HIPPO HOLDINGS INC., 10-K filed on 3/6/2025
Annual Report
v3.25.0.1
Cover - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Feb. 21, 2025
Jun. 30, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-39711    
Entity Registrant Name HIPPO HOLDINGS INC.    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 32-0662604    
Entity Address, Address Line One 150 Forest Avenue    
Entity Address, City or Town Palo Alto    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94301    
City Area Code 650    
Local Phone Number 294-8463    
Title of 12(b) Security Common stock, $0.0001 par value per share    
Trading Symbol HIPO    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company true    
Entity Ex Transition Period false    
ICFR Auditor Attestation Flag false    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 364.6
Entity Common Stock, Shares Outstanding   25,081,711  
Documents Incorporated by Reference
Portions of the registrant's Proxy Statement for the 2024 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant's fiscal year ended December 31, 2024.
    
Entity Central Index Key 0001828105    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
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Audit Information
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Audit Information [Abstract]    
Auditor Name Deloitte & Touche Ernst & Young LLP
Auditor Firm ID 34 42
Auditor Location Costa Mesa, California San Francisco, California
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Investments:    
Fixed maturities available-for-sale: $ 205.7 $ 161.7
Short-term investments 167.6 187.1
Total investments 373.3 348.8
Cash and cash equivalents 197.6 142.1
Restricted cash 35.2 53.0
Accounts receivable, net of allowance of $0.6 million and $0.5 million, respectively 167.0 145.2
Reinsurance recoverable on paid and unpaid losses and LAE 285.3 281.3
Prepaid reinsurance premiums 274.2 335.6
Ceding commissions receivable 79.5 73.8
Capitalized internal use software 48.1 48.4
Intangible assets 17.0 27.3
Other assets 66.2 69.2
Total assets 1,543.4 1,524.7
Liabilities:    
Loss and loss adjustment expense reserve 350.0 322.5
Unearned premiums 457.9 419.2
Reinsurance premiums payable 248.6 260.1
Provision for commission 34.3 24.7
Accrued expenses and other liabilities 87.4 113.5
Total liabilities 1,178.2 1,140.0
Commitments and contingencies (Note 14)
Stockholders’ equity    
Common stock, $0.0001 par value per share; 80,000,000 and 80,000,000 shares authorized as of December 31, 2024 and December 31, 2023, respectively; 24,866,803 and 24,148,308 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively 0.0 0.0
Additional paid-in capital 1,639.7 1,615.2
Accumulated other comprehensive loss (2.7) (2.9)
Accumulated deficit (1,274.9) (1,234.4)
Total Hippo stockholders' equity 362.1 377.9
Noncontrolling interest 3.1 6.8
Total stockholders’ equity 365.2 384.7
Total liabilities and stockholders’ equity $ 1,543.4 $ 1,524.7
v3.25.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Fixed maturities available-for-sale, amortized cost $ 208.3 $ 164.6
Amortized Cost 167.6 187.1
Accounts receivable, allowance $ 0.6 $ 0.5
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 80,000,000 80,000,000
Common stock, shares issued (in shares) 24,866,803 24,148,308
Common stock, shares outstanding (in shares) 24,866,803 24,148,308
v3.25.0.1
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue:      
Net earned premium $ 272.5 $ 107.5 $ 42.5
Commission income, net 63.6 63.4 54.3
Service and fee income 11.6 15.7 13.9
Net investment income 24.4 23.1 9.0
Total revenue 372.1 209.7 119.7
Expenses:      
Losses and loss adjustment expenses 209.0 181.7 101.4
Insurance related expenses 88.8 79.1 59.9
Technology and development 30.7 47.0 57.5
Sales and marketing 51.2 80.1 101.8
General and administrative 70.7 79.6 71.5
Impairment and restructuring charges 3.6 5.5 55.3
Gain on sale of business (54.4) 0.0 0.0
Other income, net (0.1) (0.8) (2.5)
Total expenses 399.5 472.2 444.9
Loss before income taxes (27.4) (262.5) (325.2)
Income taxes expense 1.2 0.5 1.3
Net loss (28.6) (263.0) (326.5)
Net income attributable to noncontrolling interests, net of tax 11.9 10.1 6.9
Net loss attributable to Hippo (40.5) (273.1) (333.4)
Other comprehensive income (loss):      
Change in net unrealized gain (loss) on investments, net of tax 0.2 4.1 (6.3)
Comprehensive loss attributable to Hippo (40.3) (269.0) (339.7)
Per share data:      
Net loss attributable to Hippo - basic (40.5) (273.1) (333.4)
Net loss attributable to Hippo - diluted $ (40.5) $ (273.1) $ (333.4)
