may also be dependent on the ability to raise additional equity and debt financing, which may be impacted by the
COVID-19
outbreak and the resulting market downturn.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.
Cash and Cash Equivalents
The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
Investments Held in Trust Account
The Company’s portfolio of investments is comprised solely of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities, or a combination thereof. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in unrealized loss on investments held in Trust Account in the accompanying statement of operations. The estimated fair values of investments held in the Trust Account are determined using available market information
.
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000, and investments held in Trust Account. At December 31, 2020, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.
Fair Value of Financial Instruments
Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
 
  •  
Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;
  •  
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
 
  •  
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.
As of December 31, 2020, the carrying values of cash, accounts payable and accrued expenses approximate their fair values due to the short-term nature of the instruments. The Company’s portfolio of investments held in the Trust Account is comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less or investments in money market funds that invest in U.S. government securities, or a combination thereof. The fair value for trading securities is determined using quoted market prices in active markets.
Derivative warrant liabilities
The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.
The Company accounts for its 9,000,000 common stock warrants issued in connection with its Initial Public Offering and exercise of over-allotment option (4,600,000 warrants) and Private Placement (4,400,000 warrants) as derivative warrant liabilities in accordance with ASC 815-40. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statement of operations. The fair value of warrants issued by the Company in connection with the Public Offering, over-Allotment exercise and Private Placement has been estimated using Monte-Carlo simulations at each measurement date.
Offering Costs Associated with the Initial Public Offering
Offering costs consisted of legal, accounting, underwriting and other costs incurred that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as non-operating expenses in the statement of operations. Offering costs associated with the Class A ordinary shares were charged to shareholders’ equity upon the completion of the Initial Public Offering.
Class A Ordinary Shares Subject to Possible Redemption
The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A ordinary shares are
classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at December 31, 2020, 20,484,749 Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet.
Income Taxes
FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statements recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of December 31, 2020. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.
There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.
Net Income (Loss) Per Ordinary Share
Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding during the periods. The Company has not considered the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 9,000,000, of the Company’s Class A ordinary shares in the calculation of diluted net income (loss) per share, since their inclusion would be anti-dilutive under the treasury stock method.
The Company’s statement of operations includes a presentation of net income (loss) per share for ordinary shares subject to redemption in a manner similar to the
two-class
method of net income (loss) per share. Net income (loss) per ordinary share, basic and diluted for Class A ordinary shares is calculated by dividing the interest income (loss) earned on investments held in the Trust Account, net of applicable taxes and interest to fund working capital requirements, subject to an annual limit of $165,000, available to be withdrawn from the Trust Account, resulting in income of approximately $19,000 for the period from October 2, 2020 (inception) through December 31, 2020, by the weighted average number of Class A ordinary shares outstanding for the period. Net income (loss) per ordinary share, basic and diluted for Class B ordinary shares is calculated by dividing the net income (loss), less net income (loss) attributable to Class A ordinary shares by the weighted average number of Class B ordinary shares outstanding for the period.
Recent Accounting Pronouncements
Management does not believe that any recently issued, but not yet effective, accounting pronouncement if currently adopted would have a material effect on the Company’s financial statements.
 
v3.21.2
Cash, Cash Equivalents, and Restricted Cash
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]    
Cash, Cash Equivalents And Restricted Cash
3. Cash, Cash Equivalents, and Restricted Cash
The following table sets forth the cash, cash equivalents, and restricted cash (in millions):
 
    
June 30,

2021
     
December 31,

2020
  
Cash and cash equivalents:
      
Cash
    $ 126.2    $ 56.7
Money market funds
      237.9      372.1
Treasury bills
      —          23.5
  
 
 
     
 
 
  
Total cash and cash equivalents
      364.1      452.3
  
 
 
     
 
 
  
Restricted cash:
      
Fiduciary assets
      28.0      12.1
Letters of credit and cash on deposit
      18.1      28.0
  
 
 
     
 
 
  
Total restricted cash
      46.1      40.1
  
 
 
     
 
 
  
Total cash, cash equivalents, and restricted cash
    $ 410.2    $ 492.4
  
 
 
     
 
 
  
 
3. Cash, Cash Equivalents, and Restricted Cash
The following table sets forth the cash, cash equivalents, and restricted cash (in millions):
 
    
As of
December 31,
  
    
2020
     
2019
  
Cash and cash equivalents:
      
Cash
    $ 56.7      $ 19.6  
Money market funds
      372.1        3.7  
Treasury bills
      23.5        —    
  
 
 
     
 
 
  
Total cash and cash equivalents
      452.3        23.3  
  
 
 
     
 
 
  
Restricted cash:
      
Fiduciary assets
      12.1        12.7  
Cash on deposit
      28.0        6.0  
  
 
 
     
 
 
  
Total restricted cash
      40.1        18.7  
  
 
 
     
 
 
  
Total cash, cash equivalents, and restricted cash
    $ 492.4      $ 42.0  
  
 
 
     
 
 
  
v3.21.2
Fair Value Measurements
 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2020
Jun. 30, 2021
Dec. 31, 2020
Fair Value Measurements  
Note 9 — Fair Value Measurements
The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2021 and December 31, 2020 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.
June 30, 2021
 
Description
   
Quoted Prices in

Active Markets
(Level 1)
     
Significant Other

Observable Inputs
(Level 2)
     
Significant Other

Unobservable Inputs
(Level 3)
  
Assets:
         
U.S. Treasury Securities
    $ 230,004,108      $ —        $ —    
Liabilities:
         
Derivative warrant liabilities — public warrants
    $ 8,318,290      $ —        $ —    
Derivative warrant liabilities — private warrants
    $ —        $ —        $ 8,284,890  
December 31, 2020
 
Description
   
Quoted Prices in

Active Markets
(Level 1)
     
Significant Other

Observable Inputs
(Level 2)
     
Significant Other

Unobservable Inputs
(Level 3)
  
Assets:
         
U.S. Treasury Fund
    $ 230,017,782      $ —        $ —    
Liabilities:
         
Derivative warrant liabilities — public warrants
    $ —        $ —        $ 6,762,630  
Derivative warrant liabilities — private warrants
    $ —        $ —        $ 6,705,000  
The remainder of the balance in Investments held in Trust Account is comprised of cash equivalents. Level 1 assets include investments in cash, money market funds and U.S. Treasury securities. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments.
Transfers to/from Levels 1, 2, and 3 are recognized at the beginning of the reporting period. The estimated fair value of the Public Warrants transferred from a Level 3 measurement to a Level 1 fair value measurement in January 2021, when the Public Warrants were separately listed and traded.
The fair value of the Public Warrants issued in connection with the Public Offering and Private Placement Warrants were initially measured at fair value using a Monte Carlo simulation model and subsequently, the fair value of the Private Placement Warrants have been estimated using a Monte Carlo simulation model each measurement date. The fair value of Public Warrants issued in connection with the Initial Public Offering have been measured based on the listed market price of such warrants, a Level 1 measurement, since January 2021. For the three and six months ended June 30, 2021, the Company recognized a charge to the condensed consolidated statements of operations resulting from an increase in the fair value of liabilities of approximately $2.1 million and $3.1 million, respectively, presented as change in fair value of derivative warrant liabilities on the accompanying condensed consolidated statements of operations.
The estimated fair value of the Private Placement Warrants, and the Public Warrants prior to being separately listed and traded, is determined using Level 3 inputs. Inherent in a Monte Carlo simulation are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its warrants based on implied volatility from the Company’s traded warrants and from historical volatility of select peer company’s common stock that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury
zero-coupon
yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero.
The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:
 
    
As of June 30,
2021
    
As of December 31,
2020
  
Stock price
    $ 9.93     $ 9.98  
Volatility
      25.7 %      23.5 % 
Expected life of the options to convert
      5.10       5.47  
Risk-free rate
      0.88 %      0.43 % 
Dividend yield
      —         —    
The change in the fair value of the Level 3 derivative warrant liabilities for six months ended June 30, 2021 is summarized as follows:
 
Level 3 – Derivative warrant liabilities at January 1, 2021
    $ 13,467,630  
Transfer of Public Warrants to Level 1
      (7,285,410 ) 
Change in fair value of derivative warrant liabilities
      2,102,670  
  
 
 
  
Level 3 – Derivative warrant liabilities at June 30, 2021
    $ 8,284,890  
  
 
 
  
  
Hippo Enterprises Inc And Subsidiaries [Member]      
Fair Value Measurements  
 
4. Fair Value Measurement
The following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis (in millions):
 
                                                   
    
June 30, 2021
  
    
Level 1
     
Level 2
     
Level 3
     
Total
  
Financial assets:
            
Cash equivalents:
            
Money market funds
   
 
237.9
   
$
—  
 
   
$
—  
 
   
$
237.9
  
 
 
     
 
 
     
 
 
     
 
 
  
Total cash equivalents
   
$
237.9
   
$
—  
 
   
$
—  
 
   
$
237.9
  
 
 
     
 
 
     
 
 
     
 
 
  
Fixed maturities
available-for-sale:
            
U.S. government and agencies
   
$
10.0
   
$
—  
 
   
$
—  
 
   
$
10.0
States, and other territories
   
 
—  
 
   
 
5.9
   
 
—  
 
   
 
5.9
Corporate securities
   
 
—  
 
   
 
18.4
   
 
—  
 
   
 
18.4
Foreign securities
   
 
—  
 
   
 
0.3
   
 
—  
 
   
 
0.3
Residential mortgage-backed securities
   
 
—  
 
   
 
10.6
   
 
—  
 
   
 
10.6
Commercial mortgage-backed securities
   
 
—  
 
   
 
5.0
   
 
—  
 
   
 
5.0
Asset backed securities
   
 
—  
 
   
 
6.4
   
 
—  
 
   
 
6.4
  
 
 
     
 
 
     
 
 
     
 
 
  
Total fixed maturities
available-for-sale
   
 
10.0
   
 
46.6
   
 
—  
 
   
 
56.6
  
 
 
     
 
 
     
 
 
     
 
 
  
Total financial assets
   
$
247.9
   
$
46.6
   
$
—  
 
   
$
294.5
  
 
 
     
 
 
     
 
 
     
 
 
  
Financial liabilities:
            
Derivative liability on convertible promissory notes
   
$
—  
 
   
$
—  
 
   
$
162.6
   
$
162.6
Contingent consideration liability
   
 
—  
 
   
 
—  
 
   
 
11.6
   
 
11.6
Preferred stock warrant liabilities
   
 
—  
 
   
 
—  
 
   
 
137.5
   
 
137.5
  
 
 
     
 
 
     
 
 
     
 
 
  
Total financial liabilities
   
$
—  
 
   
$
—  
 
   
$
311.7
   
$
311.7
  
 
 
     
 
 
     
 
 
     
 
 
  
 
                                                   
    
December 31, 2020
  
    
Level 1
     
Level 2
     
Level 3
     
Total
  
Financial assets:
            
Cash equivalents:
            
Money market funds
   
$
372.1
   
$
—  
 
   
$
—  
 
   
$
372.1
Treasury Bills
   
 
23.5
   
 
—  
 
   
 
—  
 
   
 
23.5
  
 
 
     
 
 
     
 
 
     
 
 
  
Total cash equivalents
   
$
395.6
   
$
—  
 
   
$
—  
 
   
$
395.6
  
 
 
     
 
 
     
 
 
     
 
 
  
Fixed maturities
available-for-sale:
            
U.S. government and agencies
   
$
10.1
   
$
—  
 
   
$
—  
 
   
$
10.1
States, and other territories
   
 
—  
 
   
 
5.1
   
 
—  
 
   
 
5.1
Corporate securities
   
 
—  
 
   
 
17.4
   
 
—  
 
   
 
17.4
Foreign securities
   
 
—  
 
   
 
0.8
   
 
—  
 
   
 
0.8
Residential mortgage-backed securities
   
 
—  
 
   
 
12.9
   
 
—  
 
   
 
12.9
Commercial mortgage-backed securities
   
 
—  
 
   
 
5.5
   
 
—  
 
   
 
5.5
Asset backed securities
   
 
—  
 
   
 
4.2
   
 
—  
 
   
 
4.2
  
 
 
     
 
 
     
 
 
     
 
 
  
Total fixed maturities
available-for-sale
   
$
10.1
   
$
45.9
   
$
—  
 
   
$
56.0
  
 
 
     
 
 
     
 
 
     
 
 
  
Total financial assets
   
$
405.7
   
$
45.9
   
$
—  
 
   
$
451.6
  
 
 
     
 
 
     
 
 
     
 
 
  
Financial liabilities:
            
Derivative liability on convertible promissory notes
   
$
—  
 
   
$
—  
 
   
$
113.3
   
$
113.3
Contingent consideration liability
   
 
—  
 
   
 
—  
 
   
 
12.0
   
 
12.0
Preferred stock warrant liabilities
   
 
—  
 
   
 
—  
 
   
 
22.9
   
 
22.9
  
 
 
     
 
 
     
 
 
     
 
 
  
Total financial liabilities
   
$
—  
 
   
$
—  
 
   
$
148.2
   
$
148.2
  
 
 
     
 
 
     
 
 
     
 
 
  
The Company’s policy is to recognize transfers into and transfers out of fair value hierarchy levels at the end of each reporting period. During the six months ended June 30, 2021 and December 31, 2020 there were no transfers between levels in the fair value hierarchy.
Preferred Stock Warrant Liabilities
The table below presents changes in the preferred stock warrant liability valued using Level 3 inputs (in millions):
 
                         
    
2021
     
2020
  
Balance as of January 1,
   
$
22.9
   
$
6.7
Changes in fair value
   
 
114.6
   
 
4.1
  
 
 
     
 
 
  
Balance as of June 30,
   
$
137.5
   
$
10.8
  
 
 
     
 
 
  
 
 
Contingent Consideration
The contingent consideration is
re-valued
to fair value at the end of each reporting period using the present value of future payments based on an estimate of revenue and customer renewals of the acquiree. There is no limit to the maximum potential contingent consideration as the consideration is based on acquired customer retention. The table below presents the changes in the contingent consideration liability valued using Level 3 inputs (in millions):​​​​​​​
 
                         
    
2021
     
2020
  
Balance as of January 1,
   
$
12.0
   
$
13.8
Payments of contingent consideration
   
 
(1.7
) 
   
 
(3.2
) 
Changes in fair value
   
 
1.3
   
 
—  
 
  
 
 
     
 
 
  
Balance as of June 30,
   
$
11.6
   
$
10.6
  
 
 
     
 
 
  
Derivative liability on notes
The embedded derivative liabilities on the issued and outstanding convertible promissory notes are
re-valued
to the current fair value at the end of each reporting period using the income-based approach based on the with or without 10% discount basis. As of June 30, 2021, the expected time to conversion used in the valuation was
0.1-2.9
years. The table below presents the changes in derivative liability on convertible promissory notes valued using Level 3 inputs (in millions):​​​​​​​
 
            
    
2021
  
Balance as of January 1,
   
$
113.3
Initial measurement of new derivative
   
 
2.8
Changes in fair value
   
 
46.5
  
 
 
  
Balance as of June 30,
   
$
162.6
  
 
 
  
4. Fair Value Measurement
The following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis (in millions):
 
    
As of December 31, 2020
  
    
Level 1
     
Level 2
     
Level 3
     
Total
  
Financial assets:
            
Cash equivalents:
            
Money market funds
    $ 372.1      $ —        $ —        $ 372.1  
Treasury bills
      23.5        —          —          23.5  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total cash equivalents
    $ 395.6      $ —        $ —        $ 395.6  
  
 
 
     
 
 
     
 
 
     
 
 
  
Fixed maturities
available-for-sale:
            
U.S. government and agencies
    $ 9.5      $ —        $ —        $ 9.5  
All other government
      0.6        —          —          0.6  
States, and other territories
      —          5.1        —          5.1  
Corporate securities
      —          17.4        —          17.4  
Foreign securities
      —          0.8        —          0.8  
Residential mortgage-backed securities
      —          12.9        —          12.9  
Commercial mortgage-backed securities
      —          5.5        —          5.5  
Asset backed securities
      —          4.2        —          4.2  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total fixed maturities
available-for-sale
    $ 10.1      $ 45.9      $ —        $ 56.0  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total financial assets
    $ 405.7      $ 45.9      $ —        $ 451.6  
  
 
 
     
 
 
     
 
 
     
 
 
  
Financial liabilities:
            
Derivative liability on convertible promissory notes
    $ —        $ —        $ 113.3      $ 113.3  
Contingent consideration liability
      —          —          12.0        12.0  
Preferred stock warrant liabilities
      —          —          22.9        22.9  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total financial liabilities
    $ —        $ —        $ 148.2      $ 148.2  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
    
As of December 31, 2019
  
    
Level 1
     
Level 2
     
Level 3
     
Total
  
Financial assets:
            
Cash equivalents:
            
Money market funds
    $ 3.7      $ —        $ —        $ 3.7  
Short-term investments:
            
U.S. government securities
      96.5        —          —          96.5  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total financial assets
    $ 100.2      $ —        $ —        $ 100.2  
  
 
 
     
 
 
     
 
 
     
 
 
  
Financial liabilities:
            
Contingent consideration liability
    $ —        $ —        $ 13.8      $ 13.8  
Preferred stock warrant liabilities
      —          —          6.7        6.7  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total financial liabilities
    $ —        $ —        $ 20.5      $ 20.5  
  
 
 
     
 
 
     
 
 
     
 
 
  
The Company’s policy is to recognize transfers into and transfers out of fair value hierarchy levels at the end of each reporting period. During the years ended December 31, 2020 and 2019, there were no transfers between levels in the fair value hierarchy.
Contingent Consideration Liability
In April 2019, the Company closed an acquisition agreement with CalAtlantic Title Group, LLC. Included in the purchase price was $14.9 million of the estimated fair value of contingent consideration. The contingent consideration was valued using the present value of future payments based on an estimate of revenue and customer renewals of the acquiree. There is no limit to the maximum potential contingent consideration as the consideration is based on acquired customer retention. See Note 18 for additional information regarding the acquisition.
The following table includes a rollforward of the contingent consideration liability (in millions):​​​​​​​
 
Balance as of January 1, 2019
    $ —    
Initial recognition of contingent consideration included
      14.9  
in purchase consideration of acquisition
   
Payments of contingent consideration
      (3.0 ) 
Changes in fair value
      1.9  
  
 
 
  
Balance as of December 31, 2019
    $ 13.8  
Payments of contingent consideration
      (5.2 ) 
Changes in fair value
      3.4  
  
 
 
  
Balance as of December 31, 2020
    $ 12.0  
  
 
 
  
 
Preferred Stock Warrant Liabilities
The following table includes a rollforward of the preferred stock warrant liability activity valued using Level 3 inputs is (in millions):
 
Balance as of January 1, 2019
    $ 4.7  
Changes in fair value
      2.0  
  
 
 
  
Balance as of December 31, 2019
      6.7  
Changes in fair value
      16.2  
  
 
 
  
Balance as of December 31, 2020
    $ 22.9  
  
 
 
  
See Note 16 for additional information regarding preferred stock warrant liabilities.
Reinvent Technology Partners Z [Member]      
Fair Value Measurements
Note 10 — Fair Value Measurements
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2020 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.
 
Description
   
Quoted Prices in
Active Markets
(Level 1)
     
Significant Other
Observable Inputs
(Level 2)
     
Significant Other
Unobservable Inputs
(Level 3)
  
Assets:
         
Investments held in Trust Account
    $ 230,017,782    $ —      $ —    
Liabilities:
         
Derivative warrant liabilities — Public Warrants
    $ —        $ —        $ 6,762,630  
Derivative warrant liabilities — Private Warrants
    $ —        $ —        $ 6,705,000  
The remainder of the balance in Investments held in Trust Account is comprised of cash equivalents. Level 1 instruments include investments in cash, money market funds and U.S. Treasury securities. The Company uses inputs such as actual trade data, benchmark yields, quoted market prices from dealers or brokers, and other similar sources to determine the fair value of its investments.
Transfers to/from Levels 1, 2, and 3 are recognized at the end of the reporting period. There were no transfers between levels for the period from October 2, 2020 (inception) through December 31, 2020.
The changes in Level 3 liability measured at fair value for the period ended December 31, 2020 was solely due to the change in the fair value of the stock warrant liability reflected on the statement of operations. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. Unrealized gains and losses associated with liabilities within the Level 3 category include changes in fair value that were attributable to both observable (e.g., changes in market interest rates) and unobservable (e.g., changes in unobservable long- dated volatilities) inputs.
The warrants are accounted for as liabilities in accordance with ASC
815-40
and are presented within derivative warrants liability on the balance sheet. The warrants liabilities are measured at fair value at inception and on a recurring basis, with changes in fair value presented within change in fair value of derivative warrants liability in the statement of operations.
The Company utilizes a binomial Monte-Carlo simulation to estimate the fair value of the warrants at each reporting period, with changes in fair value recognized in the statement of operations. The Company recognized $12,601,580 for the derivative warrant liabilities upon their issuance on November 18, 2020. For the period from October 2, 2020 (inception) through December 31, 2020, the Company recognized a charge to the statement of operations resulting from an increase in the fair value of liabilities of approximately $866,000 presented as change in fair value of derivative warrant liabilities on the accompanying statement of operations.
The estimated fair value of the derivative warrant liabilities is determined using Level 3 inputs. Inherent in a Monte Carlo simulation are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its common stock warrants based on implied volatility from the historical volatility of select peer company’s traded common stock warrants that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury
zero-coupon
yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates remaining at zero.
 
The following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates:
 
    
As of
November 18,
2020
    
As of
December 31,
2020
  
Stock price
    $ 9.72   $ 9.98  
Volatility
      23.20 %      23.50 % 
Expected life of the options to convert
      5.6       5.5  
Risk-free rate
      0.47 %      0.43 % 
Dividend yield
      —         —    
    
v3.21.2
Initial Public Offering
 3 Months Ended 6 Months Ended
Dec. 31, 2020
Jun. 30, 2021
Initial Public Offering Details [Line Items]    
Initial Public Offering  
Note 3 — Initial Public Offering
On November 23, 2020, the Company consummated its Initial Public Offering of 23,000,000 Units, including 3,000,000 Over-Allotment Units, at $10.00 per Unit, generating gross proceeds of $230.0 million, and incurring offering costs of approximately $13.1 million, inclusive of approximately $8.1 million in deferred underwriting commissions.
Each Unit consists of one Class A ordinary share and
one-fifth of
one redeemable warrant (“Public Warrant”). Each whole Public Warrant will entitle the holder to purchase one Class A ordinary share at an exercise price of $
11.50
per share, subject to adjustment (see Note 7).
Reinvent Technology Partners Z [Member]    
Initial Public Offering Details [Line Items]    
Initial Public Offering
Note 4 — Initial Public Offering
On November 23, 2020, the Company consummated its Initial Public Offering of 23,000,000 Units, including 3,000,000 Over-Allotment Units, at $10.00 per Unit, generating gross proceeds of $230.0 million, and incurring offering costs of approximately $13.1 million, inclusive of approximately $8.1 million in deferred underwriting commissions.
Each Unit consists of one Class A ordinary share and
one-fifth
of one redeemable warrant (“Public Warrant”). Each whole Public Warrant will entitle the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment (see Note 8).​​​​​​​
 
v3.21.2
Private Placement
 3 Months Ended 6 Months Ended
Dec. 31, 2020
Jun. 30, 2021
Subsidiary or Equity Method Investee [Line Items]    
Private Placement  
Note 4 — Private Placement
Substantially concurrently with the closing of the Initial Public Offering, the Company consummated the Private Placement of 4,400,000 Private Placement Warrants, at a price of $1.50 per Private Placement Warrant to the Sponsor, generating gross proceeds of $6.6 million.
Each Private Placement Warrant is exercisable for one whole Class A ordinary share at a price of $11.50 per share. A portion of the proceeds from the sale of the Private Placement Warrants to the Sponsor was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be
non-redeemable for
cash and exercisable on a cashless basis, except as described in Note 7, so long as they are held by the Sponsor or its permitted transferees.
The Sponsor and the Company’s officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until 30 days after the completion of the initial Business Combination.
Reinvent Technology Partners Z [Member]    
Subsidiary or Equity Method Investee [Line Items]    
Private Placement
Note 5 — Private Placement
Substantially concurrently with the closing of the Initial Public Offering, the Company consummated the Private Placement of 4,400,000 Private Placement Warrants, at a price of $1.50 per Private Placement Warrant to the Sponsor, generating gross proceeds of $6.6 million.
Each Private Placement Warrant is exercisable for one whole Class A ordinary share at a price of $11.50 per share. A portion of the proceeds from the sale of the Private Placement Warrants to the Sponsor was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the Private Placement Warrants will expire worthless. The Private Placement Warrants will be
non-redeemable
for cash and exercisable on a cashless basis, except as described in Note 8, so long as they are held by the Sponsor or its permitted transferees.
The Sponsor and the Company’s officers and directors agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until 30 days after the completion of the initial Business Combination.
 
v3.21.2
Deferred Policy Acquisition Costs
 12 Months Ended
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]  
Deferred Policy Acquisition Costs
5. Deferred Policy Acquisition Costs
The following table presents the policy acquisition costs deferred and amortized (in millions):
 
    
December 31,
2020
  
Deferred policy acquisition costs, net at beginning of year
    $ —    
Policy acquisition costs deferred during year
      6.4  
Policy acquisition costs amortized during year
      (4.5 ) 
  
 
 
  
Deferred policy acquisition costs, net at end of year
    $ 1.9  
  
 
 
  
v3.21.2
Capitalized Internal Use Software
 12 Months Ended
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]  
Capitalized Internal Use Software
6. Capitalized Internal Use Software
Capitalized internal use software consists of the following (in millions):
 
    
As of
December 31,
  
    
2020
     
2019
  
Capitalized internal use software
    $ 18.4      $ 8.9  
Less: accumulated amortization
      (3.7 )       (1.1 ) 
  
 
 
     
 
 
  
Total capitalized internal use software
    $ 14.7      $ 7.8  
  
 
 
     
 
 
  
Amortization expense totaled $2.6 million and $0.9 million for the years ended December 31, 2020 and 2019, respectively.
v3.21.2
Intangible Assets
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]    
Intangible Assets Disclosure [Line Items]    
Intangible Assets
5. Intangible Assets
 
           
June 30, 2021
     
December 31, 2020
  
    
Weighted-
Average
Useful Life
Remaining
(in years)
     
Gross
Carrying
Amount
     
Accumulated
Amortization
    
Net Carrying

Amount
     
Gross

Carrying
Amount
     
Accumulated
Amortization
    
Net
Carrying
Amount
  
            (in millions)      (in millions)  
Agency and carrier
      7.9      $ 13.5    $ (0.9 )    $ 12.6    $ 13.5    $ (0.1 )    $ 13.4
State licenses and domain name
      Indefinite        10.5      —         10.5      7.1      —         7.1
Customer relationships
      3.8        13.2      (4.9 )      8.3      13.2      (3.8 )      9.4
Developed technology
      1.3        3.6      (2.0 )      1.6      3.6      (1.4 )      2.2
VOBA
      1.2        0.1      —         0.1      0.1      —         0.1
Other
      7.1        1.9      (0.4 )      1.5      1.9      (0.2 )      1.7
     
 
 
     
 
 
    
 
 
     
 
 
     
 
 
    
 
 
  
Total intangible assets, net
       $ 42.8    $ (8.2 )    $ 34.6    $ 39.4    $ (5.5 )    $ 33.9
     
 
 
     
 
 
    
 
 
     
 
 
     
 
 
    
 
 
  
 
 
Amortization expense related to intangible assets was $2.7 million and $1.8 million for the six months ended June 30, 2021 and 2020, respectively, and is included in technology and development expenses for developed technology, sales and marketing expenses for customer relationships, agency relationships, carrier relationships and other. Amortization expense related to value of business acquired (VOBA) is included in general and administrative expenses in the accompanying consolidated statements of operations and comprehensive loss.
7. Intangible Assets
The gross carrying amounts, accumulated amortization, and net carrying amounts of the Company’s amortizable intangible assets are presented in the table below (in millions):
 
           
As of December 31,
  
           
2020
     
2019
  
    
Weighted-
Average
Useful Life
Remaining

(in years)
     
Gross
Carrying
Amount
     
Accumulated
Amortization
    
Net
Carrying
Amount
     
Gross
Carrying
Amount
     
Accumulated
Amortization
    
Net
Carrying
Amount
  
Customer relationships
      4.3      $ 13.2      $ (3.8 )    $ 9.4      $ 13.2      $ (1.6 )    $ 11.6  
Developed technology
      1.8        3.6        (1.4 )      2.2        3.6        (0.2 )      3.4  
Agency and carrier relationships
      7.9        13.5        (0.1 )      13.4        —          —         —    
State licenses
      Indefinite        7.1        —         7.1        —          —         —    
VOBA
      1.7        0.1        —         0.1        —          —         —    
Other
      7.3        1.9        (0.2 )      1.7        0.7        (0.1 )      0.6  
     
 
 
     
 
 
    
 
 
     
 
 
     
 
 
    
 
 
  
Total intangible assets, net
       $ 39.4      $ (5.5 )    $ 33.9      $ 17.5      $ (1.9 )    $ 15.6  
     
 
 
     
 
 
    
 
 
     
 
 
     
 
 
    
 
 
  
Amortization expense related to intangible assets was $3.6 million and $1.9 million for the years ended December 31, 2020 and 2019, respectively. Amortization expense for developed technology is included in technology and development expenses, customer relationships, agency and carrier relationships, and other is included in sales and marketing expenses, and VOBA is included in general and administrative expenses in the accompanying consolidated statements of operations and comprehensive loss.
As of December 31, 2020, the projected annual amortization expense for the Company’s intangible assets for the next five years is as follows (in millions):
 
Year ending December 31,
   
2021
    $ 5.4  
2022
      5.2  
2023
      4.1  
2024
      4.1  
2025
      2.5  
Thereafter
      5.5  
  
 
 
  
Total
    $ 26.8  
  
 
 
  
v3.21.2
Goodwill
 12 Months Ended
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]  
Indefinite-lived Intangible Assets [Line Items]  
Goodwill
8. Goodwill
The following table represents the changes in goodwill (in millions):
 
Balance at January 1, 2019
    $ —    
Additions from acquisitions
      1.9  
  
 
 
  
Balance at December 31, 2019
    $ 1.9  
Additions from acquisitions
      45.9  
  
 
 
  
Balance at December 31, 2020
    $ 47.8  
  
 
 
  
See Note 18 for additional information regarding the Company’s acquisitions including recognition of goodwill.
v3.21.2
Accrued Expenses and Other Liabilities
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]    
Accrued Liabilities And Other Liabilities [Line Items]    
Accrued Expenses and Other Liabilities
6. Accrued Expenses and Other Liabilities
 
                         
    
June 30,

2021
     
December 31,

2020
  
    
(in millions)
  
Accrued wages and commissions
   
$
7.0
   
$
5.0
Deferred revenue
   
 
7.2
   
 
1.7
Advances from customers
   
 
9.6
   
 
4.4
Accrued licenses and taxes
   
 
3.0
   
 
2.5
Accrued transaction cost
   
 
1.1
   
 
—  
 
Accrued interest
   
 
0.9
   
 
0.8
Other
   
 
17.2
   
 
11.3
  
 
 
     
 
 
  
Total accrued expenses and other liabilities
   
$
46.0
   
$
25.7
  
 
 
     
 
 
  
9. Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consist of the following (in millions):
 
    
As of
December 31,
  
    
2020
     
2019
  
Accrued wages and commissions
    $ 5.0      $ 5.3  
Accounts payable
      0.5        3.2  
Deferred revenue
      1.7        0.8  
Advances from customers
      4.4        1.5  
Accrued license fees and taxes
      2.5        —    
Other
      11.6        3.8  
  
 
 
     
 
 
  
Total accrued expenses and other liabilities
    $ 25.7      $ 14.6  
  
 
 
     
 
 
  
v3.21.2
Loss and Loss Adjustment Expense Reserves
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]    
Loss and Loss Adjustment Expense Reserves [Line Items]    
Loss and Loss Adjustment Expense Reserves
7. Loss and Loss Adjustment Expense Reserves
The reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses, net of reinsurance is summarized as follows for the six months ended June 30, (in millions):
 
                         
    
2021
     
2020
  
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of beginning of the period
   
$
105.1
   
$
—
 
Reinsurance recoverables on unpaid losses
   
 
(92.1
) 
   
 
—  
 
  
 
 
     
 
 
  
Reserve for losses and LAE, net of reinsurance recoverables as of beginning of the period
   
 
13.0
   
 
—
 
Add: Incurred losses and LAE, net of reinsurance, related to:
      
Current year
   
 
39.0
   
 
5.3
Prior years
   
 
(0.3
) 
   
 
(0.1
) 
  
 
 
     
 
 
  
Total incurred
   
 
38.7
   
 
5.2
Deduct: Loss and LAE payments, net of reinsurance, related to:
      
Current year
   
 
(19.5
) 
   
 
(3.3
) 
Prior year
   
 
(5.1
) 
   
 
—  
 
  
 
 
     
 
 
  
Total paid
   
 
(24.6
) 
   
 
(3.3
) 
Reserve for losses and LAE, net of reinsurance recoverables at end of period
   
 
27.1
   
 
1.9
Add: Reinsurance recoverables on unpaid losses and LAE at end of period
   
 
168.1
   
 
—  
 
  
 
 
     
 
 
  
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of end of the period
   
$
195.2
   
$
1.9
  
 
 
     
 
 
  
 
 
Included in the Loss and LAE for the six months ended June 30, 2021 are losses related to weather-related loss experience, including the Texas winter storm in February 2021 and the wind and hail storms in April 2021.
Net incurred losses and LAE experienced favorable development of $
0.3 
million and
0.1 
million for the six months ended June 30, 2021 and 2020, respectively. These changes are generally a result of ongoing analysis of recent loss development trends. Loss and LAE are updated as additional information becomes known.
Unpaid loss and LAE includes anticipated salvage and subrogation recoverable. The amount of anticipated salvage and subrogation recoverable is insignificant as of June 30, 2021.
10. Loss and Loss Adjustment Expense Reserves
As described in Note 1, “Description of Business and Summary of Significant Accounting Policies”, the Company acquired Spinnaker Insurance Company on August 31, 2020. Therefore, the Company assumed the obligations of Spinnaker upon acquisition. The reconciliation of the beginning and ending reserve balances for loss and LAE, net of reinsurance is summarized as follows (in millions), reflecting the reserve balances acquired through the Company’s acquisition of Spinnaker:​​​​​​​
 
    
2020
  
Reserve for losses and LAE, net of reinsurance recoverables as of January 1, 2020
    $ —  
Add: Incurred losses and LAE, net of reinsurance, related to:
 
Current year
      25.3  
Prior years
      —    
  
 
 
  
Total incurred
      25.3  
  
 
 
  
Deduct: Loss and LAE payments, net of reinsurance, related to:
 
Current year
      (17.0 ) 
Prior year
      (0.3 ) 
  
 
 
  
Total paid
      (17.3 ) 
  
 
 
  
Add: Reserve for losses and LAE, net of reinsurance recoverables acquired from Spinnaker
      5.0  
  
 
 
  
Reserve for losses and LAE, net of reinsurance recoverables as of December 31, 2020
      13.0  
Add: Reinsurance recoverables on unpaid losses and LAE as of December 31, 2020
      92.1  
  
 
 
  
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of December 31, 2020
    $ 105.1  
  
 
 
  
Unpaid loss and LAE includes anticipated salvage and subrogation recoverable. The amount of anticipated salvage and subrogation recoverable is immaterial as of December 31, 2020.
Incurred loss and loss adjustment expenses (“LAE”), net of reinsurance
The following tables present information about incurred and paid loss development as of December 31, 2020, net of reinsurance, as well as cumulative claim frequency and the total of IBNR reserves. The tables include unaudited information about incurred and paid claims development for the years ended December 31, 2015​​​​​​​
through 2020. In addition, the following table shows incurred loss and LAE by accident year in aggregate as the Company has one single operating and reportable segment. (in millions, except for number of claims):​​​​​​​
 
    
December 31,
     
December 31, 2020
  
    
2015
     
2016
     
2017
     
2018
     
2019
     
2020
     
IBNR
     
Cumulative
Number of
Reported Claims
  
    
(unaudited)
     
(unaudited)
     
(unaudited)
     
(unaudited)
     
(unaudited)
                       
Accident Year
                        
2015
    $ —        $ —        $ —        $ —        $ —        $ —        $ —          7  
2016
      —          2.5        1.9        1.9        1.8        1.8        —          713  
2017
      —          —          5.2        4.4        4.0        4.0        —          3,118  
2018
      —          —          —          7.8        7.2        7.2        0.6        6,156  
2019
      —          —          —          —          4.8        4.9        0.3        13,676  
2020
      —          —          —          —          —          28.1        6.4        26,242  
                 
 
 
     
 
 
     
 
 
  
Total incurred Loss and Loss Adjustment Expenses, net
 
    $ 46.0      $ 7.3        49,912  
        
 
 
     
 
 
     
 
 
  
Net incurred losses and LAE attributable to insurance events of the prior year have developed by immaterial amount as of December 31, 2020 as a result of
re-estimation
of unpaid losses and LAE. These changes are generally results of ongoing analysis of recent loss development trends. Original estimates are decreased or increased as additional information becomes known regarding individual claims.
Cumulative paid loss and LAE, net of reinsurance
The following table presents cumulative paid loss and LAE, net of reinsurance (in millions):
 
    
December 31,
  
    
2015
     
2016
     
2017
     
2018
     
2019
     
2020
  
    
(unaudited)
     
(unaudited)
     
(unaudited)
     
(unaudited)
     
(unaudited)
         
Accident Year
                  
2015
    $ —        $ —        $ —        $ —        $ —        $ —    
2016
      —          1.2        1.8        1.9        1.8        1.8  
2017
      —          —          3.0        4.0        4.0        4.0  
2018
      —          —          —          5.3        5.7        5.7  
2019
      —          —          —          —          3.2        4.4  
2020
      —          —          —          —          —          17.1  
                 
 
 
  
Total paid losses and LAE, net
                   $ 33.0  
                 
 
 
  
Total unpaid loss and LAE reserves, net
                   $ 13.0  
                 
 
 
  
Ceded unpaid loss and LAE
                     92.1  
                 
 
 
  
Gross unpaid loss and LAE
                   $ 105.1  
                 
 
 
  
 
Average annual percentage payout of incurred loss by age, net of reinsurance (unaudited supplementary information)
The following table presents supplementary information about average historical claims duration as of December 31, 2020:
 
Years
   
1
    
2
    
3
    
4
    
5
  
Property and Casualty
      60 %      28 %      4 %      7 %      0 % 
The reconciliation of the net incurred and paid loss information in the loss reserve rollforward table and development tables with respect to the current accident year is as follows (in millions):
 
    
2020 — Current
  
    
Accident Year
  
    
Incurred
     
Paid
  
Rollforward table
    $ 25.3      $ 17.0  
Development table
      28.1        17.1  
  
 
 
     
 
 
  
Variance
    $ (2.8 )     $ (0.1 ) 
  
 
 
     
 
 
  
Unallocated loss adjustment expense
      2.2        (2.1 ) 
Loss and LAE of Spinnaker prior to the acquisition
      (5.0 )       2.0  
v3.21.2
Reinsurance
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]    
Effects of Reinsurance [Line Items]    
Reinsurance
8. Reinsurance
The Company has entered into quota share and excess of loss contracts, which may have catastrophe exposure. The Company is not relieved of its primary obligations to policyholders in the event of a default or the insolvency of its reinsurers, therefore a credit exposure exists to the extent that any reinsurer fails to meet its obligations in the reinsurance agreements. To mitigate this exposure to reinsurance insolvencies, the Company evaluates the financial condition of its reinsurers and, in certain circumstances, holds substantial collateral (in the form of letters of credit, trusts and funds withheld) as security under the reinsurance agreements.
No
amounts have been recorded in the three and six months ended June 30, 2021 and 2020 for amounts anticipated to be uncollectible or for the anticipated failure of a reinsurer to meet its obligations under the contracts.
For its primary reinsurance treaty incepting in 2021, the Company secured quota share reinsurance from a diverse panel of nine third-party reinsurers with A.M. Best ratings of
A-
or better. A total of approximately
11
% of the risk was retained either by Spinnaker or Hippo’s captive, RHS, which aligns interests with third-party reinsurers. Two of the reinsurers, representing approximately one third of the program, are three-year agreements.
The following tables reflect amounts affecting the statements of operations and comprehensive loss for ceded reinsurance for the three and six months ended June 30, 2021 and 2020 (in millions):
 
                                                                             
    
For the Three Months Ended June 30,
  
    
2021
    
2020
  
    
Written
premiums
    
Earned
premiums
    
Loss and LAE
incurred
    
Written
premiums
     
Earned
premiums
    
Loss and LAE
incurred
  
Direct
   
$
129.3
  
$
83.9
  
$
135.7
  
$
—  
 
   
$
—  
 
  
$
—  
 
Assumed
   
 
(0.7
) 
  
 
3.2
  
 
4.8
  
 
5.5
   
 
3.1
  
 
3.3
  
 
 
    
 
 
    
 
 
    
 
 
     
 
 
    
 
 
  
Gross
   
 
128.6
  
 
87.1
  
 
140.5
  
 
5.5
   
 
3.1
  
 
3.3
Ceded
   
 
(116.4
) 
  
 
(76.9
) 
  
 
(119.1
) 
  
 
—  
 
   
 
(0.6
) 
  
 
—  
 
  
 
 
    
 
 
    
 
 
    
 
 
     
 
 
    
 
 
  
Net
   
$
12.2
  
$
10.2
  
$
21.4
  
$
5.5
   
$
2.5
  
$
3.3
  
 
 
    
 
 
    
 
 
    
 
 
     
 
 
    
 
 
  
 
 
                                                                                                     
    
For the Six Months Ended June 30,
  
    
2021
    
2020
  
     Written
premiums		     Earned
premiums		     Loss and LAE
incurred		     Written
premiums		     Earned
premiums		     Loss and LAE
incurred		  
Direct
    $ 224.3   $ 154.9   $ 276.1   $ —       $ —       $ —    
Assumed
      3.4     6.6     10.1     14.7     4.8     5.2
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Gross
      227.7     161.5     286.2     14.7     4.8     5.2
Ceded
      (208.4 )      (142.5 )      (247.5 )      (2.0 )      (0.8 )      —    
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net
    $ 19.3   $ 19.0   $ 38.7   $ 12.7   $ 4.0   $ 5.2
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
11. Reinsurance
The Company has entered into quota share and excess of loss contracts which may have catastrophe exposure. The Company is not relieved of its primary obligations to policyholders in the event of a default or the insolvency of its reinsurers, therefore a credit exposure exists to the extent that any reinsurer fails to meet its obligations assumed in the reinsurance agreements. To mitigate this exposure to reinsurance insolvencies, the Company evaluates the financial condition of its reinsurers and, in certain circumstances, holds substantial collateral (in the form of funds withheld and letters of credit) as security under the reinsurance agreements.
The following table reflects amounts affecting the consolidated balance sheets and statements of operations and comprehensive loss for ceded reinsurance as of and for the year ended December 31, 2020 (in millions):
 
    
2020
  
Loss and LAE reserves
   
Direct
    $ 102.7  
  
 
 
  
Assumed
      2.4  
  
 
 
  
Gross loss and LAE reserves
      105.1  
  
 
 
  
Ceded
      (92.1 ) 
  
 
 
  
Net loss and LAE reserves
    $ 13.0  
  
 
 
  
Unearned premiums:
   
Direct
    $ 143.7  
  
 
 
  
Assumed
      6.6  
  
 
 
  
Gross unearned premiums
      150.3  
  
 
 
  
Ceded
      (129.4 ) 
  
 
 
  
Net unearned premiums
    $ 20.9  
  
 
 
  
 
    
2020
  
Written premiums:
   
Direct
    $ 90.0  
  
 
 
  
Assumed
      26.1  
  
 
 
  
Gross written premiums
      116.1  
  
 
 
  
Ceded
      (78.4 ) 
  
 
 
  
Net written premiums
    $ 37.7  
  
 
 
  
Earned premiums :
   
Direct
    $ 88.7  
  
 
 
  
Assumed
      9.3  
  
 
 
  
Gross earned premiums
      98.0  
  
 
 
  
Ceded
      (80.9 ) 
  
 
 
  
Net earned premiums
    $ 17.1  
  
 
 
  
Loss and LAE incurred:
   
Direct
    $ 93.6  
  
 
 
  
Assumed
      13.3  
  
 
 
  
Gross loss and LAE
      106.9  
  
 
 
  
Ceded
      (81.6 ) 
  
 
 
  
Net loss and LAE
    $ 25.3  
  
 
 
  
Reconciliation of incurred and paid loss by LAE development to gross loss and loss expense reserves are as follows (in millions):
 
    
2020
  
Loss — net of reinsurance
    $ 12.5  
LAE — net of reinsurance
      0.5  
Reinsurance recoverables on unpaid loss
      92.1  
  
 
 
  
Total loss and LAE reserves—gross of reinsurance
    $ 105.1  
  
 
 
  
Amounts recoverable from reinsurers are recognized in a manner consistent with the claims liabilities associated with the reinsurance placement and presented on the balance sheet as reinsurance recoverable on paid and unpaid losses and LAE. Such balance as of December 31, 2020 is presented in the table below (in millions).
 