Weighted-average shares used in computing net loss per share attributable to Hippo - basic (in shares) 24,699,913 23,578,922 22,747,101
Weighted-average shares used in computing net loss per share attributable to Hippo - diluted (in shares) 24,699,913 23,578,922 22,747,101
Net loss per share attributable to Hippo - basic (in dollars per share) $ (1.64) $ (11.58) $ (14.66)
Net loss per share attributable to Hippo - diluted (in dollars per share) $ (1.64) $ (11.58) $ (14.66)
v3.25.0.1
Consolidated Statements Stockholders’ Equity - USD ($)
$ in Millions
Total
Total Hippo Stockholders' Equity
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Non controlling Interests
Beginning balance (in shares) at Dec. 31, 2021     22,601,245        
Beginning balance at Dec. 31, 2021 $ 861.7 $ 859.6 $ 0.0 $ 1,488.3 $ (0.7) $ (628.0) $ 2.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net Loss (326.5) (333.4)       (333.4) 6.9
Other comprehensive income (loss) (6.3) (6.3)     (6.3)    
Issuance of common stock from stock plans and contingently issuable shares (in shares)     558,314        
Issuance of common stock from stock plans and contingently issuable shares 4.9 4.9   4.9      
Issuance of common stock for earnout from acquisition (in shares)     45,474        
Repurchases of common stock (in shares)     (3,599)        
Shares withheld related to net share settlement (3.9) (3.9)   (3.9)      
Stock-based compensation expense 68.7 68.7   68.7      
Distributions to noncontrolling interests (5.1) 0.3       0.3 (5.4)
Ending balance (in shares) at Dec. 31, 2022     23,201,434        
Ending balance at Dec. 31, 2022 593.5 589.9 $ 0.0 1,558.0 (7.0) (961.1) 3.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net Loss (263.0) (273.1)       (273.1) 10.1
Other comprehensive income (loss) 4.1 4.1     4.1    
Issuance of common stock from stock plans and contingently issuable shares (in shares)     1,047,668        
Issuance of common stock from stock plans and contingently issuable shares 3.3 3.3   3.3      
Repurchases of common stock (in shares)     (100,794)        
Repurchases of common stock (1.8) (1.8)   (1.8)      
Shares withheld related to net share settlement (4.7) (4.7)   (4.7)      
Stock-based compensation expense 63.1 63.1   63.1      
Acquisitions of noncontrolling interests (3.2) (2.7)   (2.7)     (0.5)
Distributions to noncontrolling interests $ (6.6) (0.2)       (0.2) (6.4)
Ending balance (in shares) at Dec. 31, 2023 24,148,308   24,148,308        
Ending balance at Dec. 31, 2023 $ 384.7 377.9 $ 0.0 1,615.2 (2.9) (1,234.4) 6.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net Loss (28.6) (40.5)       (40.5) 11.9
Other comprehensive income (loss) 0.2 0.2     0.2    
Issuance of common stock from stock plans and contingently issuable shares (in shares)     1,675,737        
Issuance of common stock from stock plans and contingently issuable shares $ 7.4 7.4   7.4      
Repurchases of common stock (in shares) (100,000)   (957,242)        
Repurchases of common stock $ (15.6) (15.6)   (15.6)      
Shares withheld related to net share settlement (9.9) (9.9)   (9.9)      
Stock-based compensation expense 42.8 42.8   42.8      
Acquisitions of noncontrolling interests (0.3) (0.2)   (0.2)     (0.1)
Distributions to noncontrolling interests $ (15.5)           (15.5)
Ending balance (in shares) at Dec. 31, 2024 24,866,803   24,866,803        
Ending balance at Dec. 31, 2024 $ 365.2 $ 362.1 $ 0.0 $ 1,639.7 $ (2.7) $ (1,274.9) $ 3.1
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net Loss $ (28.6) $ (263.0) $ (326.5)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 23.2 19.8 15.2
Stock–based compensation expense 38.2 57.5 61.9
Fair value adjustments 1.7 4.5 0.1
Impairment and restructuring charges 3.3 2.9 53.5
Gain on sale of business (54.4) 0.0 0.0
Other non-cash items (6.2) (7.4) (3.0)
Changes in assets and liabilities:      
Accounts receivable, net (21.9) (38.0) (50.9)
Reinsurance recoverable on paid and unpaid losses and LAE (4.0) 5.0 (19.4)
Ceding commissions receivable (5.7) (28.0) (4.2)
Prepaid reinsurance premiums 61.4 (25.7) (78.3)
Other assets (6.4) 6.2 8.9
Provision for commission 9.7 19.7 (7.3)
Accrued expenses and other liabilities (17.5) (5.5) 19.6
Loss and loss adjustment expense reserves 27.5 28.7 33.0
Unearned premiums 38.7 77.9 88.2
Reinsurance premiums payable (11.5) 53.0 47.7
Net cash provided by (used in) operating activities 47.5 (92.4) (161.5)
Cash flows from investing activities:      
Capitalized internal use software costs (11.7) (17.1) (14.8)
Disposal Group, Including Discontinued Operation, Assets 5.8 0.0 0.0
Purchases of property and equipment (0.3) (29.6) (4.9)
Purchases of fixed maturities (97.7) (55.3) (88.8)
Maturities of fixed maturities 49.1 15.6 10.2
Sales of fixed maturities 1.4 3.2 6.5
Purchases of short-term investments (270.1) (354.3) (704.2)
Maturities of short-term investments 286.2 471.6 391.4
Sales of short-term investments 0.2 26.7 0.7
Proceeds from sale of business, net of cash disposed 67.2 0.0 0.0
Other 0.2 (3.2) (2.0)
Net cash provided by (used in) investing activities 30.3 57.6 (405.9)
Cash flows from financing activities:      
Taxes paid related to net share settlement of equity awards (9.9) (4.7) (3.9)
Proceeds from issuance of common stock 6.7 2.8 4.1
Share repurchases under program (15.6) (1.8) 0.0
Payments of contingent consideration (0.9) (1.3) (1.7)
Acquisitions of noncontrolling interests (0.2) (3.2) 0.0
Distributions to noncontrolling interests and other (20.2) (6.4) (5.3)
Net cash used in financing activities (40.1) (14.6) (6.8)
Net increase (decrease) in cash, cash equivalents, and restricted cash 37.7 (49.4) (574.2)
Cash, cash equivalents, and restricted cash at the beginning of the period 195.1 244.5 818.7
Cash, cash equivalents, and restricted cash at the end of the period $ 232.8 $ 195.1 $ 244.5
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Summary of Significant Accounting Policies 1. Description of Business and Summary of Significant Accounting Policies
Description of Business
In August 2021, Hippo Enterprises Inc., a Delaware corporation (“Old Hippo”), and Reinvent Technology Partners Z, a Cayman Islands exempted company and special purpose acquisition company (“RTPZ”), completed a merger and other transactions pursuant to which a subsidiary of RTPZ was merged with and into Old Hippo and Old Hippo survived as a wholly owned subsidiary of RTPZ (collectively, the “Business Combination”). In connection with the Business Combination, RTPZ changed its name to Hippo Holdings Inc., referred to herein as “Hippo” or the “Company.” The Company’s headquarters are located in Palo Alto, California.
The Company’s subsidiary, Hippo Analytics Inc., is a licensed insurance agency that provides various insurance services, including some or all of the following services for affiliated and non-affiliated insurance carriers: soliciting, marketing, servicing, underwriting, or providing claims processing services for a variety of personal and commercial insurance products. The Company’s insurance company subsidiaries, Spinnaker Insurance Company (“Spinnaker”), an Illinois domiciled insurance company, Spinnaker Specialty Insurance Company (“SSIC”), a Texas domiciled authorized surplus lines insurance company, and Wingsail Insurance Company (“WIC”), an Arizona domiciled insurance company, underwrite personal and commercial insurance products on a direct basis through licensed insurance agents and surplus lines brokers. The Company also owns RH Solutions Insurance (Cayman) Ltd. (“RHS”), a Cayman domiciled captive insurance company, which assumes insurance risk of policies from affiliated and non-affiliated insurance carriers, a majority of which is for business written through Hippo Analytics Inc. Through Spinnaker or RHS, the Company also retains a portion of the proportional direct insurance risk for programs underwritten by third parties. Hippo Analytics Inc. offers its insurance products through licensed insurance agents, and direct-to-consumer channels. The insurance products offered through Hippo Analytics Inc. primarily include homeowners’ insurance policies that protect customers from the risks of fire, wind, and theft. Hippo Analytics Inc. is licensed as an insurance agency in 50 states and the District of Columbia. The Company’s other non-insurance subsidiaries offer service contracts, home health check-ups, and home care advice.
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 (“GAAP”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries where it has controlling financial interests, and any variable interest entities for which the Company is deemed to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation.
Reverse Stock Split
On September 29, 2022, the Company filed a Certificate of Amendment to its Certificate of Incorporation to effect a one-for-25 reverse stock split of the Company’s common stock and a corresponding adjustment to its authorized capital stock (the “Reverse Stock Split”), effective as of 11:59 p.m. Eastern Daylight Time on September 29, 2022 (the “Effective Time”). All share and per share information has been retroactively adjusted to give effect to the Reverse Stock Split for all periods presented, unless otherwise indicated.