    
2020
  
Reinsurance recoverable on paid loss
    $ 42.0  
Ceded unpaid loss and LAE
      92.1  
  
 
 
  
Total reinsurance recoverable
    $ 134.1  
  
 
 
  
To reduce credit exposure to reinsurance recoverable and prepaid reinsurance premium balances, the Company evaluates the financial condition of its reinsurers and, in certain circumstances holds collateral in the form of funds withheld and letters of credit as security under the terms of its reinsurance contracts. The Company has the following unsecured reinsurance recoverable and prepaid reinsurance premium balances from reinsurers at December 31, 2020 (in millions):​​​​​​​
AM Best Rating
   
Reinsurer
   
2020
  
A
    Validus Reinsurance, Ltd.    $ 46.9  
A+
    Transatlantic Reinsurance Company      28.8  
A
    Validus Reinsurance (Switzerland) Ltd.      22.6  
A++
    General Reinsurance Corporation      14.4  
     
 
 
  
      $ 112.7  
   Other reinsurers      73.7  
     
 
 
  
      $ 186.4  
     
 
 
  
v3.21.2
Convertible Promissory Notes and Derivative Liability
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]    
Debt Disclosure [Line Items]    
Convertible Promissory Notes and Derivative Liability
9. Convertible Promissory Notes and Derivative Liability
In February 2021, the Company issued an additional convertible promissory note of $7.0 million that matures in
February 2024
for management services provided. The convertible promissory notes bear interest at 2.5% compounded semi-annually. If conversion event has not occurred, this annual interest rate will automatically increase by 2.5% up to 7.5% after certain periods specified in the Purchase Agreement. After 15 months from issuance, if a conversion event has not occurred, interest shall accrue at 5% per annum, compounding semi-annually, unless the Company has filed an
S-1
or signed a letter of intent or definitive agreements with respect to a qualified private round or public issuer merger, in which case the interest rate increase to 5% shall apply after 21 months from issuance, provided a conversion on event has not occurred. With a prior written consent from the investor, the Company may repay the convertible promissory notes and interest, in whole or in part, any time in cash before the maturity date without a prepayment penalty. The convertible promissory notes contain an embedded derivative.
The fair value of the embedded derivative upon issuance of this note was $
2.8
 
million. Interest expense is accreted on the convertible promissory notes between issuance and maturity dates with the expectation that principal and interest are likely to be settled in shares of common stock of the Company at a variable conversion price calculated at 90% of trade price of common stock of the Company. For additional information on derivative liability, refer to Note 4 of these interim consolidated financial statements.
As of June 30, 2021, the Company had aggregate outstanding convertible promissory notes of $299.0 million, net of $
90.2 
million of debt discount and issuance costs, with varying maturities. As of December 31, 2020, the Company had aggregate outstanding convertible promissory notes of $
273.0 
million, net of $
104.5 
million of debt discount and issuance costs.
12. Convertible Promissory Notes and Derivative Liability
On November 23, 2020, the Company entered into a Note Purchase Agreement (“Purchase Agreement”) with investors to obtain funding for up to an aggregate amount of $400.0 million. Pursuant to the Purchase Agreement, the Company issued a convertible promissory note of $350.0 million on November 30, 2020 and $15.0 million on December 4, 2020, which mature on November 30, 2023. The Company issued additional convertible promissory notes which aggregate to $12.5 million on December 29, 2020 that mature on December 29, 2023. Prior to the maturity, the convertible promissory notes may be converted either voluntarily at the option of the investor or automatically to equity based on the conversion events specified in the Purchase Agreement, at a rate of 90% of the per share price which is dictated by the conversion event type. The convertible promissory notes bear interest at 2.5% compounded semi-annually. If conversion event has not occurred, this annual interest rate will automatically increase by 2.5% up to 7.5% after certain periods specified in the Purchase Agreement. After 15 months from issuance, if a conversion event has not occurred, interest shall accrue at 5% per annum, compounding semi-annually, unless the Company has filed an
S-1
or signed a letter of intent or definitive agreements with respect to a qualified private round or public issuer merger, in which case the interest rate increase to 5% shall apply after 21 months from issuance, provided a conversion on event has not occurred. With a prior written consent from the investor, the Company may repay the convertible promissory notes and interest, in whole or in part, any time in cash before the maturity date without a prepayment penalty.
The convertible promissory notes contain an embedded derivative. The fair value of the derivative is recorded as a liability with an offsetting amount recorded as a debt discount, and the debt discount is recorded against the carrying amount of the related convertible promissory note outstanding. The amortization of the debt discount is recorded as interest expense. The embedded derivative liability is
re-valued
to the current fair value at the end of each reporting period using the income-based approach. The fair value of the embedded derivative is valued at the end of each reporting period based on the with or without 10% discount basis and an expected time to conversion of
0.5-3.0
years. Upon conversion, exercise or repayment, the respective embedded derivative liability is
re-valued
at the conversion, repayment or exercise date and then the related fair value amount is recorded to interest and other expense in the consolidated statements of operations and comprehensive loss as part of gain or loss on debt extinguishment.
The fair value of the embedded derivative upon issuance was $107.2 million, and was adjusted to $113.3 million as of December 31, 2020. Interest expense is accreted on the convertible promissory notes between issuance and maturity dates with the expectation that principal and interest are likely to be settled in shares of common stock of the Company at a variable conversion price calculated at 90% of trade price of common stock of the Company.
Interest expense of $3.5 million on the convertible promissory notes are included in interest and other expense for the year ended December 31, 2020 in the consolidated statements of operations and comprehensive loss.
On February 4, 2021 the Company signed a letter of intent with respect to a public issuer merger- refer to Note 22, Subsequent Events.
v3.21.2
Statutory Financial Information
 12 Months Ended
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]  
Statutory Accounting Practices [Line Items]  
Statutory Financial Information
13. Statutory Financial Information
U.S. state insurance laws and regulations prescribe accounting practices for determining statutory net income and capital and surplus for insurance companies. In addition, state regulators may permit statutory accounting practices that differ from prescribed practices. The principal differences between SAP and GAAP as they relate to the financial statements of the Company’s insurance subsidiaries are (a) policy acquisition costs are expensed as incurred under SAP, whereas they are deferred and amortized under GAAP, (b) certain assets are not admitted for purposes of determining surplus under SAP, (c) investments in fixed income securities are carried at amortized cost under SAP whereas such securities are carried at fair value under GAAP , and (d) the criteria for recognizing net DTAs and the methodologies used to determine such amounts are different under SAP and GAAP.
Risk-Based Capital (“RBC”) requirements promulgated by the National Association of Insurance Commissioners require property/casualty insurers to maintain minimum capitalization levels determined based on formulas incorporating various business risks of the insurance subsidiaries. Spinnaker’s statutory net income and statutory surplus as of December 31, 2020 and 2019 and for the years then ended are summarized as follows (in millions):​​​​​​​
 
    
December 31,
  
    
2020
     
2019
  
Statutory net income
    $ 6.6      $ 4.3  
Statutory capital and surplus
      69.6        38.0  
v3.21.2
Dividend Restrictions
 12 Months Ended
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]  
Dividend Restrictions
14. Dividend Restrictions
RH Solutions
Dividend distributions to RH Solutions’ stakeholders are recognized in the period in which the dividends are declared by the Directors. At December 31, 2020 and 2019, RH Solutions’ stakeholder’s equity balances were $29.4 million and $2.2 million, respectively. In accordance with the terms of the Insurance (Capital and Solvency) (Class B, C, and D Insurers) Regulations, 2012, as a Class B(iii) issuer under the Law, RH Solutions is required to maintain the Prescribed Capital Requirement (“PCR”) of $1.4 million, which is based on net earned premium during the fiscal year. The Cayman Island Monetary Authority (“CIMA”) must be given advanced notice of any dividend payment(s).
Spinnaker Insurance Company
The maximum amount of dividends that can be paid by an Illinois-domiciled property and casualty insurance company without prior approval of the Illinois Insurance Commissioner in a 12 month period, measured retrospectively from the date of payment, is the greater of (1) ten percent (10%) of surplus as regards policyholders as of December 31, 2020; or (2) the net income of such insurer as of December 31, 2020, provided unassigned funds (surplus) exceeds zero following payment of such dividends. At December 31, 2020, surplus as regards policyholders was $69.6 million, net income was $6.6 million and unassigned funds (surplus) was $11.5 million.
v3.21.2
Commitments and Contingencies
 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2020
Jun. 30, 2021
Dec. 31, 2020
Loss Contingencies [Line Items]      
Commitments and Contingencies  
Note 6 — Commitments and Contingencies
Registration Rights
The holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private
 
Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) are entitled to registration rights pursuant to a registration rights agreement. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.
Underwriting Agreement
The Company granted the underwriters a
45-day option
from the date of the final prospectus to purchase up to 3,000,000 Over-Allotment Units at the Initial Public Offering price less the underwriting discounts and commissions. The underwriters fully exercised their over-allotment option on November 19, 2020.
The underwriters were entitled to an underwriting discount of $0.20 per unit, or $4.6 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or $8.05 million in the aggregate will be payable to the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.
Deferred Legal Fees
The Company engaged a legal counsel firm for legal advisory services, and the legal counsel agreed to defer certain of their fees until the consummation of the initial Business Combination. As of June 30, 2021, the Company recorded deferred legal fees of approximately $200,000 in connection with such services on the accompanying balance sheet.
 
Hippo Enterprises Inc And Subsidiaries [Member]      
Loss Contingencies [Line Items]      
Commitments and Contingencies  
10. Commitments and Contingencies
Operating Leases
The Company leases office space
under non-cancelable operating
leases with various expiration dates through 2029. Rent expense, which is recognized on a straight-line basis over the lease term, for the three and six months ended June 30, 2021 were $0.7 million and $1.5 million, respectively and for the three and six months ended June 30, 2020 were $0.7 million and $1.4 million, respectively.
Litigation
On June 4, 2021, Nicholas Kalair filed a putative class action complaint against Hippo in the U.S. District Court, Northern District of California, alleging violations of the Telephone Consumer Protection Act,
 
 
individually and on behalf of a putative nationwide class of individuals who received calls or voice messages from Hippo or its agents in the
four
years prior to the filing of the complaint. Plaintiff voluntarily dismissed the lawsuit without prejudice on July 23, 2021.
15. Commitments and Contingencies
Operating Leases
The Company leases office space and its internet domain name under operating leases with various expiration dates through 2029. Rent expense, which is recognized on a straight-line basis over the lease term, was $2.8 million and $1.6 million during the years ended December 31, 2020 and 2019, respectively. Future minimum lease payments required under these agreements as of December 31, 2020 are as follows (in millions):​​​​​​​
 
Year Ending December 31,
   
2021
    $ 2.9  
2022
      4.0  
2023
      3.5  
2024
      3.5  
2025
      3.6  
Thereafter
      7.6  
  
 
 
  
Total
    $ 25.1  
  
 
 
  
Purchase Commitments
As of December 31, 2020, the Company has total minimum purchase commitments, which must be made during the next two years, of $19.8 million.
Litigation
The Company is subject to claims and legal proceedings which arise in the normal course of business. Management believes that the ultimate resolution of such matters will not have a material adverse effect on the financial position or results of operations of the Company.
Reinvent Technology Partners Z [Member]      
Loss Contingencies [Line Items]      
Commitments and Contingencies
Note 7 — Commitments and Contingencies
Registration Rights
The holders of the Founder Shares, Private Placement Warrants and any warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Placement Warrants or warrants issued upon conversion of the Working Capital Loans and upon conversion of the Founder Shares) are entitled to registration rights pursuant to a registration rights agreement. The holders of these securities are entitled to make up to three demands, excluding short form demands, that the Company registers such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the initial Business Combination. The Company will bear the expenses incurred in connection with the filing of any such registration statements.
Underwriting Agreement
The Company granted the underwriters a
45-day
option from the date of the final prospectus to purchase up to 3,000,000 Over-Allotment Units at the Initial Public Offering price less the underwriting discounts and commissions. The underwriters fully exercised their over-allotment option on November 19, 2020.
The underwriters were entitled to an underwriting discount of $0.20 per unit, or $4.6 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or $8.05 million in the​​​​​​​
aggregate will be payable to the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.
   
v3.21.2
Derivative Warrant Liabilities
 3 Months Ended 6 Months Ended
Dec. 31, 2020
Jun. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative Warrant Liabilities  
Note 8 — Derivative Warrant Liabilities
As of June 30, 2021 and December 31, 2020, the Company had 4,600,000 Public Warrants and 4,400,000 Private Placement Warrants outstanding.
Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder (or the Company permits holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement). The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of the initial Business Combination, the Company will use its commercially reasonable efforts to file with the SEC a registration statement covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of the initial Business Combination and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed; provided that if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, requires holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement.
The warrants have an exercise price of $11.50 per share, subject to adjustments, and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. In addition, if (x) the Company issues additional ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity
proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the completion of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described below under “Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00” and “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described below under “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.
The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be
non-redeemable,
except as described below, so long as they are held by the initial purchasers or such purchasers’ permitted transferees. If the Private Placement Warrants are held by someone other than the Initial Shareholders or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.
Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00:
Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants):
 
  •  
in whole and not in part;
 
  •  
at a price of $0.01 per warrant;
 
  •  
upon not less than 30 days’ prior written notice of redemption to each warrant holder; and
 
  •  
if, and only if, the last reported sale price of Class A ordinary shares for any 20 trading days within a
30-trading day
period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted).
The Company will not redeem the warrants as described above unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the
30-day redemption
period. If and when the warrants become redeemable by the Company, it may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws.
Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00:
Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants):
 
  •  
in whole and not in part;
 
  •  
at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the “fair market value” of Class A ordinary shares;
 
  •  
if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted); and
 
  •  
if the Reference Value is less than $18.00 per share (as adjusted), the Private Placement Warrants must also concurrently be called for redemption on the same terms as the outstanding Public Warrants, as described above.
The “fair market value” of Class A ordinary shares shall mean the volume-weighted average price of Class A ordinary shares for the 10 trading days following the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment).
In no event will the Company be required to net cash settle any warrant. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.
Reinvent Technology Partners Z [Member]    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative Warrant Liabilities
Note 8 — Derivative Warrant Liabilities
As of December 31, 2020, the Company has 4,600,000 and 4,400,000 Public Warrants and Private Placement Warrants, respectively, outstanding.
Public Warrants may only be exercised for a whole number of shares. No fractional Public Warrants will be issued upon separation of the Units and only whole Public Warrants will trade. The Public Warrants will become exercisable on the later of (a) 30 days after the completion of a Business Combination and (b) 12 months from the closing of the Initial Public Offering; provided in each case that the Company has an effective registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder (or the Company permits holders to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement). The Company has agreed that as soon as practicable, but in no event later than 15 business days after the closing of the initial Business Combination, the Company will use its commercially reasonable efforts to file with the SEC a registration statement covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants, and the Company will use its commercially reasonable efforts to cause the same to become effective within 60 business days after the closing of the initial Business Combination and to maintain the effectiveness of such registration statement and a current prospectus relating to those Class A ordinary shares until the warrants expire or are redeemed; provided that if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, requires holders of Public Warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement.
The warrants have an exercise price of $11.50 per share, subject to adjustments, and will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. In addition, if (x) the Company issues additional ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per ordinary share (with such issue price or effective issue price to be determined in good faith by the board of directors and, in the case of any such issuance to the Sponsor or its affiliates, without taking into account any Founder Shares held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the completion of the initial Business Combination (net of redemptions), and (z) the volume weighted average trading price of Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial business Combination (such price, the “Market Value”) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, the $18.00 per share redemption trigger price described below under “Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00” and “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, and the $10.00 per share redemption trigger price described below under “Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00” will be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price.
The Private Placement Warrants are identical to the Public Warrants underlying the Units sold in the Initial Public Offering, except that the Private Placement Warrants and the Class A ordinary shares issuable upon
exercise of the Private Placement Warrants will not be transferable, assignable or salable until 30 days after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Placement Warrants will be
non-redeemable,
except as described below, so long as they are held by the initial purchasers or such purchasers’ permitted transferees. If the Private Placement Warrants are held by someone other than the Initial Shareholders or their permitted transferees, the Private Placement Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants.
Redemption of warrants when the price per Class A ordinary share equals or exceeds $18.00:
Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants):
 
  •  
in whole and not in part;
 
  •  
at a price of $0.01 per warrant;
 
  •  
upon not less than 30 days’ prior written notice of redemption to each warrant holder; and
 
  •  
if, and only if, the last reported sale price of Class A ordinary shares for any 20 trading days within a
30-trading
day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted).
The Company will not redeem the warrants as described above unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares issuable upon exercise of the warrants is then effective and a current prospectus relating to those Class A ordinary shares is available throughout the
30-day
redemption period. If and when the warrants become redeemable by the Company, it may exercise its redemption right even if the Company is unable to register or qualify the underlying securities for sale under all applicable state securities laws.
Redemption of warrants when the price per Class A ordinary share equals or exceeds $10.00:
Once the warrants become exercisable, the Company may redeem the outstanding warrants (except as described herein with respect to the Private Placement Warrants):
 
  •  
in whole and not in part;
 
  •  
at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the “fair market value” of Class A ordinary shares;
 
  •  
if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted); and
 
  •  
if the Reference Value is less than $
18.00
per share (as adjusted), the Private Placement Warrants must also concurrently be called for redemption on the same terms as the outstanding Public Warrants, as described above.
The “fair market value” of Class A ordinary shares shall mean the volume-weighted average price of Class A ordinary shares for the 10 trading days following the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 Class A ordinary shares per warrant (subject to adjustment).
In no event will the Company be required to net cash settle any warrant. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless.
 
v3.21.2
Convertible Preferred Stock
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]    
Redeemable Noncontrolling Interest [Line Items]    
 Convertible Preferred Stock
11. Convertible Preferred Stock
There was no change in preferred stock during the six month period ended June 30, 2021 (in millions, except for share and per share data).
 
                                                                                    
    
June 30, 2021
  
    
Issuance Price
Per Share
     
Authorized
Shares
     
Shares Issued

and
Outstanding
     
Net
Carrying
Value
     
Liquidation
Preference
  
        
                                   
Preferred
A-1
Stock
   
$
0.56965
   
 
5,889,829
   
 
5,889,829
   
$
3.4
   
$
3.4
Preferred
A-2
Stock
   
 
1.57432
   
 
7,015,787
   
 
6,987,125
   
 
10.9
   
 
11.0
Preferred B Stock
   
 
3.59757
   
 
6,949,142
   
 
6,949,142
   
 
24.9
   
 
25.0
Preferred C Stock
   
 
7.04471
   
 
9,936,529
   
 
9,936,528
   
 
56.1
   
 
70.0
Preferred
C-1
Stock
   
 
11.74119
   
 
2,465,454
   
 
—  
 
   
 
—  
 
   
 
—  
 
Preferred D Stock
   
 
15.16420
   
 
6,594,479
   
 
6,594,479
   
 
99.8
   
 
100.0
Preferred E Stock
   
 
19.66420
   
 
7,628,090
   
 
7,628,075
   
 
149.7
   
 
150.0
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
      
 
46,479,310
   
 
43,985,178
   
$
344.8
   
$
359.4
     
 
 
     
 
 
     
 
 
     
 
 
  
Preferred Stock Warrant Liabilities
In connection with obtaining a line of credit in March 2017, the Company issued 28,662 warrants to purchase Series
A-2
Preferred Stock. The warrants vested immediately and are exercisable up to March 13, 2027. In case the Company completes its IPO, within the three-year period immediately prior to the expiration date, the expiration date will automatically be extended to three years from the IPO date.
In connection with the issuance of Series C Preferred Stock, in October 2018, the Company issued to an investor 2,465,454 warrants to purchase Series
C-1
Preferred Stock. The warrants are exercisable upon vesting. In April 2020, the warrants were fully vested. The warrants will expire at the earliest of a deemed liquidation event, stock sale, IPO, or October 25, 2022.
The preferred stock warrant liability is remeasured at each reporting period end with changes in fair value upon remeasurement being recorded within interest and other expense in the consolidated statements of operations and comprehensive loss. See Note 4 for additional information on the fair value of preferred stock warrant liability.
The Company used the Black-Scholes-Merton option-pricing model, which incorporates assumptions and estimates, to value the preferred stock warrants. Estimates and assumptions impacting the fair value measurement include the fair value per share of the underlying shares of the Company’s Series
A-2
and Series
C-1
convertible preferred stock, risk free interest rate, expected dividend yield, expected volatility of the price of the underlying preferred stock, and an expected term of the preferred stock warrants.
The most significant assumption impacting the fair value of the preferred stock warrants is the fair value of the Series
A-2
and
C-1
Preferred Stock as of each remeasurement date. The Company determined the fair value per share of the underlying preferred stock by taking into consideration the most recent sales of its preferred stock, results obtained from third-party valuations, and additional factors that were deemed relevant.
 
 
The following assumptions were used in determining fair value of the convertible preferred stock warrant liabilities:
 
    
June 30,

2021
     
December 31,

2020
  
Fair value of Series
A-2
Preferred Stock
    $ 66.64      $ 18.25  
Fair value of Series
C-1
Preferred Stock
    $ 66.74      $ 20.09  
Exercise price
A-2
Preferred Stock
    $ 1.57      $ 1.57  
Exercise price
C-1
Preferred Stock
    $ 11.74      $ 11.74  
Expected term (in years)
     
1.3-5.7
       
1.8-6.2
  
Expected volatility
     
26.6%-29.1%
       
29.0%-40.7%
  
Risk-free interest rate
     
0.1%-1.1%
       
0.1%-0.5%
  
Expected dividend yield
      — %        — %  
The following convertible preferred stock warrants were outstanding with the related fair values (in millions, except for share and per share data):
 
           
June 30, 2021
     
December 31, 2020
  
Series
   
Exercise
Price Per
Share
     
Warrant
Shares
Outstanding
     
Fair Value
     
Warrant
Shares
Outstanding
     
Fair Value
  
A-2
    $ 1.57      28,662    $ 1.9      28,662    $ 0.5
C-1
      11.74      2,465,454      135.6      2,465,454      22.4
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
         2,494,116    $ 137.5      2,494,116    $ 22.9
     
 
 
     
 
 
     
 
 
     
 
 
  
16. Convertible Preferred Stock
The following tables summarize the authorized, issued and outstanding convertible preferred stock of the Company (in millions, except share and per share data):
 
    
As of December 31, 2020
  
    
Issuance Price
Per Share
     
Authorized
Shares
     
Shares Issued
and Outstanding
     
Net Carrying
Value
     
Liquidation
Preference
  
Preferred
A-1
Stock
    $ 0.56965        5,889,829        5,889,829      $ 3.4      $ 3.4  
Preferred
A-2
Stock
      1.57432        7,015,787        6,987,125        10.9        11.0  
Preferred B Stock
      3.59757        6,949,142        6,949,142        24.9        25.0  
Preferred C Stock
      7.04471        9,936,529        9,936,528        56.1        70.0  
Preferred
C-1
Stock
      11.74119        2,465,454        —          —          —    
Preferred D Stock
      15.16420        6,594,479        6,594,479        99.8        100.0  
Preferred E Stock
      19.66420        7,628,090        7,628,075        149.7        150.0  
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
         46,479,310        43,985,178      $ 344.8      $ 359.4  
     
 
 
     
 
 
     
 
 
     
 
 
  
    
As of December 31, 2019
  
    
Issuance Price
Per Share
     
Authorized
Shares
     
Shares Issued
and Outstanding
     
Net Carrying
Value
     
Liquidation
Preference
  
Preferred
A-1
Stock
    $ 0.56965        5,889,829        5,889,829      $ 3.4      $ 3.4  
Preferred
A-2
Stock
      1.57432        7,015,787        6,987,125        10.9        11.0  
Preferred B Stock
      3.59757        6,949,142        6,949,142        24.9        25.0  
Preferred C Stock
      7.04471        9,936,529        9,936,528        56.1        70.0  
Preferred
C-1
Stock
      11.74119        2,465,454        —          —          —    
Preferred D Stock
      15.16420        6,594,479        6,273,064        95.0        95.1  
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
         38,851,220        36,035,688      $ 190.3      $ 204.5  
     
 
 
     
 
 
     
 
 
     
 
 
  
The rights, preferences and privileges of the convertible preferred stock are as follows:
Voting
 – The holders of the convertible preferred stock are entitled to vote, together with the holders of common stock, on all matters submitted to the stockholders for a vote. Each convertible preferred stockholder is entitled to the number of votes equal to the number of shares of common stock into which each preferred share is convertible at the time of such vote.
Dividend
 – The holders of the convertible preferred stock are entitled to receive dividends with the holders of common stock in proportion to the number of shares of common stock that would be held by each stockholder if all shares of preferred stock were converted to common stock, when, as and if, declared by the board of directors. Such dividends are not cumulative. To date, no dividends have been declared.
Conversion
 – All of the convertible preferred stock instruments are convertible at the option of the holder at any time, or immediately upon the closing of a Qualified Initial Public Offering (“IPO”). As the conversion price is currently fixed, the Company would issue a fixed number of shares of common stock to settle the convertible preferred stock, unless a round of common stock is issued, in which case the conversion price would be adjusted to maintain the value of preferred stock converted to common stock. The conversion price for each outstanding share of Series
A-1,
Series
A-2,
Series B, Series C, Series
C-1,
Series D, and Series E convertible preferred stock shall initially be equal to the respective original issue price, as noted in the table above.
Liquidation
 – In the event of any liquidation, dissolution or winding up of the Company, either voluntarily or involuntarily, the holders of the then outstanding convertible preferred stock are first entitled to receive, prior and in preference to any payment or distribution of any available funds and assets to the holders of common stock, payment or distribution of funds and assets equal to the greater of original issue price plus declared and unpaid dividends or the per share amount that would have been paid if the preferred share had been converted to common stock. Any remaining assets shall be distributed among the holders of common stock pro rata, based on the number of shares of common stock held by each.
If there are any available funds and assets remaining after the payment or distribution to holders of convertible preferred stock of their full preferential amount described above, then all such remaining available funds and assets shall be distributed among the holders of the then outstanding common stock pro rata according to the number of common stock held by each holder thereof.
Although the convertible preferred stock is not mandatorily or currently redeemable, a liquidation or winding up of the Company, a merger or consolidation, or a sale of substantially all the Company’s assets would constitute a redemption event not solely within the Company’s control. Therefore, all shares of convertible preferred stock have been presented outside of permanent equity.
Preferred Stock Warrant Liabilities
In connection with obtaining a line of credit in March 2017, the Company issued 28,662 warrants to purchase Series
A-2
Preferred Stock. The warrants vested immediately and are exercisable up to March 13, 2027. In case the Company completes its IPO, within the three-year period immediately prior to the expiration date, the expiration date will automatically be extended to three years from the IPO date.
In connection with the issuance of Series C Preferred Stock, in October 2018, the Company issued to an investor 2,465,454 warrants to purchase Series
C-1
Preferred Stock. The warrants are exercisable upon vesting. In April 2019, 1,232,727 warrants vested with the remaining 1,232,727 expected to vest in April 2020. The warrants will expire at the earliest of a deemed liquidation event, stock sale, IPO, or October 25, 2022.
The preferred stock warrant liability is remeasured at each reporting period end with changes in fair value upon remeasurement being recorded within interest and other expense in the consolidated statements of operations and comprehensive loss. See Note 4 for additional information on the fair value of preferred stock warrant liability.
The aggregate fair value of the preferred stock warrant liability was determined based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy.
The Company used the Black-Scholes-Merton option-pricing model, which incorporates assumptions and estimates, to value the preferred stock warrants. Estimates and assumptions impacting the fair value measurement include the fair value per share of the underlying shares of the Company’s Series
A-2
and Series
C-1
convertible preferred stock, risk free interest rate, expected dividend yield, expected volatility of the price of the underlying preferred stock, and an expected term of the preferred stock warrants.
The most significant assumption impacting the fair value of the preferred stock warrants is the fair value of the Series
A-2
and
C-1
Preferred Stock as of each remeasurement date. The Company determined the fair value per share of the underlying preferred stock by taking into consideration the most recent sales of its preferred stock, results obtained from third-party valuations, and additional factors that were deemed relevant.
The following assumptions were used in determining fair value of the convertible preferred stock warrant liabilities:
 
    
As of December 31,
    
2020
  
2019
Fair value of Series
A-2
Preferred Stock
    $18.25   $8.26
Fair value of Series
C-1
Preferred Stock
    $20.09   $12.80
Exercise price
A-2
Preferred Stock
    $1.57   $1.57
Exercise price
C-1
Preferred Stock
    $11.74   $11.74
Expected term (in years)
   
1.8-6.2
   2.8–7.2
Expected volatility
   
29.0%-40.7%
   21.5%–22.8%
Risk-free interest rate
   
0.1%-0.5%
   1.6%–1.8%
Expected dividend yield
    —  %   —  %
 
The following convertible preferred stock warrants were outstanding with the related fair values (in millions, except for share and per share data):
 
           
As of December 31,
  
           
2020
     
 
     
2019
     
 
  
Series
   
Exercise Price
Per Share
     
Warrant Shares
Outstanding
     
Fair Value
     
Warrant Shares
Outstanding
     
Fair Value
  
A-2
    $ 1.57        28,662      $ 0.5        28,662      $ 0.2  
C-1
      11.74        2,465,454        22.4        2,465,454        6.5  
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
         2,494,116      $ 22.9        2,494,116      $ 6.7  
     
 
 
     
 
 
     
 
 
     
 
 
  
v3.21.2
Shareholders' Equity
 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2020
Jun. 30, 2021
Dec. 31, 2020
Shareholders' Equity  
Note 7 — Shareholders’ Equity
Class
 A Ordinary Shares
 — The Company is authorized to issue 500,000,000 Class A ordinary shares with a par value of $0.0001 per share. As of June 30, 2021 and December 31, 2020, there were 23,000,000 Class A ordinary shares issued and outstanding, including 19,975,356 and 20,484,749 Class A ordinary shares subject to possible redemption, respectively.
Class
 B Ordinary Shares
 — The Company is authorized to issue 50,000,000 Class B ordinary shares with a par value of $0.0001 per share. As of June 30, 2021 and December 31, 2020, there were 5,750,000 Class B ordinary shares issued and outstanding.
Class A ordinary shareholders and Class B ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders and vote together as a single class, except as required by law; provided, that, prior to the initial Business Combination, holders of Class B ordinary shares will have the right to appoint all of the Company’s directors and remove members of the board of directors for any reason, and holders of Class A ordinary shares will not be entitled to vote on the appointment of directors during such time.
The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the initial Business Combination, or earlier at the option of the holder, on a
one-for-one basis,
subject to adjustment for share
sub-divisions,
share dividends, rights issuances, consolidations, reorganizations, recapitalizations and the like, and subject to further adjustment. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the Initial Public Offering and
 
related to the closing of the initial Business Combination, the ratio at which the Class B ordinary shares will convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the issued and outstanding Class B ordinary shares agree to waive such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an
as-converted basis,
20% of the sum of all ordinary shares issued and outstanding upon the completion of the Initial Public Offering plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with the initial Business Combination, excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one to one.
Preference Shares
 — The Company is authorized to issue 5,000,000 preference shares with a par value of $0.0001 per share. As of June 30, 2021 and December 31, 2020, there were no preference shares issued or outstanding.
 
Reinvent Technology Partners Z [Member]      
Shareholders' Equity
Note 9 — Shareholders’ Equity
Class
 A Ordinary Shares
— The Company is authorized to issue 500,000,000 Class A ordinary shares with a par value of $0.0001 per share. At November 23, 2020, there were 23,000,000 Class A ordinary shares issued or outstanding, including 20,484,749 Class A ordinary shares subject to possible redemption.
Class
 B Ordinary Shares
— The Company is authorized to issue 50,000,000 Class B ordinary shares with a par value of $0.0001 per share. On November 23, 2020, 5,750,000 Class B ordinary shares were issued and outstanding. Of the 5,750,000 Class B ordinary shares, an aggregate of up to 750,000 Class B ordinary shares that were subject to forfeiture, to the Company by the Sponsor for no consideration to the extent that the underwriters’ over-allotment option was not exercised in full or in part, so that the Initial Shareholders would collectively own 20% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering. The underwriters fully exercised their over-allotment option on November 19, 2020; thus, those Founder Shares were no longer subject to forfeiture.
Class A ordinary shareholders and Class B ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders and vote together as a single class, except as required by law; provided, that, prior to the initial Business Combination, holders of Class B ordinary shares will have the right to appoint all of the Company’s directors and remove members of the board of directors for any reason, and holders of Class A ordinary shares will not be entitled to vote on the appointment of directors during such time.
The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the initial Business Combination, or earlier at the option of the holder, on a
one-for-one
basis, subject to adjustment for share
sub-divisions,
share dividends, rights issuances, consolidations, reorganizations, recapitalizations and the like, and subject to further adjustment. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts issued in the Initial Public Offering and related to the closing of the initial Business Combination, the ratio at which the Class B ordinary shares will convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the issued and outstanding Class B ordinary shares agree to waive such anti-dilution adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an
as-converted
basis, 20% of the sum of all ordinary shares issued and outstanding upon the completion of the Initial Public Offering plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with the initial Business Combination, excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination. In no event will the Class B ordinary shares convert into Class A ordinary shares at a rate of less than one to one.
Preference Shares
— The Company is authorized to issue 5,000,000 preference shares with a par value of $0.0001 per share. At November 23, 2020, there were no preference shares issued or outstanding.
 
    
Hippo Enterprises Inc And Subsidiaries [Member]      
Shareholders' Equity  
12. Stockholders’ Deficit
Common Stock
The Company’s Certificate of Incorporation, as amended and restated, authorizes the Company to issue up to 83,830,000 shares of common stock with par value of $0.000001 per share. Each share of common stock is entitled to one vote. The holders of the common stock are also entitled to receive dividends whenever funds are legally available and when declared by the board of directors. No dividends have been declared or paid since inception.
The Company had reserved shares of common stock for future issuance as follows:
 
    
June 30, 2021
     
December 31, 2020
  
Convertible preferred stock
      43,985,178        43,985,178  
Warrants to purchase preferred stock
      2,494,116        2,494,116  
Warrants to purchase common stock
      9,476,102        9,476,102  
Common stock options outstanding
      9,449,400        10,382,771  
Shares available for future grant of equity awards
      2,617,273        2,627,921  
  
 
 
     
 
 
  
Total
      68,022,069        68,966,088  
  
 
 
     
 
 
  
Common Stock Warrants
There was no change in the number of common stock warrants issued during the three and six month period ended June 30, 2021. The following common stock warrants were outstanding as of June 30, 2021:​​​​​​​​​​​​​​
 
Issue Date
   
Exercise Price
Per Share
     
Number of
Warrants
     
Expiration Date
     
Outstanding as of

June 30, 2021
  
December 11, 2017
    $ 0.01      4,738,051        December 31, 2022        4,738,051  
February 19, 2018
    $ 0.01      4,738,051        August 19, 2022        4,738,051  
Share-Based Compensation Plan
Adopted in 2019 and replacing the 2016 Stock Option and Grant Plan, the 2019 Stock Option and Grant Plan (“the 2019 Stock Plan”) provides for the direct award or sale of shares, the grant of options to purchase shares and the grant of restricted stock units (“RSUs”) to employees, consultants, and outside directors of the Company. Stock options under the plan may be either incentive stock options (“ISOs”) or
non-qualified
stock options (“NSOs”), with an exercise price of not less than 100% of fair market value on the grant date, with a term less than or equal to ten years. The vesting period of each option and RSU shall be as determined by a committee of the Company’s board of directors but is generally over four years.
Stock Options
The following table summarizes option activity under the plan:
 
    
Options Outstanding
     
Weighted-Average

Remaining
     
Aggregate Intrinsic
  
    
Number of
Shares
     
Weighted Average
Exercise Price
     
Contract Term

(In Years)
     
Value

(In Millions)
  
                  
        
         
Outstanding as of January 1, 2021
      10,382,771      $ 4.88      8.90      $ 108.9
Granted
      569,350        25.44      
Exercised
      (846,674 )       2.56      
Forfeited
      (649,324 )       6.67      
Expired
      (6,723 )       3.95      
  
 
 
     
 
 
     
 
 
     
 
 
  
Outstanding as of June 30, 2021
      9,449,400      $ 6.20      8.55      $ 547.0
  
 
 
     
 
 
     
 
 
     
 
 
  
Vested and exercisable as of June 30, 2021
      1,555,878      $ 4.27      8.01      $ 93.0
  
 
 
     
 
 
     
 
 
     
 
 
  
The aggregate intrinsic value of options exercised during the six months ended June 30, 2021 and 2020 was $52.8 million and $2.0 million, respectively, and is calculated based on the difference between the exercise price and the fair value of the Company’s common stock as of the exercise date. The weighted-average grant date fair value of options granted during the six months ended June 30, 2021 and 2020 was $19.90 and $1.80 per share, respectively.
Total unrecognized compensation cost of $32.1 million as of June 30, 2021 is expected to be recognized over a weighted-average period of 3.1 years.
Valuation Assumptions of Stock Options
The fair value of granted stock options was estimated as of the date of grant using the Black-Scholes-Merton option-pricing model, based on the following inputs:
 
    
June 30,

2021
     
December 31,

2020
  
Expected term (in years)
      5.8 - 6.1        5.6 - 6.1  
Expected volatility
     
29.7% - 30.1%
       
22.6% - 29.9%
  
Risk-free interest rate
      0.6% - 1.0%        0.3% - 1.6%  
Expected dividend yield
      —%        —%  
Each of these inputs is subjective and generally requires significant judgment to determine.
Expected Term
— The expected term represents the period that the Company’s share-based awards are expected to be outstanding. The Company has opted to use the simplified method for estimating the expected term of options, hereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the option (generally 10 years).
Expected Volatility
— Due to the Company’s limited operating history and a lack of company specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility of a group of peer companies that are publicly traded. The historical volatility data was computed using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of the share-based awards.
Risk-Free Interest Rate
— The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero coupon U.S. Treasury notes with maturities approximately equal to the grant’s expected term.
Expected Dividend Yield
— The Company has never paid dividends and does not currently expect to pay dividends.
Early Exercises of Stock Options
At June 30, 2021 and December 31, 2020, the Company had $2.5 million and $2.5 million, respectively, recorded in accrued expenses and other liabilities related to early exercises of stock options, and the related number of unvested shares subject to repurchase was 345,625 and 345,000, respectively.
Total share-based compensation expense, classified in the accompanying consolidated statements of operations and comprehensive loss was as follows (in millions):
 
                                                                   
    
Three Months Ended June 30,
     
Six Months Ended June 30,
  
    
        2021        
     
        2020        
     
        2021        
     
        2020        
  
    
        
                       
Losses and loss adjustment expenses
   
$
0.1
   
$
 —  
 
   
$
0.1
   
$
 —  
 
Insurance related expenses
   
 
—  
 
   
 
—  
 
   
 
0.1
   
 
0.1
Technology and development
   
 
0.5
   
 
0.2
   
 
1.0
   
 
0.4
Sales and marketing
   
 
1.2
   
 
0.2
   
 
2.1
   
 
0.4
General and administrative
   
 
1.0
   
 
0.5
   
 
2.0
   
 
0.9
  
 
 
     
 
 
     
 
 
     
 
 
  
Total share-based compensation expense
   
$
2.8
   
$
0.9
   
$
5.3
   
$
1.8
  
 
 
     
 
 
     
 
 
     
 
 
  
17. Stockholders’ Deficit
Common Stock
The Company’s Certificate of Incorporation, as amended and restated, authorizes the Company to issue up to 83,830,000 shares of common stock with par value of $0.000001 per share. Each share of common stock is entitled to one vote. The holders of the common stock are also entitled to receive dividends whenever funds are legally available and when declared by the board of directors. No dividends have been declared or paid since inception.
The Company had reserved shares of common stock for future issuance as follows:
 
    
As of December 31,
  
    
2020
     
2019
  
Convertible preferred stock
      43,985,178        36,035,688  
Warrants to purchase preferred stock
      2,494,116        2,494,116  
Warrants to purchase common stock
      9,476,102        9,476,102  
Common stock options outstanding
      10,382,771        8,003,108  
Shares available for future grant of equity awards
      2,627,921        2,324,117  
  
 
 
     
 
 
  
Total
      68,966,088        58,333,131  
  
 
 
     
 
 
  
Common Stock Warrants
The following common stock warrants were outstanding as of December 31, 2020:
 
Issue Date
   
Exercise Price
Per Share
     
Number of
Warrants
     
Expiration Date
   
Outstanding

as of December 31,
2020
  
December 11, 2017
    $ 0.01        4,738,051      December 31, 2022      4,738,051  
February 19, 2018
    $ 0.01        4,738,051      August 19, 2022      4,738,051  
In December 2017, the Company issued 4,738,051 warrants for common stock to one of its investors. The warrants were subject to performance vesting and are accounted for as share-based compensation expense when it is probable that the awards will vest. In October 2018 in connection with the issuance of Series C Preferred Stock, these warrants were amended to eliminate the performance vesting conditions and replace it with a time-based condition. Up until the amended date, none of the warrants were probable of being vested and no expense had been recorded. The fair value of the warrant upon the amendment was allocated to additional
paid-in
capital as part of the issuance of Series C Preferred Stock, net of issuance costs and preferred stock warrants.
In February 2018, the Company issued 4,738,051 warrants for common stock to one of its investors. The warrants are subject to performance vesting and is accounted for as share-based compensation expense when it is probable that the awards will vest. In December 2020, these warrants were amended, and 62,500 warrants were vested. As a result of the modification, the Company recorded a share-based compensation charge of $1.0 million to reflect the acceleration of 62,500 shares that would otherwise not have vested. Up until the amended date, none of the remaining warrants were probable of being vested and no expense had been recorded.
Share-Based Compensation Plans
In 2016, the Company adopted the 2016 Stock Option and Grant Plan (the “2016 Stock Plan”), which was most recently amended in 2019. The 2016 Stock Plan provided for the direct award or sale of shares, the grant of options to purchase shares and the grant of restricted stock units (“RSUs”) to employees, consultants, and outside directors of the Company. Options granted under the 2016 Stock Plan may be either incentive stock options (“ISOs”) or
non-qualified
stock options (“NSOs”). ISOs may be granted only to Company employees (including officers and directors who are also employees). NSOs may be granted to Company employees, outside directors, and consultants.
Following a corporate
re-organization
in 2019, the Company cancelled the 2016 Stock Plan and adopted the 2019 Stock Option and Grant Plan (“the 2019 Stock Plan”). The 2019 Stock Plan replaced all outstanding awards of the 2016 Stock Plan without any changes to the terms and conditions. The 2019 Stock Plan provides for the direct award or sale of shares, the grant of options to purchase shares and the grant of RSUs to employees, consultants, and outside directors of the Company. Stock options under the plan may be either ISOs or NSOs, with an exercise price of not less than 100% of fair market value on the grant date, with a term less than or equal to ten years. The vesting period of each option and RSAs shall be as determined by a committee of the Company’s board of directors but is generally over four years.
As of December 31, 2020, the Company has reserved 2,627,921 shares of its common stock for future share-based awards under its stock option plan.
RSAs
In 2016 and 2015, the Company granted RSAs which are subject to service-based vesting conditions to certain employees, with a vesting period of three or four years. Other than the modification charge noted below, the share-based compensation charges relating to these awards are not material for the periods presented. The 19,250 shares of awards outstanding at December 31, 2019 were fully vested during the year ended December 31, 2020.
During the year ended December 31, 2019, the Company entered into Separation Agreements with an employee which resulted in the acceleration of vesting for certain RSAs and stock options. As a result of the modification, the Company recorded a share-based compensation charge of $3.2 million to reflect the revised service period for the stock options and related vesting of shares that would otherwise not have vested.
Stock Options
The following table summarizes option activity under the Plan:
    
Options Outstanding
     
Weighted-Average

Remaining

Contract Term

(In Years)
     
Aggregate Intrinsic
Value

(In millions)
  
    
Number of
Shares
    
Weighted Average
Exercise Price
  
Outstanding as of January 1, 2020
      8,003,108     $ 3.11        9.18      $ 20.0  
Granted
      4,792,500       6.94        
Exercised
      (1,179,870 )      2.36        
Forfeited
      (1,181,120 )      3.91        
Expired
      (51,847 )      1.40        
  
 
 
    
 
 
     
 
 
     
 
 
  
Outstanding as of December 31, 2020
      10,382,771     $ 4.88        8.90      $ 108.9  
  
 
 
    
 
 
     
 
 
     
 
 
  
Vested and exercisable as of December 31, 2020
      1,425,549     $ 3.21        8.08      $ 17.3  
  
 
 
    
 
 
     
 
 
     
 
 
  
The aggregate intrinsic value of exercised options as of December 31, 2020 and 2019 was $15.4 million and $0.5 million, respectively, and is calculated based on the difference between the exercise price and the fair value of the Company’s common stock as of the exercise date. The per share weighted-average grant date fair value of options granted as of December 31, 2020 and 2019 was $4.87 and $2.13, respectively.
Total unrecognized compensation cost of $29.3 million as of December 31, 2020 is expected to be recognized over a weighted-average period of 3.4 years.
Valuation Assumptions of Stock Options
The fair value of granted stock options was estimated as of the date of grant using the Black-Scholes-Merton option-pricing model, based on the following inputs:
 
    
As of December 31,
  
    
2020
     
2019
  
Expected term (in years)
     
5.63 - 6.12
        6.02  
Expected volatility
     
22.6% - 29.9%
        22.7 % 
Risk-free interest rate
      0.3% - 1.6%        2.2 % 
Expected dividend yield
      —  %        —   % 
Each of these inputs is subjective and generally requires significant judgment to determine.
Fair Value of Common Stock
 –
The fair value of each share of underlying common stock has historically been established by the Company’s board of directors, which is responsible for these estimates, and has been based in part upon a valuation provided by a third-party valuation firm. Because there has been no public market for the Company’s common stock, its board of directors considered this independent valuation and other factors, including, but not limited to, revenue growth, the current status of the technical and commercial success of its operations, its financial condition, the stage of development, and competition to establish the fair value of the Company’s common stock at the time of grant of the option. The fair value of the underlying common stock will be determined by the board of directors until such time as its common stock is listed on a stock exchange.
Expected Term
 –
The expected term represents the period that the Company’s share-based awards are expected to be outstanding. The Company has opted to use the simplified method for estimating the
expected term of options, whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the option (generally 10 years).
Expected Volatility
 – Due to the Company’s limited operating history and a lack of company specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility of a group of peer companies that are publicly traded. The historical volatility data was computed using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of the share-based awards.
Risk-Free Interest Rate
 – The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero coupon U.S. Treasury notes with maturities approximately equal to the grant’s expected term.
Expected Dividend Yield
 – The Company has never paid dividends and does not currently expect to pay dividends.
During the years ended December 31, 2020 and 2019, certain related parties and economic interest holders purchased common stock from employees at prices ranging from $19.66 to $15.16 per share. The common stock fair value on the dates of sale ranged from $7.36 to $5.60 per share. For the years ended December 31, 2020 and 2019, the Company recorded share-based compensation expense of $12.2 million and $15.8 million, respectively, related to these secondary sales. The share-based compensation expense was calculated as the excess of the sale price over fair value of the shares, on the date of each respective secondary sale, and has been included in technology and development and general and administrative expenses in the accompanying consolidated statements of operations and comprehensive loss.
Early Exercises of Stock Options
The 2016 Stock Plan permits certain option holders to exercise awarded options prior to vesting. Upon early exercise, the options become subject to a restricted stock agreement and remain subject to the same vesting provisions in the corresponding stock option award and unvested options are subject to repurchase by the Company upon termination at the same price exercised. Early exercises of options are not deemed to be substantive exercises for accounting purposes and accordingly, amounts received for early exercises are initially recorded in accrued expenses and other liabilities on the accompanying consolidated balance sheets, and reclassified to
additional paid-in capital
as the underlying shares vest. At December 31, 2020 and 2019, the Company had $2.5 million and $0.0 million, respectively, recorded in accrued expenses and other liabilities related to early exercises of stock options, and the related number of unvested shares subject to repurchase was 345,000 and 38,694, respectively.
Total share-based compensation expense, classified in the accompanying consolidated statements of operations and comprehensive loss was as follows (in millions):
 
    
Year ended December 31,
  
    
2020
     
2019
  
Losses and Loss Adjustment Expenses
    $ 0.1      $ —    
Insurance related expenses
      0.2        0.2  
Technology and development
      2.4        1.7  
Sales and marketing
      2.1        0.6  
General and administrative
      12.4        19.1  
  
 
 
     
 
 
  
Total share-based compensation expense
    $ 17.2      $ 21.6  
  
 
 
     
 
 
  
v3.21.2
Acquisitions
 12 Months Ended
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]  
Acquisitions
 
18. Acquisitions
North American Advantage Insurance Services, LLC Acquisition
On April 15, 2019, the Company reached an agreement with CalAtlantic Title Group, LLC to purchase 100% of the equity interests in NAAIS. NAAIS provides insurance services to homebuilder customers. The acquisition has been accounted for as a business combination and expanded the Company’s customer base.
The total purchase consideration was $15.9 million, which consisted of $14.9 million related to the estimated fair value of contingent consideration and cash of $1.0 million. The maximum potential contingent consideration is unlimited based on customer retention. The contingent consideration was valued by using the present value of future payments based on an estimate of revenue and customer renewals of the acquiree. A portion of cash consideration will be payable in 12 equal monthly payments, totaling $0.5 million, immediately following the acquisition. Of the total purchase consideration, $13.5 million has been recorded to acquired intangible assets, $1.9 million to goodwill, and $0.5 million to accounts comprised primarily of working capital. The Company incurred $0.2 million in acquisition related costs, which were recognized as general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income (loss).
The intangible assets acquired primarily relate to customer relationships and have a useful life of six years. The Company valued the customer relationships using the excess earnings and relief from royalty method under the income approach. The goodwill represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, including expected future synergies. The goodwill recognized is expected to be deductible for tax purposes.
YourHaus, Inc. Acquisition
On October 17, 2019, the Company completed the acquisition of YourHaus, Inc. (or Sheltr), a protective home maintenance membership company with the aim to make home maintenance effortless and help homeowners care for their homes to catch and mitigate issues before they can become costly repairs. The Company has accounted for this acquisition as an asset acquisition transaction. The total cash consideration for the acquisition of assets was $6.3 million. The Company recognized intangible assets of $4.0 million and cash of $2.3 million. The intangible assets acquired primarily relate to developed technology and have a useful life of three years. The Company valued the developed technology using the replacement cost method under the cost approach. The Company incurred $0.1 million in transaction expenses related to this acquisition, which was capitalized as a part of the consideration.
Spinnaker Insurance Company Acquisition
On August 31, 2020, the Company acquired 100% of all issued and outstanding share capital of Spinnaker Insurance Company (“Spinnaker”), a privately-held entity that is an Illinois domiciled property and casualty insurance carrier licensed in 50 states plus the District of Columbia in exchange for cash consideration. The acquisition has been accounted for as a business combination and allows the Company to vertically integrate an insurance carrier and enhance the Company’s control over unit economics and future carrier capacity.
 