As a result of the Reverse Stock Split, every 25 shares of the Company’s issued and outstanding common stock were automatically converted into one share of issued and outstanding common stock. No fractional shares were issued as a result of the Reverse Stock Split. Stockholders who otherwise would have been entitled to receive fractional shares of common stock were entitled to receive cash in an amount equal to the product obtained by multiplying (a) the closing price per share of the common stock as reported on the New York Stock Exchange as of the first trading day following the Effective Time, by (b) the fraction of one share owned by the stockholder.
Proportionate adjustments were made to the number of shares issuable upon the exercise or vesting of all stock options, restricted stock, restricted stock units or other stock-based awards or rights (the “Stock-Based Awards”) and warrants outstanding at the Effective Time, as well as certain performance goals applicable to certain of Stock-Based Awards, which resulted in a proportional decrease in the number of shares of the Company’s common stock reserved for issuance upon exercise or vesting of such Stock-Based Awards and warrants, and, in the
case of stock options, purchase rights outstanding under the Company’s 2021 Employee Stock Purchase Plan and warrants, a proportional increase in the exercise price of such stock options, purchase rights and warrants. In addition, the number of shares reserved for issuance under the Company’s 2021 Incentive Award Plan and 2021 Employee Stock Purchase Plan were proportionately reduced.
Use of Estimates
The preparation of the Company’s consolidated financial statements in conformity with 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, stock-based awards, warrant liabilities, contingent consideration liabilities, acquired intangible assets and goodwill, deferred tax assets, and uncertain tax positions. 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.
Business Combinations
The Company accounts for acquisitions of entities or asset groups that qualify as businesses using the acquisition method of accounting in accordance with ASC 805, Business Combinations. Purchase consideration is allocated to the tangible and intangible assets acquired and liabilities assumed based on the estimated fair values as of the acquisition date, which are measured in accordance with the principles outlined in ASC 820, Fair Value Measurement. The determination of fair value requires management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature. The excess of the total purchase consideration over the fair value of the identified net assets acquired is recognized as goodwill. The results of the acquired businesses are included in the results of operations beginning from the date of acquisition. Acquisition-related costs are expensed as incurred.
During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the allocation of purchase consideration and to the fair values of assets acquired and liabilities assumed to the extent that additional information becomes available. After this period, any subsequent adjustments are recorded in the Consolidated Statements of Operations and Comprehensive Loss.
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 held in a fiduciary capacity and the obligation to remit these funds is recorded as fiduciary liabilities within accrued expenses and other 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 allowance for expected credit losses, 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 changes in the allowance for expected credit losses in the fair value of securities, if any.
The Company reviews all securities with unrealized losses on a quarterly basis to assess whether the decline in the securities fair value necessitates the recognition of an allowance for credit losses. Factors considered in the review include the extent to which the fair value has been less than amortized cost, and current market interest rates and whether the unrealized loss is credit-driven or a result of changes in market interest rates. The Company also considers factors specific to the issuer including the general financial condition of the issuer, the issuers industry and future business prospects, any past failure of issuer to make scheduled interest or principal payments, and the payment structure of the investment and the issuers ability to make contractual payments on the investment.
The Company also considers whether it intends to sell the security or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost. When assessing whether it intends to sell a fixed-maturity security or if it is likely to be required to sell a fixed-maturity security before recovery of its amortized cost, the Company evaluates facts and circumstances including, but not limited to, decisions to reposition the investment portfolio, potential sales of investments to meet cash flow needs, and potential sales of investments to capitalize on favorable pricing.
For fixed-maturity securities where a decline in fair value is below the amortized cost basis and the Company intends to sell the security, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, a credit-loss charge is recognized in net income based on the fair value of the security at the time of assessment. For fixed-maturity securities that the Company has the intent and ability to hold, the Company compares the estimated present value of the cash flows expected to be collected to the amortized cost of the security. The extent to which the estimated present value of the cash flows expected to be collected is less than the amortized cost of the security represents the credit-related portion of the impairment, which is recognized in net income through an allowance for credit losses. Any remaining decline in fair value represents the noncredit portion of the impairment, which is recognized in other comprehensive income.
The Company did not identify any available-for-sale securities as of December 31, 2024 which presented a risk of loss due to credit deterioration of the security.
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, preferred stock warrants and public and private 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 consolidated 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. Generally premiums and commissions are collected prior to providing coverage, minimizing the Company’s exposure to credit risk. Premiums and commissions receivable are short-term in nature and due within a year. The Company has established an allowance for uncollectible premiums and commissions related to credit risk, which it reviews on a quarterly basis. In its review, the Company considers length of collection periods, the creditworthiness of the insured, economic environment, specific regulatory developments and other relevant factors. Amounts deemed to be uncollectible are written off against the allowance.
Write-offs of receivables have not been material to the Company during the years ended December 31, 2024, 2023 and 2022.
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. Historically, the Company has not experienced any credit losses from reinsurance recoverables as of December 31, 2024 and 2023 respectively. The Company evaluates its reinsurance recoverables on a quarterly basis for risk of loss due to credit deterioration,
including evaluating historical collection trends, reinsurer credit ratings, and other economic factors that may affect collectability of its reinsurance receivables due to credit deterioration 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 material 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.
Loss participation features in the reinsurance agreements are estimated at each reporting period and recorded as an adjustment to loss and LAE.
Commission slide features in the reinsurance agreements are estimated at each reporting period and recorded as an adjustment to commission income, net.
For ceded reinsurance, risk transfer requirements must be met for reinsurance accounting to apply. If risk transfer requirements are not met, the contract is accounted for as a deposit, resulting in the recognition of cash flows under the contract through a deposit asset or liability and not as revenue or expense. To meet risk transfer requirements, a reinsurance contract must include both insurance risk, consisting of both underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity. Similar risk transfer criteria are used to determine whether directly written insurance contracts should be accounted for as insurance or as a deposit.
Prepaid reinsurance premiums represents the unearned portion of premiums ceded to 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 deferrable 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 considers anticipated investment income when determining if a premium deficiency exists. The Company did not recognize a premium deficiency at December 31, 2024, 2023, and 2022.
Property and Equipment
Property and equipment is stated at cost, net of accumulated depreciation and is reflected within other assets on the consolidated balance sheets. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful life of thirty-nine years for buildings, five years for furniture, fixtures, and equipment, and three 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 $2.0 million, $2.3 million and $0.9 million for the years ended December 31, 2024, 2023 and 2022, 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 other (income) expense in the consolidated statements of operations and comprehensive loss.
Leases
Leases arise from contractual obligations that convey the right to control the use of an identified property, plant or equipment for a stated time period in exchange for consideration. The Company determines if an arrangement is, or contains a lease at contract inception. Lease classification is determined at the lease commencement date, on which the leased assets are available for the Company’s use. The Company recognizes a right-of-use asset (“ROU”) and a corresponding lease liability at commencement date for operating leases. ROU assets are presented under other assets, and lease liabilities are presented under accrued expenses and other liabilities in the consolidated balance sheets. The Company did not have any material finance leases in the periods presented.
ROU assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make payments during the lease term. ROU assets are recognized at the lease commencement date for the lease liability amount, adjusted for initial direct costs incurred and lease incentives received. Lease liabilities are recognized at commencement based on the present value of the future lease payments over the lease term. Lease terms may include options to extend or terminate the lease when the Company believes it is reasonably certain that the Company will exercise such options. Since the implicit discount rate for operating leases is not readily determinable, the Company uses an estimate of its incremental borrowing rate (“IBR”) on the lease commencement date in determining the present value of lease payments. IBR is determined based on information available at lease commencement including interest rates, credit ratings, credit spreads, and lease term. Operating lease expense is recognized on a straight-line basis over the lease term.
The Company accounts for lease and non-lease components as a single lease component. Accordingly, the Company includes fixed non-lease components with lease payments for the purpose of calculating lease right-of-use assets and liabilities. Non-lease components that are not fixed are expensed as incurred as variable lease payments. The Company does not record leases on the balance sheet that have a term of 12 months or less at the lease commencement date.
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. The amortization expense is recognized within insurance related expenses in the Company's statement of operations and comprehensive loss.
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. 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 agreements. 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. The amortization expense is included in technology and development expenses for developed technology and sales and marketing expenses for customer relationships, agency relationships, carrier relationships, and other.
Indefinite-lived intangible assets are not amortized but are tested for impairment annually, or more frequently if necessary. 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 during the years ended December 31, 2024 and 2023. Refer to Note 5 for impairment charges related to goodwill recorded during the year ended December 31, 2022.
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, 2024 and 2023.
Loss and Loss Adjustment Expense Reserve
The reserve for unpaid losses and loss adjustment expenses include estimates for unpaid claims, claims adjustment expenses on reported losses and estimates of losses incurred but not reported (IBNR), net of salvage and subrogation recoveries. The liability is based on 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.
Loss and loss adjustment reserves are the amount of ultimate loss and loss adjustment expense less the paid amounts as of the balance sheet date.
Ultimate loss and loss adjustment expense is the sum of the following items:
1.Loss and loss adjustment expense paid through a given evaluation date
2.Case reserves for loss and loss adjustment expense for losses that have been reported but not yet paid as of a given evaluation date    
3.IBNR for loss and loss adjustment expense include an estimate for future loss payments on incurred claims not yet reported and for expected development on reported claims
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 estimates of ultimate loss and loss adjustment expenses based on generally accepted actuarial reserving techniques that consider quantitative loss experience data and qualitative factors as appropriate.