 
There were no other components of Purchase Consideration other than cash payments. The following table summarizes the Closing Date fair value of the consideration transferred, reflecting the measurement period adjustments recorded at the acquisition date (in millions).
 
    
Fair Value of
Consideration
Transferred
  
Cash Paid
    $ 95.6  
Less: consideration for settlement of
pre-existing
liabilities due to Spinnaker
      (5.1 ) 
  
 
 
  
Total value of consideration transferred
    $ 90.5  
  
 
 
  
The Company recognized $0.8 million of acquisition transaction costs as general and administrative expense in the Company’s consolidated statements of operations and comprehensive loss during the year ended December 31, 2020. The following table presents the allocation of the purchase price for Spinnaker, measured as of the acquisition date:(in millions):​​​​​​​
 
    
Acquisition-
Date Fair
Value
     
Estimated
Useful Life of
Finite-Lived

Intangible
Assets
  
Tangible assets acquired and (liabilities) assumed:
      
Investments:
      
Fixed maturities
available-for-sale,
at fair value
    $ 45.7     
Short-term investments
      5.0     
  
 
 
     
Total investments
      50.7     
Cash and cash equivalents
      16.9     
Restricted cash
      2.1     
Accounts receivable, net
      18.3     
Reinsurance recoverable on paid and unpaid losses and LAE
      116.3     
Ceding commissions receivable
      18.7     
Prepaid reinsurance premiums
      131.9     
Other assets
      0.6     
Accrued expenses and other liabilities
      (6.6 )    
Loss and loss adjustment expense reserves
      (93.3 )    
Unearned premiums
      (132.1 )    
Reinsurance premium payable
      (76.1 )    
  
 
 
     
Net tangible assets acquired
      47.4     
Intangible assets acquired:
      
Agency relationships
      3.4        8 years  
VOBA
      0.1        2 years  
State licenses
      7.1        Indefinite  
Goodwill
      32.5     
  
 
 
     
Total purchase price
      90.5     
  
 
 
     
 
 
Goodwill represents the excess of the preliminary estimated Purchase Consideration over the preliminary estimates of the fair value of the net tangible and intangible assets acquired and has been allocated to the Company’s one operating segment. Goodwill is primarily attributable to expected post-acquisition synergies from integrating Spinnaker’s casualty insurance career business into the Company’s homeowner’s insurance business to improve the Company’s speed to market for new products and offers incremental revenue opportunities from Spinnaker’s existing programs. The goodwill recorded is not deductible for income tax purposes.
The valuation of the assets acquired, and liabilities assumed has not yet been finalized because the acquisition closed on August 31, 2020. As a result, provisional estimates have been recorded and are subject to change, primarily accounts that include the use of estimates, such as receivables, loss and loss adjustment expense reserves, certain acquired intangible assets and certain reinsurance assets and liabilities.
The results of operations of Spinnaker have been included in the Company’s consolidated statements of operations from the acquisition date. The following unaudited pro forma financial information gives effect to the acquisition of Spinnaker as if it were consummated on January 1, 2019 (the beginning of the comparable prior reporting period), including pro forma adjustments related to the valuation and allocation of the purchase price, primarily amortization of acquired intangible assets; share-based compensation expense; alignment of accounting policies; to Spinnaker’s historical financial statements; and direct transaction costs reflected in the historical financial statements. This data is presented for informational purposes only and is not intended to represent or be indicative of the results of operations that would have been reported had the acquisition occurred on January 1, 2019. It should not be taken as representative of future results of operations of the combined company (in millions):​​​​​​​
 
Acquisition
              
    
Year Ended December 31,
  
    
    2020    
     
    2019    
  
Pro forma revenue
      54.1        34.9  
Pro forma net loss
      (136.6 )       (75.8 ) 
Agency Acquisition
On December 31, 2020
, the Company acquired an insurance agency aggregator for an estimated purchase consideration of approximately $25 million, consisting primarily of cash and the issuance of a convertible promissory note of $12.5 million. See Note 12 for additional information of the convertible promissory note. The acquisition allows the Company to continue to expand its customer base.
Of the total purchase consideration, $11.0 million has been recorded to acquired intangible assets, $13.2 million to goodwill, and $0.8 million to accounts comprised primarily of working capital. The Company incurred $0.1 million in acquisition related costs, which were recognized as general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income (loss).
The intangible assets acquired primarily relate to carrier and agency relationships and have a useful life of eight years. The Company valued the intangibles using income-based approaches including the excess earnings and relief from royalty method as well as the with and without approach. The goodwill represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, including expected future synergies. The goodwill recognized is expected to be deductible for tax purposes.
 
 
The valuation of the assets acquired, and liabilities assumed has not been finalized because the acquisition closed on December 31, 2020. As a result, provisional estimates have been recorded and are subject to change primarily accounts that include the use of estimates, such as acquired intangible assets.
v3.21.2
Income Taxes
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]    
Income Taxes
13. Income Taxes
The consolidated effective tax rate was (0.1)% and (0.1)% for the six months ended June 30, 2021 and 2020, respectively. The difference between these rates and the U.S. federal income tax rate of 21% was primarily due to a full valuation allowance against the Company’s net deferred tax assets.
The Company did not have an unrecognized tax benefit as of June 30, 2021 and 2020. No interest or penalties were incurred during the six months ended June 30, 2021 and 2020.
19. Income Taxes
The components of the total provision for income taxes are as follows (in millions):
 
    
Year Ended December 31,
  
    
    2020    
     
    2019    
  
Loss before income taxes
    $ (143.2 )     $ (83.0 ) 
Income tax benefit from statutory rate
      (30.1 )       (17.4 ) 
Effect of:
      
Meals, entertainment & parking
      0.1        —    
Deferred compensation
      8.1        4.8  
Transaction costs
      0.1        —    
State taxes
      (1.1 )       0.1  
Increase in valuation allowance
      19.9        12.0  
Other
      1.2        0.6  
  
 
 
     
 
 
  
Income taxes (benefit) expense
    $ (1.8 )     $ 0.1  
  
 
 
     
 
 
  
The components of the provision for income taxes are as follows (in millions):
 
    
Year Ended December 31,
  
    
2020
     
2019
  
Income tax applicable to:
      
Current
      
State
    $ 0.2      $ 0.1  
  
 
 
     
 
 
  
Total current provision
    $ 0.2      $ 0.1  
Deferred
      
Federal
    $ (1.9 )     $ —    
State
      (0.1 )       —    
  
 
 
     
 
 
  
Total deferred provision
    $ (2.0 )     $ —    
  
 
 
     
 
 
  
Total provision for income taxes
    $ (1.8 )     $ 0.1  
  
 
 
     
 
 
  
 
Deferred Taxes
Significant components of the Company’s deferred tax assets and liabilities are as follows (in millions):
 
    
As of December 31,
  
    
2020
     
2019
  
Deferred tax assets:
      
Net operating loss carryforward
    $ 35.4      $ 18.0  
Provision for commission
      5.4        2.9  
Intangible assets
      3.1        0.2  
Research and development credit
      0.2        0.2  
Deferred compensation
      0.3        0.2  
Unearned premium reserve
      1.0        —    
Loss reserve discount
      0.1        0.7  
Deferred rent
      0.1        —    
Accruals
      0.9        —    
Interest expense limitation
      0.6        —    
Other
      —          0.2  
Total deferred tax assets
    $ 47.1      $ 22.4  
Valuation allowance
      (39.6 )       (19.7 ) 
Total deferred income tax assets
    $ 7.5      $ 2.7  
Deferred tax liabilities
      
Property and equipment
    $ 0.1      $ 0.1  
Capitalized software
      3.3        1.8  
Acquired intangibles
      0.5        0.8  
Unrealized gains
      0.4        —    
Spinnaker
stepped-up
adjustment
      2.9        —    
Deferred acquisition costs
      0.3        —    
Total deferred tax liabilities
    $ 7.5      $ 2.7  
  
 
 
     
 
 
  
Deferred income tax assets, net
    $ —        $ —    
  
 
 
     
 
 
  
Valuation Allowance
Recognition of deferred tax assets is appropriate when realization of these assets is more likely than not. Based upon the weight of all available evidence, with primary focus on the Company’s history of recent losses, the Company has concluded that it is not more likely than not that the recorded deferred tax assets will be realized. As a result, the Company has recorded a full valuation allowance against its net deferred tax assets recorded as of December 31, 2020 and 2019.
Unrecognized Tax Benefits
The Company recognizes the tax benefit of tax positions taken in the consolidated financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the tax technical merits of the position. The tax benefit of a position that meets this standard is measured at the largest amount of benefit that is expected to be more likely than not to be realized on settlement. A liability is established for the difference between the tax benefit of positions taken in a tax return and the tax benefit of tax positions recognized in the consolidated financial statements.
The Company did not have an unrecognized tax benefit as of December 31, 2020 and 2019, fully offset by a valuation allowance. No interest or penalties were incurred during the years ended December 31, 2020 or 2019.
 
 
The Company believes it is reasonably possible that there will be no change in the unrecognized tax benefits within the next twelve months.
Net Operating Losses
As of December 31, 2020, the Company has U.S. federal and state net operating loss (“NOL”) carryforwards of $154.5 million and $41.5 million, respectively. The Company has $8.8 million of Dual Consolidating Losses in a 953(d) company, RH Solutions Insurance. The provisions of the Tax Cuts and Jobs Act of 2017 eliminated the
20-year
carryforward period and made it indefinite for federal NOLs generated in tax years after December 31, 2017. For such amounts generated prior to 2018, the
20-year
carryforward periods continue to apply.
In general, a corporation’s ability to utilize its NOL carryforwards may be subject to a substantial limitation due to ownership changes that may have occurred or that could occur in the future, as required by section 382 of the Internal Revenue Code of 1986 (the “Code”), as amended, as well as similar state provisions. These ownership changes may limit the amount of NOL and research & development (“R&D”) credit carryforwards that can be utilized annually to offset future taxable income and tax, respectively. In general, an “ownership change,” as defined by section 382 of the Code, results from transaction or series of transactions over a three-year period resulting in an ownership change of more than 50 percent of the capital (as defined) of a company by certain stockholders or public groups. The Company has performed a section 382 analysis and experienced two historical ownership changes in 2016 and 2018, and the Company’s tax attributes subject to such limitations under section 382 have been considered. Components of the NOL carryforwards are as follows (in millions):​​​​​​​
 
    
20-year Carryforward

Expires in 2035 - 2037
     
Indefinite
Carryforward
Period
     
Total
  
U.S. Federal
    $ 9.2      $ 145.3      $ 154.5  
U.S. State
      41.5        —          41.5  
  
 
 
     
 
 
     
 
 
  
Balance as of December 31, 2020
    $ 50.7      $ 145.3      $ 196.0  
  
 
 
     
 
 
     
 
 
  
Taxing Authority Audits
The Company’s income tax returns are subject to federal and state tax examinations. There are no pending tax examinations as of December 31, 2020. For U.S. federal purposes, the Company is open for the 2017 – 2019 tax years and for state purposes, the Company is open for from 2016 – 2019 tax years.
v3.21.2
Net Loss Per Share Attributable to Common Stockholders
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]    
Net Loss Per Share Attributable to Common Stockholders
14. Net Loss Per Share Attributable to Common Stockholders
Net loss per share attributable to common stockholders was computed as follows:
 
                                                   
    
Three Months Ended June 30,
     
Six Months Ended June 30,
  
    
2021
     
2020
     
2021
     
2020
  
Numerator:
            
Net loss attributable to Hippo - basic and diluted (in millions)
   
$
(84.5
) 
   
$
(24.8
) 
   
$
(279.8
) 
   
$
(48.7
) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Denominator:
            
Weighted-average shares used in computing net loss per share attributable to Hippo — basic and diluted
   
 
14,134,399
 
   
 
12,360,596
 
   
 
13,968,160
 
   
 
12,236,471
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Net loss per share attributable to Hippo — basic and diluted
   
$
(5.98
) 
   
$
(2.01
) 
   
$
(20.03
) 
   
$
(3.98
) 
  
 
 
     
 
 
     
 
 
     
 
 
  
The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows:
 
    
As of June 30,
  
    
2021
     
2020
  
Convertible preferred stock (on an as if converted basis)
      43,985,178        36,330,613  
Outstanding options
      9,741,833        8,141,970  
Warrants to purchase common shares
      4,800,551        4,738,051  
Warrants to purchase preferred shares
      2,494,116        2,494,116  
Common stock subject to repurchase
      1,713,658        1,366,513  
Convertible notes
      21,603,512        —    
  
 
 
     
 
 
  
Total
      84,338,848        53,071,263  
  
 
 
     
 
 
  
20. Net Loss Per Share Attributable to Common Stockholders
Net loss per share attributable to common stockholders was computed as follows:
 
    
Year Ended December 31,
  
    
2020
     
2019
  
Numerator:
      
Net loss attributable to Hippo Enterprises Inc. — basic and diluted (in millions)
    $ (141.5 )     $ (83.1 ) 
  
 
 
     
 
 
  
Denominator:
      
Weighted-average shares used in computing net loss per share attributable to Hippo Enterprises Inc. — basic and diluted
      12,495,509        10,652,088  
  
 
 
     
 
 
  
Net loss per share attributable to Hippo Enterprises Inc. — basic and diluted
    $ (11.32 )     $ (7.80 ) 
  
 
 
     
 
 
  
 
 
The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows:
 
    
As of December 31,
  
    
2020
     
2019
  
Convertible preferred stock (on an as if converted basis)
      39,545,082        32,546,081  
Outstanding options
      8,364,323        5,687,268  
Warrants to purchase common shares
      4,763,600        4,789,980  
Warrants to purchase preferred shares
      2,494,116        1,784,876  
Common stock subject to repurchase
      1,365,948        1,691,897  
Convertible notes
      2,177,961        —    
  
 
 
     
 
 
  
Total
      58,711,030        46,500,102  
  
 
 
     
 
 
  
v3.21.2
Geographical Breakdown of Gross Written Premium
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]    
Geographical Breakdown of Gross Written Premium
15. Geographical Breakdown of Gross Written Premium
Gross written premium (“GWP”) by state is as follows (in millions):    
 
    
Three Months Ended June 30,
    
Six Months Ended June 30,
  
    
2021
    
2020
    
2021
    
2020
  
    
Amount
     
% of GWP
    
Amount
     
% of GWP
    
Amount
     
% of GWP
    
Amount
     
% of GWP
  
State
                     
Texas
    $ 39.9      31.0 %    $ 4.0      72.7 %    $ 72.9      32.0 %    $ 10.9      74.1 % 
California
      22.8      17.7 %      —          —   %      41.6      18.3 %      —          —   % 
Florida
      8.6      6.7 %      —          —   %      14.4      6.3 %      —          —   % 
Georgia
      5.6      4.4 %      0.2      3.6 %      9.8      4.3 %      0.4        2.7 % 
Illinois
      4.5      3.5 %      0.3      5.5 %      7.6      3.3 %      0.7        4.8 % 
Missouri
      3.5      2.7 %      0.2      3.6 %      5.9      2.6 %      0.5        3.4 % 
Colorado
      3.1      2.4 %      —          —   %      5.7      2.5 %      —          —   % 
Arizona
      2.9      2.3 %      —          —   %      5.3      2.3 %      —          —   % 
New Jersey
      2.3      1.8 %      —          —   %      4.5      2.0 %      —          —   % 
Ohio
      2.8      2.2 %      0.2      3.6 %      4.8      2.1 %      0.5        3.4 % 
Other
      32.6      25.3 %      0.6      10.9 %      55.2      24.2 %      1.7        11.6 % 
  
 
 
     
 
 
    
 
 
     
 
 
    
 
 
     
 
 
    
 
 
     
 
 
  
Total
    $ 128.6      100 %    $ 5.5      100 %    $ 227.7      100 %    $ 14.7      100 % 
  
 
 
     
 
 
    
 
 
     
 
 
    
 
 
     
 
 
    
 
 
     
 
 
  
21. Geographical Breakdown of Gross Written Premium
Gross written premium (“GWP”) by state is as follows (in millions):
 
    
December 31,
  
    
2020
  
    
Amount
     
% of GWP
  
State
      
Texas
    $ 43.9        37.8 % 
California
      10.4        8.9 % 
Florida
      7.3        6.3 % 
Illinois
      4.9        4.3 % 
Georgia
      4.7        4.0 % 
Missouri
      3.4        2.9 % 
Ohio
      3.0        2.6 % 
Oklahoma
      3.0        2.6 % 
Tennessee
      2.4        2.1 % 
Colorado
      2.5        2.1 % 
Other
      30.6        26.4 % 
  
 
 
     
 
 
  
Total
    $ 116.1        100.0 % 
  
 
 
     
 
 
  
v3.21.2
Related Party Transactions
 3 Months Ended 6 Months Ended
Dec. 31, 2020
Jun. 30, 2021
Related Party Transaction [Line Items]    
Related Party Transactions  
Note 5 — Related Party Transactions
Founder Shares
On October 7, 2020, the Sponsor paid an aggregate of $25,000 to cover for certain expenses on behalf of the Company in exchange for issuance of 5,750,000 Class B ordinary shares (the “Founder Shares”). The Sponsor agreed to forfeit up to an aggregate of 750,000 Founder Shares to the extent that the option to purchase Over-Allotment Units was not exercised in full by the underwriters, so that the Founder Shares would represent 20% of the Company’s issued and outstanding shares after the Initial Public Offering. The underwriters fully exercised their over-allotment option on November 19, 2020; thus, those Founder Shares were no longer subject to forfeiture.
The Initial Shareholders agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of (1) one year after the completion of the initial Business Combination; and (2) subsequent to the initial Business Combination (x) if the last reported sale price of Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share
sub-divisions,
share dividends, rights issuances, consolidations, reorganizations, recapitalizations and other similar transactions) for any 20 trading days within any
30-trading
day period commencing at least 150 days after the initial Business Combination or (y) the date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property.
Hippo Enterprises Inc And Subsidiaries [Member]    
Related Party Transaction [Line Items]    
Related Party Transactions  
16. Related Party
Hippo has agreements with multiple Comcast entities and affiliated funds who are beneficial owners of more than 5% of outstanding Hippo stock. Hippo incurred expenses of $1.3 million and $2.3 million, during the three and six months ended June 30, 2021, respectively, and $1.7 million and $3.1 million, during the three and six months ended June 30, 2020, respectively, related to these marketing and consulting agreements.
Reinvent Technology Partners Z [Member]    
Related Party Transaction [Line Items]    
Related Party Transactions
Note 6 — Related Party Transactions
Founder Shares
On October 7, 2020, the Sponsor paid an aggregate of $25,000 to cover for certain expenses on behalf of the Company in exchange for issuance of 5,750,000 ordinary shares (the “Founder Shares”). The Sponsor agreed to forfeit up to an aggregate of 750,000 Founder Shares to the extent that the option to purchase additional units was not exercised in full by the underwriters, so that the Founder Shares would represent 20% of the Company’s issued and outstanding shares after the Initial Public Offering. The underwriters fully exercised their over-allotment option on November 19, 2020; thus, those Founder Shares were no longer subject to forfeiture.
The Initial Shareholders agreed not to transfer, assign or sell any of their Founder Shares until the earlier to occur of (1) one year after the completion of the initial Business Combination; and (2) subsequent to the initial Business Combination (x) if the last reported sale price of Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share
sub-divisions,
share dividends, rights issuances, consolidations, reorganizations, recapitalizations and other similar transactions) for any 20 trading days within any
30-trading
day period commencing at least 150 days after the initial Business Combination or (y) the date on which the Company completes a liquidation, merger, share exchange, reorganization or other similar transaction that results in all of the Public Shareholders having the right to exchange their ordinary shares for cash, securities or other property.
Related Party Loans
On October 7, 2020, the Sponsor agreed to loan the Company up to $300,000 to be used for the payment of costs related to the Initial Public Offering pursuant to a promissory note (the “Note”). The Note was
non-interest
bearing, unsecured and due upon the earlier of December 31, 2021 and the closing of the Initial Public Offering. The Company borrowed approximately $60,000 under the Note, and fully repaid this on November 20, 2020.
In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor, members of the Company’s founding team or any of their affiliates may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account
released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $2,000,000 of such Working Capital Loans may be convertible into warrants of the post Business Combination entity at a price of $1.50 per warrant. The warrants would be identical to the Private Placement Warrants. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. To date, the Company had no borrowings under the Working Capital Loans.
Support Services Agreement
The Company entered into the Support Services Agreement that provides that, commencing on the date that the Company’s securities were first listed on the NYSE through the earlier of consummation of the initial Business Combination and the liquidation, the Company will pay Support Services Fees to Reinvent Capital that total $625,000 per year for support and administrative services, as well as reimburse Reinvent Capital for any
out-of-pocket
expenses it incurs in connection with providing services or for office space under the Support Services Agreement. As of December 31, 2020, the Company paid $156,250 to Reinvent Capital as part of the Support Services Agreement and recognized approximately $52,000 in the statement of operations for the period from October 2, 2020 (inception) through December 31, 2020, the balance of approximately $104,000 in included in Prepaid Expenses on the balance sheet at December 31, 2020.
In addition, the Sponsor, officers and directors, or any of their respective affiliates will be reimbursed for any
out-of-pocket
expenses incurred in connection with activities on the Company’s behalf such as identifying potential target businesses and performing due diligence on suitable Business Combinations. The Company’s audit committee will review on a quarterly basis all payments that were made to the Sponsor, officers or directors, or the Company’s or their affiliates. Any such payments prior to an initial Business Combination will be made from funds held outside the Trust Account, including funds released from the Trust Account to pay for working capital, subject to an annual limit of $165,000. For the period from October 2, 2020 through December 31, 2020, the Company incurred approximately $12,000 in reimbursable expenses paid by Reinvent Capital under the Support Services Agreement, which was recognized in the statement of operations and included in Due to Related Party on the balance sheet at December 31, 2020.
 
v3.21.2
Subsequent Events
 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2020
Jun. 30, 2021
Dec. 31, 2020
Subsequent Events  
Note 10 — Subsequent Events
Management has evaluated subsequent events to determine if events or transactions occurring through August 16, 2021, the date the financial statements were issued, require potential adjustment to or disclosure in the financial statements and has concluded that, other than as described below, all such events that would require recognition or disclosure have been recognized or disclosed.
On July 29, 2021, 19,261,380 of the Company’s Class A ordinary shares amounting to $192,613,300 were presented for redemption in connection with the Business Combination. These redemptions were completed, and amount settled with the shareholders.
On August 2, 2021 the Company closed Business Combination and on August 3, 2021 Hippo Holdings common stock and warrants begin publicly trading on The New York Stock Exchange under the new symbols “HIPO” and “HIPO.WS”, respectively.
 
Hippo Enterprises Inc And Subsidiaries [Member]      
Subsequent Events  
17. Subsequent Events
The Company has evaluated subsequent events from the balance sheet date through August 16, 2021, the date these consolidated financial statements are available to be issued.
The Company filed a Report on Form
8-K
on July 30, 2021, describing subsequent events relating to the shareholders meeting and proposal as presented and voted on July 29, 2021.
On July 29, 2021, 19,261,380 of the RTPZ’s Class A ordinary shares amounting to $192.6 million were presented for redemption in connection with the Business Combination. These redemptions were completed, and amount settled with the shareholders.
On August 2, 2021, RTPZ and Hippo Enterprises Inc. closed Business Combination and on August 3, 2021 Hippo Holdings common stock and warrants begin publicly trading on The New York Stock Exchange under the new symbols “HIPO” and “HIPO.WS”, respectively.
On August 2, 2021, the Company issued, in the aggregate, 55,000,000 shares of its common stock to investors at $10.00 per share for aggregate consideration of $550.0 million (the “PIPE Investment”).
On August 5, 2021, the Company filed a Report on Form
8-K
describing subsequent events related to the Business Combination and PIPE Investment.
There were no other items identified in the period subsequent to the consolidated financial statement date that required adjustment or disclosure.
22. Subsequent Events
The Company has evaluated subsequent events from the balance sheet date through March 25, 2021, the date these consolidated financial statements are available to be issued.
The Company faces loss exposure from the February 2021 winter storm in the State of Texas. The Company is assessing the impact of the event; based on a preliminary review of the range of expected loss, the Company believes this event may have a material impact on its financial condition or results of operations.
On February 4, 2021, the Company signed a Letter of Intent (“LOI”) with Reinvent Technology Partners Z (“Reinvent”), a Special Purpose Acquisition Company. The contemplated deal with Reinvent would provide all holders of common and preferred stock to receive common shares of the continuing public company, which will be a wholly owned subsidiary of Reinvent. The outstanding principal and unpaid accrued interest of the convertible promissory note will be converted into conversion shares immediately prior to the consummation of the public issuer merger. The transaction will be accounted for as a reverse recapitalization and the Company has been determined to be the accounting acquirer.
Reinvent Technology Partners Z [Member]      
Subsequent Events
Note 11 — Subsequent Events
Management has evaluated subsequent events to determine if events or transactions occurring through May 10, 2021, the date the financial statements were issued, require potential adjustment to or disclosure in the financial statements and has concluded that, other than as described below, all such events that would require recognition or disclosure have been recognized or disclosed.
Proposed Hippo Business Combination
On February 23, 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Hippo Enterprises Inc., a Delaware corporation (“Hippo”), and RTPZ Merger Sub Inc., a Delaware corporation and a direct wholly-owned subsidiary of the Company (“Merger Sub”). The Merger Agreement provides that, among other things and upon the terms and subject to the conditions thereof, the following transactions will occur (together with the other agreements and transactions contemplated by the Merger Agreement, the “Hippo Business Combination”): (i) at the closing of the transactions contemplated by the Merger Agreement (the “Closing”), upon the terms and subject to the conditions of the Merger Agreement and in accordance with the General Corporation Law of the State of Delaware, as amended (the “DGCL”), (a) Merger Sub will merge with and into Hippo, the separate corporate existence of Merger Sub will cease and Hippo will be the surviving corporation and a wholly owned subsidiary of the Company (the “First Merger”) and (b) immediately following the First Merger, Hippo (as the surviving corporation of the First Merger) will merge with and into the Company, the separate corporate existence of Hippo will cease and the Company will be the surviving corporation (the “Second Merger” and, together with the First Merger, the “Mergers”); (ii) as a result of the Merger, among other things, all outstanding shares of capital stock of Hippo will be canceled in exchange for the right to receive, in the aggregate, a number of shares of RTPZ Common Stock (as defined below) equal to the quotient obtained by dividing (x) $5,522,000,000 (representing the enterprise value of $5,000,000,000 plus Hippo’s cash as of December 31, 2020 ($522,000,000)) by (y) $10.00; and (iii) upon the effective time of the Domestication (as defined below), the Company will immediately be renamed “Hippo Holdings Inc.”
Prior to the Closing, subject to the approval of the Company’s shareholders, and in accordance with the DGCL, Cayman Islands Companies Act (as revised) (the “CICA”) and the Company’s amended and restated memorandum and articles of association, the Company will effect a deregistration under the CICA and a domestication under Section 388 of the DGCL (by means of filing a certificate of domestication with the Secretary of State of Delaware), pursuant to which the Company’s jurisdiction of incorporation will be changed from the Cayman Islands to the State of Delaware (the “Domestication”).
In connection with the Domestication, (i) each of the then issued and outstanding Class A ordinary shares, par value $0.0001 per share, of the Company, will convert automatically, on a
one-for-one
basis, into a share of common stock, par value $0.0001, of the Company (after its Domestication) (the “RTPZ Common Stock”), (ii) each of the then issued and outstanding Class B ordinary shares, par value $0.0001 per share, of the Company, will convert automatically, on a
one-for-one
basis, into a share of RTPZ Common Stock, (iii) each then issued and outstanding warrant to acquire the Company’s Class A Ordinary Shares will convert automatically into a
 
warrant to acquire an equal number of shares of RTPZ Common Stock (“Domesticated RTPZ Warrant”), and (iv) each then issued and outstanding unit of the Company (the “Cayman RTPZ Units”) will convert automatically into a share of RTPZ Common Stock, on a
one-for-one
basis, and
one-fifth
of one Domesticated RTPZ Warrant.
On March 3, 2021, concurrently with the execution of the Merger Agreement, the Company entered into subscription agreements with certain investors (collectively, the “PIPE Investors”), pursuant to, and on the terms and subject to the conditions of which, the PIPE Investors have collectively subscribed for 55 million shares of RTPZ Common Stock for an aggregate purchase price equal to $550 million (the “PIPE Investment”).
The consummation of the proposed Hippo Business Combination is subject to certain conditions as further described in the Merger Agreement.
Sponsor Support Agreement
On March 3, 2021, the Sponsor entered into the Sponsor Agreement (the “Sponsor Agreement”) with the Company and Hippo, pursuant to which the parties thereto agreed to, among other things, (i) certain vesting terms with respect to the RTPZ Common Stock beneficially owned by the Sponsor as of the Domestication, (ii) a lock-up of securities held by the Sponsor, (iii) the mandatory exercise of the Domesticated RTPZ Warrants held by the Sponsor if (a) RTPZ elects to redeem the Domesticated RTPZ Warrants held by RTPZ’s public shareholders and (b) the last reported sales price of the RTPZ Common Stock for any 20 Trading Days (as defined in the Sponsor Agreement) within a period of 30 consecutive Trading Days exceeds $25.00 per share and (iv) certain rights of Sponsor with respect to board representation of the combined company at the Closing, in each case, on the terms and subject to the conditions set forth in the Sponsor Agreement.
   
v3.21.2
Description of Business and Summary of Significant Accounting Policies (Policies)
 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2020
Jun. 30, 2021
Dec. 31, 2020
Use of Estimates  
Use of Estimates
The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. One of the more significant accounting estimates included in these condensed consolidated financial statements is the determination of the fair value of the warrant liability. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates.
 
Cash, Cash Equivalents, and Restricted Cash  
Investments Held in the Trust Account
The Company’s portfolio of investments is comprised of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities and generally have a readily determinable fair
value, or a combination thereof. When the Company’s investments held in the Trust Account are comprised of U.S. government securities, the investments are classified as trading securities. When the Company’s investments held in the Trust Account are comprised of money market funds, the investments are recognized at fair value. Trading securities and investments in money market funds are presented on the condensed consolidated balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in unrealized gain on investments held in Trust Account in the accompanying unaudited condensed consolidated statements of operations. The estimated fair values of investments held in the Trust Account are determined using available market information.     		 
Fair Value of Financial Instruments  
Fair Value of Financial Instruments
The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the FASB ASC Topic 820, “Fair Value Measurements,” approximates the carrying amounts represented in the condensed consolidated balance sheets.
Fair Value Measurements
Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
 
  •  
Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;
 
  •  
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
 
  •  
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.
 
Concentration of Credit Risk  
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Corporation coverage limit of $250,000. As of June 30, 2021 and December 31, 2020, the Company had not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.
 
Income Taxes  
Income Taxes
FASB ASC Topic 740, “Income Taxes” prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of June 30, 2021. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company
recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of June 30, 2021. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.
There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s unaudited condensed consolidated financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.
 
Net Loss Per Share Attributable to Common Stockholders of Hippo Enterprises Inc.  
Net Income (Loss) Per Ordinary Share
Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding during the periods. The Company has not considered the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 9,000,000, of the Company’s Class A ordinary shares in the calculation of diluted net income (loss) per share, since the exercise of the warrants are contingent upon the occurrence of future events.
The Company’s unaudited condensed consolidated statements of operations includes a presentation of net income (loss) per share for ordinary shares subject to redemption in a manner similar to the
two-class
method of net income (loss) per share. Net income (loss) per ordinary share, basic and diluted for Class A ordinary shares is calculated by dividing the unrealized gain on investments held in the Trust Account, net of applicable taxes and interest to fund working capital requirements, subject to an annual limit of $165,000, available to be withdrawn from the Trust Account, resulting in income of approximately $6,000 and $59,000 for the three and six months ended June 30, 2021, respectively, by the weighted average number of Class A ordinary shares outstanding for the period. Net income (loss) per ordinary share, basic and diluted for Class B ordinary shares is calculated by dividing the net income (loss), less net income (loss) attributable to Class A ordinary shares by the weighted average number of Class B ordinary shares outstanding for the period.
 
Class A Ordinary Shares Subject to Possible Redemption  
Class A Ordinary Shares Subject to Possible Redemption
The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC 480. Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. The Company’s Class A ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of uncertain future events. Accordingly, at June 30, 2021 and December 31, 2020, 19,975,356 and 20,484,749, respectively, of Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ equity section of the Company’s condensed consolidated balance sheets.
 
Offering Costs Associated with the Initial Public Offering  
Offering Costs Associated with the Initial Public Offering
Offering costs consisted of legal, accounting, underwriting fees and other costs incurred through the Initial Public Offering that were directly related to the Initial Public Offering. Offering costs were allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with derivative warrant liabilities were expensed as incurred and presented as
non-operating
expenses in the condensed consolidated statements of operations. Offering costs associated with the Class A ordinary shares were charged to shareholders’ equity upon the completion of the Initial Public Offering. The Company will keep deferred underwriting commissions classified as
non-current
liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.
 
Derivative warrant liabilities  
Derivative Warrant Liabilities
The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants,
to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and FASB ASC Topic 815, “Derivatives and Hedging” (“ASC 815”). The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is
re-assessed
at the end of each reporting period.
The warrants issued in the Initial Public Offering (the “Public Warrants”) and the Private Placement Warrants are recognized as derivative liabilities in accordance with ASC 815. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the carrying value of the instruments to fair value at each reporting period until they are exercised. The initial fair value of Public Warrants issued in connection with the Public Offering and the fair value of Private Placement Warrants have been estimated using a Monte Carlo simulation model each measurement date. The fair value of the Public Warrants as of June 30, 2021 is based on observable listed prices for such warrants. The fair value of the Public Warrants as of December 31, 2020 was estimated using a Monte Carlo simulation model. Derivative warrant liabilities are classified as
non-current
liabilities as their liquidation is not reasonably expected to require the use of current assets or require the creation of current liabilities.
 
Cash and Cash Equivalents  
Cash and Cash Equivalents
The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of June 30, 2021 and December 31, 2020.
 
Risk and Uncertainties  
Risk and Uncertainties
On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus (the
“COVID-19
outbreak”). In March 2020, the WHO classified the
COVID-19
outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the
COVID-19
outbreak continues to evolve. The impact of the
COVID-19
outbreak on the Company’s results of operations, financial position and cash flows will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions. These developments and the impact of the
COVID-19
outbreak on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s results of operations, financial position and cash flows may be materially adversely affected. Additionally, the Company’s ability to complete an initial Business Combination may be materially adversely affected due to significant governmental measures that have been, and may in the future be, implemented to contain the
COVID-19
outbreak or treat its impact, including travel restrictions, the shutdown of businesses and quarantines, among others, which may limit the Company’s ability to have meetings with potential investors or affect the ability of a potential target company’s personnel, vendors and service providers to negotiate and consummate an initial Business Combination in a timely manner. The Company’s ability to consummate an initial Business Combination may also be dependent on the ability to raise additional equity and debt financing, which may be impacted by the
COVID-19
outbreak and the resulting market downturn.
 
Liquidity and Capital Resources  
Liquidity and Capital Resources
As of June 30, 2021, the Company had approximately $101,000 in its operating bank account and a working capital deficit of approximately $397,000.
The Company’s liquidity needs to date have been satisfied through a contribution of $25,000 from Sponsor to cover for certain expenses in exchange for the issuance of the Founder Shares, the loan of approximately $194,000 from the Sponsor pursuant to the promissory note (see Note 4), and the proceeds from the consummation of the Initial Public Offering and Private Placement not held in the Trust Account. The Company fully repaid the promissory note as of September 21, 2020 (see Note 4). In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans (see Note 4). As of June 30, 2021, there were no amounts outstanding under any Working Capital Loan.
On August 2, 2021, the Company closed the Business Combination. On August 2, 2021, the Company issued, in the aggregate, 55,000,000 shares of its common stock to investors at $10.00 per share for aggregate consideration of $550,000,000. 		 
Emerging Growth Company  
Emerging Growth Company
The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but
any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.
This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
 
Basis of Presentation  
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements are presented in U.S. dollars in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for
financial information and pursuant to the rules and regulations of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP. In the opinion of management, the unaudited condensed consolidated financial statements reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the balances and results for the periods presented. Operating results for the three and six months ended June 30, 2021 are not necessarily indicative of the results that may be expected through December 31, 2021 or any future period. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements contained in Amendment No. 1 to the Company’s Annual Report on
Form 10-K/A filed
with the SEC on May 11, 2021. 		 
Recent Accounting Pronouncements  
Recent Accounting Pronouncements
In August 2020, the FASB issued Accounting Standards Update (“ASU”)
No. 2020-06, “Debt—Debt
with Conversion and Other Options
(Subtopic 470-20) and
Derivatives and Hedging—Contracts in Entity’s Own Equity
(Subtopic 815-40): Accounting
for Convertible Instruments and Contracts in an Entity’s Own
Equity” (“ASU 2020-06”), which
simplifies accounting for convertible instruments by removing major separation models required under current GAAP. The ASU also removes certain settlement conditions that are required for equity-linked contracts to qualify for the derivative scope exception, and it simplifies the diluted earnings per share calculation in certain areas. The Company adopted
ASU 2020-06 on
January 1, 2021. Adoption of the ASU did not impact the Company’s financial position, results of operations or cash flows.
The Company’s management does not believe that any other recently issued, but not yet effective, accounting pronouncement if currently adopted would have a material effect on the Company’s unaudited condensed financial statements.
 
Hippo Enterprises Inc And Subsidiaries [Member]      
Basis of Presentation and Consolidation  
Basis of Presentation and Consolidation
The accompanying interim consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) and are consistent in all material respects with those applied in the Company’s financial statements for the year ended December 31, 2020 included in Reinvent Technology Partners Z prospectus on Form
S-4/A
filed with the Securities and Exchange Commission (the “SEC”) on May 11, 2021. All intercompany transactions have been eliminated in consolidation. The Company bases its estimates on historical experience and on various other assumptions that the Company believes to be reasonable under the circumstances.
 
 
The interim financial information is unaudited, but reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. Interim results are not necessarily indicative of the results for a full year.
Reclassifications
Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. These reclassifications had no effect on previously reported revenue, expenses, net loss or the consolidate balance sheets.
Basis of Presentation and Consolidation
The consolidated financial statements and accompanying notes of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
The Company assesses whether they are the primary beneficiary of a variable interest entity (“VIE”) at the inception of the arrangement and at each reporting date. If the Company is the primary beneficiary, the Company consolidates the VIE and records noncontrolling interest in consolidated financial statements to recognize the minority ownership interest. If the Company is not the primary beneficiary of a VIE, the Company accounts for the investment or other variable interests in a VIE applicable U.S. GAAP.
Use of Estimates  
Use of Estimates
The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include, but are not limited to, loss and loss adjustment expense (“LAE”) reserves, provision for commission slide and cancellations, reinsurance recoverable on paid and unpaid losses and LAE, the fair values of investments, common stock, share-based awards, preferred stock warrant liabilities, contingent consideration liabilities, embedded derivative liabilities, acquired intangible assets and goodwill, deferred tax assets and uncertain tax positions, and revenue recognition. The Company evaluates these estimates on an ongoing basis. These estimates are informed by experience and other assumptions that the Company believes are reasonable under the circumstances. Actual results may differ significantly from these estimates.
Use of Estimates
The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make estimates that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include, but are not limited to, loss and loss adjustment expense (“LAE”) reserves, provision for commission, reinsurance recoverable on paid and unpaid losses and LAE, the fair values of investments, common stock, share-based awards, preferred stock warrant liabilities, contingent consideration liabilities, embedded derivative liabilities, acquired intangible assets and goodwill, deferred tax assets and uncertain tax positions, and revenue recognition. The Company evaluates these estimates on an ongoing basis. These estimates are informed by experience and other assumptions that the Company believes are reasonable under the circumstances. Actual results may differ significantly from these estimates.
Segment Information    
Segment Information
The Company’s chief operating decision maker reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. As such, the Company has a single operating and reportable segment structure. All the Company’s long-lived assets are in the United States.
Cash, Cash Equivalents, and Restricted Cash    
Cash, Cash Equivalents, and Restricted Cash
Cash consists of cash on deposit. The Company considers all highly liquid securities readily convertible to cash, that mature within three months or less from the original date of purchase to be cash equivalents. The Company’s restricted cash relates to cash restricted to support issued letter of credits and collateral to insurers. The Company’s restricted cash also includes fiduciary assets.
Fiduciary Assets and Liabilities    
Fiduciary Assets and Liabilities
In its capacity as an insurance agent and broker, the Company collects premiums from insureds and, after deducting its commission, remits the premiums to the respective insurers. The Company also processes claims on behalf of insurers and collects claims from insurers on behalf of insureds. Premiums collected from insureds but not yet remitted to insurance companies and claims collected from insurance companies but not yet remitted to insureds are fiduciary assets. Fiduciary assets are recorded within restricted cash in the Company’s consolidated balance sheets. Unremitted insurance premiums and claims are held in a fiduciary capacity and the obligation to remit these funds is recorded as fiduciary liabilities in the consolidated balance sheets.
Investments    
Investments
The Company has categorized its investment portfolio as
available-for-sale
and has reported the portfolio at fair value, adjusted for other-than-temporary declines in fair value, with unrealized gains and losses, net of tax, reported as an amount in other comprehensive loss. Fair values are based on quoted market prices or dealer quotes, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. Amortization of premium and accretion of discount are computed using the scientific method (constant yield to worst). Realized gains and losses are determined using specific identification method and included in the determination of income. Net investment income includes interest and dividend income, amortization and accretion of investment premiums and discounts, respectively, realized gains and losses on sales of securities, and other-than-temporary declines in the fair value of securities, if any. The cost of securities sold is based on the specific identification method.
The Company regularly reviews all the investments for other-than-temporary declines in fair value. The review includes the consideration of the cause of the impairment, including the creditworthiness of the security issuers, the number of securities in an unrealized loss position, the severity and duration of the unrealized losses, whether the Company has the intent to sell the securities, and whether it is more likely than not the Company will be required to sell the securities before the recovery of their amortized cost basis. When the Company determines that the decline in fair value of an investment is below the accounting basis and the decline is other-than-temporary, it reduces the carrying value of the security and records a loss for the amount of such decline in net investment income in the consolidated statements of operations and comprehensive loss.
Fair Value of Financial Instruments    
Fair Value of Financial Instruments
The Company applies fair value accounting for all financial assets and liabilities and
non-financial
assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as risks inherent in valuation techniques, transfer restrictions, and credit risk. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:
 
  •  
Level 1 — Quoted prices in active markets for identical assets or liabilities that are publicly accessible at the measurement date.
 