The most significant assumptions used in the determination of the recorded reserve for loss and loss adjustment expenses are historical aggregate claim reporting and payment patterns, which is assumed to be indicative of future loss development and trends. Additionally, claim counts are used for analyses relating to natural disasters, such as hurricanes, earthquakes, and wildfires as losses from these events are inherently more difficult to estimate due to the potential exposure of the catastrophic events. Other assumptions considered include information
developed from internal and independent external sources such as premium, rate and cost trends, litigation and regulatory trends, legislative activity, climate change, social and economic patterns.
Inherent in the estimates of ultimate loss and loss adjustment expenses are expected trends in claims severity and frequency among other factors that could vary significantly as claims are settled. The Company’s loss and loss adjustment expense reserves are continually reviewed, 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 the Company’s 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, or commission slide, based on the actual performance of insurance policies placed 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 reserves 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 return commission payable to insurers and cancellation reserves 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.
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 the earned portion of 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
Commission income, net includes:
1.Agency Commission: The Company also operates 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 businesses, the performance obligation from the agency contracts is 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.
2.Ceding Commission: The Company receives commission based on the premium it cedes to third-party reinsurers for the reimbursement for the Company’s acquisition and underwriting services. Excess ceding commission over the cost of acquisition is included in the commission income, net line on the Company’s consolidated statements of operations and comprehensive loss. For the policies that the Company writes on its own carrier as MGA, the Company recognizes this commission as ceding commission on the consolidated statements of operations and comprehensive loss. The Company earns commission on ceded reinsurance premium 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 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.
Through the Company’s Insurance-as-a-Service business the Company earns fronting fees from the MGA programs it supports. 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 its statements of operations and comprehensive loss.
3.Claim Processing Fees: As an 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. This revenue is included in the commission income, net line on the Company’s consolidated statements of operations and comprehensive loss.
4.Managing General Agent (“MGA”) Commission: The Company operates as an 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. The Company has underwriting authority and responsibility for administering claims, (see Claim Processing Fees below) and works with affiliated and unaffiliated carrier platforms who pay the Company a 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 date. Upon issuance of a new policy, the Company charges policy fees and inspection fees (see Service and Fee Income below), retains its share of commission, and remits the balance to the respective insurers. Subsequent commission adjustments arising from policy changes such as endorsements are recognized in the period when the adjustments occur. Cash received in advance of policy effective dates is recorded on the consolidated balance sheets, representing the Company’s portion of commission and premium due to insurers and reinsurers, and hold this cash in trust for the benefit of the insurers and reinsurers as fiduciary liabilities.
The MGA commission is subject to adjustments, higher or lower (commonly referred to as “commission slide”), depending on the underwriting performance of the policies placed by us. The Company is required to return a portion of its MGA commission due to commission slide on the policies placed as an MGA if the underwriting performance varies due to higher Hippo programs’ loss ratio from provisional performance of the Hippo programs’ loss ratio. The Company also returns a portion of its MGA commission if the policies are cancelled before the term of the policy. Accordingly, the Company reserves for commission slide using estimated Hippo programs’ loss ratio performance, or a cancellation reserve as a reduction of revenue for each period presented in its statements of operations and comprehensive loss.
Service and Fee Income
Service and fee income mainly represent policy fees and other revenue. The Company directly bills policyholders for policy fees and collects and retains fees per the terms of the contracts between the Company and its 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.
Net Investment Income
Net investment income represents interest earned from fixed maturity securities, short-term investments and other investments, and the gains or losses from the sale of investments. The Company’s cash and invested assets primarily consist of fixed-maturity securities, and may also include cash and cash equivalents, equity securities, and short-term investments. The principal factors that influence net investment income are the size of the Company’s investment portfolio and the yield on that portfolio. As measured by amortized cost (which excludes changes in fair
value, such as changes in interest rates), the size of the Company’s investment portfolio is mainly a function of the Company’s invested equity capital along with premium the Company receives from its customers less payments on customer claims.
Net investment income also includes an insignificant amount of net realized gains (losses) on investments, which are a function of the difference between the amount received by us on the sale of a security and the security’s amortized cost, as well as any allowances for credit losses recognized in earnings, if any.
Disaggregated Revenue
The following table disaggregates the Company’s revenues by major source (in millions):
Year Ended December 31,
202420232022
Net earned premium$272.5 $107.5 $42.5 
Agency commissions, net32.6 23.8 16.7 
Ceding commissions, net30.7 38.9 37.6 
Service and fee income
10.6 12.0 11.1 
MGA commissions, net— 0.1 — 
Claims processing fees0.3 0.6 — 
Other revenue1.0 3.7 2.8 
Net investment income24.4 23.1 9.0 
Total revenue, net$372.1 $209.7 $119.7 
Materially all revenues for the years ended December 31, 2024, 2023 and 2022 are from business conducted in the United States.    
Insurance-Related Expenses
Insurance related expenses primarily consist of amortization of direct acquisition commission costs and premium taxes incurred on the successful acquisition of business written on a direct basis 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 the Company’s underwriting teams, amortization of capitalized internal use software, as well as allocated occupancy costs and related overhead based on headcount. Insurance related expenses are offset by a portion of ceding commission income, which represents reimbursement of successful acquisition costs related to the underlying policies. Additionally, insurance related expenses include the costs of providing bound policies and delivering claims services to the Company’s customers. These costs include underwriting technology service costs including software, data services used for performing underwriting, 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 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, 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 customer acquisition. The Company expenses advertising costs as incurred. Sales and marketing also include allocated facility costs and related overhead based on headcount. Advertising costs were $3.3 million, $10.2 million and $26.9 million for the years ended December 31, 2024, 2023 and 2022, 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, insurance, and professional services.
Impairment and Restructuring Charges
Impairment and restructuring charges consists of goodwill impairment as well as severance and other personnel costs associated with exit and disposal activities as well as reductions in workforce. The Company reviews goodwill for impairment annually on October 1 and more frequently if events or changes in circumstances indicate that an impairment may exist. If the carrying value of the reporting unit exceeds its fair value, the fair value of the reporting unit’s goodwill is calculated and an impairment loss equal to the excess is recorded.
Other (Income) Expense
Other (income) expense primarily consists of certain fair value adjustments and other non-operating income expenses.
Gain on Sale of Business
Gain on sale of a business consists of the gain on sale of subsidiaries, Mainsail and First Connect.
Stock-Based Compensation Expense
The Company recognizes stock-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 or Monte Carlo valuation model for market-based awards. The Company recognizes stock-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.
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 accounts for application of the U.S. Global Intangible Low Taxed Income rules by recognizing the tax in the period in which it is incurred.
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 Holdings Inc.
Basic and diluted net loss per share attributable to common stockholders of Hippo Holdings 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, 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 Holdings 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.
Emerging Growth Company
The Company currently qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). Accordingly, the Company is provided the option to adopt new or revised accounting guidance either (1) within the same periods as those otherwise applicable to non-emerging growth companies or (2) within the same time periods as private companies.
The Company has elected to adopt new or revised accounting guidance within the same time period as private companies, unless management determines that it is preferable to take advantage of early adoption provisions offered within the applicable guidance. The Company’s utilization of these transition periods may make it difficult to compare the Company’s financial statements to those of non-emerging growth companies and other emerging growth companies that have opted out of the transition periods afforded under the JOBS Act.

Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures. The ASU includes requirements that an entity disclose the title of the chief operating decision maker (CODM) and on an interim and annual basis, significant segment expenses and the composition of other segment items for each segment's reported profit. The standard also permits disclosure of additional measures of segment profit. This ASU is effective for public companies with annual periods beginning after December 15, 2023, and interim periods within annual period beginning after December 15, 2024, with early adoption permitted. The adoption of this accounting standard in the fourth quarter of fiscal 2024 did not have a significant impact on the Company’s consolidated financial statements.
Accounting Pronouncements Not Yet Adopted
    In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of the ASU on its disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses, which requires additional disclosure of the nature of expenses included in the income statement in response to longstanding requests from investors for more information about an entity’s expenses. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. This ASU is effective for public companies with annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted.