  •  
Level 2 — Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
 
  •  
Level 3 — Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability.
The Company’s financial instruments include cash equivalents, restricted cash, fixed maturities, short-term investments, accounts receivable, accounts payable, assumed and ceded reinsurance contracts and preferred stock warrants. Cash equivalents and restricted cash are principally stated at amortized cost, which approximates their fair value. Short-term investments and preferred stock warrants are reported at fair value. The recorded carrying amount of accounts receivable, assumed and ceded reinsurance contracts, and accounts payable approximates their fair value due to their short-term nature.
Concentration of Credit Risk    
Concentration of Credit Risks
Financial instruments that potentially subject the Company to concentrations of credit risk are primarily comprised of cash and cash equivalents, short-term investments, fixed maturities
available-for-sale,
and reinsurance recoverables. Cash deposits may, at times, exceed amounts insured by the Federal Deposit Insurance Corporation and the Securities Investor Protection Corporation. However, its exposure to credit risk in the event of default by the financial institutions is limited to the extent of amounts recorded on the balance sheet. The Company performs evaluations of the relative credit standing of these financial institutions to limit the amount of credit exposure. The Company has not experienced any losses on its deposits of cash and cash equivalents to date. The Company limits its exposure to credit losses by investing in money market funds, U.S. government
securities, or securities with average credit quality of
AA-
or better. Premium receivables are a mix of receivables due from policyholders, agents, and program administrators. The Company has no significant
off-balance-sheet
concentration of credit risks such as foreign exchange contracts, option contracts, or other foreign hedging arrangements.
The Company enters into quota share and excess of loss contracts which may be susceptible to catastrophe exposure. The ceding of insurance does not legally discharge the Company from its primary liability for the full amount of the policy coverage, and therefore the Company will be required to pay the loss and bear collection risk if the reinsurer fails to meet its obligations under the reinsurance agreement. To minimize exposure to significant losses from reinsurance insolvencies, the Company evaluates the financial condition of its reinsurers, monitors concentrations of credit risk and, in certain circumstances, holds substantial collateral (in the form of funds withheld and letters of credit) as security under the reinsurance agreements.
Accounts Receivable    
Accounts Receivable
Accounts receivable consists of premium receivables and commission receivables and is reported net of an allowance for premium amounts or estimated uncollectible commission. Such allowance is based upon an ongoing review of amounts outstanding, length of collection periods, the creditworthiness of the insured and other relevant factors. Amounts deemed to be uncollectible are written off against the allowance. At December 31, 2020 and 2019, the Company has established an allowance of $0.5 million and $0.0 million, respectively. Write-offs of receivables have not been material to the Company during the years ended December 31, 2020 and 2019.
Reinsurance    
Reinsurance
Reinsurance recoverable, including amounts related to incurred but not reported claims (“IBNR”), represent paid losses and LAE and reserves for unpaid losses and LAE ceded to reinsurers that are subject to reimbursement under reinsurance treaties. To minimize exposure to losses related to a reinsurer’s inability to pay, the financial condition of such reinsurer is evaluated initially upon placement of the reinsurance and periodically thereafter. In addition to considering the financial condition of a reinsurer, the collectability of the reinsurance recoverable is evaluated based upon a number of other factors. Such factors include the amounts outstanding, length of collection periods, disputes, any collateral or letters of credit held and other relevant factors. To the extent that an allowance for uncollectible reinsurance recoverable is established, amounts deemed to be uncollectible would be written off against the allowance for estimated uncollectible reinsurance recoverable. The Company currently has no allowance for uncollectible reinsurance recoverable.
Ceded premium written is recorded in accordance with the applicable terms of the reinsurance contracts and ceded premium earned is charged against revenue over the period of the reinsurance contracts. Ceded losses incurred reduce net loss and LAE incurred over the applicable periods of the reinsurance contracts with third-party reinsurers.
Amounts recoverable from reinsurers are estimated in a manner consistent with the liability associated with the reinsured business and consistent with the terms of the underlying contract.
Deferred Policy Acquisition Costs, net of Ceding Commissions    
Deferred Policy Acquisition Costs, net of Ceding Commissions
Incremental direct costs of acquiring insurance contracts and certain costs related directly to the acquisition process are deferred and amortized over the term of the policies or reinsurance treaties to which they relate. Those costs include commissions, premium taxes, and board and bureau fees. Ceding commissions relating to
reinsurance agreements are recorded as a reimbursement for both deferrable and
non-deferrable
acquisition costs. The portion of the ceding commission that is equal to the
pro-rata
share of acquisition costs based on quota share percentage is recorded as an offset to the direct deferred acquisition costs. Any portion of the ceding commission that exceeds the deferable acquisition costs of the business ceded is recorded as a deferred liability and amortized over the same period in which the related premiums are earned. The amortization of deferred policy acquisition costs is included in insurance related expenses on the consolidated statements of operations and comprehensive loss.
Premium Deficiency    
Premium Deficiency
A premium deficiency is recognized if the sum of expected losses and LAE, unamortized acquisition costs, and policy maintenance costs exceeds the remaining unearned premiums. A premium deficiency would first be recognized by charging any unamortized acquisition costs to expense to the extent required to eliminate the deficiency. If the premium deficiency was greater than unamortized acquisition costs, a liability would be accrued for the excess deficiency. The Company does not consider anticipated investment income when determining if a premium deficiency exists. There was no premium deficiency at December 31, 2020 or 2019.
Property and Equipment    
Property and Equipment
Property and equipment is stated at cost, net of accumulated depreciation. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful life of three years for furniture, fixtures, and equipment and two years for computer equipment. Leasehold improvements are also depreciated using the straight-line method and are amortized over the shorter of the remaining term of the lease or the useful life of the improvement. Depreciation expense totaled $0.4 million and $0.2 million for the years ended December 31, 2020 and 2019, respectively.
Expenditures for improvements are capitalized, and expenditures for maintenance and repairs are expensed as incurred. Upon sale or retirement, the cost and related accumulated depreciation is removed from the related accounts, and the resulting gain or loss, if any, is reflected in interest and other expense in the consolidated statements of operations and comprehensive loss.
Capitalized Internal Use Software    
Capitalized Internal Use Software
The Company capitalizes the costs to develop its internal use software when preliminary development efforts are successfully completed, management has authorized and committed project funding, it is probable that the project will be completed, and the software will be used as intended. Such costs are amortized on a straight-line basis over the estimated useful life of five years. Costs incurred prior to meeting these criteria, in addition to costs incurred for training and maintenance, are expensed as incurred.
Goodwill and Intangible Assets    
Goodwill and Intangible Assets
The Company accounts for business combinations using the acquisition method of accounting, which requires that assets acquired and liabilities assumed be recorded at their fair values as of the acquisition date on the consolidated balance sheets. Any excess of purchase price over the fair value of net assets acquired is recorded as goodwill. The determination of estimated fair value requires the Company to make significant estimates and assumptions. As a result, the Company has up to one year to finalize its estimates of fair value, any changes of which would be offset against previously recorded goodwill. Transaction costs associated with business combinations are expensed as they are incurred.
Included in the purchase price of an acquisition may be an estimation of the fair value of liabilities associated with contingent consideration. The fair value of contingent consideration is based upon the present value of the
expected future payments to be made to the sellers of an acquired business in accordance with the provisions contained in the respective purchase agreement(s). Subsequent changes in the fair value of contingent consideration are recorded in the consolidated statements of operations and comprehensive loss.
When the Company determines net assets acquired does not meet the definition of a business combination under the acquisition method of accounting, the transaction is accounted for as an acquisition of assets and, therefore, no goodwill is recorded.
Amortization and Impairment    
Amortization and Impairment
Intangible assets with finite useful lives are amortized over their estimated useful lives in the consolidated statements of operations and comprehensive loss.
Indefinite-lived intangible assets and goodwill are not amortized but are tested for impairment annually, or more frequently if necessary. The goodwill impairment test is performed at the reporting unit level. The Company may initially perform a qualitative analysis to determine if it is more likely than not that the goodwill balance is impaired. If a qualitative assessment is not performed or if a determination is made that it is not more likely than not that the value of the respective reporting unit exceeds its carrying amount, then the Company will perform a
two-step
quantitative analysis. First, the fair value of each reporting unit is compared to its carrying value. If the fair value of the reporting unit is less than its carrying value, the Company performs a hypothetical purchase price allocation based on the reporting unit’s fair value to determine the fair value of the reporting unit’s goodwill. Any resulting difference will be a charge to operations in the consolidated statements of operations and comprehensive loss in the period in which the determination is made. Fair value is determined using a combination of present value techniques and market prices of comparable businesses. Indefinite-lived intangible assets are tested for impairment by comparing the estimated fair value of the asset to the asset’s carrying value. If the carrying value of the asset exceeds its estimated fair value, an impairment loss is recognized, and the asset is written down to its estimated fair value. There were
no
material impairment losses recognized on indefinite-lived intangible assets or goodwill during the years ended December 31, 2020 and 2019.
The Company evaluates the recoverability of long-lived assets, excluding goodwill and indefinite-lived intangible assets, whenever events or changes in circumstances indicate the carrying value of such asset may not be recoverable. Should there be an indication of impairment, the Company tests for recoverability by comparing the estimated undiscounted future cash flows expected to result from the use of the asset to the carrying amount of the asset or asset group. If the asset or asset group is determined to be impaired, any excess of the carrying value of the asset or asset group over its estimated fair value is recognized as an impairment loss. There were no material impairment losses recognized on long-lived assets during the years ended December 31, 2020 and 2019.
Loss and Loss Adjustment Expense Reserve    
Loss and Loss Adjustment Expense Reserve
Recorded loss and loss adjustment expense reserve represents the Company’s best estimate of the amounts yet to be paid for all loss and loss adjustment expenses that will be paid on claims that occurred during the period and prior, whether those claims are currently known or unknown. The Company’s carriers are required to estimate and hold a provision for the carriers’ loss and loss adjustment expense reserve as of a given date.    
Loss and loss adjustment reserves at December 31, 2020 are the amount of ultimate loss and loss adjustment expense less the paid amounts as of December 31, 2020.
Ultimate loss and loss adjustment expense for an accident period is the sum of the following items:
 
  1-
Loss and loss adjustment expense paid for an accident period as of a given evaluation date
 
  2-
Case reserves for loss and loss adjustment expense for losses for an accident period that have been reported but not yet paid as of a given evaluation date
 
  3-
IBNR amounts for loss and loss adjustment expense for an accident period are the costs of events or conditions that have not been reported to, or specifically identified by the Company, as of a given date, but have occurred during the period.
Case reserves are established within the claims adjustment process based on all known circumstances of a claim at the time. In addition, IBNR reserves are established by the Company based on reported Loss and Loss Adjustment Expenses and actuarially determined estimates of ultimate Loss and Loss Adjustment Expenses.
The Company’s loss and loss adjustment expense reserve amounts are reviewed quarterly, and adjustments, if any, are reflected in current operations in the consolidated statements of operations and comprehensive loss in the period in which they become known. The establishment of new loss and loss adjustment expense reserves or the adjustment of previously recorded loss and loss adjustment expense reserves could result in significant positive or negative changes to our financial condition for any particular period. While the Company believes that it has made a reasonable estimate of loss and loss adjustment expense reserves, the ultimate loss experience may not be as reliably predicted as may be the case with other insurance expenses, and it is possible that actual Loss and Loss Adjustment Expenses will be higher or lower than the loss and loss adjustment reserve amount recorded by the Company.
Provision for Commission    
Provision for Commission
Provision for commission includes return commission payable to insurers based on the actual performance of insurance policies issued by the Company against a contractual range of performance targets. The Company’s reserve estimation is based on current and historical performance of the portfolio of insurance policies placed with the insurance carriers.
Provision for commission also includes cancellation reserve which represent the Company’s estimate of return commission payable to insureds based on policy cancellations after the effective date. The Company’s estimation for the reserve uses historical policy cancellation.
The commission slide and cancellation liabilities are based on assumptions and estimates, and while management believes the amount recorded is the Company’s best estimate, the ultimate liability may differ from the amount recorded. The methods for making such estimates and for establishing the resulting liability are continually reviewed, and any adjustments are reflected in the period in which they become known.
Leases    
Leases
The Company categorizes leases at their inception as either operating or capital leases. As of and for the years ended December 31, 2020 and 2019, the Company’s leases are categorized as operating. In certain lease agreements, the Company may receive rent holidays and other incentives. For operating leases, the Company recognizes lease costs on a straight-line basis once control of the space is achieved, without regard to deferred payment terms such as rent holidays that defer the commencement date of required payments. Additionally, incentives received are treated as a reduction of costs over the term of the agreement.
Revenue Recognition    
Revenue Recognition
Net Earned Premium
Net earned premium represents the earned portion of the Company’s gross written premium for insurance policies written or assumed by the Company and less ceded written premium (any portion of the Company’s
gross written premium that is ceded to third-party reinsurers under the Company’s reinsurance agreements). The Company earns written premiums on a
pro-rata
basis over the term of the policies.
Commission Income, net includes
:
 
1.
Managing General Agent (“MGA”) Commission: The Company operates as a MGA for multiple insurers. The Company designs and underwrites insurance products on behalf of the insurers culminating in the sale of insurance policies. The Company earns recurring commission and policy fees associated with the policies, they sell. While the Company has underwriting authority and responsibility for administering claims, the Company does not take the risk associated with policies on the consolidated balance sheets. Rather, the Company works with carrier platforms and a diversified panel of highly rated reinsurance companies who pay the Company commission in exchange for the opportunity to take that risk on their balance sheets. The Company’s performance obligation associated with these contracts is the placement of the policy, which is met on the effective data. Upon issuance of a new policy, the Company charge policy fees and inspection fees, retain the share of ceding commission, and remit the balance premium to the respective insurers. Subsequent ceding commission adjustments arising from policy changes such as endorsements, are recognized when the adjustments can be reasonably estimated.
 
2.
Agency Commission: The Company also operate licensed insurance agencies that are engaged solely in the sale of policies, including
non-Hippo
policies. For these policies, the Company earns a recurring agency commission from the carriers whose policies the Company sells, which is recorded in the commission income, net line in the consolidated statements of operations and comprehensive loss. Similar to the MGA business, the performance obligation from the agency contracts is the placement of the insurance policies. For both MGA and insurance agency activities, the Company recognizes commission received from insurers for the sale of insurance contracts as revenue at a point in time on the policy effective dates.
 
3.
Ceding Commission: The Company receives revenue based on the premium they cede to third-party reinsurers for the compensation reimbursement for the Company’s acquisition and underwriting services. Excess of ceding commission over the cost of acquisition and underwriting expenses is included in commission income, net line on the consolidated statements of operations and comprehensive loss. For the policies that the Company write on their own carrier as MGA, the Company recognizes the commission as ceding commission on the consolidated statements of operations and comprehensive loss. The Company earns commission on reinsurance premium ceded in a matter consistent with the recognition of the earned premium on the underlying insurance policies, on a
pro-rata
basis over the terms of the policies reinsured. The Company records the portion of ceding commission income which represents reimbursement of successful direct acquisition costs related to the underlying policies as an offset to the applicable direct acquisition costs.
 
4.
Carrier Fronting Fees: Through the Company’s
insurance-as-a-service
business the Company earns recurring fees from the MGA programs they support. The Company earns fronting fees in a manner consistent with the recognition of the earned premium on the underlying insurance policies, on a
pro-rata
basis over the terms of the policies. This revenue is included in the commission income, net line on the consolidated statements of operations and comprehensive loss.
 
5.
Claim Processing Fees: As a MGA the Company receives a fee, that is calculated as a percent of the premium, from the insurers in exchange for providing claims adjudication services. The Claims adjudication services are provided over the term of the policy and recognized ratably over the same period.
Service and Fee Income
Service and fee income mainly represent policy fees and small portion of other revenue. The Company directly bill policyholders for policy fees and collect and retain fees per the terms of the contracts between the Company
and our insurers. Similar to the commission revenue, the Company estimates a cancellation reserve for policy fees using historical information. The performance obligation associated with these fees is satisfied at a point in time upon completion of the underwriting process, which is the policy effective date. Accordingly, the Company recognizes all fees as revenue on the policy effective date.
Disaggregated Revenue
The following table disaggregates the Company’s revenues by major source (in millions):
 
    
Year Ended
December 31,
  
    
2020
     
2019
  
Net earned premium
    $ 17.1      $ —    
MGA commissions, net
      12.4        20.1  
Agency commissions, net
      10.0        6.6  
Policy fees
      4.3        2.8  
Claims processing fees
      4.7        2.2  
Other revenue
      2.0        0.8  
Net investment income
      1.1        2.2  
  
 
 
     
 
 
  
Total revenue, net
    $ 51.6      $ 34.7  
  
 
 
     
 
 
  
All revenues for the years ended December 31, 2020 and 2019 are from business conducted in the United States.
Insurance Related Expenses    
Insurance Related Expenses
Insurance related expenses primarily consist of amortization of commissions costs and deferred acquisition costs, and credit card processing fees not charged to the Company’s customers. Insurance related expenses also include employee compensation, including stock-based compensation and benefits, of our underwriting teams as well as allocated occupancy costs and related overhead based on headcount, and amortization of capitalized internal use software costs. Insurance related expenses are offset by the portion of ceding commission income which represents reimbursement of successful acquisition costs related to the underlying policies. Additionally, insurance related expenses are comprised of the costs of providing bound policies and delivering claims services to the Company’s customers. These costs include technology service costs including software, data services, and third-party call center costs in addition to personnel-related costs.
Technology and Development    
Technology and Development
Technology and development expenses primarily consist of employee compensation, including stock-based compensation and benefits for the Company’s technology staff, which includes information technology development, infrastructure support, actuarial, and third-party services. Technology and development also includes allocated facility costs and related overhead based on headcount.
Sales and Marketing    
Sales and Marketing
Sales and marketing expenses primarily consist of sales commissions expense for policies placed on third-party carriers by us as a managing general agent, advertising costs, and marketing expenditures as well as employee compensation, including stock-based compensation and benefits for employees engaged in sales, marketing, data analytics, and consumer acquisition functions. The Company expenses advertising costs as incurred. Advertising expenses were $11.8 million and $22.8 million for the years ended December 31, 2020 and 2019, respectively.
General and Administrative    
General and Administrative
General and administrative expenses primarily consist of employee compensation, including stock-based compensation and benefits for the Company’s finance, human resources, legal, and general management functions as well as facilities and professional services.
Interest and Other Expense    
Interest and Other Expense
Interest and other expense primarily consist of interest expense incurred for the convertible promissory notes, and fair value adjustments on preferred stock warrant liabilities and embedded derivative liability on convertible promissory notes.
Share-Based Compensation Expense    
Share-Based Compensation Expense
The Company recognizes share-based compensation expense based on the estimated fair value of equity-based payment awards on the date of grant using the Black-Scholes-Merton option-pricing model. The Company recognizes share-based compensation expenses for the value of its awards granted based on the straight-line method over the requisite service period of each of the awards in the Company’s consolidated statements of operations and comprehensive loss. The Company has elected to record forfeitures as they occur.
Certain employees early exercised stock options in exchange for promissory notes. The Company has accounted for the promissory notes as nonrecourse in their entirety since the promissory notes are not aligned with a corresponding percentage of the underlying shares. The fair value of the stock option is recognized over the requisite service period through a charge to share-based compensation expenses. The maturity date of the promissory notes reflects the legal term of the stock option for purposes of valuing the award.
Income Taxes    
Income Taxes
The Company accounts for income taxes using the asset and liability method, under which deferred tax liabilities and assets are recognized for the expected future tax consequences of temporary differences between consolidated financial statement carrying amounts and the tax basis of assets and liabilities and net operating loss and tax credit carryforwards. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The effect on deferred taxes of a change in tax rate is recognized in income in the period that includes the enactment date.
The Company determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely than not that a position will be sustained, no amount of benefit attributable to the position is recognized. The tax benefit to be recognized of any tax position that meets the more likely than not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the contingency.
Net Loss Per Share Attributable to Common Stockholders of Hippo Enterprises Inc.    
Net Loss Per Share Attributable to Common Stockholders of Hippo Enterprises Inc.
Basic and diluted net loss per share attributable to common stockholders of Hippo Enterprises Inc. is presented in conformity with the
two-class method
required for common stock and participating securities. Under the
two-class method,
net loss is attributed to common stockholders and participating securities based on their participation rights. The Company considers all series of its convertible preferred stock and unvested common stock, which includes early exercised stock options and restricted stock awards (“RSAs”), to be participating securities as holders of such securities have
non-forfeitable
dividend rights in the event of the Company’s declaration of a dividend for shares of common stock.
Under the
two-class method,
the net loss attributable to common stockholders of Hippo Enterprises Inc. is not allocated to the convertible preferred stock and unvested common stock as these securities do not have a contractual obligation to share in the Company’s losses.
Distributed and undistributed earnings allocated to participating securities are subtracted from net loss in determining net loss attributable to common stockholders. Under the
two-class method,
basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average shares used in computing net loss per share attributable to common stockholders.
For periods in which the Company reports net losses, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders because potentially dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.
Related Party    
Related Party
In February 2020, Comcast Neptune, LLC assumed the Master Services Agreement between Loop Labs, Inc. d/b/a Notion and the Company. Comcast Neptune, LLC and its affiliated funds is a beneficial owner of more than 5% of our outstanding capital stock. The Company incurred a total of $3.2 million of expenses during the year ended December 31, 2020 related to this services agreement.
In December 2020, we acquired First Connect Insurance Services, a wholesale P&C insurance provider for independent agents interested in gaining access to the advanced quoting platforms that are provided by InsurTech companies. One of our executive officers, Richard McCathron, was the President and Chief Executive Officer of First Connect Insurance services from 2012 to 2017 and owned greater than 10% of First Connect Insurance Services prior to the time of the transaction. The Company paid Mr. McCathron $6.4 million for his equity interests in First Connect Insurance Services prior to the transaction. The Company also entered into an agency aggregator agreement with First Connect. The Company incurred a total of $9.9 million and $7.2 million of expenses during the year ended December 31, 2020 and 2019 respectively, related to this agreement.
In October 2020, Hippo entered into a Master Services Agreement with Forecast Labs, LLC, which operates a startup studio for Comcast Ventures, LP, which provides accelerator and incubator services to select portfolio companies of Comcast Ventures. Comcast Ventures and its affiliated funds are beneficial owners of more than 5% of outstanding Hippo capital stock. Hippo incurred a total of $2.2 million of expenses during the years ended December 31, 2020 and 2019 related to this agreement.
On April 15, 2019, the Company closed on an acquisition agreement with CalAtlantic Title Group, LLC to purchase 100% of the equity interests in North American Advantage Insurance Services, LLC (“NAAIS”), which provides insurance services to homebuilder customers. The seller’s ultimate parent is an investor in the Company that participated in the Company’s Series C and Series D financing. See Note 18 for additional information of the acquisition.
In February 2019, we entered into an Accelerate Agreement with Comcast Ventures, LLC. Comcast Ventures, LLC and its affiliated funds are beneficial owners of more than 5% of our outstanding capital stock. The Company incurred over $120,000 of expenses during the years ended December 31, 2020 and 2019 related to this services agreement.
In February 2018, we entered into a
Co-Marketing
Program Agreement with Comcast Warranty and Home Insurance Agency, LLC. Comcast Warranty and Home Insurance, LLC and its affiliated funds are beneficial owners of more than 5% of our outstanding capital stock. The Company incurred a total of $500,000 of expenses during the years ended December 31, 2020, 2019 and 2018 related to this program agreement.
Recent Accounting Pronouncements  
Recent Accounting Pronouncements
Emerging Growth Company
The Company currently qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012, and is provided the option to adopt new or revised accounting guidance either (i) within the same periods as those otherwise applicable to
non-emerging
growth companies or (ii) within the same time periods as private companies.
In certain cases, as indicated below, management has exercised the opt out election when it determines it is preferable to take advantage of early adoption provisions offered within the applicable guidance.
Accounting Pronouncements Recently Adopted
Internal-Use
Software
In August 2018, the FASB issued ASU No.
2018-15,
 Intangibles — Goodwill and Other — Internal Use
 Software (Subtopic
350-40):
Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract
. The intent of this pronouncement is to align the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal use software as defined in ASC
350-40.
ASU
2018-15 is
effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company adopted this new guidance on a prospective basis on January 1, 2021. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements.
 
 
Accounting Pronouncements Not Yet Adopted
In February 2016, the FASB issued ASU No.
2016-02,
 Leases (Topic 842)
(“ASU
2016-02”)
.
 Lessees will be required to recognize a
right-of-use
asset and a lease liability for virtually all of their leases (other than leases that meet the definition of a short-term lease). The liability will be equal to the present value of future lease payments. The asset will be based on the liability, subject to adjustment, such as for initial direct costs. For income statement purposes, a dual model was retained, requiring leases to be classified as either operating or finance leases. Operating leases will result in straight-line expense (similar to current operating leases) while finance leases will result in a front-loaded expense pattern (similar to current capital leases). This ASU is effective for annual reporting periods beginning after December 15, 2021, and interim reporting periods beginning after December 15, 2022. The adoption of the new standard is expected to result in the recognition of lease liabilities and right-of-use assets as of January 1, 2022. The Company is evaluating the potential impact of this pronouncement.
In June 2016, the FASB issued ASU No.
2016-13,
 Financial instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
(“ASU
2016-13”),
and subsequent related ASUs, which amends the guidance on the impairment of financial instruments by requiring measurement and recognition of expected credit losses for financial assets held. ASU
2016-13
is effective for fiscal years, and for interim periods within the fiscal years, beginning after December 15, 2022. The Company is currently evaluating the impact on the Company’s consolidated financial statements.
In December 2019, the FASB issued ASU No.
2019-12,
 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
. ASU
2019-12 removes
certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance to improve consistent application. This ASU will be effective for annual periods beginning after December 15, 2021, and interim periods beginning after December 15, 2020. ASU
2019-12
will be effective for private entities for annual periods beginning after December 15, 2021, and interim periods beginning after December 15, 2020, with early adoption permitted. The Company expects to adopt ASU
2019-12
under the private company transition guidance beginning January 1, 2022 and does not expect the adoption of this standard to have a material impact on the Company’s consolidated financial statements.
In August 2020, the FASB issued ASU
No. 2020-06,
Debt — Debt with Conversion and Other Options (Subtopic
470-20)
and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic
815-40):
Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity
, which simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the
if-converted
method. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. The Company is currently evaluating the timing of adoption and the impact on the consolidated financial statements.
 
Recent Accounting Pronouncements
Emerging Growth Company
Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to
non-emerging
growth companies but any such election to opt out is irrevocable. This opt out election is applied individually to each standard. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised, and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. In certain cases, as indicated below, management has exercised the opt out election when it determines it is preferable to take advantage of early adoption provisions offered within the applicable guidance.
This may make comparison of the Company’s consolidated financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
Accounting Pronouncements Recently Adopted
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)
2014-09,
Revenue from Contracts with Customers
(“Topic 606”), requiring an entity to recognize revenue relating to contracts with customers that depicts the transfer of promised goods or services to customers in an amount reflecting the consideration to which the entity expects to be entitled in exchange for such goods or services. In order to meet this requirement, the entity must apply the following steps: (i) identify the contracts with the customers; (ii) identify performance obligations in the contracts; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations per the contracts; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. Additionally, disclosures required for revenue recognition include qualitative and quantitative information about contracts with customers, significant judgments and changes in judgments, and assets recognized from costs to obtain or fulfill a contract. The Company adopted Topic 606 as of January 1, 2019, using the full retrospective method to restate each prior reporting period presented.
In January 2016, the FASB issued ASU
No. 2016-01
Financial Instruments, Overall, Recognition and Measurement of Financial Assets and Financial Liabilities
(“ASU
2016-01”).
ASU
2016-01
affected the recognition, measurement, presentation, and disclosure of financial instruments. The guidance requires equity investments to be measured at fair value with changes in fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee) and an assessment of a valuation allowance on deferred tax assets related to unrealized losses of
available-for-sale
debt securities in combination with other deferred tax assets. The Company adopted the standard and all related amendments prospectively, effective January 1, 2019. The adoption of ASU
2016-01
did not have a material impact on the financial condition and results of operations of the Company.
In January 2017, the FASB issued ASU
No. 2017-01,
Business Combinations (Topic 805): Clarifying the Definition of a Business
(“ASU
2017-01”).
ASU
2017-01
changes the criteria for determining whether a group of assets acquired is a business. Specifically, when substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the assets acquired would not be considered a business. The Company adopted ASU
2017-01
as of January 1, 2019 on a prospective basis and, accordingly, this guidance will only affect the Company’s analysis of the accounting for any future acquisitions occurring after the date of adoption.
Accounting Pronouncements Not Yet Adopted
In February 2016, the FASB issued ASU No.
2016-02,
 Leases (Topic 842)
(“ASU
2016-02”)
.
 ASU
2016-02
requires a lessee to recognize in the consolidated balance sheet a liability to make lease payments (the lease liability) and a
right-to-use asset
representing its right to use the underlying asset for the lease term. This ASU is effective for public and private companies’ fiscal years beginning after December 15, 2018, and December 15, 2021, respectively, with early adoption permitted. The Company expects to adopt ASU
2016-02 under
the private company transition guidance beginning January 1, 2022 and is currently evaluating the impact on the Company’s consolidated financial statements.
In June 2016, the FASB issued ASU No.
2016-13,
 Financial instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
(“ASU
2016-13”),
and subsequent related ASUs, which amends the guidance on the impairment of financial instruments by requiring measurement and recognition of expected credit losses for financial assets held. ASU
2016-13
is effective for public and private companies’ fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019, and December 15, 2022, respectively. The Company expects to adopt ASU
2016-13 under
the private company transition guidance beginning January 1, 2023 and is currently evaluating the impact on the Company’s consolidated financial statements.
In August 2018, the FASB issued ASU No.
2018-15,
 Intangibles — Goodwill and Other — Internal Use
 Software (Subtopic
350-40):
Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract
 (“ASU
2018-15”).
The intent of this pronouncement is to align the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal use software as defined in ASC
350-40.
Under ASU
2018-15,
the capitalized implementation costs related to a cloud computing arrangement will be amortized over the term of the arrangement and all capitalized implementation amounts will be required to be presented in the same line items of the consolidated financial statements as the related hosting fees. ASU
2018-15 is
effective for public and private companies’ fiscal years beginning after December 15, 2019, and December 15, 2020, respectively, and interim periods within those fiscal years, with early adoption permitted. The Company expects to adopt ASU
2018-15 under
the private company transition guidance beginning January 1, 2021 and is currently evaluating the impact on the Company’s consolidated financial statements.
In December 2019, the FASB issued ASU No.
2019-12,
 Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
 (“ASU
2019-12”).
ASU
2019-12 removes
certain exceptions to the general principles in Topic 740 and clarifies and amends existing guidance to improve consistent application. ASU
2019-12 will
be effective for public entities for interim and annual periods beginning after December 15, 2020, with early adoption permitted. ASU
2019-12 will
be effective for private entities for annual periods beginning after December 15, 2021, and interim periods beginning after December 15, 2020, with early adoption permitted. The Company expects to adopt ASU
2019-12 under
the private company transition guidance beginning January 1, 2022 and is currently assessing the impact the guidance will have on the Company’s consolidated financial statements.
In August 2020, the FASB issued ASU
No. 2020-06,
Debt—Debt with Conversion and Other Options (Subtopic
470-20)
and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic
815-40):
Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity
(“ASU
2020-06”),
which simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the
if-converted
method. ASU
2020-06
is effective for public and private companies’ fiscal years beginning after December 15, 2021, and December 15, 2023, respectively, and interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the timing of adoption and the impact on the consolidated financial statements.
Reinvent Technology Partners Z [Member]      
Basis of Presentation and Consolidation
Basis of Presentation
The Company’s financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position for the period presented.
As described in Note 2 — Restatement of Financial Statements, the Company’s consolidated financial statements for the period from October 2, 2020 (inception) through December 31, 2020 (the “Affected Periods”), are restated in this proxy statement/prospectus to correct the misapplication of accounting guidance related to the Company’s warrants in the Company’s previously issued audited and unaudited condensed financial statements for such periods. The restated financial statements are indicated as “Restated” in the audited and unaudited condensed financial statements and accompanying notes, as applicable. See Note 2 — Restatement of Financial Statements for further discussion.
   
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly from those estimates.
   
Cash, Cash Equivalents, and Restricted Cash
Investments Held in Trust Account
The Company’s portfolio of investments is comprised solely of U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less, or investments in money market funds that invest in U.S. government securities, or a combination thereof. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheets at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of these securities is included in unrealized loss on investments held in Trust Account in the accompanying statement of operations. The estimated fair values of investments held in the Trust Account are determined using available market information
.
    
Fair Value of Financial Instruments
Fair Value of Financial Instruments
Fair value is defined as the price that would be received for sale of an asset or paid for transfer of a liability, in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
 
  •  
Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets;
  •  
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and
 
  •  
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
In some circumstances, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In those instances, the fair value measurement is categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement.
As of December 31, 2020, the carrying values of cash, accounts payable and accrued expenses approximate their fair values due to the short-term nature of the instruments. The Company’s portfolio of investments held in the Trust Account is comprised of investments in U.S. Treasury securities with an original maturity of 185 days or less or investments in money market funds that invest in U.S. government securities, or a combination thereof. The fair value for trading securities is determined using quoted market prices in active markets.
   
Concentration of Credit Risk
Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000, and investments held in Trust Account. At December 31, 2020, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.
   
Income Taxes
Income Taxes
FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statements recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of December 31, 2020. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties as of December 31, 2020. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.
There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.
   
Net Loss Per Share Attributable to Common Stockholders of Hippo Enterprises Inc.
Net Income (Loss) Per Ordinary Share
Net income (loss) per ordinary share is computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding during the periods. The Company has not considered the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 9,000,000, of the Company’s Class A ordinary shares in the calculation of diluted net income (loss) per share, since their inclusion would be anti-dilutive under the treasury stock method.
The Company’s statement of operations includes a presentation of net income (loss) per share for ordinary shares subject to redemption in a manner similar to the
two-class
method of net income (loss) per share. Net income (loss) per ordinary share, basic and diluted for Class A ordinary shares is calculated by dividing the interest income (loss) earned on investments held in the Trust Account, net of applicable taxes and interest to fund working capital requirements, subject to an annual limit of $165,000, available to be withdrawn from the Trust Account, resulting in income of approximately $19,000 for the period from October 2, 2020 (inception) through December 31, 2020, by the weighted average number of Class A ordinary shares outstanding for the period. Net income (loss) per ordinary share, basic and diluted for Class B ordinary shares is calculated by dividing the net income (loss), less net income (loss) attributable to Class A ordinary shares by the weighted average number of Class B ordinary shares outstanding for the period.
   
Class A Ordinary Shares Subject to Possible Redemption
Class A Ordinary Shares Subject to Possible Redemption
The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as liability instruments and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. At all other times, Class A ordinary shares are
   
Offering Costs Associated with the Initial Public Offering
Offering Costs Associated with the Initial Public Offering
Offering costs consisted of legal, accounting, underwriting and other costs incurred that were directly related to the Initial Public Offering. Offering costs are allocated to the separable financial instruments issued in the Initial Public Offering based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as non-operating expenses in the statement of operations. Offering costs associated with the Class A ordinary shares were charged to shareholders’ equity upon the completion of the Initial Public Offering.
   
Derivative warrant liabilities
Derivative warrant liabilities
The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company evaluates all of its financial instruments, including issued stock purchase warrants, to determine if such instruments are derivatives or contain features that qualify as embedded derivatives, pursuant to ASC 480 and ASC 815-15. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is re-assessed at the end of each reporting period.
The Company accounts for its 9,000,000 common stock warrants issued in connection with its Initial Public Offering and exercise of over-allotment option (4,600,000 warrants) and Private Placement (4,400,000 warrants) as derivative warrant liabilities in accordance with ASC 815-40. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statement of operations. The fair value of warrants issued by the Company in connection with the Public Offering, over-Allotment exercise and Private Placement has been estimated using Monte-Carlo simulations at each measurement date.
   
Cash and Cash Equivalents
Cash and Cash Equivalents
The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.
   
Risk and Uncertainties
Risk and Uncertainties
On January 30, 2020, the World Health Organization (“WHO”) announced a global health emergency because of a new strain of coronavirus (the
“COVID-19
outbreak”). In March 2020, the WHO classified the
COVID-19
outbreak as a pandemic, based on the rapid increase in exposure globally. The full impact of the
COVID-19
outbreak continues to evolve. The impact of the
COVID-19
outbreak on the Company’s results of operations, financial position and cash flows will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions.
These developments and the impact of the
COVID-19
outbreak on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s results of operations, financial position and cash flows may be materially adversely affected. Additionally, the Company’s ability to complete an initial Business Combination may be materially adversely affected due to significant governmental measures that have been, and may in the future be, implemented to contain the
COVID-19
outbreak or treat its impact, including travel restrictions, the
shutdown of businesses and quarantines, among others, which may limit the Company’s ability to have meetings with potential investors or affect the ability of a potential target company’s personnel, vendors and service providers to negotiate and consummate an initial Business Combination in a timely manner. The Company’s ability to consummate an initial Business Combination may also be dependent on the ability to raise additional equity and debt financing, which may be impacted by the
COVID-19
outbreak and the resulting market downturn. 		   
Liquidity and Capital Resources
Liquidity and Capital Resources
As of December 31, 2020, the Company had approximately $623,000 in its operating bank accounts, and working capital of approximately $1.5 million.
The Company’s liquidity needs to date have been satisfied through a contribution of $25,000 from the Sponsor to cover certain expenses in exchange for the issuance of the Founder Shares (see Note 6), the loan of approximately $60,000 from the Sponsor pursuant to the Note (see Note 6), and the proceeds from the consummation of the Initial Public Offering and Private Placement not held in the Trust Account. The Company fully repaid the Note as of November 23, 2020. In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, provide the Company Working Capital Loans (see Note 6). As of December 31, 2020, there were no amounts outstanding under any Working Capital Loan.
Based on the foregoing, management believes that the Company will have sufficient working capital and borrowing capacity from the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors to meet its needs through the earlier of the consummation of a Business Combination and one year from this filing. Over this time period, the Company will be using these funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating and consummating the Business Combination.
   
Emerging Growth Company
Emerging Growth Company
The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to
non-emerging
growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard.
This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.
   
Recent Accounting Pronouncements
Recent Accounting Pronouncements
Management does not believe that any recently issued, but not yet effective, accounting pronouncement if currently adopted would have a material effect on the Company’s financial statements.
   
v3.21.2
Description of Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]  
Disaggregation of Revenue [Line Items]  
Summary Of Disaggregation Of Revenue by Major Source
The following table disaggregates the Company’s revenues by major source (in millions):
 
    
Year Ended
December 31,
  
    
2020
     
2019
  
Net earned premium
    $ 17.1      $ —    
MGA commissions, net
      12.4        20.1  
Agency commissions, net
      10.0        6.6  
Policy fees
      4.3        2.8  
Claims processing fees
      4.7        2.2  
Other revenue
      2.0        0.8  
Net investment income
      1.1        2.2  
  
 
 
     
 
 
  
Total revenue, net
    $ 51.6      $ 34.7  
  
 
 
     
 
 
  
v3.21.2
Restatement of Financial Statements (Tables) - Reinvent Technology Partners Z [Member]
 3 Months Ended
Dec. 31, 2020
Restatement of Balance Sheet
The tables below present the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported financial statements as of and for the year ended December 31, 2020:
 
    
As of December 31, 2020
  
    
As Previously
Reported
    
Restatement
Adjustment
    
As Restated
  
Balance Sheet
       
Total assets
    $ 231,716,367     $ —       $ 231,716,367  
  
 
 
    
 
 
    
 
 
  
Liabilities and shareholders’ equity
       
Total current liabilities
    $ 151,244     $ —       $ 151,244  
Deferred legal fees
      200,000       —         200,000  
Deferred underwriting commissions
      8,050,000         8,050,000  
Derivative warrant liabilities
      —         13,467,630       13,467,630  
    
 
 
    
 
 
  
Total liabilities
      8,401,244       13,467,630       21,868,874  
Class A common stock, $0.0001 par value; shares subject to possible redemption
      218,315,120       (13,467,630 )      204,847,490  
Shareholders’ equity
       
Preferred stock — $0.0001 par value
      —         —         —    
Class A common stock — $0.0001 par value
      117       135       252  
Class B common stock — $0.0001 par value
      575       —         575  
Additional
paid-in-capital
      5,230,984       1,240,405       6,471,389  
Accumulated deficit
      (231,673 )      (1,240,540 )      (1,472,213 ) 
    
 
 
    
 
 
  
Total shareholders’ equity
      5,000,003       —         5,000,003  
    
 
 
    
 
 
  
Total liabilities and shareholders’ equity
    $ 231,716,367     $ —       $ 231,716,367  
    
 
 
    
 
 
  
The table below presents the effect of the financial statement adjustments related to the restatement discussed above of the Company’s previously reported balance sheet dated November 23, 2020.
 
    
As of November 23, 2020
  
    
As Previously
Reported
    
Restatement
Adjustment
    
As Restated
  
Unaudited Condensed Balance Sheet
       
Total assets
    $ 233,001,707     $ —       $ 233,001,707  
  
 
 
    
 
 
    
 
 
  
Liabilities and shareholders’ equity
       
Total current liabilities
    $ 1,438,508     $ —       $ 1,438,508  
Deferred underwriting commissions
      8,050,000       —         8,050,000  
Derivative warrant liabilities
      —         12,601,580       12,601,580  
  
 
 
    
 
 
    
 
 
  
Total liabilities
      9,488,508       12,601,580       22,090,088  
Class A common stock, $0.0001 par value; shares subject to possible redemption
      218,513,190       (12,601,580 )      205,911,610  
Shareholders’ equity
       
Preferred stock - $0.0001 par value
      —         —         —    
Class A common stock - $0.0001 par value
      115       126       241  
Class B common stock - $0.0001 par value
      575       —         575  
Additional paid-in-capital
      5,032,916       374,364       5,407,280  
Accumulated deficit
      (33,597 )      (374,490 )      (408,087 ) 
  
 
 
    
 
 
    
 
 
  
Total shareholders’ equity
      5,000,009       —         5,000,009  
  
 
 
    
 
 
    
 
 
  
Total liabilities and shareholders’ equity
    $ 233,001,707     $ —       $ 233,001,707  
  
 
 
    
 
 
    
 
 
  
Restatement of Income Statement
    
Period From October 2, 2020 (Inception)
Through December 31, 2020
  
    
As Previously
Reported
    
Restatement
Adjustment
    
As Restated
  
Statement of Operations
       
Loss from operations
    $ (250,366 )    $ —       $ (250,366 ) 
Other (expense) income:
       
Change in fair value of warrant liabilities
      —         (866,050 )      (866,050 ) 
Financing costs
      —         (374,490 )      (374,490 ) 
Unrealized gain on investments held in Trust Account
      18,693       —         18,693  
  
 
 
    
 
 
    
 
 
  
Total other (expense) income
      18,693       (1,240,540 )      (1,221,847 ) 
  
 
 
    
 
 
    
 
 
  
Net loss
    $ (231,673 )    $ (1,240,540 )    $ (1,472,213 ) 
  
 
 
    
 
 
    
 
 
  
Basic and Diluted weighted-average Class A common stock outstanding
      23,000,000         23,000,000  
  
 
 
      
 
 
  
Basic and Diluted net loss per Class A common shares
    $ 0.00       $ —    
  
 
 
      
 
 
  
Basic and Diluted weighted-average Class B common stock outstanding
      5,750,000         5,750,000  
  
 
 
      
 
 
  
Basic and Diluted net loss per Class B common shares
    $ (0.06 )      $ (0.26 ) 
  
 
 
      
 
 
  
Restatement of Cash Flows
    
Period From October 2, 2020 (Inception)

Through December 31, 2020
  
    
As Previously
Reported
    
Restatement
Adjustment
    
As Restated
  
Statement of Cash Flows
       
Net loss
    $ (231,673 )    $ (1,240,540 )    $ (1,472,213 ) 
Adjustments to reconcile net loss to net cash used in operating activities
      6,307       1,240,540       1,246,847  
Net cash used in operating activities
      (1,233,811 )      —         (1,233,811 ) 
Net cash used in investing activities
      (230,000,000 )      —         (230,000,000 ) 
Net cash provided by financing activities
      231,856,796       —         231,856,796  
  
 
 
    
 
 
    
 
 
  
Net change in cash
    $ 622,985     $ —       $ 622,985  
  
 
 
    
 
 
    
 
 
  
v3.21.2
Investments (Tables) - Hippo Enterprises Inc And Subsidiaries [Member]
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Marketable Securities [Line Items]    
Schedule of Amortized Cost and Fair Value of Fixed Maturities Securities and Short-Term Investments
The amortized cost and fair value of fixed maturities securities are as follows (in millions):
 
    
June 30, 2021
  
    
Amortized
Cost
     
Unrealized
Gains
     
Unrealized
Losses
     
Fair Value
  
Fixed maturities
available-for-sale:
            
U.S. government and agencies
      10.0      —          —          10.0
States, and other territories
      5.9      —          —          5.9
Corporate securities
      18.5      —          (0.1 )       18.4
Foreign securities
      0.3      —          —          0.3
Residential mortgage-backed securities
      10.7      —          (0.1 )       10.6
Commercial mortgage-backed securities
      5.1      —          (0.1 )       5.0
Asset backed securities
      6.4      —          —          6.4
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 56.9    $ —      $ (0.3 )     $ 56.6
  
 
 
     
 
 
     
 
 
     
 
 
  
 
    
December 31, 2020
  
    
Amortized
Cost
     
Unrealized
Gains
     
Unrealized
Losses
     
Fair Value
  
Fixed maturities
available-for-sale:
            
U.S. government and agencies
      10.1      —          —          10.1
States, and other territories
      5.1      —          —          5.1
Corporate securities
      17.4      —          —          17.4
Foreign securities
      0.8      —          —          0.8
Residential mortgage-backed securities
      12.9      —          —          12.9
Commercial mortgage-backed securities
      5.4      0.1      —          5.5
Asset backed securities
      4.2      —          —          4.2
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 55.9    $ 0.1    $ —        $ 56.0
  
 
 
     
 
 
     
 
 
     
 
 
  
The amortized cost and fair value of fixed maturities securities and short-term investments are as follows (in millions):
 
    
As of December 31, 2020
  
    
Amortized
Cost
     
Unrealized
Gains
     
Unrealized
Losses
     
Fair
Value
  
Fixed maturities
available-for-sale:
            
U.S. government and agencies
    $ 9.5      $ —        $ —        $ 9.5  
All other government
      0.6        —          —          0.6  
States, and other territories
      5.1        —          —          5.1  
Corporate securities
      17.4        —          —          17.4  
Foreign securities
      0.8        —          —          0.8  
Residential mortgage-backed securities
      12.9        —          —          12.9  
Commercial mortgage-backed securities
      5.4        0.1        —          5.5  
Asset backed securities
      4.2        —          —          4.2  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 55.9      $ 0.1      $ —        $ 56.0  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
    
As of December 31, 2019
  
    
Amortized
Cost
     
Unrealized
Gains
     
Unrealized
Losses
     
Fair
Value
  
Short-term investments:
            
U.S. government securities
    $ 96.4      $ 0.1      $ —        $ 96.5  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
    $ 96.4      $ 0.1      $ —        $ 96.5  
  
 
 
     
 
 
     
 
 
     
 
 
  
Schedule Of Amortized Cost ad Fair value Fixed Maturities Securities and Short term Investments by Contractual Maturity
The amortized cost and fair value of fixed maturities securities by contractual maturity are as follows (in millions):
 
    
June 30, 2021
  
    
Amortized Cost
     
Fair Value
  
Due to mature:
      
One year or less
    $ 9.3    $ 9.3
After one year through five years
      21.1      21.1
After five years
      4.2      4.1
After ten years
      0.1      0.1
Residential mortgage-backed securities
      10.7      10.6
Commercial mortgage-backed securities
      5.1      5.0
Asset backed securities
      6.4      6.4
  
 
 
     
 
 
  
Total fixed maturities
available-for-sale
    $ 56.9    $ 56.6
  
 
 
     
 
 
  
The amortized cost and fair value of fixed maturities securities and short-term investments by contractual maturity are as follows (in millions):
 
    
As of December 31, 2020
  
    
Amortized Cost
     
Fair Value
  
Due to mature:
      
One year or less
    $ 6.4      $ 6.4  
After one year through five years
      21.5        21.5  
After five years
      5.4        5.4  
After ten years
      0.1        0.1  
Residential mortgage-backed securities
      12.9        12.9  
Commercial mortgage-backed securities
      5.4        5.5  
Asset backed securities
      4.2        4.2  
  
 
 
     
 
 
  
Total fixed maturities
available-for-sale
    $ 55.9      $ 56.0  
  
 
 
     
 
 
  
 
    
As of December 31, 2019
  
    
Amortized Cost
     
Fair Value
  
Due to mature:
      
One year or less
    $ 96.4      $ 96.5  
  
 
 
     
 
 
  
Total short-term investments
    $ 96.4      $ 96.5  
  
 
 
     
 
 
  
Schedule of Net Investment Income
The Company’s net investment income is comprised of the following (in millions):
 
    
Three Months Ended June 30,
     
Six Months Ended June 30,
  
    
      2021      
     
      2020      
     
      2021      
     
      2020      
  
Fixed maturities income
    $ 0.1    $ 0.2    $ 0.2    $ 0.6
  
 
 
     
 
 
     
 
 
     
 
 
  
Total gross investment income
      0.1      0.2      0.2      0.6
Investment expenses
      —          —          —          —    
  
 
 
     
 
 
     
 
 
     
 
 
  
Net investment income
    $ 0.1    $ 0.2    $ 0.2    $ 0.6
  
 
 
     
 
 
     
 
 
     
 
 
  
The Company’s net investment income is comprised of the following (in millions):
 
    
Year ended
December 31,
  
    
2020
     
2019
  
Fixed maturities income
    $ 1.1      $ —    
Short-term investment income
      —          2.2  
  
 
 
     
 
 
  
Total gross investment income
      1.1        2.2  
Investment expenses
      —          —    
  
 
 
     
 
 
  
Net investment income
    $ 1.1      $ 2.2  
  
 
 
     
 
 
  
Schedule of Special Deposits The following table reflects special deposits (in millions):
    
June 30, 2021
  
    
Amortized Cost
     
Fair Value
  
State
      
Illinois
    $ 1.6    $ 1.6
Colorado
      1.5      1.5
Nevada
      0.2      0.2
North Carolina
      0.3      0.3
Virginia
      0.3      0.4
New Mexico
      0.3      0.4
New York
      3.1      3.1
Vermont
      0.3      0.3
Massachusetts
      0.1      0.1
Florida
      0.3      0.3
Georgia
      0.1      0.1
  
 
 
     
 
 
  
Total states
    $ 8.1    $ 8.3
  
 
 
     
 
 
  
 The following table reflects special deposits (in millions):
    
As of December 31, 2020
  
    
Amortized Cost
     
Fair Value
  
State
      
Illinois
    $ 1.6      $ 1.6  
Colorado
      1.5        1.5  
Nevada
      0.4        0.4  
North Carolina
      0.3        0.3  
Virginia
      0.4        0.4  
New Mexico
      0.4        0.4  
New York
      3.1        3.1  
Vermont
      0.3        0.3  
Massachusetts
      0.1        0.1  
Florida
      0.3        0.3  
  
 
 
     
 
 
  
Total states
    $ 8.4      $ 8.4  
  
 
 
     
 
 
  
v3.21.2
Cash, Cash Equivalents, and Restricted Cash (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]    
Schedule of Cash,Cash Equivalents and Restricted Cash
The following table sets forth the cash, cash equivalents, and restricted cash (in millions):
 
    
June 30,

2021
     
December 31,

2020
  
Cash and cash equivalents:
      
Cash
    $ 126.2    $ 56.7
Money market funds
      237.9      372.1
Treasury bills
      —          23.5
  
 
 
     
 
 
  
Total cash and cash equivalents
      364.1      452.3
  
 
 
     
 
 
  
Restricted cash:
      
Fiduciary assets
      28.0      12.1
Letters of credit and cash on deposit
      18.1      28.0
  
 
 
     
 
 
  
Total restricted cash
      46.1      40.1
  
 
 
     
 
 
  
Total cash, cash equivalents, and restricted cash
    $ 410.2    $ 492.4
  
 
 
     
 
 
  
The following table sets forth the cash, cash equivalents, and restricted cash (in millions):
 
    
As of
December 31,
  
    
2020
     
2019
  
Cash and cash equivalents:
      
Cash
    $ 56.7      $ 19.6  
Money market funds
      372.1        3.7  
Treasury bills
      23.5        —    
  
 
 
     
 
 
  
Total cash and cash equivalents
      452.3        23.3  
  
 
 
     
 
 
  
Restricted cash:
      
Fiduciary assets
      12.1        12.7  
Cash on deposit
      28.0        6.0  
  
 
 
     
 
 
  
Total restricted cash
      40.1        18.7  
  
 
 
     
 
 
  
Total cash, cash equivalents, and restricted cash
    $ 492.4      $ 42.0  
  
 
 
     
 
 
  
v3.21.2
Fair Value Measurements (Tables)
 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2020
Jun. 30, 2021
Dec. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Summary of assets that are measured at fair value on a recurring basis  
June 30, 2021
 
Description
   
Quoted Prices in

Active Markets
(Level 1)
     
Significant Other

Observable Inputs
(Level 2)
     
Significant Other

Unobservable Inputs
(Level 3)
  
Assets:
         
U.S. Treasury Securities
    $ 230,004,108      $ —        $ —    
Liabilities:
         
Derivative warrant liabilities — public warrants
    $ 8,318,290      $ —        $ —    
Derivative warrant liabilities — private warrants
    $ —        $ —        $ 8,284,890  
December 31, 2020
 
Description
   
Quoted Prices in

Active Markets
(Level 1)
     
Significant Other

Observable Inputs
(Level 2)
     
Significant Other

Unobservable Inputs
(Level 3)
  
Assets:
         
U.S. Treasury Fund
    $ 230,017,782      $ —        $ —    
Liabilities:
         
Derivative warrant liabilities — public warrants
    $ —        $ —        $ 6,762,630  
Derivative warrant liabilities — private warrants
    $ —        $ —        $ 6,705,000  
  
Summary of fair value measurement inputs and valuation techniques  
The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:
 
    
As of June 30,
2021
    
As of December 31,
2020
  
Stock price
    $ 9.93     $ 9.98  
Volatility
      25.7 %      23.5 % 
Expected life of the options to convert
      5.10       5.47  
Risk-free rate
      0.88 %      0.43 % 
Dividend yield
      —         —    
  
Summary of Changes in the Carrying Value of the Liability  
The change in the fair value of the Level 3 derivative warrant liabilities for six months ended June 30, 2021 is summarized as follows:
 
Level 3 – Derivative warrant liabilities at January 1, 2021
    $ 13,467,630  
Transfer of Public Warrants to Level 1
      (7,285,410 ) 
Change in fair value of derivative warrant liabilities
      2,102,670  
  
 
 
  
Level 3 – Derivative warrant liabilities at June 30, 2021
    $ 8,284,890  
  
 
 
  
  
Hippo Enterprises Inc And Subsidiaries [Member]      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Summary of assets that are measured at fair value on a recurring basis  
The following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis (in millions):
 
                                                   
    
June 30, 2021
  
    
Level 1
     
Level 2
     
Level 3
     
Total
  
Financial assets:
            
Cash equivalents:
            
Money market funds
   
 
237.9
   
$
—  
 
   
$
—  
 
   
$
237.9
  
 
 
     
 
 
     
 
 
     
 
 
  
Total cash equivalents
   
$
237.9
   
$
—  
 
   
$
—  
 
   
$
237.9
  
 
 
     
 
 
     
 
 
     
 
 
  
Fixed maturities
available-for-sale:
            
U.S. government and agencies
   
$
10.0
   
$
—  
 
   
$
—  
 
   
$
10.0
States, and other territories
   
 
—  
 
   
 
5.9
   
 
—  
 
   
 
5.9
Corporate securities
   
 
—  
 
   
 
18.4
   
 
—  
 
   
 
18.4
Foreign securities
   
 
—  
 
   
 
0.3
   
 
—  
 
   
 
0.3
Residential mortgage-backed securities
   
 
—  
 
   
 
10.6
   
 
—  
 
   
 
10.6
Commercial mortgage-backed securities
   
 
—  
 
   
 
5.0
   
 
—  
 
   
 
5.0
Asset backed securities
   
 
—  
 
   
 
6.4
   
 
—  
 
   
 
6.4
  
 
 
     
 
 
     
 
 
     
 
 
  
Total fixed maturities
available-for-sale
   
 
10.0
   
 
46.6
   
 
—  
 
   
 
56.6
  
 
 
     
 
 
     
 
 
     
 
 
  
Total financial assets
   
$
247.9
   
$
46.6
   
$
—  
 
   
$
294.5
  
 
 
     
 
 
     
 
 
     
 
 
  
Financial liabilities:
            
Derivative liability on convertible promissory notes
   
$
—  
 
   
$
—  
 
   
$
162.6
   
$
162.6
Contingent consideration liability
   
 
—  
 
   
 
—  
 
   
 
11.6
   
 
11.6
Preferred stock warrant liabilities
   
 
—  
 
   
 
—  
 
   
 
137.5
   
 
137.5
  
 
 
     
 
 
     
 
 
     
 
 
  
Total financial liabilities
   
$
—  
 
   
$
—  
 
   
$
311.7
   
$
311.7
  
 
 
     
 
 
     
 
 
     
 
 
  
                                                   
    
December 31, 2020
  
    
Level 1
     
Level 2
     
Level 3
     
Total
  
Financial assets:
            
Cash equivalents:
            
Money market funds
   
$
372.1
   
$
—  
 
   
$
—  
 
   
$
372.1
Treasury Bills
   
 
23.5
   
 
—  
 
   
 
—  
 
   
 
23.5
  
 
 
     
 
 
     
 
 
     
 
 
  
Total cash equivalents
   
$
395.6
   
$
—  
 
   
$
—  
 
   
$
395.6
  
 
 
     
 
 
     
 
 
     
 
 
  
Fixed maturities
available-for-sale:
            
U.S. government and agencies
   
$
10.1
   
$
—  
 
   
$
—  
 
   
$
10.1
States, and other territories
   
 
—  
 
   
 
5.1
   
 
—  
 
   
 
5.1
Corporate securities
   
 
—  
 
   
 
17.4
   
 
—  
 
   
 
17.4
Foreign securities
   
 
—  
 
   
 
0.8
   
 
—  
 
   
 
0.8
Residential mortgage-backed securities
   
 
—  
 
   
 
12.9
   
 
—  
 
   
 
12.9
Commercial mortgage-backed securities
   
 
—  
 
   
 
5.5
   
 
—  
 
   
 
5.5
Asset backed securities
   
 
—  
 
   
 
4.2
   
 
—  
 
   
 
4.2
  
 
 
     
 
 
     
 
 
     
 
 
  
Total fixed maturities
available-for-sale
   
$
10.1
   
$
45.9
   
$
—  
 
   
$
56.0
  
 
 
     
 
 
     
 
 
     
 
 
  
Total financial assets
   
$
405.7
   
$
45.9
   
$
—  
 
   
$
451.6
  
 
 
     
 
 
     
 
 
     
 
 
  
Financial liabilities:
            
Derivative liability on convertible promissory notes
   
$
—  
 
   
$
—  
 
   
$
113.3
   
$
113.3
Contingent consideration liability
   
 
—  
 
   
 
—  
 
   
 
12.0
   
 
12.0
Preferred stock warrant liabilities
   
 
—  
 
   
 
—  
 
   
 
22.9
   
 
22.9
  
 
 
     
 
 
     
 
 
     
 
 
  
Total financial liabilities
   
$
—  
 
   
$
—  
 
   
$
148.2
   
$
148.2
  
 
 
     
 
 
     
 
 
     
 
 
  
The following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis (in millions):
 
    
As of December 31, 2020
  
    
Level 1
     
Level 2
     
Level 3
     
Total
  
Financial assets:
            
Cash equivalents:
            
Money market funds
    $ 372.1      $ —        $ —        $ 372.1  
Treasury bills
      23.5        —          —          23.5  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total cash equivalents
    $ 395.6      $ —        $ —        $ 395.6  
  
 
 
     
 
 
     
 
 
     
 
 
  
Fixed maturities
available-for-sale:
            
U.S. government and agencies
    $ 9.5      $ —        $ —        $ 9.5  
All other government
      0.6        —          —          0.6  
States, and other territories
      —          5.1        —          5.1  
Corporate securities
      —          17.4        —          17.4  
Foreign securities
      —          0.8        —          0.8  
Residential mortgage-backed securities
      —          12.9        —          12.9  
Commercial mortgage-backed securities
      —          5.5        —          5.5  
Asset backed securities
      —          4.2        —          4.2  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total fixed maturities
available-for-sale
    $ 10.1      $ 45.9      $ —        $ 56.0  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total financial assets
    $ 405.7      $ 45.9      $ —        $ 451.6  
  
 
 
     
 
 
     
 
 
     
 
 
  
Financial liabilities:
            
Derivative liability on convertible promissory notes
    $ —        $ —        $ 113.3      $ 113.3  
Contingent consideration liability
      —          —          12.0        12.0  
Preferred stock warrant liabilities
      —          —          22.9        22.9  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total financial liabilities
    $ —        $ —        $ 148.2      $ 148.2  
  
 
 
     
 
 
     
 
 
     
 
 
  
    
As of December 31, 2019
  
    
Level 1
     
Level 2
     
Level 3
     
Total
  
Financial assets:
            
Cash equivalents:
            
Money market funds
    $ 3.7      $ —        $ —        $ 3.7  
Short-term investments:
            
U.S. government securities
      96.5        —          —          96.5  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total financial assets
    $ 100.2      $ —        $ —        $ 100.2  
  
 
 
     
 
 
     
 
 
     
 
 
  
Financial liabilities:
            
Contingent consideration liability
    $ —        $ —        $ 13.8      $ 13.8  
Preferred stock warrant liabilities
      —          —          6.7        6.7  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total financial liabilities
    $ —        $ —        $ 20.5      $ 20.5  
  
 
 
     
 
 
     
 
 
     
 
 
  
Summary of fair value measurement inputs and valuation techniques  
The following assumptions were used in determining fair value of the convertible preferred stock warrant liabilities:
 
    
June 30,

2021
     
December 31,

2020
  
Fair value of Series
A-2
Preferred Stock
    $ 66.64      $ 18.25  
Fair value of Series
C-1
Preferred Stock
    $ 66.74      $ 20.09  
Exercise price
A-2
Preferred Stock
    $ 1.57      $ 1.57  
Exercise price
C-1
Preferred Stock
    $ 11.74      $ 11.74  
Expected term (in years)
     
1.3-5.7
       
1.8-6.2
  
Expected volatility
     
26.6%-29.1%
       
29.0%-40.7%
  
Risk-free interest rate
     
0.1%-1.1%
       
0.1%-0.5%
  
Expected dividend yield
      — %        — %  
The following assumptions were used in determining fair value of the convertible preferred stock warrant liabilities:
 
    
As of December 31,
    
2020
  
2019
Fair value of Series
A-2
Preferred Stock
    $18.25   $8.26
Fair value of Series
C-1
Preferred Stock
    $20.09   $12.80
Exercise price
A-2
Preferred Stock
    $1.57   $1.57
Exercise price
C-1
Preferred Stock
    $11.74   $11.74
Expected term (in years)
   
1.8-6.2
   2.8–7.2
Expected volatility
   
29.0%-40.7%
   21.5%–22.8%
Risk-free interest rate
   
0.1%-0.5%
   1.6%–1.8%
Expected dividend yield
    —  %   —  %
Summary of Changes in the Carrying Value of the Liability     The following table includes a rollforward of the contingent consideration liability (in millions):
Balance as of January 1, 2019
    $ —    
Initial recognition of contingent consideration included
      14.9  
in purchase consideration of acquisition
   
Payments of contingent consideration
      (3.0 ) 
Changes in fair value
      1.9  
  
 
 
  
Balance as of December 31, 2019
    $ 13.8  
Payments of contingent consideration
      (5.2 ) 
Changes in fair value
      3.4  
  
 
 
  
Balance as of December 31, 2020
    $ 12.0  
  
 
 
  
Hippo Enterprises Inc And Subsidiaries [Member] | Preferred Stock Warrant Liability [Member]      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Summary of Changes in the Carrying Value of the Liability  
The table below presents changes in the preferred stock warrant liability valued using Level 3 inputs (in millions):
 
                         
    
2021
     
2020
  
Balance as of January 1,
   
$
22.9
   
$
6.7
Changes in fair value
   
 
114.6
   
 
4.1
  
 
 
     
 
 
  
Balance as of June 30,
   
$
137.5
   
$
10.8
  
 
 
     
 
 
  
The following table includes a rollforward of the preferred stock warrant liability activity valued using Level 3 inputs is (in millions):
 
Balance as of January 1, 2019
    $ 4.7  
Changes in fair value
      2.0  
  
 
 
  
Balance as of December 31, 2019
      6.7  
Changes in fair value
      16.2  
  
 
 
  
Balance as of December 31, 2020
    $ 22.9  
  
 
 
  
Hippo Enterprises Inc And Subsidiaries [Member] | Contingent Consideration [Member]      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Summary of Changes in the Carrying Value of the Liability   The table below presents the changes in the contingent consideration liability valued using Level 3 inputs (in millions):
                         
    
2021
     
2020
  
Balance as of January 1,
   
$
12.0
   
$
13.8
Payments of contingent consideration
   
 
(1.7
) 
   
 
(3.2
) 
Changes in fair value
   
 
1.3
   
 
—  
 
  
 
 
     
 
 
  
Balance as of June 30,
   
$
11.6
   
$
10.6
  
 
 
     
 
 
  
  
Hippo Enterprises Inc And Subsidiaries [Member] | Derivative Financial Instruments, Liabilities [Member]      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Summary of Changes in the Carrying Value of the Liability   The table below presents the changes in derivative liability on convertible promissory notes valued using Level 3 inputs (in millions):
            
    
2021
  
Balance as of January 1,
   
$
113.3
Initial measurement of new derivative
   
 
2.8
Changes in fair value
   
 
46.5
  
 
 
  
Balance as of June 30,
   
$
162.6
  
 
 
  
  
Reinvent Technology Partners Z [Member]      
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Summary of assets that are measured at fair value on a recurring basis
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2020 and indicates the fair value hierarchy of the valuation techniques that the Company utilized to determine such fair value.
 
Description
   
Quoted Prices in
Active Markets
(Level 1)
     
Significant Other
Observable Inputs
(Level 2)
     
Significant Other
Unobservable Inputs
(Level 3)
  
Assets:
         
Investments held in Trust Account
    $ 230,017,782    $ —      $ —    
Liabilities:
         
Derivative warrant liabilities — Public Warrants
    $ —        $ —        $ 6,762,630  
Derivative warrant liabilities — Private Warrants
    $ —        $ —        $ 6,705,000  
    
Summary of fair value measurement inputs and valuation techniques
The following table provides quantitative information regarding Level 3 fair value measurements inputs as their measurement dates:
 
    
As of
November 18,
2020
    
As of
December 31,
2020
  
Stock price
    $ 9.72   $ 9.98  
Volatility
      23.20 %      23.50 % 
Expected life of the options to convert
      5.6       5.5  
Risk-free rate
      0.47 %      0.43 % 
Dividend yield
      —         —    
    
v3.21.2
Deferred Policy Acquisition Costs (Tables)
 12 Months Ended
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]  
Summary of policy acquisition costs deferred and amortized
The following table presents the policy acquisition costs deferred and amortized (in millions):
 
    
December 31,
2020
  
Deferred policy acquisition costs, net at beginning of year
    $ —    
Policy acquisition costs deferred during year
      6.4  
Policy acquisition costs amortized during year
      (4.5 ) 
  
 
 
  
Deferred policy acquisition costs, net at end of year
    $ 1.9  
  
 
 
  
v3.21.2
Capitalized Internal Use Software (Tables)
 12 Months Ended
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]  
Summary of capitalized internal use software
Capitalized internal use software consists of the following (in millions):
 
    
As of
December 31,
  
    
2020
     
2019
  
Capitalized internal use software
    $ 18.4      $ 8.9  
Less: accumulated amortization
      (3.7 )       (1.1 ) 
  
 
 
     
 
 
  
Total capitalized internal use software
    $ 14.7      $ 7.8  
  
 
 
     
 
 
  
v3.21.2
Intangible Assets (Tables) - Hippo Enterprises Inc And Subsidiaries [Member]
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Intangible Assets Disclosure [Line Items]    
Schedule of finite lived intangible assets
 
           
June 30, 2021
     
December 31, 2020
  
    
Weighted-
Average
Useful Life
Remaining
(in years)
     
Gross
Carrying
Amount
     
Accumulated
Amortization
    
Net Carrying

Amount
     
Gross

Carrying
Amount
     
Accumulated
Amortization
    
Net
Carrying
Amount
  
            (in millions)      (in millions)  
Agency and carrier
      7.9      $ 13.5    $ (0.9 )    $ 12.6    $ 13.5    $ (0.1 )    $ 13.4
State licenses and domain name
      Indefinite        10.5      —         10.5      7.1      —         7.1
Customer relationships
      3.8        13.2      (4.9 )      8.3      13.2      (3.8 )      9.4
Developed technology
      1.3        3.6      (2.0 )      1.6      3.6      (1.4 )      2.2
VOBA
      1.2        0.1      —         0.1      0.1      —         0.1
Other
      7.1        1.9      (0.4 )      1.5      1.9      (0.2 )      1.7
     
 
 
     
 
 
    
 
 
     
 
 
     
 
 
    
 
 
  
Total intangible assets, net
       $ 42.8    $ (8.2 )    $ 34.6    $ 39.4    $ (5.5 )    $ 33.9
     
 
 
     
 
 
    
 
 
     
 
 
     
 
 
    
 
 
  
The gross carrying amounts, accumulated amortization, and net carrying amounts of the Company’s amortizable intangible assets are presented in the table below (in millions):
 
           
As of December 31,
  
           
2020
     
2019
  
    
Weighted-
Average
Useful Life
Remaining

(in years)
     
Gross
Carrying
Amount
     
Accumulated
Amortization
    
Net
Carrying
Amount
     
Gross
Carrying
Amount
     
Accumulated
Amortization
    
Net
Carrying
Amount
  
Customer relationships
      4.3      $ 13.2      $ (3.8 )    $ 9.4      $ 13.2      $ (1.6 )    $ 11.6  
Developed technology
      1.8        3.6        (1.4 )      2.2        3.6        (0.2 )      3.4  
Agency and carrier relationships
      7.9        13.5        (0.1 )      13.4        —          —         —    
State licenses
      Indefinite        7.1        —         7.1        —          —         —    
VOBA
      1.7        0.1        —         0.1        —          —         —    
Other
      7.3        1.9        (0.2 )      1.7        0.7        (0.1 )      0.6  
     
 
 
     
 
 
    
 
 
     
 
 
     
 
 
    
 
 
  
Total intangible assets, net
       $ 39.4      $ (5.5 )    $ 33.9      $ 17.5      $ (1.9 )    $ 15.6  
     
 
 
     
 
 
    
 
 
     
 
 
     
 
 
    
 
 
  
Schedule of projected annual amortization expense of intangible assets  
As of December 31, 2020, the projected annual amortization expense for the Company’s intangible assets for the next five years is as follows (in millions):
 
Year ending December 31,
   
2021
    $ 5.4  
2022
      5.2  
2023
      4.1  
2024
      4.1  
2025
      2.5  
Thereafter
      5.5  
  
 
 
  
Total
    $ 26.8  
  
 
 
  
v3.21.2
Goodwill (Tables)
 12 Months Ended
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]  
Indefinite-lived Intangible Assets [Line Items]  
Summary of changes in goodwill
The following table represents the changes in goodwill (in millions):
 
Balance at January 1, 2019
    $ —    
Additions from acquisitions
      1.9  
  
 
 
  
Balance at December 31, 2019
    $ 1.9  
Additions from acquisitions
      45.9  
  
 
 
  
Balance at December 31, 2020
    $ 47.8  
  
 
 
  
v3.21.2
Accrued Expenses and Other Liabilities (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]    
Accrued Liabilities And Other Liabilities [Line Items]    
Summary of accrued expenses and other liabilities
                         
    
June 30,

2021
     
December 31,

2020
  
    
(in millions)
  
Accrued wages and commissions
   
$
7.0
   
$
5.0
Deferred revenue
   
 
7.2
   
 
1.7
Advances from customers
   
 
9.6
   
 
4.4
Accrued licenses and taxes
   
 
3.0
   
 
2.5
Accrued transaction cost
   
 
1.1
   
 
—  
 
Accrued interest
   
 
0.9
   
 
0.8
Other
   
 
17.2
   
 
11.3
  
 
 
     
 
 
  
Total accrued expenses and other liabilities
   
$
46.0
   
$
25.7
  
 
 
     
 
 
  
Accrued expenses and other liabilities consist of the following (in millions):
 
    
As of
December 31,
  
    
2020
     
2019
  
Accrued wages and commissions
    $ 5.0      $ 5.3  
Accounts payable
      0.5        3.2  
Deferred revenue
      1.7        0.8  
Advances from customers
      4.4        1.5  
Accrued license fees and taxes
      2.5        —    
Other
      11.6        3.8  
  
 
 
     
 
 
  
Total accrued expenses and other liabilities
    $ 25.7      $ 14.6  
  
 
 
     
 
 
  
v3.21.2
Loss and Loss Adjustment Expense Reserves (Tables) - Hippo Enterprises Inc And Subsidiaries [Member]
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Loss and Loss Adjustment Expense Reserves [Line Items]    
Summary of the reconciliation of the beginning and ending reserve balances for loss and loss adjustment expenses, net of reinsurance
The reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses, net of reinsurance is summarized as follows for the six months ended June 30, (in millions):
 
                         
    
2021
     
2020
  
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of beginning of the period
   
$
105.1
   
$
—
 
Reinsurance recoverables on unpaid losses
   
 
(92.1
) 
   
 
—  
 
  
 
 
     
 
 
  
Reserve for losses and LAE, net of reinsurance recoverables as of beginning of the period
   
 
13.0
   
 
—
 
Add: Incurred losses and LAE, net of reinsurance, related to:
      
Current year
   
 
39.0
   
 
5.3
Prior years
   
 
(0.3
) 
   
 
(0.1
) 
  
 
 
     
 
 
  
Total incurred
   
 
38.7
   
 
5.2
Deduct: Loss and LAE payments, net of reinsurance, related to:
      
Current year
   
 
(19.5
) 
   
 
(3.3
) 
Prior year
   
 
(5.1
) 
   
 
—  
 
  
 
 
     
 
 
  
Total paid
   
 
(24.6
) 
   
 
(3.3
) 
Reserve for losses and LAE, net of reinsurance recoverables at end of period
   
 
27.1
   
 
1.9
Add: Reinsurance recoverables on unpaid losses and LAE at end of period
   
 
168.1
   
 
—  
 
  
 
 
     
 
 
  
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of end of the period
   
$
195.2
   
$
1.9
  
 
 
     
 
 
  
 The reconciliation of the beginning and ending reserve balances for loss and LAE, net of reinsurance is summarized as follows (in millions), reflecting the reserve balances acquired through the Company’s acquisition of Spinnaker:
 
    
2020
  
Reserve for losses and LAE, net of reinsurance recoverables as of January 1, 2020
    $ —  
Add: Incurred losses and LAE, net of reinsurance, related to:
 
Current year
      25.3  
Prior years
      —    
  
 
 
  
Total incurred
      25.3  
  
 
 
  
Deduct: Loss and LAE payments, net of reinsurance, related to:
 
Current year
      (17.0 ) 
Prior year
      (0.3 ) 
  
 
 
  
Total paid
      (17.3 ) 
  
 
 
  
Add: Reserve for losses and LAE, net of reinsurance recoverables acquired from Spinnaker
      5.0  
  
 
 
  
Reserve for losses and LAE, net of reinsurance recoverables as of December 31, 2020
      13.0  
Add: Reinsurance recoverables on unpaid losses and LAE as of December 31, 2020
      92.1  
  
 
 
  
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of December 31, 2020
    $ 105.1  
  
 
 
  
Summary of loss and loss adjustment expenses incurred by accident year  
The following tables present information about incurred and paid loss development as of December 31, 2020, net of reinsurance, as well as cumulative claim frequency and the total of IBNR reserves. The tables include unaudited information about incurred and paid claims development for the years ended December 31, 2015​​​​​​​
through 2020. In addition, the following table shows incurred loss and LAE by accident year in aggregate as the Company has one single operating and reportable segment. (in millions, except for number of claims):​​​​​​​
 
    
December 31,
     
December 31, 2020
  
    
2015
     
2016
     
2017
     
2018
     
2019
     
2020
     
IBNR
     
Cumulative
Number of
Reported Claims
  
    
(unaudited)
     
(unaudited)
     
(unaudited)
     
(unaudited)
     
(unaudited)
                       
Accident Year
                        
2015
    $ —        $ —        $ —        $ —        $ —        $ —        $ —          7  
2016
      —          2.5        1.9        1.9        1.8        1.8        —          713  
2017
      —          —          5.2        4.4        4.0        4.0        —          3,118  
2018
      —          —          —          7.8        7.2        7.2        0.6        6,156  
2019
      —          —          —          —          4.8        4.9        0.3        13,676  
2020
      —          —          —          —          —          28.1        6.4        26,242  
                 
 
 
     
 
 
     
 
 
  
Total incurred Loss and Loss Adjustment Expenses, net
 
    $ 46.0      $ 7.3        49,912  
        
 
 
     
 
 
     
 
 
  
Summary of cumulative paid loss and loss adjustment expenses, net of reinsurance  
The following table presents cumulative paid loss and LAE, net of reinsurance (in millions):
 
    
December 31,
  
    
2015
     
2016
     
2017
     
2018
     
2019
     
2020
  
    
(unaudited)
     
(unaudited)
     
(unaudited)
     
(unaudited)
     
(unaudited)
         
Accident Year
                  
2015
    $ —        $ —        $ —        $ —        $ —        $ —    
2016
      —          1.2        1.8        1.9        1.8        1.8  
2017
      —          —          3.0        4.0        4.0        4.0  
2018
      —          —          —          5.3        5.7        5.7  
2019
      —          —          —          —          3.2        4.4  
2020
      —          —          —          —          —          17.1  
                 
 
 
  
Total paid losses and LAE, net
                   $ 33.0  
                 
 
 
  
Total unpaid loss and LAE reserves, net
                   $ 13.0  
                 
 
 
  
Ceded unpaid loss and LAE
                     92.1  
                 
 
 
  
Gross unpaid loss and LAE
                   $ 105.1  
                 
 
 
  
Summary of supplementary information about average historical claims duration  
The following table presents supplementary information about average historical claims duration as of December 31, 2020:
 
Years
   
1
    
2
    
3
    
4
    
5
  
Property and Casualty
      60 %      28 %      4 %      7 %      0 % 
Summary of the reconciliation of the net incurred and paid loss information in the loss reserve rollforward table and development tables  
The reconciliation of the net incurred and paid loss information in the loss reserve rollforward table and development tables with respect to the current accident year is as follows (in millions):
 
    
2020 — Current
  
    
Accident Year
  
    
Incurred
     
Paid
  
Rollforward table
    $ 25.3      $ 17.0  
Development table
      28.1        17.1  
  
 
 
     
 
 
  
Variance
    $ (2.8 )     $ (0.1 ) 
  
 
 
     
 
 
  
Unallocated loss adjustment expense
      2.2        (2.1 ) 
Loss and LAE of Spinnaker prior to the acquisition
      (5.0 )       2.0  
v3.21.2
Reinsurance (Tables) - Hippo Enterprises Inc And Subsidiaries [Member]
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Effects of Reinsurance [Line Items]    
Summary of amounts affecting the financial statements for ceded reinsurance
The following tables reflect amounts affecting the statements of operations and comprehensive loss for ceded reinsurance for the three and six months ended June 30, 2021 and 2020 (in millions):
 
                                                                             
    
For the Three Months Ended June 30,
  
    
2021
    
2020
  
    
Written
premiums
    
Earned
premiums
    
Loss and LAE
incurred
    
Written
premiums
     
Earned
premiums
    
Loss and LAE
incurred
  
Direct
   
$
129.3
  
$
83.9
  
$
135.7
  
$
—  
 
   
$
—  
 
  
$
—  
 
Assumed
   
 
(0.7
) 
  
 
3.2
  
 
4.8
  
 
5.5
   
 
3.1
  
 
3.3
  
 
 
    
 
 
    
 
 
    
 
 
     
 
 
    
 
 
  
Gross
   
 
128.6
  
 
87.1
  
 
140.5
  
 
5.5
   
 
3.1
  
 
3.3
Ceded
   
 
(116.4
) 
  
 
(76.9
) 
  
 
(119.1
) 
  
 
—  
 
   
 
(0.6
) 
  
 
—  
 
  
 
 
    
 
 
    
 
 
    
 
 
     
 
 
    
 
 
  
Net
   
$
12.2
  
$
10.2
  
$
21.4
  
$
5.5
   
$
2.5
  
$
3.3
  
 
 
    
 
 
    
 
 
    
 
 
     
 
 
    
 
 
  
 
                                                                                                     
    
For the Six Months Ended June 30,
  
    
2021
    
2020
  
     Written
premiums		     Earned
premiums		     Loss and LAE
incurred		     Written
premiums		     Earned
premiums		     Loss and LAE
incurred		  
Direct
    $ 224.3   $ 154.9   $ 276.1   $ —       $ —       $ —    
Assumed
      3.4     6.6     10.1     14.7     4.8     5.2
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Gross
      227.7     161.5     286.2     14.7     4.8     5.2
Ceded
      (208.4 )      (142.5 )      (247.5 )      (2.0 )      (0.8 )      —    
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net
    $ 19.3   $ 19.0   $ 38.7   $ 12.7   $ 4.0   $ 5.2
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
The following table reflects amounts affecting the consolidated balance sheets and statements of operations and comprehensive loss for ceded reinsurance as of and for the year ended December 31, 2020 (in millions):
 
    
2020
  
Loss and LAE reserves
   
Direct
    $ 102.7  
  
 
 
  
Assumed
      2.4  
  
 
 
  
Gross loss and LAE reserves
      105.1  
  
 
 
  
Ceded
      (92.1 ) 
  
 
 
  
Net loss and LAE reserves
    $ 13.0  
  
 
 
  
Unearned premiums:
   
Direct
    $ 143.7  
  
 
 
  
Assumed
      6.6  
  
 
 
  
Gross unearned premiums
      150.3  
  
 
 
  
Ceded
      (129.4 ) 
  
 
 
  
Net unearned premiums
    $ 20.9  
  
 
 
  
 
    
2020
  
Written premiums:
   
Direct
    $ 90.0  
  
 
 
  
Assumed
      26.1  
  
 
 
  
Gross written premiums
      116.1  
  
 
 
  
Ceded
      (78.4 ) 
  
 
 
  
Net written premiums
    $ 37.7  
  
 
 
  
Earned premiums :
   
Direct
    $ 88.7  
  
 
 
  
Assumed
      9.3  
  
 
 
  
Gross earned premiums
      98.0  
  
 
 
  
Ceded
      (80.9 ) 
  
 
 
  
Net earned premiums
    $ 17.1  
  
 
 
  
Loss and LAE incurred:
   
Direct
    $ 93.6  
  
 
 
  
Assumed
      13.3  
  
 
 
  
Gross loss and LAE
      106.9  
  
 
 
  
Ceded
      (81.6 ) 
  
 
 
  
Net loss and LAE
    $ 25.3  
  
 
 
  
Summary of reconciliation of incurred and paid loss by loss adjustment expense development to gross loss and loss expense reserve  
Reconciliation of incurred and paid loss by LAE development to gross loss and loss expense reserves are as follows (in millions):
 
    
2020
  
Loss — net of reinsurance
    $ 12.5  
LAE — net of reinsurance
      0.5  
Reinsurance recoverables on unpaid loss
      92.1  
  
 
 
  
Total loss and LAE reserves—gross of reinsurance
    $ 105.1  
  
 
 
  
Summary of reinsurance recoverables on paid and unpaid losses and loss adjustment expense  
Amounts recoverable from reinsurers are recognized in a manner consistent with the claims liabilities associated with the reinsurance placement and presented on the balance sheet as reinsurance recoverable on paid and unpaid losses and LAE. Such balance as of December 31, 2020 is presented in the table below (in millions).
 
    
2020
  
Reinsurance recoverable on paid loss
    $ 42.0  
Ceded unpaid loss and LAE
      92.1  
  
 
 
  
Total reinsurance recoverable
    $ 134.1  
  
 
 
  
Summary of unsecured reinsurance recoverable and prepaid reinsurance balances   The Company has the following unsecured reinsurance recoverable and prepaid reinsurance premium balances from reinsurers at December 31, 2020 (in millions):
AM Best Rating
   
Reinsurer
   
2020
  
A
    Validus Reinsurance, Ltd.    $ 46.9  
A+
    Transatlantic Reinsurance Company      28.8  
A
    Validus Reinsurance (Switzerland) Ltd.      22.6  
A++
    General Reinsurance Corporation      14.4  
     
 
 
  
      $ 112.7  
   Other reinsurers      73.7  
     
 
 
  
      $ 186.4  
     
 
 
  
v3.21.2
Statutory Financial Information (Tables)
 12 Months Ended
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]  
Statutory Accounting Practices [Line Items]  
Summary of statutory net income and statutory surplus Spinnaker’s statutory net income and statutory surplus as of December 31, 2020 and 2019 and for the years then ended are summarized as follows (in millions):
    
December 31,
  
    
2020
     
2019
  
Statutory net income
    $ 6.6      $ 4.3  
Statutory capital and surplus
      69.6        38.0  
v3.21.2
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]  
Loss Contingencies [Line Items]  
Schedule of future minimum lease payments Future minimum lease payments required under these agreements as of December 31, 2020 are as follows (in millions):
Year Ending December 31,
   
2021
    $ 2.9  
2022
      4.0  
2023
      3.5  
2024
      3.5  
2025
      3.6  
Thereafter
      7.6  
  
 
 
  
Total
    $ 25.1  
  
 
 
  
v3.21.2
Convertible Preferred Stock (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Redeemable Noncontrolling Interest [Line Items]    
Schedule of assumptions of convertible preferred stock warrant liabilities
The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:
 
    
As of June 30,
2021
    
As of December 31,
2020
  
Stock price
    $ 9.93     $ 9.98  
Volatility
      25.7 %      23.5 % 
Expected life of the options to convert
      5.10       5.47  
Risk-free rate
      0.88 %      0.43 % 
Dividend yield
      —         —    
  
Hippo Enterprises Inc And Subsidiaries [Member]    
Redeemable Noncontrolling Interest [Line Items]    
Schedule of convertible preferred stock
There was no change in preferred stock during the six month period ended June 30, 2021 (in millions, except for share and per share data).
 
                                                                                    
    
June 30, 2021
  
    
Issuance Price
Per Share
     
Authorized
Shares
     
Shares Issued

and
Outstanding
     
Net
Carrying
Value
     
Liquidation
Preference
  
        
                                   
Preferred
A-1
Stock
   
$
0.56965
   
 
5,889,829
   
 
5,889,829
   
$
3.4
   
$
3.4
Preferred
A-2
Stock
   
 
1.57432
   
 
7,015,787
   
 
6,987,125
   
 
10.9
   
 
11.0
Preferred B Stock
   
 
3.59757
   
 
6,949,142
   
 
6,949,142
   
 
24.9
   
 
25.0
Preferred C Stock
   
 
7.04471
   
 
9,936,529
   
 
9,936,528
   
 
56.1
   
 
70.0
Preferred
C-1
Stock
   
 
11.74119
   
 
2,465,454
   
 
—  
 
   
 
—  
 
   
 
—  
 
Preferred D Stock
   
 
15.16420
   
 
6,594,479
   
 
6,594,479
   
 
99.8
   
 
100.0
Preferred E Stock
   
 
19.66420
   
 
7,628,090
   
 
7,628,075
   
 
149.7
   
 
150.0
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
      
 
46,479,310
   
 
43,985,178
   
$
344.8
   
$
359.4
     
 
 
     
 
 
     
 
 
     
 
 
  
The following tables summarize the authorized, issued and outstanding convertible preferred stock of the Company (in millions, except share and per share data):
 
    
As of December 31, 2020
  
    
Issuance Price
Per Share
     
Authorized
Shares
     
Shares Issued
and Outstanding
     
Net Carrying
Value
     
Liquidation
Preference
  
Preferred
A-1
Stock
    $ 0.56965        5,889,829        5,889,829      $ 3.4      $ 3.4  
Preferred
A-2
Stock
      1.57432        7,015,787        6,987,125        10.9        11.0  
Preferred B Stock
      3.59757        6,949,142        6,949,142        24.9        25.0  
Preferred C Stock
      7.04471        9,936,529        9,936,528        56.1        70.0  
Preferred
C-1
Stock
      11.74119        2,465,454        —          —          —    
Preferred D Stock
      15.16420        6,594,479        6,594,479        99.8        100.0  
Preferred E Stock
      19.66420        7,628,090        7,628,075        149.7        150.0  
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
         46,479,310        43,985,178      $ 344.8      $ 359.4  
     
 
 
     
 
 
     
 
 
     
 
 
  
    
As of December 31, 2019
  
    
Issuance Price
Per Share
     
Authorized
Shares
     
Shares Issued
and Outstanding
     
Net Carrying
Value
     
Liquidation
Preference
  
Preferred
A-1
Stock
    $ 0.56965        5,889,829        5,889,829      $ 3.4      $ 3.4  
Preferred
A-2
Stock
      1.57432        7,015,787        6,987,125        10.9        11.0  
Preferred B Stock
      3.59757        6,949,142        6,949,142        24.9        25.0  
Preferred C Stock
      7.04471        9,936,529        9,936,528        56.1        70.0  
Preferred
C-1
Stock
      11.74119        2,465,454        —          —          —    
Preferred D Stock
      15.16420        6,594,479        6,273,064        95.0        95.1  
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
         38,851,220        36,035,688      $ 190.3      $ 204.5  
     
 
 
     
 
 
     
 
 
     
 
 
  
Schedule of assumptions of convertible preferred stock warrant liabilities
The following assumptions were used in determining fair value of the convertible preferred stock warrant liabilities:
 
    
June 30,

2021
     
December 31,

2020
  
Fair value of Series
A-2
Preferred Stock
    $ 66.64      $ 18.25  
Fair value of Series
C-1
Preferred Stock
    $ 66.74      $ 20.09  
Exercise price
A-2
Preferred Stock
    $ 1.57      $ 1.57  
Exercise price
C-1
Preferred Stock
    $ 11.74      $ 11.74  
Expected term (in years)
     
1.3-5.7
       
1.8-6.2
  
Expected volatility
     
26.6%-29.1%
       
29.0%-40.7%
  
Risk-free interest rate
     
0.1%-1.1%
       
0.1%-0.5%
  
Expected dividend yield
      — %        — %  
The following assumptions were used in determining fair value of the convertible preferred stock warrant liabilities:
 
    
As of December 31,
    
2020
  
2019
Fair value of Series
A-2
Preferred Stock
    $18.25   $8.26
Fair value of Series
C-1
Preferred Stock
    $20.09   $12.80
Exercise price
A-2
Preferred Stock
    $1.57   $1.57
Exercise price
C-1
Preferred Stock
    $11.74   $11.74
Expected term (in years)
   
1.8-6.2
   2.8–7.2
Expected volatility
   
29.0%-40.7%
   21.5%–22.8%
Risk-free interest rate
   
0.1%-0.5%
   1.6%–1.8%
Expected dividend yield
    —  %   —  %
Schedule of convertible preferred stock warrants were outstanding with the related fair values
The following convertible preferred stock warrants were outstanding with the related fair values (in millions, except for share and per share data):
 
           
June 30, 2021
     
December 31, 2020
  
Series
   
Exercise
Price Per
Share
     
Warrant
Shares
Outstanding
     
Fair Value
     
Warrant
Shares
Outstanding
     
Fair Value
  
A-2
    $ 1.57      28,662    $ 1.9      28,662    $ 0.5
C-1
      11.74      2,465,454      135.6      2,465,454      22.4
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
         2,494,116    $ 137.5      2,494,116    $ 22.9
     
 
 
     
 
 
     
 
 
     
 
 
  
 
The following convertible preferred stock warrants were outstanding with the related fair values (in millions, except for share and per share data):
 
           
As of December 31,
  
           
2020
     
 
     
2019
     
 
  
Series
   
Exercise Price
Per Share
     
Warrant Shares
Outstanding
     
Fair Value
     
Warrant Shares
Outstanding
     
Fair Value
  
A-2
    $ 1.57        28,662      $ 0.5        28,662      $ 0.2  
C-1
      11.74        2,465,454        22.4        2,465,454        6.5  
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
         2,494,116      $ 22.9        2,494,116      $ 6.7  
     
 
 
     
 
 
     
 
 
     
 
 
  
v3.21.2
Stockholders' Deficit (Tables) - Hippo Enterprises Inc And Subsidiaries [Member]
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Schedule of reserved shares of common stock for future issuance
The Company had reserved shares of common stock for future issuance as follows:
 
    
June 30, 2021
     
December 31, 2020
  
Convertible preferred stock
      43,985,178        43,985,178  
Warrants to purchase preferred stock
      2,494,116        2,494,116  
Warrants to purchase common stock
      9,476,102        9,476,102  
Common stock options outstanding
      9,449,400        10,382,771  
Shares available for future grant of equity awards
      2,617,273        2,627,921  
  
 
 
     
 
 
  
Total
      68,022,069        68,966,088  
  
 
 
     
 
 
  
The Company had reserved shares of common stock for future issuance as follows:
 
    
As of December 31,
  
    
2020
     
2019
  
Convertible preferred stock
      43,985,178        36,035,688  
Warrants to purchase preferred stock
      2,494,116        2,494,116  
Warrants to purchase common stock
      9,476,102        9,476,102  
Common stock options outstanding
      10,382,771        8,003,108  
Shares available for future grant of equity awards
      2,627,921        2,324,117  
  
 
 
     
 
 
  
Total
      68,966,088        58,333,131  
  
 
 
     
 
 
  
Schedule of stock warrants were outstanding The following common stock warrants were outstanding as of June 30, 2021:​​​​​​​
Issue Date
   
Exercise Price
Per Share
     
Number of
Warrants
     
Expiration Date
     
Outstanding as of

June 30, 2021
  
December 11, 2017
    $ 0.01      4,738,051        December 31, 2022        4,738,051  
February 19, 2018
    $ 0.01      4,738,051        August 19, 2022        4,738,051  
The following common stock warrants were outstanding as of December 31, 2020:
 
Issue Date
   
Exercise Price
Per Share
     
Number of
Warrants
     
Expiration Date
   
Outstanding

as of December 31,
2020
  
December 11, 2017
    $ 0.01        4,738,051      December 31, 2022      4,738,051  
February 19, 2018
    $ 0.01        4,738,051      August 19, 2022      4,738,051  
Schedule of option activity under the Plan
The following table summarizes option activity under the plan:
 
    
Options Outstanding
     
Weighted-Average

Remaining
     
Aggregate Intrinsic
  
    
Number of
Shares
     
Weighted Average
Exercise Price
     
Contract Term

(In Years)
     
Value

(In Millions)
  
                  
        
         
Outstanding as of January 1, 2021
      10,382,771      $ 4.88      8.90      $ 108.9
Granted
      569,350        25.44      
Exercised
      (846,674 )       2.56      
Forfeited
      (649,324 )       6.67      
Expired
      (6,723 )       3.95      
  
 
 
     
 
 
     
 
 
     
 
 
  
Outstanding as of June 30, 2021
      9,449,400      $ 6.20      8.55      $ 547.0
  
 
 
     
 
 
     
 
 
     
 
 
  
Vested and exercisable as of June 30, 2021
      1,555,878      $ 4.27      8.01      $ 93.0
  
 
 
     
 
 
     
 
 
     
 
 
  
The following table summarizes option activity under the Plan:
    
Options Outstanding
     
Weighted-Average

Remaining

Contract Term

(In Years)
     
Aggregate Intrinsic
Value

(In millions)
  
    
Number of
Shares
    
Weighted Average
Exercise Price
  
Outstanding as of January 1, 2020
      8,003,108     $ 3.11        9.18      $ 20.0  
Granted
      4,792,500       6.94        
Exercised
      (1,179,870 )      2.36        
Forfeited
      (1,181,120 )      3.91        
Expired
      (51,847 )      1.40        
  
 
 
    
 
 
     
 
 
     
 
 
  
Outstanding as of December 31, 2020
      10,382,771     $ 4.88        8.90      $ 108.9  
  
 
 
    
 
 
     
 
 
     
 
 
  
Vested and exercisable as of December 31, 2020
      1,425,549     $ 3.21        8.08      $ 17.3  
  
 
 
    
 
 
     
 
 
     
 
 
  
Schedule of granted stock options was estimated as of the date of grant using the Black-Scholes-Merton option-pricing model
The fair value of granted stock options was estimated as of the date of grant using the Black-Scholes-Merton option-pricing model, based on the following inputs:
 
    
June 30,

2021
     
December 31,

2020
  
Expected term (in years)
      5.8 - 6.1        5.6 - 6.1  
Expected volatility
     
29.7% - 30.1%
       
22.6% - 29.9%
  
Risk-free interest rate
      0.6% - 1.0%        0.3% - 1.6%  
Expected dividend yield
      —%        —%  
The fair value of granted stock options was estimated as of the date of grant using the Black-Scholes-Merton option-pricing model, based on the following inputs:
 
    
As of December 31,
  
    
2020
     
2019
  
Expected term (in years)
     
5.63 - 6.12
        6.02  
Expected volatility
     
22.6% - 29.9%
        22.7 % 
Risk-free interest rate
      0.3% - 1.6%        2.2 % 
Expected dividend yield
      —  %        —   % 
Schedule of share-based compensation expense
Total share-based compensation expense, classified in the accompanying consolidated statements of operations and comprehensive loss was as follows (in millions):
 
                                                                   
    
Three Months Ended June 30,
     
Six Months Ended June 30,
  
    
        2021        
     
        2020        
     
        2021        
     
        2020        
  
    
        
                       
Losses and loss adjustment expenses
   
$
0.1
   
$
 —  
 
   
$
0.1
   
$
 —  
 
Insurance related expenses
   
 
—  
 
   
 
—  
 
   
 
0.1
   
 
0.1
Technology and development
   
 
0.5
   
 
0.2
   
 
1.0
   
 
0.4
Sales and marketing
   
 
1.2
   
 
0.2
   
 
2.1
   
 
0.4
General and administrative
   
 
1.0
   
 
0.5
   
 
2.0
   
 
0.9
  
 
 
     
 
 
     
 
 
     
 
 
  
Total share-based compensation expense
   
$
2.8
   
$
0.9
   
$
5.3
   
$
1.8
  
 
 
     
 
 
     
 
 
     
 
 
  
Total share-based compensation expense, classified in the accompanying consolidated statements of operations and comprehensive loss was as follows (in millions):
 
    
Year ended December 31,
  
    
2020
     
2019
  
Losses and Loss Adjustment Expenses
    $ 0.1      $ —    
Insurance related expenses
      0.2        0.2  
Technology and development
      2.4        1.7  
Sales and marketing
      2.1        0.6  
General and administrative
      12.4        19.1  
  
 
 
     
 
 
  
Total share-based compensation expense
    $ 17.2      $ 21.6  
  
 
 
     
 
 
  
v3.21.2
Acquisitions (Tables) - Hippo Enterprises Inc And Subsidiaries [Member]
 12 Months Ended
Dec. 31, 2020
Summary of Business Combination Details Of Consideration Transferred
There were no other components of Purchase Consideration other than cash payments. The following table summarizes the Closing Date fair value of the consideration transferred, reflecting the measurement period adjustments recorded at the acquisition date (in millions).
 
    
Fair Value of
Consideration
Transferred
  
Cash Paid
    $ 95.6  
Less: consideration for settlement of
pre-existing
liabilities due to Spinnaker
      (5.1 ) 
  
 
 
  
Total value of consideration transferred
    $ 90.5  
  
 
 
  
Schedule of Business Acquisitions, by Acquisition The following table presents the allocation of the purchase price for Spinnaker, measured as of the acquisition date:(in millions):
 
    
Acquisition-
Date Fair
Value
     
Estimated
Useful Life of
Finite-Lived

Intangible
Assets
  
Tangible assets acquired and (liabilities) assumed:
      
Investments:
      
Fixed maturities
available-for-sale,
at fair value
    $ 45.7     
Short-term investments
      5.0     
  
 
 
     
Total investments
      50.7     
Cash and cash equivalents
      16.9     
Restricted cash
      2.1     
Accounts receivable, net
      18.3     
Reinsurance recoverable on paid and unpaid losses and LAE
      116.3     
Ceding commissions receivable
      18.7     
Prepaid reinsurance premiums
      131.9     
Other assets
      0.6     
Accrued expenses and other liabilities
      (6.6 )    
Loss and loss adjustment expense reserves
      (93.3 )    
Unearned premiums
      (132.1 )    
Reinsurance premium payable
      (76.1 )    
  
 
 
     
Net tangible assets acquired
      47.4     
Intangible assets acquired:
      
Agency relationships
      3.4        8 years  
VOBA
      0.1        2 years  
State licenses
      7.1        Indefinite  
Goodwill
      32.5     
  
 
 
     
Total purchase price
      90.5     
  
 
 
     
 
Summary of Business Acquisition, Pro Forma Information The following unaudited pro forma financial information gives effect to the acquisition of Spinnaker as if it were consummated on January 1, 2019 (the beginning of the comparable prior reporting period), including pro forma adjustments related to the valuation and allocation of the purchase price, primarily amortization of acquired intangible assets; share-based compensation expense; alignment of accounting policies; to Spinnaker’s historical financial statements; and direct transaction costs reflected in the historical financial statements. This data is presented for informational purposes only and is not intended to represent or be indicative of the results of operations that would have been reported had the acquisition occurred on January 1, 2019. It should not be taken as representative of future results of operations of the combined company (in millions):
Acquisition
              
    
Year Ended December 31,
  
    
    2020    
     
    2019    
  
Pro forma revenue
      54.1        34.9  
Pro forma net loss
      (136.6 )       (75.8 ) 
v3.21.2
Income Taxes (Tables) - Hippo Enterprises Inc And Subsidiaries [Member]
 12 Months Ended
Dec. 31, 2020
Schedule of Effective Income Tax Rate Reconciliation
The components of the total provision for income taxes are as follows (in millions):
 
    
Year Ended December 31,
  
    
    2020    
     
    2019    
  
Loss before income taxes
    $ (143.2 )     $ (83.0 ) 
Income tax benefit from statutory rate
      (30.1 )       (17.4 ) 
Effect of:
      
Meals, entertainment & parking
      0.1        —    
Deferred compensation
      8.1        4.8  
Transaction costs
      0.1        —    
State taxes
      (1.1 )       0.1  
Increase in valuation allowance
      19.9        12.0  
Other
      1.2        0.6  
  
 
 
     
 
 
  
Income taxes (benefit) expense
    $ (1.8 )     $ 0.1  
  
 
 
     
 
 
  
Schedule of Components of Income Tax Expense (Benefit)
The components of the provision for income taxes are as follows (in millions):
 
    
Year Ended December 31,
  
    
2020
     
2019
  
Income tax applicable to:
      
Current
      
State
    $ 0.2      $ 0.1  
  
 
 
     
 
 
  
Total current provision
    $ 0.2      $ 0.1  
Deferred
      
Federal
    $ (1.9 )     $ —    
State
      (0.1 )       —    
  
 
 
     
 
 
  
Total deferred provision
    $ (2.0 )     $ —    
  
 
 
     
 
 
  
Total provision for income taxes
    $ (1.8 )     $ 0.1  
  
 
 
     
 
 
  
Schedule of Deferred Tax Assets and Liabilities
Significant components of the Company’s deferred tax assets and liabilities are as follows (in millions):
 
    
As of December 31,
  
    
2020
     
2019
  
Deferred tax assets:
      
Net operating loss carryforward
    $ 35.4      $ 18.0  
Provision for commission
      5.4        2.9  
Intangible assets
      3.1        0.2  
Research and development credit
      0.2        0.2  
Deferred compensation
      0.3        0.2  
Unearned premium reserve
      1.0        —    
Loss reserve discount
      0.1        0.7  
Deferred rent
      0.1        —    
Accruals
      0.9        —    
Interest expense limitation
      0.6        —    
Other
      —          0.2  
Total deferred tax assets
    $ 47.1      $ 22.4  
Valuation allowance
      (39.6 )       (19.7 ) 
Total deferred income tax assets
    $ 7.5      $ 2.7  
Deferred tax liabilities
      
Property and equipment
    $ 0.1      $ 0.1  
Capitalized software
      3.3        1.8  
Acquired intangibles
      0.5        0.8  
Unrealized gains
      0.4        —    
Spinnaker
stepped-up
adjustment
      2.9        —    
Deferred acquisition costs
      0.3        —    
Total deferred tax liabilities
    $ 7.5      $ 2.7  
  
 
 
     
 
 
  
Deferred income tax assets, net
    $ —        $ —    
  
 
 
     
 
 
  
Summary of Operating Loss Carryforwards The Company has performed a section 382 analysis and experienced two historical ownership changes in 2016 and 2018, and the Company’s tax attributes subject to such limitations under section 382 have been considered. Components of the NOL carryforwards are as follows (in millions):
    
20-year Carryforward

Expires in 2035 - 2037
     
Indefinite
Carryforward
Period
     
Total
  
U.S. Federal
    $ 9.2      $ 145.3      $ 154.5  
U.S. State
      41.5        —          41.5  
  
 
 
     
 
 
     
 
 
  
Balance as of December 31, 2020
    $ 50.7      $ 145.3      $ 196.0  
  
 
 
     
 
 
     
 
 
  
v3.21.2
Net Loss Per Share Attributable to Common Stockholders (Tables) - Hippo Enterprises Inc And Subsidiaries [Member]
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows:
 
    
As of June 30,
  
    
2021
     
2020
  
Convertible preferred stock (on an as if converted basis)
      43,985,178        36,330,613  
Outstanding options
      9,741,833        8,141,970  
Warrants to purchase common shares
      4,800,551        4,738,051  
Warrants to purchase preferred shares
      2,494,116        2,494,116  
Common stock subject to repurchase
      1,713,658        1,366,513  
Convertible notes
      21,603,512        —    
  
 
 
     
 
 
  
Total
      84,338,848        53,071,263  
  
 
 
     
 
 
  
The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows:
 
    
As of December 31,
  
    
2020
     
2019
  
Convertible preferred stock (on an as if converted basis)
      39,545,082        32,546,081  
Outstanding options
      8,364,323        5,687,268  
Warrants to purchase common shares
      4,763,600        4,789,980  
Warrants to purchase preferred shares
      2,494,116        1,784,876  
Common stock subject to repurchase
      1,365,948        1,691,897  
Convertible notes
      2,177,961        —    
  
 
 
     
 
 
  
Total
      58,711,030        46,500,102  
  
 
 
     
 
 
  
Schedule of Earnings Per Share, Basic and Diluted
Net loss per share attributable to common stockholders was computed as follows:
 
                                                   
    
Three Months Ended June 30,
     
Six Months Ended June 30,
  
    
2021
     
2020
     
2021
     
2020
  
Numerator:
            
Net loss attributable to Hippo - basic and diluted (in millions)
   
$
(84.5
) 
   
$
(24.8
) 
   
$
(279.8
) 
   
$
(48.7
) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Denominator:
            
Weighted-average shares used in computing net loss per share attributable to Hippo — basic and diluted
   
 
14,134,399
 
   
 
12,360,596
 
   
 
13,968,160
 
   
 
12,236,471
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Net loss per share attributable to Hippo — basic and diluted
   
$
(5.98
) 
   
$
(2.01
) 
   
$
(20.03
) 
   
$
(3.98
) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Net loss per share attributable to common stockholders was computed as follows:
 
    
Year Ended December 31,
  
    
2020
     
2019
  
Numerator:
      
Net loss attributable to Hippo Enterprises Inc. — basic and diluted (in millions)
    $ (141.5 )     $ (83.1 ) 
  
 
 
     
 
 
  
Denominator:
      
Weighted-average shares used in computing net loss per share attributable to Hippo Enterprises Inc. — basic and diluted
      12,495,509        10,652,088  
  
 
 
     
 
 
  
Net loss per share attributable to Hippo Enterprises Inc. — basic and diluted
    $ (11.32 )     $ (7.80 ) 
  
 
 
     
 
 
  
 
v3.21.2
Geographical Breakdown of Gross Written Premium (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Hippo Enterprises Inc And Subsidiaries [Member]    
Summary Of Discosure Of Allocation Of Gross Premium Written On Geographical Basis
Gross written premium (“GWP”) by state is as follows (in millions):    
 
    
Three Months Ended June 30,
    
Six Months Ended June 30,
  
    
2021
    
2020
    
2021
    
2020
  
    
Amount
     
% of GWP
    
Amount
     
% of GWP
    
Amount
     
% of GWP
    
Amount
     
% of GWP
  
State
                     
Texas
    $ 39.9      31.0 %    $ 4.0      72.7 %    $ 72.9      32.0 %    $ 10.9      74.1 % 
California
      22.8      17.7 %      —          —   %      41.6      18.3 %      —          —   % 
Florida
      8.6      6.7 %      —          —   %      14.4      6.3 %      —          —   % 
Georgia
      5.6      4.4 %      0.2      3.6 %      9.8      4.3 %      0.4        2.7 % 
Illinois
      4.5      3.5 %      0.3      5.5 %      7.6      3.3 %      0.7        4.8 % 
Missouri
      3.5      2.7 %      0.2      3.6 %      5.9      2.6 %      0.5        3.4 % 
Colorado
      3.1      2.4 %      —          —   %      5.7      2.5 %      —          —   % 
Arizona
      2.9      2.3 %      —          —   %      5.3      2.3 %      —          —   % 
New Jersey
      2.3      1.8 %      —          —   %      4.5      2.0 %      —          —   % 
Ohio
      2.8      2.2 %      0.2      3.6 %      4.8      2.1 %      0.5        3.4 % 
Other
      32.6      25.3 %      0.6      10.9 %      55.2      24.2 %      1.7        11.6 % 
  
 
 
     
 
 
    
 
 
     
 
 
    
 
 
     
 
 
    
 
 
     
 
 
  
Total
    $ 128.6      100 %    $ 5.5      100 %    $ 227.7      100 %    $ 14.7      100 % 
  
 
 
     
 
 
    
 
 
     
 
 
    
 
 
     
 
 
    
 
 
     
 
 
  
Gross written premium (“GWP”) by state is as follows (in millions):
 
    
December 31,
  
    
2020
  
    
Amount
     
% of GWP
  
State
      
Texas
    $ 43.9        37.8 % 
California
      10.4        8.9 % 
Florida
      7.3        6.3 % 
Illinois
      4.9        4.3 % 
Georgia
      4.7        4.0 % 
Missouri
      3.4        2.9 % 
Ohio
      3.0        2.6 % 
Oklahoma
      3.0        2.6 % 
Tennessee
      2.4        2.1 % 
Colorado
      2.5        2.1 % 
Other
      30.6        26.4 % 
  
 
 
     
 
 
  
Total
    $ 116.1        100.0 % 
  
 
 
     
 
 
  
v3.21.2
Description of Business and Summary of Significant Accounting Policies - Summary Of Disaggregation Of Revenue by Major Source (Details) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Dec. 31, 2019
Disaggregation of Revenue [Line Items]            
Net earned premium $ 10.2 $ 2.5 $ 19.0 $ 4.0 $ 17.1 $ 0.0
MGA commissions, net         12.4 20.1
Agency Commission Net         10.0 6.6
Policy fees         4.3 2.8
Claims processing fees         4.7 2.2
Other revenue         2.0 0.8
Net investment income 0.1 0.2 0.2 0.6 1.1 2.2
Total revenue, net $ 20.9 $ 11.9 $ 37.9 $ 22.2 $ 51.6 $ 34.7
v3.21.2
Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Feb. 23, 2021
Nov. 23, 2020
Feb. 29, 2020
Apr. 15, 2019
Dec. 31, 2020
Jun. 30, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Mar. 03, 2021
Oct. 31, 2020
Jun. 30, 2020
Jan. 31, 2020
Feb. 28, 2019
Feb. 28, 2018
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Date of incorporation of the company           Oct. 02, 2020                  
Proceeds from warrant issue   $ 6,600,000                          
Payment to acquire restricted investments   $ 230,000,000.0                          
Restricted investment value per share   $ 10.00                          
Term Of Restricted Investments   185 days       185 days                  
Minimum networth to effect a business combination           $ 5,000,001                  
Percentage of public shares to be redeemed in case business combination is not consummated           100.00%                  
Period within which business combination must be completed from the date of closure of initial public offering           24 days                  
Period within which business combination must be completed from the date of closure of initial public offering in case letter of intent is executed           27 days                  
Period within which the public shares shall be redeemed           10 days                  
Provision for working capital needs           $ 165,000                  
Expenses payable on liquidation           $ 100,000                  
Per share amount to be maintained in the trust account           $ 10.00                  
Comcast Ventures, LLC [Member] | Beneficial Owner [Member] | Accelerate Agreement [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Related party transaction,expenses             $ 120,000 $ 120,000              
Hippo [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Business combination, consideration transferred $ 5,522,000,000                            
Business combination, shares value 5,000,000,000                            
Cash acquired $ 522,000,000                            
Business combination, per share $ 10.00                            
RTPZ Merger Sub Inc [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Common Stock, Shares Subscribed but Unissued                   55,000,000          
Common Stock, Value, Subscriptions                   $ 550,000,000          
Minimum [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Acquires assets as a percentage of net market value of assets held in trust account   80.00%                          
Equity method investment ownership percentage   50.00%                          
Over-Allotment Option [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Sale of stock issue price per share   $ 10.00     $ 10.00   $ 10.00                
Proceeds from initial public offering   $ 230,000,000.0                          
Adjustment to additional paid in capital stock issuance costs   13,100,000                          
Deferred underwriting commissions   $ 8,100,000                          
IPO [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Sale of stock issue price per share   $ 10.00                          
Public Shares [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Sale of stock issue price per share           $ 10.00                  
Class A Ordinary Shares                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Percentage of public shares eligible to be transferred or redeemed without any restriction           15.00%                  
Provision for working capital needs           $ 165,000                  
Common stock, par or stated value per share         0.0001 $ 0.0001 0.0001                
Class A Ordinary Shares | Over-Allotment Option [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Stock shares issued during the period new issues   3,000,000                          
Class A Ordinary Shares | IPO [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Stock shares issued during the period new issues   23,000,000                          
Common Class B [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Common stock, par or stated value per share         0.0001 0.0001 0.0001                
Private Placement Warrants [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Class of warrants or rights warrants issued during the period   4,400,000                          
Class of warrants or rights warrants issue price per unit   $ 1.50                          
Hippo Enterprises Inc And Subsidiaries [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Business combination, consideration transferred       $ 15,900,000                      
Common stock, par or stated value per share         $ 0.000001 $ 0.000001 $ 0.000001 $ 0.000001       $ 0.000001      
Average retained insurance risk, Percentage                         10.00%    
Accounts Receivable Allowance for doubtful accounts         $ 500,000 $ 400,000 $ 500,000 $ 0.0              
Premium deficiency         0   0 0              
Depreciation expense             $ 400,000 200,000              
Capitalized internal use software costs are amortized, Estimated useful life             5 years                
Advertising expense             $ 11,800,000 22,800,000              
Percentage of tax benefits to be realized for recognition in the income statement             50.00%                
Hippo Enterprises Inc And Subsidiaries [Member] | Agency aggregator agreement [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Business acquisition transaction expense         $ 9.9   $ 9.9 7,200,000              
Hippo Enterprises Inc And Subsidiaries [Member] | Comcast Neptune, LLC [Member] | Beneficial Owner [Member] | Master Services Agreement [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Percentage of ownership in the common stock     5.00%                        
Related party transaction,expenses     $ 3,200,000                        
Hippo Enterprises Inc And Subsidiaries [Member] | Comcast Ventures, LP [Member] | Beneficial Owner [Member] | Master Services Agreement [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Percentage of ownership in the common stock                     5.00%        
Related party transaction,expenses             $ 2,200,000 2,200,000              
Hippo Enterprises Inc And Subsidiaries [Member] | Comcast Ventures, LLC [Member] | Beneficial Owner [Member] | Accelerate Agreement [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Percentage of ownership in the common stock                           5.00%  
Hippo Enterprises Inc And Subsidiaries [Member] | Comcast Warranty and Home Insurance Agency, LLC [Member] | Beneficial Owner [Member] | Co - Marketing Program Agreement [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Percentage of ownership in the common stock                             5.00%
Related party transaction,expenses               $ 500,000 $ 500,000            
Hippo Enterprises Inc And Subsidiaries [Member] | Furniture, Fixtures, and Equipment [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Property plant and equipment estimated useful life             three years                
Hippo Enterprises Inc And Subsidiaries [Member] | Computer Equipment [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Property plant and equipment estimated useful life             two years                
Hippo Enterprises Inc And Subsidiaries [Member] | First Connect Insurance Services [Member] | President and Chief Executive Officer [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Business acquisition,equity interest in acquiree prior to transaction amount             $ 6.4                
Reinvent Technology Partners Z [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Date of incorporation of the company         Oct. 02, 2020                    
Proceeds from initial public offering         $ 230,000,000                    
Adjustment to additional paid in capital stock issuance costs         12,703,714                    
Proceeds from warrant issue   $ 6,600,000     6,600,000                    
Payment to acquire restricted investments   $ 230,000,000.0     $ 230,000,000                    
Restricted investment value per share   $ 10.00                          
Term Of Restricted Investments         185 days                    
Equity method investment ownership percentage   20.00%                          
Minimum networth to effect a business combination         $ 5,000,001   $ 5,000,001                
Percentage of public shares to be redeemed in case business combination is not consummated         100.00%   100.00%                
Period within which business combination must be completed from the date of closure of initial public offering         24 months                    
Period within which business combination must be completed from the date of closure of initial public offering in case letter of intent is executed         27 months                    
Period within which the public shares shall be redeemed         10 days                    
Provision for working capital needs         $ 165,000   $ 165,000                
Expenses payable on liquidation         $ 100,000   $ 100,000                
Per share amount to be maintained in the trust account         $ 10.00   $ 10.00                
Reinvent Technology Partners Z [Member] | Minimum [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Acquires assets as a percentage of net market value of assets held in trust account   80.00%                          
Equity method investment ownership percentage   50.00%                          
Reinvent Technology Partners Z [Member] | Over-Allotment Option [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Sale of stock issue price per share   $ 10.00                          
Proceeds from initial public offering   $ 230,000,000.0                          
Adjustment to additional paid in capital stock issuance costs   13,100,000                          
Deferred underwriting commissions   $ 8,100,000                          
Reinvent Technology Partners Z [Member] | IPO [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Sale of stock issue price per share   $ 10.00                          
Reinvent Technology Partners Z [Member] | Class A Ordinary Shares                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Stock shares issued during the period new issues   23,000,000                          
Percentage of public shares eligible to be transferred or redeemed without any restriction         15.00%   15.00%                
Provision for working capital needs         $ 165,000   $ 165,000                
Common stock, par or stated value per share   $ 0.0001     $ 0.0001   $ 0.0001                
Reinvent Technology Partners Z [Member] | Class A Ordinary Shares | Over-Allotment Option [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Stock shares issued during the period new issues   3,000,000                          
Reinvent Technology Partners Z [Member] | Class A Ordinary Shares | IPO [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Stock shares issued during the period new issues   23,000,000                          
Reinvent Technology Partners Z [Member] | Common Class B [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Stock shares issued during the period new issues   5,750,000                          
Common stock, par or stated value per share   $ 0.0001     $ 0.0001   $ 0.0001                
Reinvent Technology Partners Z [Member] | Private Placement Warrants [Member]                              
Organization Consolidation And Presentation Of Financial Statements [Line Items]                              
Class of warrants or rights warrants issued during the period   4,400,000                          
Class of warrants or rights warrants issue price per unit   $ 1.50                          
v3.21.2
Restatement of Financial Statements - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
Nov. 23, 2020
Jun. 30, 2021
Dec. 31, 2020
Restatement [Line Items]      
Class of warrants or rights exercise price   $ 11.50  
Class of warrants or rights term   5 years  
Class A Ordinary Shares      
Restatement [Line Items]      
Common stock, par value   $ 0.0001 $ 0.0001
Reinvent Technology Partners Z [Member]      
Restatement [Line Items]      
Class of warrants or rights exercise price     $ 11.50
Class of warrants or rights term     5 years
Reclassification of warrant from temporary equity to derivative liability $ 12.6    
Reinvent Technology Partners Z [Member] | Class A Ordinary Shares      
Restatement [Line Items]      
Stock shares issued during the period new issues 23,000,000    
Common stock, par value $ 0.0001   $ 0.0001
Class of warrants or rights exercise price     $ 11.50
v3.21.2
Restatement of Financial Statements - Restatement of Balance Sheet (Detail) - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Nov. 23, 2020
Restatement [Line Items]      
Total assets $ 230,905,463 $ 231,716,367  
Liabilities and stockholders' equity      
Total current liabilities 1,298,718 151,244  
Deferred legal fees 200,000 200,000  
Deferred underwriting commissions 8,050,000 8,050,000  
Derivative warrant liabilities 16,603,180 13,467,630  
Total liabilities 26,151,898 21,868,874  
Stockholders' equity      
Preferred stock - $0.0001 par value 0 0  
Additional Paid in Capital 11,565,268 6,471,389  
Accumulated deficit (6,566,141) (1,472,213)  
Total stockholders' equity 5,000,005 5,000,003  
Total liabilities and stockholders' equity 230,905,463 231,716,367  
Reinvent Technology Partners Z [Member]      
Restatement [Line Items]      
Total assets   231,716,367 $ 233,001,707
Liabilities and stockholders' equity      
Total current liabilities   151,244 1,438,508
Deferred legal fees   200,000  
Deferred underwriting commissions   8,050,000 8,050,000
Derivative warrant liabilities   13,467,630 12,601,580
Total liabilities   21,868,874 22,090,088
Class A common stock, $0.0001 par value; shares subject to possible redemption   204,847,490 205,911,610
Stockholders' equity      
Preferred stock - $0.0001 par value   0  
Additional Paid in Capital   6,471,389 5,407,280
Accumulated deficit   (1,472,213) (408,087)
Total stockholders' equity   5,000,003 5,000,009
Total liabilities and stockholders' equity   231,716,367 233,001,707
Class A Ordinary Shares      
Liabilities and stockholders' equity      
Class A common stock, $0.0001 par value; shares subject to possible redemption 199,753,560 204,847,490  
Stockholders' equity      
Common stock - $0.0001 par value 303 252  
Class A Ordinary Shares | Reinvent Technology Partners Z [Member]      
Liabilities and stockholders' equity      
Class A common stock, $0.0001 par value; shares subject to possible redemption   204,847,490  
Stockholders' equity      
Common stock - $0.0001 par value   252 241
Class B Ordinary Shares      
Stockholders' equity      
Common stock - $0.0001 par value $ 575 575  
Class B Ordinary Shares | Reinvent Technology Partners Z [Member]      
Stockholders' equity      
Common stock - $0.0001 par value   575 575
As Previously Reported | Reinvent Technology Partners Z [Member]      
Restatement [Line Items]      
Total assets   231,716,367 233,001,707
Liabilities and stockholders' equity      
Total current liabilities   151,244 1,438,508
Deferred legal fees   200,000  
Deferred underwriting commissions   8,050,000 8,050,000
Derivative warrant liabilities   0  
Total liabilities   8,401,244 9,488,508
Class A common stock, $0.0001 par value; shares subject to possible redemption   218,315,120 218,513,190
Stockholders' equity      
Preferred stock - $0.0001 par value   0  
Additional Paid in Capital   5,230,984 5,032,916
Accumulated deficit   (231,673) (33,597)
Total stockholders' equity   5,000,003 5,000,009
Total liabilities and stockholders' equity   231,716,367 233,001,707
As Previously Reported | Class A Ordinary Shares | Reinvent Technology Partners Z [Member]      
Stockholders' equity      
Common stock - $0.0001 par value   117 115
As Previously Reported | Class B Ordinary Shares | Reinvent Technology Partners Z [Member]      
Stockholders' equity      
Common stock - $0.0001 par value   575 575
Restatement Adjustment | Reinvent Technology Partners Z [Member]      
Liabilities and stockholders' equity      
Derivative warrant liabilities   13,467,630 12,601,580
Total liabilities   13,467,630 12,601,580
Class A common stock, $0.0001 par value; shares subject to possible redemption   (13,467,630) (12,601,580)
Stockholders' equity      
Additional Paid in Capital   1,240,405 374,364
Accumulated deficit   (1,240,540) (374,490)
Restatement Adjustment | Class A Ordinary Shares | Reinvent Technology Partners Z [Member]      
Stockholders' equity      
Common stock - $0.0001 par value   $ 135 $ 126
v3.21.2
Restatement of Financial Statements - Restatement of Balance Sheet (Parenthetical) (Detail) - $ / shares
Jun. 30, 2021
Dec. 31, 2020
Nov. 23, 2020
Restatement [Line Items]      
Preferred stock, par value $ 0.0001 $ 0.0001  
Reinvent Technology Partners Z [Member]      
Restatement [Line Items]      
Preferred stock, par value   0.0001 $ 0.0001
Class A Ordinary Shares      
Restatement [Line Items]      
Common stock, par value 0.0001 0.0001  
Class A Ordinary Shares | Reinvent Technology Partners Z [Member]      
Restatement [Line Items]      
Temporary equity, par value   0.0001 0.0001
Common stock, par value   0.0001 0.0001
Class B Ordinary Shares      
Restatement [Line Items]      
Common stock, par value $ 0.0001 0.0001  
Class B Ordinary Shares | Reinvent Technology Partners Z [Member]      
Restatement [Line Items]      
Common stock, par value   $ 0.0001 $ 0.0001
v3.21.2
Restatement of Financial Statements - Restatement of Income Statement (Detail) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Jun. 30, 2021
Restatement [Line Items]        
Loss from operations $ (561,581)     $ (2,017,703)
Other (expense) income:        
Change in fair value of warrant liabilities (2,076,920)     (3,135,550)
Unrealized gain on investments held in Trust Account 6,408     59,325
Total other (expense) income (2,070,512)     (3,076,225)
Net loss $ (2,632,093) $ (2,461,835)   $ (5,093,928)
Reinvent Technology Partners Z [Member]        
Restatement [Line Items]        
Loss from operations     $ (250,366)  
Other (expense) income:        
Change in fair value of warrant liabilities     (866,050)  
Financing costs     (374,490)  
Unrealized gain on investments held in Trust Account     18,693  
Total other (expense) income     (1,221,847)  
Net loss     $ (1,472,213)  
Class A Ordinary Shares        
Other (expense) income:        
Basic and diluted weighted average shares outstanding 23,000,000     23,000,000
Basic and diluted net loss per ordinary share $ 0     $ 0
Class A Ordinary Shares | Reinvent Technology Partners Z [Member]        
Other (expense) income:        
Basic and diluted weighted average shares outstanding     23,000,000  
Basic and diluted net loss per ordinary share     $ 0  
Class B Ordinary Shares        
Other (expense) income:        
Basic and diluted weighted average shares outstanding 5,750,000     5,750,000
Basic and diluted net loss per ordinary share $ (0.46)     $ (0.89)
Class B Ordinary Shares | Reinvent Technology Partners Z [Member]        
Other (expense) income:        
Basic and diluted weighted average shares outstanding     5,750,000  
Basic and diluted net loss per ordinary share     $ (0.26)  
As Previously Reported | Reinvent Technology Partners Z [Member]        
Restatement [Line Items]        
Loss from operations     $ (250,366)  
Other (expense) income:        
Unrealized gain on investments held in Trust Account     18,693  
Total other (expense) income     18,693  
Net loss     $ (231,673)  
As Previously Reported | Class A Ordinary Shares | Reinvent Technology Partners Z [Member]        
Other (expense) income:        
Basic and diluted weighted average shares outstanding     23,000,000  
Basic and diluted net loss per ordinary share     $ 0.00  
As Previously Reported | Class B Ordinary Shares | Reinvent Technology Partners Z [Member]        
Other (expense) income:        
Basic and diluted weighted average shares outstanding     5,750,000  
Basic and diluted net loss per ordinary share     $ (0.06)  
Restatement Adjustment | Reinvent Technology Partners Z [Member]        
Other (expense) income:        
Change in fair value of warrant liabilities     $ (866,050)  
Financing costs     (374,490)  
Total other (expense) income     (1,240,540)  
Net loss     $ (1,240,540)  
v3.21.2
Restatement of Financial Statements - Restatement of Cash Flows (Detail) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Mar. 31, 2021
Dec. 31, 2020
Jun. 30, 2021
Jun. 30, 2020
Restatement [Line Items]          
Net loss $ (2,632,093) $ (2,461,835)   $ (5,093,928)  
Net cash used in operating activities         $ (595,850)
Net cash used in investing activities       $ 73,910  
Reinvent Technology Partners Z [Member]          
Restatement [Line Items]          
Net loss     $ (1,472,213)    
Adjustments to reconcile net loss to net cash used in operating activities     1,246,847    
Net cash used in operating activities     (1,233,811)    
Net cash used in investing activities     (230,000,000)    
Net cash provided by financing activities     231,856,796    
Net change in cash     622,985    
As Previously Reported | Reinvent Technology Partners Z [Member]          
Restatement [Line Items]          
Net loss     (231,673)    
Adjustments to reconcile net loss to net cash used in operating activities     6,307    
Net cash used in operating activities     (1,233,811)    
Net cash used in investing activities     (230,000,000)    
Net cash provided by financing activities     231,856,796    
Net change in cash     622,985    
Restatement Adjustment | Reinvent Technology Partners Z [Member]          
Restatement [Line Items]          
Net loss     (1,240,540)    
Adjustments to reconcile net loss to net cash used in operating activities     $ 1,240,540    
v3.21.2
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)
 3 Months Ended 6 Months Ended
Nov. 23, 2020
Jun. 30, 2021
Dec. 31, 2020
Jun. 30, 2021
Aug. 02, 2021
Accounting Policies [Line Items]          
Cash at bank   $ 101,045 $ 622,985 $ 101,045  
Stock shares issued during the period for services value       25,000  
Proceeds from related party debt       $ 194,000  
Term of restricted investments 185 days     185 days  
Accrued interest and penalties on unrecognized tax benefits   0   $ 0  
Provision for working capital needs   165,000   165,000  
Reinvent Technology Partners Z [Member]          
Accounting Policies [Line Items]          
Cash at bank     622,985    
Stock shares issued during the period for services value     25,000    
Proceeds from related party debt     $ 60,000    
Term of restricted investments     185 days    
Accrued interest and penalties on unrecognized tax benefits     $ 0    
Provision for working capital needs     165,000    
Subsequent Event [Member] | Investor [Member]          
Accounting Policies [Line Items]          
Common stock, shares subscribed but unissued         55,000,000
Shares issued price per share         $ 10.00
Common stock, value, subscriptions         $ 550,000,000
Warrant [Member]          
Accounting Policies [Line Items]          
Cash at bank   101,000   101,000  
Net working capital   $ 397,000   $ 397,000  
Antidilutive securities excluded from the computation of earnings per share       9,000,000  
Warrant [Member] | Reinvent Technology Partners Z [Member]          
Accounting Policies [Line Items]          
Cash at bank     623,000    
Net working capital     $ 1,500,000    
Antidilutive securities excluded from the computation of earnings per share     9,000,000    
Class A Ordinary Shares          
Accounting Policies [Line Items]          
Temporary equity, shares outstanding   19,975,356 20,484,749 19,975,356  
Provision for working capital needs   $ 165,000   $ 165,000  
Interest income on investments held in the trust account   6,000   59,000  
Class A Ordinary Shares | Reinvent Technology Partners Z [Member]          
Accounting Policies [Line Items]          
Temporary equity, shares outstanding 20,484,749   20,484,749    
Provision for working capital needs     $ 165,000    
Interest income on investments held in the trust account     $ 19,000    
IPO [Member] | Reinvent Technology Partners Z [Member]          
Accounting Policies [Line Items]          
Class of warrants or rights warrants issued during the period shares     9,000,000    
Private Placement [Member] | Reinvent Technology Partners Z [Member]          
Accounting Policies [Line Items]          
Class of warrants or rights warrants issued during the period shares     4,600,000    
Over-Allotment Option [Member] | Reinvent Technology Partners Z [Member]          
Accounting Policies [Line Items]          
Class of warrants or rights warrants issued during the period shares     4,400,000    
Minimum [Member]          
Accounting Policies [Line Items]          
Cash insured with federal deposit insurance corporation   $ 250,000   $ 250,000  
Minimum [Member] | Reinvent Technology Partners Z [Member]          
Accounting Policies [Line Items]          
Cash insured with federal deposit insurance corporation     $ 250,000    
v3.21.2
Investments - Schedule Of Amortized Cost ad Fair value Fixed Maturities Securities and Short term Investments (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Dec. 31, 2019
US Government Corporations and Agencies Securities [Member]      
Schedule Of Available For Sale Securities Reconciliation [Line Items]      
Fair Value   $ 10.1  
All Other Government Securities Member [Member]      
Schedule Of Available For Sale Securities Reconciliation [Line Items]      
Amortized Cost   9.5  
Hippo Enterprises Inc And Subsidiaries [Member]      
Schedule Of Available For Sale Securities Reconciliation [Line Items]      
Amortized Cost $ 56.9 55.9 $ 96.4
Unrealized Gains 0.0 0.1 0.1
Unrealized Losses (0.3) 0.0 0.0
Fair Value 56.6 56.0 96.5
Hippo Enterprises Inc And Subsidiaries [Member] | US Government Corporations and Agencies Securities [Member]      
Schedule Of Available For Sale Securities Reconciliation [Line Items]      
Amortized Cost 10.0 10.1  
Unrealized Gains 0.0 0.0  
Unrealized Losses 0.0 0.0  
Fair Value 10.0 9.5  
Hippo Enterprises Inc And Subsidiaries [Member] | All Other Government Securities Member [Member]      
Schedule Of Available For Sale Securities Reconciliation [Line Items]      
Amortized Cost   0.6  
Unrealized Gains   0.0  
Unrealized Losses   0.0  
Fair Value   0.6  
Hippo Enterprises Inc And Subsidiaries [Member] | US States and Political Subdivisions Debt Securities [Member]      
Schedule Of Available For Sale Securities Reconciliation [Line Items]      
Amortized Cost 5.9 5.1  
Unrealized Gains 0.0 0.0  
Unrealized Losses 0.0 0.0  
Fair Value 5.9 5.1  
Hippo Enterprises Inc And Subsidiaries [Member] | Corporate Debt Securities [Member]      
Schedule Of Available For Sale Securities Reconciliation [Line Items]      
Amortized Cost 18.5 17.4  
Unrealized Gains 0.0 0.0  
Unrealized Losses (0.1) 0.0  
Fair Value 18.4 17.4  
Hippo Enterprises Inc And Subsidiaries [Member] | Foreign Government Short-term Debt Securities [Member]      
Schedule Of Available For Sale Securities Reconciliation [Line Items]      
Amortized Cost 0.3 0.8  
Unrealized Gains 0.0 0.0  
Unrealized Losses 0.0 0.0  
Fair Value 0.3 0.8  
Hippo Enterprises Inc And Subsidiaries [Member] | Residential Mortgage Backed Securities [Member]      
Schedule Of Available For Sale Securities Reconciliation [Line Items]      
Amortized Cost 10.7 12.9  
Unrealized Gains 0.0 0.0  
Unrealized Losses (0.1) 0.0  
Fair Value 10.6 12.9  
Hippo Enterprises Inc And Subsidiaries [Member] | Commercial Mortgage Backed Securities [Member]      
Schedule Of Available For Sale Securities Reconciliation [Line Items]      
Amortized Cost 5.1 5.4  
Unrealized Gains 0.0 0.1  
Unrealized Losses (0.1) 0.0  
Fair Value 5.0 5.5  
Hippo Enterprises Inc And Subsidiaries [Member] | Asset-backed Securities [Member]      
Schedule Of Available For Sale Securities Reconciliation [Line Items]      
Amortized Cost 6.4 4.2  
Unrealized Gains 0.0 0.0  
Unrealized Losses 0.0 0.0  
Fair Value $ 6.4 $ 4.2  
Hippo Enterprises Inc And Subsidiaries [Member] | US Government Debt Securities [Member]      
Schedule Of Available For Sale Securities Reconciliation [Line Items]      
Amortized Cost     96.4
Unrealized Gains     0.1
Unrealized Losses     0.0
Fair Value     $ 96.5
v3.21.2
Investments - Schedule Of Amortized Cost ad Fair value Fixed Maturities Securities and Short term Investments by Contractual Maturity (Details) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ in Millions
Jun. 30, 2021
Dec. 31, 2020
Dec. 31, 2019
Available For Sale Securities Debt Maturities Line Items [Line Items]      
Amortized Cost One year or less $ 9.3 $ 6.4 $ 96.4
Amortized Cost After one year through five years 21.1 21.5  
Amortized Cost After five years 4.2 5.4  
Amortized Cost After ten years 0.1 0.1  
Total 56.9 55.9 96.4
Fair value One year or less 9.3 6.4 96.5
Fair Value After one year through five years 21.1 21.5  
Fair Value After five years 4.1 5.4  
Fair Value After ten years 0.1 0.1  
Total 56.6 56.0 $ 96.5
Residential Mortgage Backed Securities [Member]      
Available For Sale Securities Debt Maturities Line Items [Line Items]      
Amortized Cost 10.7 12.9  
Total 10.7 12.9  
Fair value 10.6 12.9  
Total 10.6 12.9  
Commercial Mortgage Backed Securities [Member]      
Available For Sale Securities Debt Maturities Line Items [Line Items]      
Amortized Cost 5.1 5.4  
Total 5.1 5.4  
Fair value 5.0 5.5  
Total 5.0 5.5  
Asset-backed Securities [Member]      
Available For Sale Securities Debt Maturities Line Items [Line Items]      
Amortized Cost 6.4 4.2  
Total 6.4 4.2  
Fair value 6.4 4.2  
Total $ 6.4 $ 4.2  
v3.21.2
Investments - Schedule of Net Investment Income (Details) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Dec. 31, 2019
Fixed maturities income $ 0.1 $ 0.2 $ 0.2 $ 0.6 $ 1.1  
Short-term investment income           $ 2.2
Total gross investment income 0.1 0.2 0.2 0.6 1.1 2.2
Investment expenses 0.0 0.0 0.0 0.0 0.0 0.0
Net investment income $ 0.1 $ 0.2 $ 0.2 $ 0.6 $ 1.1 $ 2.2
v3.21.2
Investments - Schedule of Special Deposits (Details) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Schedule Of Special Deposits [Line Items]    
Amortized Cost $ 8.1 $ 8.4
Fair Value 8.3 8.4
IL    
Schedule Of Special Deposits [Line Items]    
Amortized Cost 1.6 1.6
Fair Value 1.6 1.6
CO    
Schedule Of Special Deposits [Line Items]    
Amortized Cost 1.5 1.5
Fair Value 1.5 1.5
NV    
Schedule Of Special Deposits [Line Items]    
Amortized Cost 0.2 0.4
Fair Value 0.2 0.4
NC    
Schedule Of Special Deposits [Line Items]    
Amortized Cost 0.3 0.3
Fair Value 0.3 0.3
VA    
Schedule Of Special Deposits [Line Items]    
Amortized Cost 0.3 0.4
Fair Value 0.4 0.4
NM    
Schedule Of Special Deposits [Line Items]    
Amortized Cost 0.3 0.4
Fair Value 0.4 0.4
NY    
Schedule Of Special Deposits [Line Items]    
Amortized Cost 3.1 3.1
Fair Value 3.1 3.1
VT    
Schedule Of Special Deposits [Line Items]    
Amortized Cost 0.3 0.3
Fair Value 0.3 0.3
MA    
Schedule Of Special Deposits [Line Items]    
Amortized Cost 0.1 0.1
Fair Value 0.1 0.1
FL    
Schedule Of Special Deposits [Line Items]    
Amortized Cost 0.3 0.3
Fair Value 0.3 $ 0.3
GA    
Schedule Of Special Deposits [Line Items]    
Amortized Cost 0.1  
Fair Value $ 0.1  
v3.21.2
Investments - Additional Information (Details) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Dec. 31, 2019
Available for sale securities ,unrealized loss position $ 0   $ 0  
Other than temporary impairments $ 0 $ 0 $ 0 $ 0
v3.21.2
Cash, Cash Equivalents, and Restricted Cash - Schedule of Cash,Cash Equivalents and Restricted Cash (Details) - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Jun. 30, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash and cash equivalents:          
Total cash and cash equivalents $ 101,045 $ 622,985      
Hippo Enterprises Inc And Subsidiaries [Member]          
Cash and cash equivalents:          
Total cash and cash equivalents 364,100,000 452,300,000   $ 23,300,000  
Restricted cash:          
Total restricted cash 46,100,000 40,100,000   18,700,000  
Total cash, cash equivalents, and restricted cash 410,200,000 492,400,000 $ 87,000,000.0 42,100,000 $ 42,000,000.0
Hippo Enterprises Inc And Subsidiaries [Member] | As Previously Reported          
Restricted cash:          
Total cash, cash equivalents, and restricted cash       42,000,000.0  
Hippo Enterprises Inc And Subsidiaries [Member] | Cash [Member]          
Cash and cash equivalents:          
Total cash and cash equivalents 126,200,000 56,700,000   19,600,000  
Hippo Enterprises Inc And Subsidiaries [Member] | Money Market Funds [Member]          
Cash and cash equivalents:          
Total cash and cash equivalents 237,900,000 372,100,000   3,700,000  
Hippo Enterprises Inc And Subsidiaries [Member] | Treasury bills [Member]          
Cash and cash equivalents:          
Total cash and cash equivalents 0 23,500,000      
Hippo Enterprises Inc And Subsidiaries [Member] | Fiduciary Assets [Member]          
Restricted cash:          
Total restricted cash 28,000,000.0 12,100,000   12,700,000  
Hippo Enterprises Inc And Subsidiaries [Member] | Letters of credit and cash on deposit [Member]          
Restricted cash:          
Total restricted cash $ 18,100,000 $ 28,000,000.0   $ 6,000,000.0  
v3.21.2
Fair Value Measurements - Summary of assets that are measured at fair value on a recurring basis (Detail) - USD ($)
Jun. 30, 2021
Dec. 31, 2020
Nov. 18, 2020
Dec. 31, 2019
US Government Corporations and Agencies Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value   $ 10,100,000    
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member]        
Cash equivalents:        
Investments held in Trust Account $ 230,004,108 230,017,782    
Fair Value, Recurring [Member] | Public Warrants [Member] | Fair Value, Inputs, Level 1 [Member]        
Financial liabilities:        
Derivative warrant liabilities 8,318,290      
Fair Value, Recurring [Member] | Public Warrants [Member] | Fair Value, Inputs, Level 3 [Member]        
Financial liabilities:        
Derivative warrant liabilities   6,762,630    
Fair Value, Recurring [Member] | Private Warrants [Member] | Fair Value, Inputs, Level 3 [Member]        
Financial liabilities:        
Derivative warrant liabilities 8,284,890 6,705,000    
Hippo Enterprises Inc And Subsidiaries [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 56,600,000 56,000,000.0   $ 96,500,000
Short-term Investments   0   96,500,000
Financial liabilities:        
Derivative liability on convertible promissory notes 162,600,000 113,300,000   0
Hippo Enterprises Inc And Subsidiaries [Member] | US Government Corporations and Agencies Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 10,000,000.0 9,500,000    
Hippo Enterprises Inc And Subsidiaries [Member] | All Other Government Securities Member [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value   600,000    
Hippo Enterprises Inc And Subsidiaries [Member] | US States and Political Subdivisions Debt Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 5,900,000 5,100,000    
Hippo Enterprises Inc And Subsidiaries [Member] | Corporate Debt Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 18,400,000 17,400,000    
Hippo Enterprises Inc And Subsidiaries [Member] | Foreign Government Short-term Debt Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 300,000 800,000    
Hippo Enterprises Inc And Subsidiaries [Member] | Residential Mortgage Backed Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 10,600,000 12,900,000    
Hippo Enterprises Inc And Subsidiaries [Member] | Commercial Mortgage Backed Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 5,000,000.0 5,500,000    
Hippo Enterprises Inc And Subsidiaries [Member] | Asset-backed Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 6,400,000 4,200,000    
Hippo Enterprises Inc And Subsidiaries [Member] | US Government Debt Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value       96,500,000
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member]        
Cash equivalents:        
Cash Equivalents Fair Value 237,900,000 395,600,000    
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 56,600,000 56,000,000.0    
Total financial assets 294,500,000 451,600,000   100,200,000
Financial liabilities:        
Derivative liability on convertible promissory notes 162,600,000 113,300,000    
Contingent consideration liability 11,600,000 12,000,000.0   13,800,000
Preferred stock warrant liabilities 137,500,000 22,900,000   6,700,000
Total financial liabilities 311,700,000 148,200,000   20,500,000
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | US Government Corporations and Agencies Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 10,000,000.0 10,100,000    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | US Government Corporations and Agencies Securities [Member] | As Previously Reported        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value   9,500,000    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | All Other Government Securities Member [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value   600,000    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | US States and Political Subdivisions Debt Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 5,900,000 5,100,000    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Corporate Debt Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 18,400,000 17,400,000    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Foreign Government Short-term Debt Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 300,000 800,000    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Residential Mortgage Backed Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 10,600,000 12,900,000    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Commercial Mortgage Backed Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 5,000,000.0 5,500,000    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Asset-backed Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 6,400,000 4,200,000    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | US Government Debt Securities [Member]        
Fixed maturities available-for-sale:        
Short-term Investments       96,500,000
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Money Market Funds [Member]        
Cash equivalents:        
Cash Equivalents Fair Value 237,900,000 372,100,000   3,700,000
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | US Treasury Securities [Member]        
Cash equivalents:        
Cash Equivalents Fair Value   23,500,000    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]        
Cash equivalents:        
Cash Equivalents Fair Value 237,900,000 395,600,000    
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 10,000,000.0 10,100,000    
Total financial assets 247,900,000 405,700,000   100,200,000
Financial liabilities:        
Derivative liability on convertible promissory notes 0 0    
Contingent consideration liability 0 0   0
Preferred stock warrant liabilities 0 0   0
Total financial liabilities 0 0   0
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Corporations and Agencies Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 10,000,000.0 10,100,000    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Corporations and Agencies Securities [Member] | As Previously Reported        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value   9,500,000    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | All Other Government Securities Member [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value   600,000    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 0 0    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 0 0    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Foreign Government Short-term Debt Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 0 0    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Residential Mortgage Backed Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 0 0    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Commercial Mortgage Backed Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 0 0    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Asset-backed Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 0 0    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Government Debt Securities [Member]        
Fixed maturities available-for-sale:        
Short-term Investments       96,500,000
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]        
Cash equivalents:        
Cash Equivalents Fair Value 237,900,000 372,100,000   3,700,000
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member]        
Cash equivalents:        
Cash Equivalents Fair Value   23,500,000    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]        
Cash equivalents:        
Cash Equivalents Fair Value 0 0    
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 46,600,000 45,900,000    
Total financial assets 46,600,000 45,900,000   0
Financial liabilities:        
Derivative liability on convertible promissory notes 0 0    
Contingent consideration liability 0 0   0
Preferred stock warrant liabilities 0 0   0
Total financial liabilities 0 0   0
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Corporations and Agencies Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 0 0    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | All Other Government Securities Member [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value   0    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 5,900,000 5,100,000    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 18,400,000 17,400,000    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Foreign Government Short-term Debt Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 300,000 800,000    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 10,600,000 12,900,000    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 5,000,000.0 5,500,000    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-backed Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 6,400,000 4,200,000    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Government Debt Securities [Member]        
Fixed maturities available-for-sale:        
Short-term Investments       0
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member]        
Cash equivalents:        
Cash Equivalents Fair Value 0 0   0
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member]        
Cash equivalents:        
Cash Equivalents Fair Value   0    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]        
Cash equivalents:        
Cash Equivalents Fair Value 0 0    
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 0 0    
Total financial assets 0 0   0
Financial liabilities:        
Derivative liability on convertible promissory notes 162,600,000 113,300,000    
Contingent consideration liability 11,600,000 12,000,000.0   13,800,000
Preferred stock warrant liabilities 137,500,000 22,900,000   6,700,000
Total financial liabilities 311,700,000 148,200,000   20,500,000
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Corporations and Agencies Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 0 0    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | All Other Government Securities Member [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value   0    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 0 0    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 0 0    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Foreign Government Short-term Debt Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 0 0    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Residential Mortgage Backed Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 0 0    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Commercial Mortgage Backed Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 0 0    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Asset-backed Securities [Member]        
Fixed maturities available-for-sale:        
Fixed Maturities Available For Sale, Fair Value 0 0    
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Government Debt Securities [Member]        
Fixed maturities available-for-sale:        
Short-term Investments       0
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member]        
Cash equivalents:        
Cash Equivalents Fair Value $ 0 0   $ 0
Hippo Enterprises Inc And Subsidiaries [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member]        
Cash equivalents:        
Cash Equivalents Fair Value   0    
Reinvent Technology Partners Z [Member]        
Financial liabilities:        
Derivative liability on convertible promissory notes     $ 12,601,580  
Reinvent Technology Partners Z [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]        
Cash equivalents:        
Investments held in Trust Account   230,017,782    
Reinvent Technology Partners Z [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]        
Cash equivalents:        
Investments held in Trust Account   0    
Reinvent Technology Partners Z [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]        
Cash equivalents:        
Investments held in Trust Account   0    
Reinvent Technology Partners Z [Member] | Fair Value, Recurring [Member] | Public Warrants [Member] | Fair Value, Inputs, Level 1 [Member]        
Financial liabilities:        
Derivative warrant liabilities   0    
Reinvent Technology Partners Z [Member] | Fair Value, Recurring [Member] | Public Warrants [Member] | Fair Value, Inputs, Level 2 [Member]        
Financial liabilities:        
Derivative warrant liabilities   0    
Reinvent Technology Partners Z [Member] | Fair Value, Recurring [Member] | Public Warrants [Member] | Fair Value, Inputs, Level 3 [Member]        
Financial liabilities:        
Derivative warrant liabilities   6,762,630    
Reinvent Technology Partners Z [Member] | Fair Value, Recurring [Member] | Private Warrants [Member] | Fair Value, Inputs, Level 1 [Member]        
Financial liabilities:        
Derivative warrant liabilities   0    
Reinvent Technology Partners Z [Member] | Fair Value, Recurring [Member] | Private Warrants [Member] | Fair Value, Inputs, Level 2 [Member]        
Financial liabilities:        
Derivative warrant liabilities   0    
Reinvent Technology Partners Z [Member] | Fair Value, Recurring [Member] | Private Warrants [Member] | Fair Value, Inputs, Level 3 [Member]        
Financial liabilities:        
Derivative warrant liabilities   $ 6,705,000    
v3.21.2
Fair Value Measurements - Additional Information (Detail)
 3 Months Ended 6 Months Ended
Apr. 30, 2019
USD ($)
Apr. 15, 2019
USD ($)
Jun. 30, 2021
USD ($)
yr
Dec. 31, 2020
USD ($)
Jun. 30, 2021
USD ($)
yr
Nov. 18, 2020
USD ($)
Dec. 31, 2019
USD ($)
Fair Value Disclosures [Line Items]              
Fair Value Adjustment of Warrants     $ 2,076,920   $ 3,135,550    
Hippo Enterprises Inc And Subsidiaries [Member]              
Fair Value Disclosures [Line Items]              
Fair value transfers between levels     0 $ 0 0   $ 0
Purchase price amount   $ 15,900,000          
Payments of contingent consideration         0    
Derivative liabilities     $ 162,600,000 113,300,000 $ 162,600,000   $ 0
Hippo Enterprises Inc And Subsidiaries [Member] | Measurement Input, Discount Rate [Member]              
Fair Value Disclosures [Line Items]              
Embedded Derivative Liability, Measurement Input     10   10    
Hippo Enterprises Inc And Subsidiaries [Member] | Measurement Input, Expected Term [Member] | Minimum [Member]              
Fair Value Disclosures [Line Items]              
Embedded Derivative Liability, Measurement Input | yr     0.1   0.1    
Hippo Enterprises Inc And Subsidiaries [Member] | Measurement Input, Expected Term [Member] | Maximum [Member]              
Fair Value Disclosures [Line Items]              
Embedded Derivative Liability, Measurement Input | yr     2.9   2.9    
Hippo Enterprises Inc And Subsidiaries [Member] | CalAtlantic Title Group, LLC [Member] | Acquisition Agreement [Member]              
Fair Value Disclosures [Line Items]              
Purchase price amount $ 14,900,000            
Reinvent Technology Partners Z [Member]              
Fair Value Disclosures [Line Items]              
Fair Value Adjustment of Warrants       866,050      
Derivative liabilities           $ 12,601,580  
Liabilities, Fair Value Adjustment       $ 866,000      
v3.21.2
Fair Value Measurements - Summary of Changes in the Carrying Value of the Liability (Details) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Dec. 31, 2019
Contingent Consideration [Member]        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning Balance $ 12.0 $ 13.8 $ 13.8 $ 0.0
Initial measurement of new derivative       14.9
Payments of contingent consideration     (5.2) (3.0)
Changes in fair value     3.4 1.9
Ending Balance     12.0 13.8
Contingent Consideration [Member] | Fair Value, Inputs, Level 3 [Member]        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning Balance 12.0 13.8 13.8  
Payments of contingent consideration (1.7) (3.2)    
Changes in fair value 1.3 0.0    
Ending Balance 11.6 $ 10.6 12.0 $ 13.8
Derivative Liability On Notes [Member] | Fair Value, Inputs, Level 3 [Member]        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning Balance 113.3      
Initial measurement of new derivative 2.8      
Changes in fair value 46.5      
Ending Balance $ 162.6   $ 113.3  
v3.21.2
Fair Value Measurements - Summary of fair value measurement inputs and valuation techniques (Detail) - Fair Value, Inputs, Level 3 [Member]
Jun. 30, 2021
Dec. 31, 2020
Nov. 18, 2020
Measurement Input, Share Price [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Fair value measurements inputs 9.93 9.98  
Measurement Input, Price Volatility [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Fair value measurements inputs 25.7 23.5  
Measurement Input, Expected Term [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Fair value measurements inputs 5.10 5.47  
Measurement Input, Risk Free Interest Rate [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Fair value measurements inputs 0.88 0.43  
Measurement Input, Expected Dividend Rate [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Fair value measurements inputs 0 0  
Reinvent Technology Partners Z [Member] | Measurement Input, Share Price [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Fair value measurements inputs   9.98 9.72
Reinvent Technology Partners Z [Member] | Measurement Input, Price Volatility [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Fair value measurements inputs   23.50 23.20
Reinvent Technology Partners Z [Member] | Measurement Input, Expected Term [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Fair value measurements inputs   5.5 5.6
Reinvent Technology Partners Z [Member] | Measurement Input, Risk Free Interest Rate [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Fair value measurements inputs   0.43 0.47
Reinvent Technology Partners Z [Member] | Measurement Input, Expected Dividend Rate [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Fair value measurements inputs   0 0
v3.21.2
Fair Value Measurements - Summary of rollforward of the preferred stock warrant liability (Detail) - Hippo Enterprises Inc And Subsidiaries [Member] - Preferred Stock Warrant Liability [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Dec. 31, 2019
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Beginning Balance $ 22.9 $ 6.7 $ 6.7 $ 4.7
Changes in fair value 114.6 4.1 16.2 2.0
Ending Balance $ 137.5 $ 10.8 $ 22.9 $ 6.7
v3.21.2
Fair Value Measurements- Derivatives warrant liabilities (Detail) - Warrants Member [Member] - USD ($)
 6 Months Ended
Jun. 30, 2021
Jan. 01, 2021
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Level 3 – Derivative warrant liabilities at January 1, 2021 $ 8,284,890 $ 13,467,630
Transfer of Public Warrants to Level 1 (7,285,410)  
Change in fair value of derivative warrant liabilities 2,102,670  
Level 3 – Derivative warrant liabilities at June 30, 2021 $ 8,284,890 $ 13,467,630
v3.21.2
Deferred Policy Acquisition Costs - Summary of policy acquisition costs deferred and amortized (Details) - Hippo Enterprises Inc And Subsidiaries [Member]
$ in Millions
 12 Months Ended
Dec. 31, 2020
USD ($)
Deferred policy acquisition costs, net at beginning of year $ 0.0
Policy acquisition costs deferred during year 6.4
Policy acquisition costs amortized during year (4.5)
Deferred policy acquisition costs, net at end of year $ 1.9
v3.21.2
Capitalized Internal Use Software - Summary of Capitalized Internal Use Software (Detail) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Capitalized internal use software $ 18.4 $ 8.9
Less: accumulated amortization (3.7) (1.1)
Total capitalized internal use software $ 14.7 $ 7.8
v3.21.2
Capitalized Internal Use Software - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Hippo Enterprises Inc And Subsidiaries [Member]    
Amortization expense $ 2.6 $ 0.9
v3.21.2
Intangible Assets - Schedule of Finite Lived Intangible Assets (Detail) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount $ 42.8 $ 39.4 $ 17.5
Accumulated Amortization (8.2) (5.5) (1.9)
Net Carrying Amount $ 34.6 $ 33.9 15.6
Agency and carrier relationships [Member]      
Finite-Lived Intangible Assets [Line Items]      
Weighted- Average Useful Life Remaining (in years) 7 days 21 hours 7 years 10 months 24 days  
Gross Carrying Amount $ 13.5 $ 13.5  
Accumulated Amortization (0.9) (0.1)  
Net Carrying Amount 12.6 13.4  
State licenses and domain name [Member]      
Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount 10.5 7.1  
Accumulated Amortization 0.0 0.0  
Net Carrying Amount $ 10.5 $ 7.1  
Customer relationships [Member]      
Finite-Lived Intangible Assets [Line Items]      
Weighted- Average Useful Life Remaining (in years) 3 days 19 hours 4 years 3 months 18 days  
Gross Carrying Amount $ 13.2 $ 13.2 13.2
Accumulated Amortization (4.9) (3.8) (1.6)
Net Carrying Amount $ 8.3 $ 9.4 11.6
Developed technology [Member]      
Finite-Lived Intangible Assets [Line Items]      
Weighted- Average Useful Life Remaining (in years) 1 day 7 hours 1 year 9 months 18 days  
Gross Carrying Amount $ 3.6 $ 3.6 3.6
Accumulated Amortization (2.0) (1.4) (0.2)
Net Carrying Amount $ 1.6 $ 2.2 3.4
VOBA [Member]      
Finite-Lived Intangible Assets [Line Items]      
Weighted- Average Useful Life Remaining (in years) 1 day 4 hours 1 year 8 months 12 days  
Gross Carrying Amount $ 0.1 $ 0.1  
Accumulated Amortization 0.0 0.0  
Net Carrying Amount $ 0.1 $ 0.1  
Other [Member]      
Finite-Lived Intangible Assets [Line Items]      
Weighted- Average Useful Life Remaining (in years) 7 days 2 hours 7 years 3 months 18 days  
Gross Carrying Amount $ 1.9 $ 1.9 0.7
Accumulated Amortization (0.4) (0.2) (0.1)
Net Carrying Amount $ 1.5 $ 1.7 $ 0.6
v3.21.2
Intangible Assets - Schedule of Projected Annual Amortization Expense of Intangible Assets (Detail) - Hippo Enterprises Inc And Subsidiaries [Member]
$ in Millions
Dec. 31, 2020
USD ($)
Intangible Assets Disclosure [Line Items]  
2021 $ 5.4
2022 5.2
2023 4.1
2024 4.1
2025 2.5
Thereafter 5.5
Total $ 26.8
v3.21.2
Intangible Assets - Additional Information (Detail) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Dec. 31, 2019
Hippo Enterprises Inc And Subsidiaries [Member]        
Intangible Assets Disclosure [Line Items]        
Amortization expense related to intangible assets $ 2.7 $ 1.8 $ 3.6 $ 1.9
v3.21.2
Initial Public Offering -Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
Nov. 23, 2020
Dec. 31, 2020
Initial Public Offering Details [Line Items]    
Warrants to be issued, description Each Unit consists of one Class A ordinary share and one-fifth of one redeemable warrant (“Public Warrant”). Each whole Public Warrant will entitle the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment (see Note 7).  
REINVENT TECHNOLOGY PARTNERS Z    
Initial Public Offering Details [Line Items]    
Warrants to be issued, description Each Unit consists of one Class A ordinary share and one-fifth of one redeemable warrant (“Public Warrant”). Each whole Public Warrant will entitle the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment (see Note 8).​​​​​​​  
IPO [Member]    
Initial Public Offering Details [Line Items]    
Issuance of initial public offering (in Shares) 23,000,000  
Sale of price per share (in Dollars per share) $ 10.00  
Gross proceeds $ 230.0  
Offering cost 13.1  
Deferred underwriting commissions $ 8.1  
IPO [Member] | REINVENT TECHNOLOGY PARTNERS Z    
Initial Public Offering Details [Line Items]    
Issuance of initial public offering (in Shares) 23,000,000  
Sale of price per share (in Dollars per share) $ 10.00  
Gross proceeds $ 230.0  
Offering cost 13.1  
Deferred underwriting commissions $ 8.1  
Over-Allotment Option [Member]    
Initial Public Offering Details [Line Items]    
Issuance of initial public offering (in Shares) 3,000,000  
Sale of price per share (in Dollars per share) $ 10.00 $ 10.00
Gross proceeds $ 230.0  
Deferred underwriting commissions $ 8.1  
Over-Allotment Option [Member] | REINVENT TECHNOLOGY PARTNERS Z    
Initial Public Offering Details [Line Items]    
Issuance of initial public offering (in Shares) 3,000,000  
Sale of price per share (in Dollars per share) $ 10.00  
v3.21.2
Private Placement - Additional Information (Detail) - USD ($)
Nov. 23, 2020
Jun. 30, 2021
Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]      
Class of warrants or rights exercise price   $ 11.50  
REINVENT TECHNOLOGY PARTNERS Z      
Subsidiary, Sale of Stock [Line Items]      
Class of warrants or rights exercise price     $ 11.50
Private Placement Warrants [Member]      
Subsidiary, Sale of Stock [Line Items]      
Class of warrants or rights warrants issued during the period 4,400,000    
Class of warrants or rights warrants issue price per unit $ 1.50    
Proceeds from warrant issue $ 6,600,000    
Class of warrants or rights exercise price $ 11.50    
Class of warrant or rights number of shares covered by each warrant or right 1    
Class of warrants or rights lock in period 30 days    
Private Placement Warrants [Member] | REINVENT TECHNOLOGY PARTNERS Z      
Subsidiary, Sale of Stock [Line Items]      
Class of warrants or rights warrants issued during the period 4,400,000    
Class of warrants or rights warrants issue price per unit $ 1.50    
Proceeds from warrant issue $ 6.6    
Class of warrants or rights exercise price $ 11.50    
Class of warrant or rights number of shares covered by each warrant or right 1    
Class of warrants or rights lock in period 30 days    
v3.21.2
Goodwill - Summary of Changes in Goodwill (Detail) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Goodwill [Line Items]    
Beginning balance $ 1.9 $ 0.0
Additions from acquisitions 45.9 1.9
Ending balance $ 47.8 $ 1.9
v3.21.2
Accrued Expenses and Other Liabilities - Summary of Accrued Expenses and Other Liabilities (Detail) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ in Millions
Jun. 30, 2021
Dec. 31, 2020
Dec. 31, 2019
Accrued Liabilities And Other Liabilities [Line Items]      
Accrued wages and commissions $ 7.0 $ 5.0 $ 5.3
Accounts payable   0.5 3.2
Deferred revenue 7.2 1.7 0.8
Advances from customers 9.6 4.4 1.5
Accrued license fees and taxes 3.0 2.5 0.0
Accrued transaction cost 1.1 0.0  
Accrued Interest 0.9 0.8  
Other 17.2 11.3 3.8
Total accrued expenses and other liabilities $ 46.0 25.7 $ 14.6
As Previously Reported      
Accrued Liabilities And Other Liabilities [Line Items]      
Other   $ 11.6  
v3.21.2
Loss and Loss Adjustment Expense Reserves - Summary of The Reconciliation of The Beginning and Ending Reserve Balances For Loss and Loss Adjustment Expenses, Net of Reinsurance (Detail) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Disclosure Of Reconciliation Of The Beginning And Ending Reserve Balances For Loss And LAE, Net Of Reinsurance [Line Items]      
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of beginning of the period $ 105.1 $ 0.0 $ 0.0
Reinsurance recoverables on unpaid losses and LAE at Beginning of period (92.1) 0.0 0.0
Reserve for losses and LAE, net of reinsurance recoverables as of beginning of the period 13.0 0.0 0.0
Current year 39.0 5.3 25.3
Prior years (0.3) (0.1) 0.0
Total incurred 38.7 5.2 25.3
Current year (19.5) (3.3) (17.0)
Prior year (5.1) 0.0 (0.3)
Total paid (24.6) (3.3) (17.3)
Add: Reserve for losses and LAE, net of reinsurance recoverables acquired from Spinnaker     5.0
Reserve for losses and LAE, net of reinsurance recoverables at end of period 27.1 1.9 13.0
Reinsurance recoverables on unpaid losses and LAE at end of period 168.1 0.0 92.1
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of end of the period $ 195.2 $ 1.9 $ 105.1
v3.21.2
Loss and Loss Adjustment Expense Reserves - Summary of Loss and Loss Adjustment Expenses Incurred by Accident Year (Detail) - Hippo Enterprises Inc And Subsidiaries [Member]
$ in Millions
Dec. 31, 2020
USD ($)
Claims
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Claims Development [Line Items]            
Total incurred Loss and Loss Adjustment Expenses, net $ 46.0          
IBNR $ 7.3          
Cumulative Number of Reported Claims | Claims 49,912          
2015 [Member]            
Claims Development [Line Items]            
Total incurred Loss and Loss Adjustment Expenses, net $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0
IBNR $ 0.0          
Cumulative Number of Reported Claims | Claims 7          
2016 [Member]            
Claims Development [Line Items]            
Total incurred Loss and Loss Adjustment Expenses, net $ 1.8 1.8 1.9 1.9 2.5 0.0
IBNR $ 0.0          
Cumulative Number of Reported Claims | Claims 713          
2017 [Member]            
Claims Development [Line Items]            
Total incurred Loss and Loss Adjustment Expenses, net $ 4.0 4.0 4.4 5.2 0.0 0.0
IBNR $ 0.0          
Cumulative Number of Reported Claims | Claims 3,118          
2018 [Member]            
Claims Development [Line Items]            
Total incurred Loss and Loss Adjustment Expenses, net $ 7.2 7.2 7.8 0.0 0.0 0.0
IBNR $ 0.6          
Cumulative Number of Reported Claims | Claims 6,156          
2019 [Member]            
Claims Development [Line Items]            
Total incurred Loss and Loss Adjustment Expenses, net $ 4.9 4.8 0.0 0.0 0.0 0.0
IBNR $ 0.3          
Cumulative Number of Reported Claims | Claims 13,676          
2020 [Member]            
Claims Development [Line Items]            
Total incurred Loss and Loss Adjustment Expenses, net $ 28.1 $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0
IBNR $ 6.4          
Cumulative Number of Reported Claims | Claims 26,242          
v3.21.2
Loss and Loss Adjustment Expense Reserves - Summary of Cumulative Paid Loss And Loss Adjustment Expenses, Net of Reinsurance (Detail) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ in Millions
Jun. 30, 2021
Dec. 31, 2020
Jun. 30, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Disclosure Of Cumulative Paid Loss And LAE, Net Of Reinsurance [Line Items]                
Total paid losses and LAE, net   $ 33.0            
Total unpaid loss and LAE reserves, net $ 27.1 13.0 $ 1.9 $ 0.0        
Ceded unpaid loss and LAE 168.1 92.1 0.0 0.0        
Gross unpaid loss and LAE $ 195.2 105.1 $ 1.9 0.0        
2015 [Member]                
Disclosure Of Cumulative Paid Loss And LAE, Net Of Reinsurance [Line Items]                
Total paid losses and LAE, net   0.0   0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0
2016 [Member]                
Disclosure Of Cumulative Paid Loss And LAE, Net Of Reinsurance [Line Items]                
Total paid losses and LAE, net   1.8   1.8 1.9 1.8 1.2 0.0
2017 [Member]                
Disclosure Of Cumulative Paid Loss And LAE, Net Of Reinsurance [Line Items]                
Total paid losses and LAE, net   4.0   4.0 4.0 3.0 0.0 0.0
2018 [Member]                
Disclosure Of Cumulative Paid Loss And LAE, Net Of Reinsurance [Line Items]                
Total paid losses and LAE, net   5.7   5.7 5.3 0.0 0.0 0.0
2019 [Member]                
Disclosure Of Cumulative Paid Loss And LAE, Net Of Reinsurance [Line Items]                
Total paid losses and LAE, net   4.4   3.2 0.0 0.0 0.0 0.0
2020 [Member]                
Disclosure Of Cumulative Paid Loss And LAE, Net Of Reinsurance [Line Items]                
Total paid losses and LAE, net   $ 17.1   $ 0.0 $ 0.0 $ 0.0 $ 0.0 $ 0.0
v3.21.2
Loss and Loss Adjustment Expense Reserves - Summary of Supplementary Information About Average Historical Claims Duration (Detail) - Hippo Enterprises Inc And Subsidiaries [Member]
Dec. 31, 2020
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Year 1 60.00%
Year 2 28.00%
Year 3 4.00%
Year 4 7.00%
Year 5 0.00%
v3.21.2
Loss and Loss Adjustment Expense Reserves - Summary of The Reconciliation of The Net Incurred and Paid Loss Information in The Loss Reserve Rollforward Table and Development Tables (Detail) - Hippo Enterprises Inc And Subsidiaries [Member]
$ in Millions
Dec. 31, 2020
USD ($)
Loss and Loss Adjustment Expense Reserves [Line Items]  
Rollforward table, Incurred $ 25.3
Development table, Incurred 28.1
Variance, Incurred (2.8)
Unallocated loss adjustment expense, Incurred 2.2
Loss and LAE of Spinnaker prior to the acquisition, Incurred (5.0)
Rollforward table, Paid 17.0
Development table, Paid 17.1
Variance, Paid (0.1)
Unallocated loss adjustment expense, Paid (2.1)
Loss and LAE of Spinnaker prior to the acquisition, Paid $ 2.0
v3.21.2
Loss and Loss Adjustment Expense Reserves - Additional Information (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Hippo Enterprises Inc And Subsidiaries [Member]    
Loss and Loss Adjustment Expense Reserves [Line Items]    
Net incurred losses and LAE experienced favorable development $ 0.3 $ 0.1
v3.21.2
Reinsurance - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2021
Hippo Enterprises Inc And Subsidiaries [Member]    
Effects of Reinsurance [Line Items]    
Reinsurance, Loss on uncollectible accounts in period, Amount $ 0 $ 0
v3.21.2
Reinsurance - Summary of Amounts Affecting the Financial Statements for Ceded Reinsurance (Detail) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Dec. 31, 2019
Loss and LAE reserves            
Direct         $ 102.7  
Assumed         2.4  
Gross loss and LAE reserves $ 195.2 $ 1.9 $ 195.2 $ 1.9 105.1 $ 0.0
Ceded (168.1) 0.0 (168.1) 0.0 (92.1) 0.0
Net loss and LAE reserves 27.1 1.9 27.1 1.9 13.0 0.0
Unearned premiums:            
Direct         143.7  
Assumed         6.6  
Gross unearned premiums 216.5   216.5   150.3 0.0
Ceded         (129.4)  
Net unearned premiums         20.9  
Written premiums:            
Direct 129.3 0.0 224.3 0.0 90.0  
Assumed (0.7) 5.5 3.4 14.7 26.1  
Gross written premiums 128.6 5.5 227.7 14.7 116.1  
Ceded (116.4) 0.0 (208.4) (2.0) (78.4)  
Net written premiums 12.2 5.5 19.3 12.7 37.7  
Earned premiums :            
Direct 83.9 0.0 154.9 0.0 88.7  
Assumed 3.2 3.1 6.6 4.8 9.3  
Gross earned premiums 87.1 3.1 161.5 4.8 98.0  
Ceded (76.9) (0.6) (142.5) (0.8) (80.9)  
Net earned premium 10.2 2.5 19.0 4.0 17.1 $ 0.0
Loss and LAE incurred:            
Direct 135.7 0.0 276.1 0.0 93.6  
Assumed 4.8 3.3 10.1 5.2 13.3  
Gross loss and LAE incurred 140.5 3.3 286.2 5.2 106.9  
Ceded (119.1) 0.0 (247.5) 0.0 (81.6)  
Net loss and LAE incurred $ 21.4 $ 3.3 $ 38.7 $ 5.2 $ 25.3  
v3.21.2
Reinsurance - Summary of Reconciliation of Incurred and Paid Loss by Loss Adjustment Expense Development to Gross Loss and Loss Expense Reserve (Detail) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ in Millions
Jun. 30, 2021
Dec. 31, 2020
Jun. 30, 2020
Dec. 31, 2019
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Loss — net of reinsurance   $ 12.5    
LAE — net of reinsurance   0.5    
Reinsurance recoverables on unpaid loss $ 168.1 92.1 $ 0.0 $ 0.0
Gross loss and LAE reserves $ 195.2 $ 105.1 $ 1.9 $ 0.0
v3.21.2
Reinsurance - Summary of Reinsurance Recoverables on Paid and Unpaid Losses and Loss Adjustment Expense (Detail) - Hippo Enterprises Inc And Subsidiaries [Member]
$ in Millions
Dec. 31, 2020
USD ($)
Reinsurance recoverable on paid loss $ 42.0
Ceded unpaid loss and LAE 92.1
Total reinsurance recoverable $ 134.1
v3.21.2
Reinsurance - Summary of Unsecured Reinsurance Recoverable and Prepaid Reinsurance Balances (Detail) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ in Millions
Jun. 30, 2021
Dec. 31, 2020
Dec. 31, 2019
Ceded Credit Risk [Line Items]      
Prepaid reinsurance premiums $ 195.3 $ 129.4 $ 0.0
Other reinsurers   73.7  
Unsecured reinsurance recoverable   186.4  
A [Member]      
Ceded Credit Risk [Line Items]      
Prepaid reinsurance premiums   112.7  
A [Member] | Validus Reinsurance, Ltd [Member]      
Ceded Credit Risk [Line Items]      
Prepaid reinsurance premiums   46.9  
A [Member] | Validus Reinsurance (Switzerland) Ltd [Member]      
Ceded Credit Risk [Line Items]      
Prepaid reinsurance premiums   22.6  
A+ [Member] | Transatlantic Reinsurance Company [Member]      
Ceded Credit Risk [Line Items]      
Prepaid reinsurance premiums   28.8  
A++ [Member] | General Reinsurance Corporation [Member]      
Ceded Credit Risk [Line Items]      
Prepaid reinsurance premiums   $ 14.4  
v3.21.2
Convertible Promissory Notes and Derivative Liability - Additional Information (Detail) - Hippo Enterprises Inc And Subsidiaries [Member]
$ in Millions
 1 Months Ended 6 Months Ended 12 Months Ended
Dec. 29, 2020
USD ($)
Dec. 04, 2020
USD ($)
Nov. 30, 2020
USD ($)
Nov. 23, 2020
USD ($)
Feb. 28, 2021
USD ($)
Jun. 30, 2021
USD ($)
Dec. 31, 2020
USD ($)
Debt Disclosure [Line Items]              
Debt conversion rate       2.50% 2.50%    
Debt instrument, interest rate during period       5.00% 5.00%    
Fair value of embedded derivative liability           $ 2.8  
Percentage of trade price of common stock of the company           90.00% 90.00%
Interest and Other Expense [Member]              
Debt Disclosure [Line Items]              
Interest expense, debt             $ 3.5
Measurement Input, Expected Dividend Rate [Member]              
Debt Disclosure [Line Items]              
Embedded derivative liability, measurement input             10
Minimum [Member]              
Debt Disclosure [Line Items]              
Debt instrument, term       6 months      
Fair value of embedded derivative liability             $ 107.2
Maximum [Member]              
Debt Disclosure [Line Items]              
Debt instrument, interest rate during period       5.00% 5.00%    
Debt instrument, term       3 years      
Fair value of embedded derivative liability             113.3
Convertible Promissory Note [Member]              
Debt Disclosure [Line Items]              
Debt instrument, face amount           $ 299.0 273.0
Debt conversion, converted instrument, amount $ 12.5 $ 15.0 $ 350.0   $ 7.0    
Debt instrument, maturity date Dec. 29, 2023 Nov. 30, 2023 Nov. 30, 2023   Feb. 29, 2024    
Percentage of share price on convertible promissory notes in the purchase agreement       90.00%      
Debt issuance costs, net           $ 90.2 $ 104.5
Convertible Promissory Note [Member] | Minimum [Member]              
Debt Disclosure [Line Items]              
Debt instrument, interest rate       2.50% 2.50%    
Convertible Promissory Note [Member] | Maximum [Member]              
Debt Disclosure [Line Items]              
Debt instrument, interest rate       7.50% 7.50%    
Note Purchase Agreement [Member]              
Debt Disclosure [Line Items]              
Debt instrument, face amount       $ 400.0      
v3.21.2
Statutory Financial Information - Summary of Statutory Net Income and Statutory Surplus (Detail) - Hippo Enterprises Inc And Subsidiaries [Member] - Spinnaker Insurance Company [Member] - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Statutory Accounting Practices [Line Items]    
Statutory net income $ 6.6 $ 4.3
Statutory capital and surplus $ 69.6 $ 38.0
v3.21.2
Shareholders' Equity - Additional Information (Detail) - $ / shares
 3 Months Ended 6 Months Ended
Nov. 23, 2020
Dec. 31, 2020
Jun. 30, 2021
Class of Stock [Line Items]      
Percentage of the shares issuable on the percentage of the total paid up share capital     20.00%
Preferred stock shares authorized   5,000,000 5,000,000
Preferred stock, par value   $ 0.0001 $ 0.0001
Preferred stock shares issued   0 0
Preferred stock shares outstanding   0 0
Reinvent Technology Partners Z [Member]      
Class of Stock [Line Items]      
Percentage of the shares issuable on the percentage of the total paid up share capital   20.00%  
Preferred stock shares authorized   5,000,000  
Preferred stock, par value $ 0.0001 $ 0.0001  
Preferred stock shares issued 0 0  
Preferred stock shares outstanding 0 0  
Proposed offering, percentage 20.00%    
Class A Ordinary Shares      
Class of Stock [Line Items]      
Common stock, shares authorized   500,000,000 500,000,000
Common stock, par or stated value per share   $ 0.0001 $ 0.0001
Common stock, shares, issued   2,515,251 3,024,644
Common stock, shares, issued including shares of redemption   23,000,000 23,000,000
Common stock, shares, outstanding including shares of redemption   23,000,000 23,000,000
Common stock, shares, outstanding   2,515,251 3,024,644
Temporary equity, shares outstanding   20,484,749 19,975,356
Common stock shares voting rights     one vote
Class A Ordinary Shares | Reinvent Technology Partners Z [Member]      
Class of Stock [Line Items]      
Common stock, shares authorized   500,000,000  
Common stock, par or stated value per share $ 0.0001 $ 0.0001  
Common stock, shares, issued 23,000,000 2,515,251  
Common stock, shares, outstanding 23,000,000 2,515,251  
Temporary equity, shares outstanding 20,484,749 20,484,749  
Common stock shares voting rights   one vote  
Issuance of Class B ordinary shares to Sponsor, Shares 23,000,000    
Class B Ordinary Shares      
Class of Stock [Line Items]      
Common stock, shares authorized   50,000,000 50,000,000
Common stock, par or stated value per share   $ 0.0001 $ 0.0001
Common stock, shares, issued   5,750,000 5,750,000
Common stock, shares, outstanding   5,750,000 5,750,000
Common stock shares voting rights     one vote
Class B Ordinary Shares | Reinvent Technology Partners Z [Member]      
Class of Stock [Line Items]      
Common stock, shares authorized   50,000,000  
Common stock, par or stated value per share $ 0.0001 $ 0.0001  
Common stock, shares, issued 5,750,000 5,750,000  
Common stock, shares, outstanding 5,750,000 5,750,000  
Common stock shares voting rights   one vote  
Issuance of Class B ordinary shares to Sponsor, Shares 5,750,000    
Shares forfeiture 750,000    
v3.21.2
Dividend Restrictions - Additional Information (Detail) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Dec. 31, 2019
Net income of insurer $ 0.1 $ 0.2 $ 0.2 $ 0.6 $ 1.1 $ 2.2
Spinnaker Insurance Company [Member]            
Policyholders' Surplus         69.6  
Unassigned funds (surplus)         6.6  
Net income of insurer         $ 11.5  
Percent surplus as regards policy holders         10.00%  
RH Solutions [Member]            
Stakeholder's equity balance         $ 29.4 $ 2.2
Dividend payments restrictions schedule statutory capital and surplus         $ 1.4  
v3.21.2
Commitments and Contingencies - Additional Information (Detail) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Dec. 31, 2019
Loss Contingencies [Line Items]              
Additional sale of stock       3,000,000      
Underwriting agreement description       The underwriters were entitled to an underwriting discount of $0.20 per unit, or $4.6 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or $8.05 million in the aggregate will be payable to the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.      
Deferred legal fees $ 200,000 $ 200,000   $ 200,000   $ 200,000  
Hippo Enterprises Inc And Subsidiaries [Member]              
Loss Contingencies [Line Items]              
Operating Leases, Rent Expense $ 700,000   $ 700,000 $ 1,500,000 $ 1,400,000 2,800,000 $ 1,600,000
Minimum purchase commitments           19,800,000  
Reinvent Technology Partners Z [Member]              
Loss Contingencies [Line Items]              
Additional sale of stock   3,000,000          
Underwriting agreement description   The underwriters were entitled to an underwriting discount of $0.20 per unit, or $4.6 million in the aggregate, paid upon the closing of the Initial Public Offering. In addition, $0.35 per unit, or $8.05 million in the aggregate will be payable to the underwriters for deferred underwriting commissions. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms of the underwriting agreement.          
Deferred legal fees   $ 200,000       $ 200,000  
v3.21.2
Commitments and Contingencies - Schedule of future minimum lease payments (Detail) - Hippo Enterprises Inc And Subsidiaries [Member]
$ in Millions
Dec. 31, 2020
USD ($)
Schedule Of Future Minimum Rental Payments For Operating Leases [Line Items]  
2021 $ 2.9
2022 4.0
2023 3.5
2024 3.5
2025 3.6
Thereafter 7.6
Total $ 25.1
v3.21.2
Derivative Warrant Liabilities - Additional Information (Detail) - $ / shares
 3 Months Ended 6 Months Ended
Dec. 31, 2020
Jun. 30, 2021
Derivative Warrant Liabilities [Line Items]    
Class of warrants or rights exercise price   $ 11.50
Class of warrants or rights term   5 years
REINVENT TECHNOLOGY PARTNERS Z    
Derivative Warrant Liabilities [Line Items]    
Class of warrants or rights exercise price $ 11.50  
Class of warrants or rights term 5 years  
Class A Ordinary Shares | REINVENT TECHNOLOGY PARTNERS Z    
Derivative Warrant Liabilities [Line Items]    
Class of warrants or rights exercise price $ 11.50  
Public Warrants [Member]    
Derivative Warrant Liabilities [Line Items]    
Class of warrants or rights outstanding   4,600,000
Period after business combination within which securities must be registered   15 days
Period after business combination within which registration must be effective   60 days
Number of trading days after the date of notice for determining the fair market value of shares   10 days
Class of warrant or rights number of shares covered by each warrant or right   0.361
Public Warrants [Member] | REINVENT TECHNOLOGY PARTNERS Z    
Derivative Warrant Liabilities [Line Items]    
Class of warrants or rights outstanding 4,600,000  
Period after business combination within which securities must be registered 15 days  
Period after business combination within which registration must be effective 60 days  
Number of trading days after the date of notice for determining the fair market value of shares 10 days  
Class of warrant or rights number of shares covered by each warrant or right 0.361  
Public Warrants [Member] | Class A Ordinary Shares    
Derivative Warrant Liabilities [Line Items]    
Sale of stock issue price per share   $ 9.20
Proceeds from capital raising from business combination as a percentage of total proceeds   60.00%
Number of consecutive trading days   20 days
Volume weighted average trading price of shares   $ 9.20
Exercise price of warrants as a percentage of newly issued share price   18.00%
Public Warrants [Member] | Class A Ordinary Shares | REINVENT TECHNOLOGY PARTNERS Z    
Derivative Warrant Liabilities [Line Items]    
Sale of stock issue price per share $ 9.20  
Proceeds from capital raising from business combination as a percentage of total proceeds 60.00%  
Number of consecutive trading days 20 days  
Volume weighted average trading price of shares $ 9.20  
Public Warrants [Member] | Class A Ordinary Shares | Prospective Warrant Redemption [Member]    
Derivative Warrant Liabilities [Line Items]    
Class of warrants or rights redemption price per unit of warrant   $ 0.01
Public Warrants [Member] | Class A Ordinary Shares | Prospective Warrant Redemption [Member] | REINVENT TECHNOLOGY PARTNERS Z    
Derivative Warrant Liabilities [Line Items]    
Class of warrants or rights redemption price per unit of warrant $ 0.01  
Public Warrants [Member] | Redemption Trigger Price One [Member] | Class A Ordinary Shares    
Derivative Warrant Liabilities [Line Items]    
Exercise price of warrants as a percentage of newly issued share price   115.00%
Newly issued share price   $ 18.00
Public Warrants [Member] | Redemption Trigger Price One [Member] | Class A Ordinary Shares | REINVENT TECHNOLOGY PARTNERS Z    
Derivative Warrant Liabilities [Line Items]    
Exercise price of warrants as a percentage of newly issued share price 18.00%  
Newly issued share price $ 18.00  
Public Warrants [Member] | Redemption Trigger Price One [Member] | Class A Ordinary Shares | Prospective Warrant Redemption [Member]    
Derivative Warrant Liabilities [Line Items]    
Notice period to be given to warrant holders before redemption   30 days
Total number of trading days in determining the share price   30 days
Public Warrants [Member] | Redemption Trigger Price One [Member] | Class A Ordinary Shares | Prospective Warrant Redemption [Member] | REINVENT TECHNOLOGY PARTNERS Z    
Derivative Warrant Liabilities [Line Items]    
Notice period to be given to warrant holders before redemption 30 days  
Total number of trading days in determining the share price 30 days  
Public Warrants [Member] | Redemption Trigger Price Two [Member] | Class A Ordinary Shares    
Derivative Warrant Liabilities [Line Items]    
Exercise price of warrants as a percentage of newly issued share price   180.00%
Newly issued share price   $ 10.00
Public Warrants [Member] | Redemption Trigger Price Two [Member] | Class A Ordinary Shares | REINVENT TECHNOLOGY PARTNERS Z    
Derivative Warrant Liabilities [Line Items]    
Exercise price of warrants as a percentage of newly issued share price 180.00%  
Newly issued share price $ 10.00  
Public Warrants [Member] | Redemption Trigger Price Two [Member] | Class A Ordinary Shares | Prospective Warrant Redemption [Member]    
Derivative Warrant Liabilities [Line Items]    
Class of warrants or rights redemption price per unit of warrant   $ 0.10
Total number of trading days in determining the share price   30 days
Public Warrants [Member] | Redemption Trigger Price Two [Member] | Class A Ordinary Shares | Prospective Warrant Redemption [Member] | REINVENT TECHNOLOGY PARTNERS Z    
Derivative Warrant Liabilities [Line Items]    
Class of warrants or rights redemption price per unit of warrant $ 0.10  
Total number of trading days in determining the share price 30 days  
Public Warrants [Member] | After Completion of Business Combination [Member]    
Derivative Warrant Liabilities [Line Items]    
Public warrants period after which they are excercisable   30 days
Public Warrants [Member] | After Completion of Business Combination [Member] | REINVENT TECHNOLOGY PARTNERS Z    
Derivative Warrant Liabilities [Line Items]    
Public warrants period after which they are excercisable 30 days  
Private Warrants [Member]    
Derivative Warrant Liabilities [Line Items]    
Class of warrants or rights outstanding 4,400,000  
Private Warrants [Member] | REINVENT TECHNOLOGY PARTNERS Z    
Derivative Warrant Liabilities [Line Items]    
Class of warrants or rights outstanding 4,400,000  
Private Warrants [Member] | Class A Ordinary Shares    
Derivative Warrant Liabilities [Line Items]    
Lock in period of warrants   30 days
Private Warrants [Member] | Class A Ordinary Shares | REINVENT TECHNOLOGY PARTNERS Z    
Derivative Warrant Liabilities [Line Items]    
Lock in period of warrants 30 days  
Private Warrants [Member] | Class A Ordinary Shares | Prospective Warrant Redemption [Member]    
Derivative Warrant Liabilities [Line Items]    
Newly issued share price   $ 18.00
Private Warrants [Member] | Redemption Trigger Price One [Member] | Class A Ordinary Shares | REINVENT TECHNOLOGY PARTNERS Z    
Derivative Warrant Liabilities [Line Items]    
Exercise price of warrants as a percentage of newly issued share price 115.00%  
v3.21.2
Convertible Preferred Stock - Schedule of convertible preferred stock (Detail) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ / shares in Units, $ in Millions
Jun. 30, 2021
Dec. 31, 2020
Dec. 31, 2019
Temporary Equity [Line Items]      
Authorized Shares 46,479,310 46,479,310 38,851,220
Shares Issued and Outstanding 43,985,178 43,985,178 36,035,688
Net Carrying Value $ 344.8 $ 344.8 $ 190.3
Liquidation Preference $ 359.4 $ 359.4 $ 204.5
Preferred A-1 Stock      
Temporary Equity [Line Items]      
Issuance Price Per Share $ 0.56965 $ 0.56965 $ 0.56965
Authorized Shares 5,889,829 5,889,829 5,889,829
Shares Issued and Outstanding 5,889,829 5,889,829 5,889,829
Net Carrying Value $ 3.4 $ 3.4 $ 3.4
Liquidation Preference $ 3.4 $ 3.4 $ 3.4
Preferred A-2 Stock      
Temporary Equity [Line Items]      
Issuance Price Per Share $ 1.57432 $ 1.57432 $ 1.57432
Authorized Shares 7,015,787 7,015,787 7,015,787
Shares Issued and Outstanding 6,987,125 6,987,125 6,987,125
Net Carrying Value $ 10.9 $ 10.9 $ 10.9
Liquidation Preference $ 11.0 $ 11.0 $ 11.0
Preferred B Stock      
Temporary Equity [Line Items]      
Issuance Price Per Share $ 3.59757 $ 3.59757 $ 3.59757
Authorized Shares 6,949,142 6,949,142 6,949,142
Shares Issued and Outstanding 6,949,142 6,949,142 6,949,142
Net Carrying Value $ 24.9 $ 24.9 $ 24.9
Liquidation Preference $ 25.0 $ 25.0 $ 25.0
Preferred C Stock      
Temporary Equity [Line Items]      
Issuance Price Per Share $ 7.04471 $ 7.04471 $ 7.04471
Authorized Shares 9,936,529 9,936,529 9,936,529
Shares Issued and Outstanding 9,936,528 9,936,528 9,936,528
Net Carrying Value $ 56.1 $ 56.1 $ 56.1
Liquidation Preference $ 70.0 $ 70.0 $ 70.0
Preferred C-1 Stock      
Temporary Equity [Line Items]      
Issuance Price Per Share $ 11.74119 $ 11.74119 $ 11.74119
Authorized Shares 2,465,454 2,465,454 2,465,454
Shares Issued and Outstanding 0    
Net Carrying Value $ 0.0    
Liquidation Preference $ 0.0    
Preferred D Stock      
Temporary Equity [Line Items]      
Issuance Price Per Share $ 15.16420 $ 15.16420 $ 15.16420
Authorized Shares 6,594,479 6,594,479 6,594,479
Shares Issued and Outstanding 6,594,479 6,594,479 6,273,064
Net Carrying Value $ 99.8 $ 99.8 $ 95.0
Liquidation Preference $ 100.0 $ 100.0 $ 95.1
Preferred E Stock      
Temporary Equity [Line Items]      
Issuance Price Per Share $ 19.66420 $ 19.66420  
Authorized Shares 7,628,090 7,628,090  
Shares Issued and Outstanding 7,628,075 7,628,075  
Net Carrying Value $ 149.7 $ 149.7  
Liquidation Preference $ 150.0 $ 150.0  
v3.21.2
Convertible Preferred Stock - Schedule of convertible preferred stock warrants were outstanding with the related fair values (Detail) - $ / shares
Jun. 30, 2021
Dec. 31, 2020
Dec. 31, 2019
Disclosure Of Convertible Preferred Stock Warrants Were Outstanding With The Related Fair Values [Line Items]      
Exercise Price Per Share $ 11.50    
Hippo Enterprises Inc And Subsidiaries [Member]      
Disclosure Of Convertible Preferred Stock Warrants Were Outstanding With The Related Fair Values [Line Items]      
Warrant Shares Outstanding 2,494,116 2,494,116 2,494,116
Fair Value $ 137,500,000 $ 22,900,000 $ 6,700,000
Hippo Enterprises Inc And Subsidiaries [Member] |  A-2      
Disclosure Of Convertible Preferred Stock Warrants Were Outstanding With The Related Fair Values [Line Items]      
Exercise Price Per Share $ 1.57 $ 1.57  
Warrant Shares Outstanding 28,662 28,662 28,662
Fair Value $ 1,900,000 $ 500,000 $ 200,000
Hippo Enterprises Inc And Subsidiaries [Member] | C-1      
Disclosure Of Convertible Preferred Stock Warrants Were Outstanding With The Related Fair Values [Line Items]      
Exercise Price Per Share $ 11.74 $ 11.74  
Warrant Shares Outstanding 2,465,454 2,465,454 2,465,454
Fair Value $ 135,600,000 $ 22,400,000 $ 6,500,000
v3.21.2
Convertible Preferred Stock - Additional Information (Detail) - Hippo Enterprises Inc And Subsidiaries [Member] - shares
Apr. 30, 2019
Oct. 31, 2018
Mar. 31, 2017
Temporary Equity [Line Items]      
Number of warrants vested 1,232,727    
Number of warrants expected to vest 1,232,727    
SeriesA2Preferred Stock [Member]      
Temporary Equity [Line Items]      
Number of warrants issued     28,662
SeriesC1Preferred Stock [Member]      
Temporary Equity [Line Items]      
Number of warrants issued   2,465,454  
v3.21.2
Convertible Preferred Stock - Schedule of assumptions of convertible preferred stock warrant liabilities (Detail)
Jun. 30, 2021
yr
Dec. 31, 2020
yr
Dec. 31, 2019
yr
Measurement Input, Expected Term [Member] | Maximum [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Equity Securities, FV-NI, Measurement Input     7.2
Measurement Input, Expected Term [Member] | Minimum [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Equity Securities, FV-NI, Measurement Input     2.8
Hippo Enterprises Inc And Subsidiaries [Member] | Measurement Input, Expected Term [Member] | Maximum [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Equity Securities, FV-NI, Measurement Input 5.7 6.2  
Hippo Enterprises Inc And Subsidiaries [Member] | Measurement Input, Expected Term [Member] | Minimum [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Equity Securities, FV-NI, Measurement Input 1.3 1.8  
Hippo Enterprises Inc And Subsidiaries [Member] | Measurement Input, Price Volatility [Member] | Maximum [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Equity Securities, FV-NI, Measurement Input 29.1 40.7 22.8
Hippo Enterprises Inc And Subsidiaries [Member] | Measurement Input, Price Volatility [Member] | Minimum [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Equity Securities, FV-NI, Measurement Input 26.6 29.0 21.5
Hippo Enterprises Inc And Subsidiaries [Member] | Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Equity Securities, FV-NI, Measurement Input 1.1 0.5 1.8
Hippo Enterprises Inc And Subsidiaries [Member] | Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Equity Securities, FV-NI, Measurement Input 0.1 0.1 1.6
Hippo Enterprises Inc And Subsidiaries [Member] | Measurement Input, Expected Dividend Rate [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Equity Securities, FV-NI, Measurement Input 0 0  
Hippo Enterprises Inc And Subsidiaries [Member] | Preferred A-2 Stock | Measurement Input, Share Price [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Equity Securities, FV-NI, Measurement Input 66.64 18.25 8.26
Hippo Enterprises Inc And Subsidiaries [Member] | Preferred A-2 Stock | Measurement Input, Exercise Price [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Equity Securities, FV-NI, Measurement Input 1.57 1.57 1.57
Hippo Enterprises Inc And Subsidiaries [Member] | Preferred C-1 Stock | Measurement Input, Share Price [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Equity Securities, FV-NI, Measurement Input 66.74 20.09 12.80
Hippo Enterprises Inc And Subsidiaries [Member] | Preferred C-1 Stock | Measurement Input, Exercise Price [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Equity Securities, FV-NI, Measurement Input 11.74 11.74 11.74
v3.21.2
Stockholders' Deficit - Additional Information (Detail) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Dec. 31, 2019
Class of Stock [Line Items]            
Common stock shares authorized 83,830,000 83,830,000 83,830,000 83,830,000 83,830,000 71,000,000
Common stock par or stated value per share $ 0.000001 $ 0.000001 $ 0.000001 $ 0.000001 $ 0.000001 $ 0.000001
Common stock shares reserved for future issuance 68,022,069   68,022,069   68,966,088  
Allocated share based compensation $ 2.8 $ 0.9 $ 5.3 $ 1.8 $ 17.2 $ 21.6
Common Stock Warrants [Member]            
Class of Stock [Line Items]            
Class Of Warrants and Rights Issued During the Period 0   0      
2019 Stock Plan [Member]            
Class of Stock [Line Items]            
Share based compensation by share based arrangement exercise price of options as a percentage of fair value           100.00%
Share based compensation by share based arrangement term     10 years   10 years  
Share based compensation by share based arrangement vesting period     4 years   4 years  
Share based compensation by share based payment award unvested stock options subject to repurchase 345,625   345,625   345,000 38,694
2019 Stock Plan [Member] | Accrued Liabilities [Member]            
Class of Stock [Line Items]            
Liability for early exercise of stock options $ 2.5   $ 2.5   $ 2.5 $ 0.0
Technology And Development Expenses [Member] | Secondary Sale [Member]            
Class of Stock [Line Items]            
Allocated share based compensation         12.2  
General and Administrative Expense [Member]            
Class of Stock [Line Items]            
Allocated share based compensation $ 1.0 $ 0.5 $ 2.0 $ 0.9 $ 12.4 19.1
General and Administrative Expense [Member] | Secondary Sale [Member]            
Class of Stock [Line Items]            
Allocated share based compensation           $ 15.8
Restricted Stock Units (RSUs) [Member] | 2019 Stock Plan [Member]            
Class of Stock [Line Items]            
Share based compensation by share based award equity instruments other than options non vested outstanding           19,250
Share based compensation by share based award equity instruments other than options vested during the period         19,250  
Shares Available For Future Grants Of Equity Awards [Member]            
Class of Stock [Line Items]            
Common stock shares reserved for future issuance 2,617,273   2,617,273   2,627,921 2,324,117
Shares Available For Future Grants Of Equity Awards [Member] | 2019 Stock Plan [Member]            
Class of Stock [Line Items]            
Common stock shares reserved for future issuance         2,627,921  
Separation Agreement [Member] | Stock Options And Restricted Stock Awards [Member] | 2019 Stock Plan [Member]            
Class of Stock [Line Items]            
Share based compensation by share based payment award accelarated compensation cost         $ 3.2  
Maximum [Member] | Secondary Sale [Member]            
Class of Stock [Line Items]            
Shares issued price per share         $ 19.66 $ 19.66
Share price         $ 7.36 7.36
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | 2019 Stock Plan [Member]            
Class of Stock [Line Items]            
Share based compensation by share based award requisite service period         4 years  
Minimum [Member] | Secondary Sale [Member]            
Class of Stock [Line Items]            
Shares issued price per share         $ 15.16 15.16
Share price         $ 5.60 $ 5.60
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | 2019 Stock Plan [Member]            
Class of Stock [Line Items]            
Share based compensation by share based award requisite service period         3 years  
v3.21.2
Stockholders' Deficit - Schedule Of Reserved Shares Of Common Stock for Future Issuance (Details) - Hippo Enterprises Inc And Subsidiaries [Member] - shares
Jun. 30, 2021
Dec. 31, 2020
Dec. 31, 2019
Class of Stock [Line Items]      
Common Stock, Capital Shares Reserved for Future Issuance 68,022,069 68,966,088  
Convertible preferred stock      
Class of Stock [Line Items]      
Common Stock, Capital Shares Reserved for Future Issuance 43,985,178 43,985,178 36,035,688
Warrants to purchase preferred stock      
Class of Stock [Line Items]      
Common Stock, Capital Shares Reserved for Future Issuance 2,494,116 2,494,116 2,494,116
Warrants to purchase common stock      
Class of Stock [Line Items]      
Common Stock, Capital Shares Reserved for Future Issuance 9,476,102 9,476,102 9,476,102
Common stock options outstanding      
Class of Stock [Line Items]      
Common Stock, Capital Shares Reserved for Future Issuance 9,449,400 10,382,771 8,003,108
Shares Available For Future Grants Of Equity Awards [Member]      
Class of Stock [Line Items]      
Common Stock, Capital Shares Reserved for Future Issuance 2,617,273 2,627,921 2,324,117
Convertible Notes Payable [Member]      
Class of Stock [Line Items]      
Common Stock, Capital Shares Reserved for Future Issuance   68,966,088 58,333,131
v3.21.2
Stockholders' Deficit - Schedule Of Stock Warrants Were Outstanding (Details) - USD ($)
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Class of Warrant or Right [Line Items]    
Exercise Price Per Share $ 11.50  
Warrant [Member] | February 19, 2018 [Member]    
Class of Warrant or Right [Line Items]    
Expiration Date   Aug. 19, 2022
Hippo Enterprises Inc And Subsidiaries [Member] | Warrant [Member] | December Eleventh Two Thousand And Seventeen [Member]    
Class of Warrant or Right [Line Items]    
Exercise Price Per Share $ 0.01 $ 0.01
Number of Warrants 4,738,051 4,738,051
Expiration Date Dec. 31, 2022 Dec. 31, 2022
Outstanding $ 4,738,051 $ 4,738,051,000,000
Hippo Enterprises Inc And Subsidiaries [Member] | Warrant [Member] | February 19, 2018 [Member]    
Class of Warrant or Right [Line Items]    
Exercise Price Per Share $ 0.01 $ 0.01
Number of Warrants 4,738,051 4,738,051
Expiration Date Aug. 19, 2022  
Outstanding $ 4,738,051 $ 4,738,051,000,000
v3.21.2
Stockholders' Deficit - Schedule Of Stock Warrants Were Outstanding (Parenthetical) (Details) - Warrant [Member] - USD ($)
$ in Millions
 1 Months Ended 6 Months Ended 12 Months Ended
Feb. 28, 2018
Jun. 30, 2021
Dec. 31, 2020
Dec. 31, 2017
February 19, 2018 [Member] | Performance Based Vesting Condition [Member]        
Class of Stock [Line Items]        
Class of warrants or rights warrants issued during the period units 4,738,051      
Class of warrants or rights accelarated vesting of warrants     62,500  
Accelarated share based compensation     $ 1.0  
Hippo Enterprises Inc And Subsidiaries [Member] | December 11, 2017 [Member]        
Class of Stock [Line Items]        
Class of warrants or rights warrants issued during the period units   4,738,051 4,738,051  
Hippo Enterprises Inc And Subsidiaries [Member] | December 11, 2017 [Member] | Time Based Vesting Condition [Member]        
Class of Stock [Line Items]        
Class of warrants or rights warrants issued during the period units       4,738,051
Hippo Enterprises Inc And Subsidiaries [Member] | February 19, 2018 [Member]        
Class of Stock [Line Items]        
Class of warrants or rights warrants issued during the period units   4,738,051 4,738,051  
v3.21.2
Stockholders' Deficit - Schedule Of Option Activity Under The Plan (Details) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ / shares in Units, $ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Outstanding Beginning, Number of Shares 10,382,771 8,003,108 8,003,108  
Granted , Number of Shares 569,350   4,792,500  
Exercised , Number of Shares (846,674)   (1,179,870)  
Forfeited , Number of Shares (649,324)   (1,181,120)  
Expired , Number of Shares (6,723)   (51,847)  
Outstanding Ending, Number of Shares 9,449,400   10,382,771 8,003,108
Vested and exercisable Ending, Number of Shares 1,555,878   1,425,549  
Outstanding Beginning, Weighted Average Exercise Price $ 4.88 $ 3.11 $ 3.11  
Granted , Weighted Average Exercise Price 25.44   6.94  
Exercised , Weighted Average Exercise Price 2.56   2.36  
Forfeited , Weighted Average Exercise Price 6.67   3.91  
Expired , Weighted Average Exercise Price 3.95   1.40  
Outstanding Ending, Weighted Average Exercise Price 6.20   4.88 $ 3.11
Vested and exercisable Ending, Weighted Average Exercise Price $ 4.27   $ 3.21  
Outstanding Weighted-Average Remaining Contract Term   8 years 6 months 18 days 8 years 10 months 24 days 9 years 2 months 4 days
Vested and exercisable Ending, Weighted-Average Remaining Contract Term 8 years 3 days   8 years 29 days  
Outstanding as of Beginning, Aggregate Intrinsic Value $ 108.9 $ 20.0 $ 20.0  
Outstanding Ending, Aggregate Intrinsic Value 547.0   108.9 $ 20.0
Vested and exercisable Ending, Aggregate Intrinsic Value $ 93.0   $ 17.3  
v3.21.2
Stockholders' Deficit - Schedule Of Option Activity Under The Plan (Parenthetical) (Details) - USD ($)
$ / shares in Units, $ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Dec. 31, 2019
Class of Stock [Line Items]        
Share based compensation weighted-average grant     $ 4.87 $ 2.13
Share based compensation unrecognized compensation cost total     $ 29.3  
Share-based Payment Arrangement, Option [Member]        
Class of Stock [Line Items]        
Share based compensation recognized over a weighted-average period     3 years 4 months 24 days  
Hippo Enterprises Inc And Subsidiaries [Member]        
Class of Stock [Line Items]        
Share based compensation aggregate intrinsic value of exercised options $ 52.8 $ 2.0 $ 15.4 $ 0.5
Share based compensation weighted-average grant $ 19.90 $ 1.80    
Share based compensation unrecognized compensation cost total $ 32.1      
Hippo Enterprises Inc And Subsidiaries [Member] | Share-based Payment Arrangement, Option [Member]        
Class of Stock [Line Items]        
Share based compensation recognized over a weighted-average period 3 years 1 month 6 days      
v3.21.2
Stockholders' Deficit - Schedule Of Granted Stock Options Was Estimated As Of The Date Of Grant Using The Black-Scholes-Merton Option-Pricing Model (Details) - Hippo Enterprises Inc And Subsidiaries [Member]
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Dec. 31, 2020
Dec. 31, 2019
Class of Stock [Line Items]      
Expected term (in years)     6 years 7 days
Expected volatility, Minimum 29.70% 22.60%  
Expected volatility, Maximum 30.10% 29.90%  
Risk-free interest rate, Minimum 0.60% 0.30%  
Risk-free interest rate, Maximum 1.00% 1.60%  
Expected dividend yield   0.00% 0.00%
Expected volatility     22.70%
Risk-free interest rate     2.20%
Minimum [Member]      
Class of Stock [Line Items]      
Expected term (in years) 5 years 9 months 18 days 5 years 7 months 6 days  
Minimum [Member] | As Previously Reported      
Class of Stock [Line Items]      
Expected term (in years)   5 years 7 months 17 days  
Maximum [Member]      
Class of Stock [Line Items]      
Expected term (in years) 6 years 1 month 6 days 6 years 1 month 6 days  
Maximum [Member] | As Previously Reported      
Class of Stock [Line Items]      
Expected term (in years)   6 years 1 month 13 days  
v3.21.2
Stockholders' Deficit - Schedule Of Share-Based Compensation Expense (Details) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Dec. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]            
Share-based Payment Arrangement, Expense $ 2.8 $ 0.9 $ 5.3 $ 1.8 $ 17.2 $ 21.6
Losses and Loss Adjustment Expenses            
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]            
Share-based Payment Arrangement, Expense 0.1 0.0 0.1 0.0 0.1 0.0
Insurance related expenses            
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]            
Share-based Payment Arrangement, Expense 0.0 0.0 0.1 0.1 0.2 0.2
Technology and development            
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]            
Share-based Payment Arrangement, Expense 0.5 0.2 1.0 0.4 2.4 1.7
Sales and marketing            
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]            
Share-based Payment Arrangement, Expense 1.2 0.2 2.1 0.4 2.1 0.6
General and administrative            
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]            
Share-based Payment Arrangement, Expense $ 1.0 $ 0.5 $ 2.0 $ 0.9 $ 12.4 $ 19.1
v3.21.2
Acquisitions - Summary of Business Combination Details Of Consideration Transferred (Detail) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ in Millions
 12 Months Ended
Oct. 17, 2019
Apr. 15, 2019
Dec. 31, 2020
Business Acquisition [Line Items]      
Total value of consideration transferred $ 6.3 $ 0.5  
Spinmaker Insurance Company [Member]      
Business Acquisition [Line Items]      
Cash Paid     $ 95.6
Less: consideration for settlement of pre-existing liabilities due to Spinnaker     (5.1)
Total value of consideration transferred     $ 90.5
v3.21.2
Acquisitions - Schedule of Business Acquisitions, by Acquisition (Detail) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ in Millions
Jun. 30, 2021
Dec. 31, 2020
Dec. 31, 2019
Oct. 17, 2019
Apr. 15, 2019
Dec. 31, 2018
Tangible assets acquired and (liabilities) assumed:            
Cash and cash equivalents       $ 2.3    
Intangible assets acquired:            
Goodwill $ 48.2 $ 47.8 $ 1.9   $ 1.9 $ 0.0
Spinmaker Insurance Company [Member]            
Tangible assets acquired and (liabilities) assumed:            
Fixed maturities available-for-sale, at fair value   45.7        
Short-term investments   5.0        
Total investments   50.7        
Cash and cash equivalents   16.9        
Restricted cash   2.1        
Accounts receivable, net   18.3        
Reinsurance recoverable on paid and unpaid losses and LAE   116.3        
Ceding commissions receivable   18.7        
Prepaid reinsurance premiums   131.9        
Other assets   0.6        
Accrued expenses and other liabilities   (6.6)        
Loss and loss adjustment expense reserves   (93.3)        
Unearned premiums   (132.1)        
Reinsurance premium payable   (76.1)        
Net tangible assets acquired   47.4        
Intangible assets acquired:            
Agency relationships   3.4        
VOBA   0.1        
State licenses   7.1        
Goodwill   32.5        
Total purchase price   $ 90.5        
v3.21.2
Acquisitions - Schedule of Business Acquisitions, by Acquisition (Parenthetical) (Detail) - Spinmaker Insurance Company [Member] - Hippo Enterprises Inc And Subsidiaries [Member]
 12 Months Ended
Dec. 31, 2020
Agency Relationships [Member]  
Business Acquisition [Line Items]  
Business combination finite lived intangible assets acquired weighted average useful life 8 years
Value Of Business Acquired [Member]  
Business Acquisition [Line Items]  
Business combination finite lived intangible assets acquired weighted average useful life 2 years
v3.21.2
Acquisitions - Summary of Business Acquisition, Pro Forma Information (Detail) - Spinmaker Insurance Company [Member] - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Business Acquisition [Line Items]    
Pro forma revenue $ 54.1 $ 34.9
Pro forma net loss $ (136.6) $ (75.8)
v3.21.2
Acquisitions - Additional Information (Detail) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Oct. 17, 2019
Apr. 15, 2019
Aug. 31, 2020
Dec. 31, 2020
Jun. 30, 2021
Dec. 31, 2019
Dec. 31, 2018
Business Acquisition [Line Items]              
Business combination total consideration transferred or transferrable   $ 15.9          
Business combination contingent consideration liability at fair value   14.9   $ 12.0 $ 11.6 $ 13.8  
Business combination cash consideration payable   1.0          
Payment to acquire business $ 6.3 0.5          
Business combination assets acquired and liabilities assumed Finite lived intangibles 4.0 13.5          
Business combination assets acquired and liabilities assumed goodwill acquired   1.9   47.8 $ 48.2 1.9 $ 0.0
Business combination assets acquired and liabilities assumed working capital acquired   0.5          
Business combination acquisition related costs expensed   $ 0.2 $ 0.8        
Business combination assets acquired and liabilities assumed cash 2.3            
Business combination acquistion costs capitalized $ 0.1            
North America Advantage Insurance Services LLC [Member]              
Business Acquisition [Line Items]              
Business combination goodwill expected to be deducted for tax purposes           $ 1.9  
North America Advantage Insurance Services LLC [Member] | Customer Relationships [Member]              
Business Acquisition [Line Items]              
Business combination finite lived intangible assets acquired weighted average useful life   6 years          
Yourhaus Inc [Member] | Developed Technology Rights [Member]              
Business Acquisition [Line Items]              
Business combination finite lived intangible assets acquired weighted average useful life 3 years            
Insurance Agency Aggregator [Member]              
Business Acquisition [Line Items]              
Business combination total consideration transferred or transferrable       25.0      
Payment to acquire business       12.5      
Business combination assets acquired and liabilities assumed Finite lived intangibles       11.0      
Business combination assets acquired and liabilities assumed goodwill acquired       13.2      
Business combination assets acquired and liabilities assumed working capital acquired       0.8      
Business combination goodwill expected to be deducted for tax purposes       13.2      
Insurance Agency Aggregator [Member] | Convertible Notes Payable [Member]              
Business Acquisition [Line Items]              
Business combination consideration transferred liabilities incurred       $ 12.5      
Insurance Agency Aggregator [Member] | Carrier And Agency Relationship [Member]              
Business Acquisition [Line Items]              
Business combination finite lived intangible assets acquired weighted average useful life       8 years      
Insurance Agency Aggregator [Member] | General and Administrative Expense [Member]              
Business Acquisition [Line Items]              
Business combination acquisition related costs expensed       $ 0.1      
v3.21.2
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Dec. 31, 2019
statement of income tax [Line Items]            
Loss before income taxes $ (83.5) $ (24.9) $ (278.4) $ (48.7) $ (143.2) $ (83.0)
Income tax benefit from statutory rate         (30.1) (17.4)
Effect of:            
Meals, entertainment & parking         0.1 0.0
Deferred compensation         8.1 4.8
Transaction costs         0.1 0.0
State taxes         (1.1) 0.1
Increase in valuation allowance         19.9 12.0
Other         1.2 0.6
Income taxes (benefit) expense $ 0.2   $ 0.3   $ (1.8) $ 0.1
v3.21.2
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Detail) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2021
Dec. 31, 2020
Dec. 31, 2019
Current        
State     $ 0.2 $ 0.1
Total current provision     0.2 0.1
Deferred        
Federal     (1.9) 0.0
State     (0.1) 0.0
Total deferred provision     (2.0) 0.0
Total provision for income taxes $ 0.2 $ 0.3 $ (1.8) $ 0.1
v3.21.2
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Deferred tax assets:    
Net operating loss carryforward $ 35.4 $ 18.0
Provision for commission 5.4 2.9
Intangible assets 3.1 0.2
Research and development credit 0.2 0.2
Deferred compensation 0.3 0.2
Unearned premium reserve 1.0 0.0
Loss reserve discount 0.1 0.7
Deferred rent 0.1 0.0
Accruals 0.9 0.0
Interest expense limitation 0.6 0.0
Other 0.0 0.2
Total deferred tax assets 47.1 22.4
Valuation allowance (39.6) (19.7)
Total deferred income tax assets 7.5 2.7
Deferred tax liabilities    
Property and equipment 0.1 0.1
Capitalized software 3.3 1.8
Acquired intangibles 0.5 0.8
Unrealized gains 0.4 0.0
Spinnaker stepped-up adjustment 2.9 0.0
Deferred acquisition costs 0.3 0.0
Total deferred tax liabilities 7.5 2.7
Deferred income tax assets, net $ 0.0 $ 0.0
v3.21.2
Income Taxes - Summary of Operating Loss Carryforwards (Detail) - Hippo Enterprises Inc And Subsidiaries [Member]
$ in Millions
Dec. 31, 2020
USD ($)
Operating Loss Carryforwards [Line Items]  
Operating Loss Carryforwards $ 196.0
Domestic Tax Authority [Member]  
Operating Loss Carryforwards [Line Items]  
Operating Loss Carryforwards 154.5
State and Local Jurisdiction [Member]  
Operating Loss Carryforwards [Line Items]  
Operating Loss Carryforwards 41.5
Two Year Carriy Forward Expires In Two Thousand And Thirty Five To Two Thousand And Thirty Seven [Member]  
Operating Loss Carryforwards [Line Items]  
Operating Loss Carryforwards 50.7
Two Year Carriy Forward Expires In Two Thousand And Thirty Five To Two Thousand And Thirty Seven [Member] | Domestic Tax Authority [Member]  
Operating Loss Carryforwards [Line Items]  
Operating Loss Carryforwards 9.2
Two Year Carriy Forward Expires In Two Thousand And Thirty Five To Two Thousand And Thirty Seven [Member] | State and Local Jurisdiction [Member]  
Operating Loss Carryforwards [Line Items]  
Operating Loss Carryforwards 41.5
Indefinite Carry Forward Period [Member]  
Operating Loss Carryforwards [Line Items]  
Operating Loss Carryforwards 145.3
Indefinite Carry Forward Period [Member] | Domestic Tax Authority [Member]  
Operating Loss Carryforwards [Line Items]  
Operating Loss Carryforwards 145.3
Indefinite Carry Forward Period [Member] | State and Local Jurisdiction [Member]  
Operating Loss Carryforwards [Line Items]  
Operating Loss Carryforwards $ 0.0
v3.21.2
Income Taxes - Additional Information (Detail) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Dec. 31, 2019
Income Tax [Line Items]        
Unrecognized tax benefit $ 0.0   $ 0.0 $ 0.0
Interest and penalties on unrecognized tax benefits $ 0.0   0.0 0.0
Increase or decrease in the net unrecognized tax benefits in the next twelve months     0.0 $ 0.0
Net operating losses     196.0  
Dual Consolidating Losses     $ 8.8  
Percentage of ownership change which will result in inadmissibility of losses and tax credits to be carried forward     50.00%  
Period overwhich the ownership change is considered for inadmissibility of losses and tax credits to be carried forward     3 years  
Effective Income Tax Rate Reconciliation, Percent 0.10% 0.10%    
Effective Income Tax Rate Reconciliation, Percent 21.00%      
Domestic Tax Authority [Member]        
Income Tax [Line Items]        
Net operating losses     $ 154.5  
Domestic Tax Authority [Member] | Earliest Tax Year [Member]        
Income Tax [Line Items]        
Open tax year     2017  
Domestic Tax Authority [Member] | Latest Tax Year [Member]        
Income Tax [Line Items]        
Open tax year     2019  
State and Local Jurisdiction [Member]        
Income Tax [Line Items]        
Net operating losses     $ 41.5  
State and Local Jurisdiction [Member] | Earliest Tax Year [Member]        
Income Tax [Line Items]        
Open tax year     2016  
State and Local Jurisdiction [Member] | Latest Tax Year [Member]        
Income Tax [Line Items]        
Open tax year     2019  
v3.21.2
Related Party Transactions - Additional Information (Detail) - USD ($)
 3 Months Ended 6 Months Ended
Oct. 07, 2020
Jun. 30, 2021
Dec. 31, 2020
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Nov. 23, 2020
Related Party Transaction [Line Items]              
Proceeds from related party debt         $ 194,000    
Provision for working capital   $ 165,000 $ 165,000   165,000    
Due to related party   22,000 12,000   22,000    
Cash Paid From Sponsor $ 25,000            
Ordinary shares received (in Shares) 5,750,000            
Aggregate shares held by Sponsor (in Shares) 750,000            
Due to Related Parties, Current   334,663 11,560   334,663    
Support Services Agreement [Member]              
Related Party Transaction [Line Items]              
Reimbursable expenses         312,500    
Due to related party   312,500 104,000   312,500    
Related party Service Fees   $ 156,200 156,250   $ 312,500    
Due to Related Parties, Current     $ 0        
Founder Shares [Member]              
Related Party Transaction [Line Items]              
Lock in period of shares     1 year   1 year    
Share price   $ 12.00 $ 12.00   $ 12.00    
Number of specific trading days for determining share price     20 days   20 days    
Total number of trading days for determining the share price     30 days   30 days    
Waiting time after which share price is considered     150 days   150 days    
Issued and outstanding shares, percentage 20.00%            
Sponsor [Member] | Working Capital Loan [Member]              
Related Party Transaction [Line Items]              
Working capital loans convertible into equity warrants value   $ 2,000,000 $ 2,000,000   $ 2,000,000    
Debt instrument conversion price per share   $ 1.50 $ 1.50   $ 1.50    
Sponsor [Member] | Related Party Loan [Member]              
Related Party Transaction [Line Items]              
Debt instrument face value $ 300,000            
Proceeds from related party debt 60,000            
Repayment of related party debt $ 60,000            
Reinvent Capital [Member] | Support Services Agreement [Member]              
Related Party Transaction [Line Items]              
Fees payable per annum   $ 625,000 $ 625,000   $ 625,000    
Reimbursable expenses   $ 28,800     $ 41,200    
Due to related party     52,000        
Hippo Enterprises Inc And Subsidiaries [Member] | Marketing And Consulting Agreements [Member]              
Related Party Transaction [Line Items]              
Equity Method Investment, Ownership Percentage   5.00%     5.00%    
Expenses from Transactions with Related Party   $ 1,300,000   $ 1,700,000 $ 2,300,000 $ 3,100,000  
REINVENT TECHNOLOGY PARTNERS Z              
Related Party Transaction [Line Items]              
Proceeds from related party debt     60,000        
Repayment of related party debt     60,093        
Due to related party     11,500        
Due to Related Parties, Current     $ 11,560        
Equity Method Investment, Ownership Percentage             20.00%
v3.21.2
Net Loss Per Share Attributable to Common Stockholders - Schedule of Earnings Per Share, Basic and Diluted (Detail) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Dec. 31, 2019
Numerator:            
Net loss attributable to Hippo Enterprises Inc. — basic and diluted (in millions) $ (84.5) $ (24.8) $ (279.8) $ (48.7) $ (141.5) $ (83.1)
Denominator:            
Weighted-average shares used in computing net loss per share attributable to Hippo Enterprises Inc. — basic and diluted 14,134,399 12,360,596 13,968,160 12,236,471 12,495,509 10,652,088
Net loss per share attributable to Hippo Enterprises Inc. — basic and diluted $ (5.98) $ (2.01) $ (20.03) $ (3.98) $ (11.32) $ (7.80)
v3.21.2
Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Detail) - shares
 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Dec. 31, 2019
Hippo Enterprises Inc And Subsidiaries [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 84,338,848 53,071,263 58,711,030 46,500,102
Redeemable Convertible Preferred Stock [Member] | Hippo Enterprises Inc And Subsidiaries [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 43,985,178 36,330,613 39,545,082 32,546,081
Common stock options outstanding | Hippo Enterprises Inc And Subsidiaries [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 9,741,833 8,141,970 8,364,323 5,687,268
Warrants to purchase common stock        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 9,000,000      
Warrants to purchase common stock | Hippo Enterprises Inc And Subsidiaries [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 4,800,551 4,738,051 4,763,600 4,789,980
Warrants to purchase preferred stock | Hippo Enterprises Inc And Subsidiaries [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 2,494,116 2,494,116 2,494,116 1,784,876
Common stock subject to repurchase | Hippo Enterprises Inc And Subsidiaries [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 1,713,658 1,366,513 1,365,948 1,691,897
Convertible notes | Hippo Enterprises Inc And Subsidiaries [Member]        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 21,603,512 0 2,177,961 0
v3.21.2
Geographical Breakdown of Gross Written Premium - Summary Of Discosure Of Allocation Of Gross Premium Written On Geographical Basis (Detail) - Hippo Enterprises Inc And Subsidiaries [Member] - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Discosure Of Allocation Of Gross Premium Written On Geographical Basis [Line Items]          
Amount $ 128.6 $ 5.5 $ 227.7 $ 14.7 $ 116.1
% of GWP 100.00% 100.00% 100.00% 100.00% 100.00%
Texas          
Discosure Of Allocation Of Gross Premium Written On Geographical Basis [Line Items]          
Amount $ 39.9 $ 4.0 $ 72.9 $ 10.9 $ 43.9
% of GWP 31.00% 72.70% 32.00% 74.10% 37.80%
California          
Discosure Of Allocation Of Gross Premium Written On Geographical Basis [Line Items]          
Amount $ 22.8 $ 0.0 $ 41.6 $ 0.0 $ 10.4
% of GWP 17.70% 0.00% 18.30% 0.00% 8.90%
Florida          
Discosure Of Allocation Of Gross Premium Written On Geographical Basis [Line Items]          
Amount $ 8.6 $ 0.0 $ 14.4 $ 0.0 $ 7.3
% of GWP 6.70% 0.00% 6.30% 0.00% 6.30%
Georgia          
Discosure Of Allocation Of Gross Premium Written On Geographical Basis [Line Items]          
Amount $ 5.6 $ 0.2 $ 9.8 $ 0.4 $ 4.7
% of GWP 4.40% 3.60% 4.30% 2.70% 4.00%
Illinois          
Discosure Of Allocation Of Gross Premium Written On Geographical Basis [Line Items]          
Amount $ 4.5 $ 0.3 $ 7.6 $ 0.7 $ 4.9
% of GWP 3.50% 5.50% 3.30% 4.80% 4.30%
Missouri          
Discosure Of Allocation Of Gross Premium Written On Geographical Basis [Line Items]          
Amount $ 3.5 $ 0.2 $ 5.9 $ 0.5 $ 3.4
% of GWP 2.70% 3.60% 2.60% 3.40% 2.90%
Colorado          
Discosure Of Allocation Of Gross Premium Written On Geographical Basis [Line Items]          
Amount $ 3.1 $ 0.0 $ 5.7 $ 0.0 $ 2.5
% of GWP 2.40% 0.00% 2.50% 0.00% 2.10%
Arizona          
Discosure Of Allocation Of Gross Premium Written On Geographical Basis [Line Items]          
Amount $ 2.9 $ 0.0 $ 5.3 $ 0.0  
% of GWP 2.30% 0.00% 2.30% 0.00%  
New Jersey          
Discosure Of Allocation Of Gross Premium Written On Geographical Basis [Line Items]          
Amount $ 2.3 $ 0.0 $ 4.5 $ 0.0  
% of GWP 1.80% 0.00% 2.00% 0.00%  
Ohio          
Discosure Of Allocation Of Gross Premium Written On Geographical Basis [Line Items]          
Amount $ 2.8 $ 0.2 $ 4.8 $ 0.5 $ 3.0
% of GWP 2.20% 3.60% 2.10% 3.40% 2.60%
Oklahoma          
Discosure Of Allocation Of Gross Premium Written On Geographical Basis [Line Items]          
Amount         $ 3.0
% of GWP         2.60%
Tennessee          
Discosure Of Allocation Of Gross Premium Written On Geographical Basis [Line Items]          
Amount         $ 2.4
% of GWP         2.10%
Other          
Discosure Of Allocation Of Gross Premium Written On Geographical Basis [Line Items]          
Amount $ 32.6 $ 0.6 $ 55.2 $ 1.7 $ 30.6
% of GWP 25.30% 10.90% 24.20% 11.60% 26.40%
v3.21.2
Subsequent Events - Additional Information (Detail) - USD ($)
 3 Months Ended
Aug. 02, 2021
Jul. 29, 2021
Mar. 03, 2021
Feb. 23, 2021
Apr. 15, 2019
Dec. 31, 2020
Jun. 30, 2021
Nov. 23, 2020
Jun. 30, 2020
Dec. 31, 2019
Common Class A [Member]                    
Subsequent Event [Line Items]                    
Common stock, par or stated value per share           $ 0.0001 $ 0.0001      
Common Class B [Member]                    
Subsequent Event [Line Items]                    
Common stock, par or stated value per share           0.0001 0.0001      
Hippo Enterprises Inc And Subsidiaries [Member]                    
Subsequent Event [Line Items]                    
Common stock, par or stated value per share           $ 0.000001 $ 0.000001   $ 0.000001 $ 0.000001
Business combination, consideration transferred         $ 15,900,000          
Reinvent Technology Partners Z [Member]                    
Subsequent Event [Line Items]                    
Stock Issued During Period, Value, New Issues           $ 223,610,510        
Reinvent Technology Partners Z [Member] | Common Class A [Member]                    
Subsequent Event [Line Items]                    
Common stock, par or stated value per share           $ 0.0001   $ 0.0001    
Reinvent Technology Partners Z [Member] | Common Class B [Member]                    
Subsequent Event [Line Items]                    
Common stock, par or stated value per share           $ 0.0001   $ 0.0001    
Subsequent Event [Member] | Common Class A [Member]                    
Subsequent Event [Line Items]                    
Temporary Equity, Shares Issued   19,261,380                
Temporary Equity, Stock Issued During Period, Value, New Issues   $ 192,613,300                
Subsequent Event [Member] | Hippo Enterprises Inc And Subsidiaries [Member] | PIPE Investment [Member]                    
Subsequent Event [Line Items]                    
Stock Issued During Period Shares 55,000,000                  
Share price $ 10.00                  
Stock Issued During Period, Value, New Issues $ 550,000,000.0                  
Subsequent Event [Member] | Hippo Enterprises Inc And Subsidiaries [Member] | RTPZ's Class A ordinary shares [Member]                    
Subsequent Event [Line Items]                    
Stock Redeemed or Called During Period, Shares   19,261,380                
Stock Redeemed or Called During Period, Value   $ 192,600,000                
Subsequent Event [Member] | Reinvent Technology Partners Z [Member] | Sponsor Agreement [Member]                    
Subsequent Event [Line Items]                    
Warrants redemption based on last reported sale price of common stock in trading days     20 days              
Warrants redemption based on last reported sale price of common stock with in consecutive trading days     30 days              
Warrants redemption price per share     $ 25.00              
RTPZ Merger Sub Inc [Member]                    
Subsequent Event [Line Items]                    
Common stock, value, subscriptions     $ 550,000,000              
Common stock, shares subscribed but unissued     55,000,000              
RTPZ Merger Sub Inc [Member] | Subsequent Event [Member] | Reinvent Technology Partners Z [Member]                    
Subsequent Event [Line Items]                    
Common stock, value, subscriptions     $ 550,000,000              
Common stock, shares subscribed but unissued     55,000,000              
Hippo [Member]                    
Subsequent Event [Line Items]                    
Business combination, consideration transferred       $ 5,522,000,000            
Business combination, shares value       5,000,000,000            
Cash acquired       $ 522,000,000            
Business combination, per share       $ 10.00            
Hippo [Member] | Subsequent Event [Member] | Reinvent Technology Partners Z [Member]                    
Subsequent Event [Line Items]                    
Business combination, consideration transferred       $ 5,522,000,000            
Business combination, shares value       5,000,000,000            
Cash acquired       $ 522,000,000            
Business combination, per share       $ 10.00