v3.25.0.1
Investments
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments
2. Investments
The amortized cost and fair value of fixed maturities securities and short-term investments are as follows (in millions):
December 31, 2024
Amortized CostUnrealized GainsUnrealized LossesFair Value
Fixed maturities available-for-sale:
U.S. government and agencies$24.8 $— $(0.2)$24.6 
States and other territories11.2 — (0.3)10.9 
Corporate securities131.8 0.8 (1.1)131.5 
Residential mortgage-backed securities21.5 — (1.5)20.0 
Commercial mortgage-backed securities7.2 0.1 (0.4)6.9 
Asset backed securities11.8 — — 11.8 
Total fixed maturities available-for-sale$208.3 $0.9 $(3.5)$205.7 
Short-term investments:
U.S. government and agencies118.5 — 118.5 
Commercial paper17.5 — — 17.5 
Corporate securities31.6 — — 31.6 
Total short-term investments167.6 — — 167.6 
Total$375.9 $0.9 $(3.5)$373.3 
December 31, 2023
Amortized CostUnrealized GainsUnrealized LossesFair Value
Fixed maturities available-for-sale:
U.S. government and agencies$18.6 $— $(0.2)$18.4 
States and other territories9.3 — (0.4)8.9 
Corporate securities91.3 1.1 (1.3)91.1 
Foreign securities0.9 — — 0.9 
Residential mortgage-backed securities20.7 0.1 (1.3)19.5 
Commercial mortgage-backed securities7.7 — (0.6)7.1 
Asset backed securities16.1 — (0.3)15.8 
Total fixed maturities available-for-sale$164.6 $1.2 $(4.1)$161.7 
Short-term investments:
U.S. government and agencies$137.7 $— $— $137.7 
Commercial paper34.5 — — 34.5 
Corporate securities14.9 — — 14.9 
Total short-term investments187.1 — — 187.1 
Total$351.7 $1.2 $(4.1)$348.8 
The following tables present the gross unrealized losses and related fair values for the Company’s investments in available-for-sale debt securities, grouped by duration of time in a continuous unrealized loss position as of December 31, 2024 and December 31, 2023 (in millions):
December 31, 2024
Less than 12 months12 months or moreTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Fixed maturities available-for-sale: 
U.S. government and agencies$14.5 $(0.1)$1.9 $(0.1)$16.4 $(0.2)
States and other territories5.0 (0.1)5.5 (0.2)10.5 (0.3)
Corporate securities55.2 (0.5)25.4 (0.6)80.6 (1.1)
Residential mortgage-backed securities7.4 (0.1)10.1 (1.4)17.5 (1.5)
Commercial mortgage-backed securities0.4 — 4.1 (0.4)4.5 (0.4)
Asset backed securities— — 4.1 — 4.1 — 
Short-term investments:
U.S. government and agencies— — — — — — 
Commercial paper6.3 — — — 6.3 — 
Corporate securities7.4 — — — 7.4 — 
Total $96.2 $(0.8)$51.1 $(2.7)$147.3 $(3.5)

December 31, 2023
Less than 12 months12 months or moreTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Fixed maturities available-for-sale:
U.S. government and agencies$4.3 $— $10.5 $(0.2)$14.8 $(0.2)
States and other territories1.5 — 7.4 (0.4)8.9 (0.4)
Corporate securities5.7 — 37.4 (1.3)43.1 (1.3)
Foreign securities— — 0.9 — 0.9 — 
Residential mortgage-backed securities— — 11.6 (1.3)11.6 (1.3)
Commercial mortgage-backed securities0.4 — 5.8 (0.6)6.2 (0.6)
Asset backed securities1.6 — 8.2 (0.3)9.8 (0.3)
Short-term investments:
U.S. government and agencies137.7 — — — 137.7 — 
Commercial paper34.5 — — — 34.5 — 
Corporate securities
$14.9 $— $— $— $14.9 $— 
Total $200.6 $— $81.8 $(4.1)$282.4 $(4.1)
The Company has determined that unrealized losses as of December 31, 2024 and December 31, 2023 resulted from the interest rate environment, rather than a deterioration of the creditworthiness of the issuers.
Therefore, an allowance for credit losses was not necessary as it is more likely than not that the Company will not be required to sell the investments before the recovery of the amortized cost basis or until maturity.
The amortized cost and fair value of fixed maturities securities by contractual maturity are as follows (in millions):
December 31, 2024
Amortized CostFair Value
Due to mature:
One year or less$35.0 $34.9 
After one year through five years103.0 102.2 
After five years28.5 28.7 
After ten years1.3 1.2 
Residential mortgage-backed securities21.5 20.0 
Commercial mortgage-backed securities7.2 6.9 
Asset backed securities11.8 11.8 
Total fixed maturities available-for-sale$208.3 $205.7 
Expected maturities may 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 were insignificant for the years ended December 31, 2024 and 2023, respectively.
The Company’s net investment income is comprised of the following (in millions):
Year Ended December 31,
202420232022
Interest on cash and cash equivalents$9.9 $7.3 $2.4 
Fixed maturities income7.0 5.9 2.9 
Short-term investment income8.0 10.4 3.9 
Total investment income24.9 23.6 9.2 
Investment expenses(0.5)(0.5)(0.2)
Net investment income$24.4 $23.1 $9.0 
    
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 cash and cash equivalents or fixed maturities available-for-sale on the consolidated balance sheets. The carrying value of securities on deposit with state regulatory authorities total $12.2 million and $12.9 million as of December 31, 2024 and 2023, respectively.
v3.25.0.1
Cash, Cash Equivalents, and Restricted Cash
 12 Months Ended
Dec. 31, 2024
Cash and Cash Equivalents [Abstract]  
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):
December 31
20242023
Cash and cash equivalents:
Cash$99.6 $54.3 
Money market funds94.4 77.8 
Commercial paper2.8 10.0 
U.S. government and agencies0.8 — 
Total cash and cash equivalents197.6 142.1 
Restricted cash:
Fiduciary assets25.0 32.5 
Letters of credit and cash on deposit10.2 20.5 
Total restricted cash35.2 53.0 
Total cash, cash equivalents, and restricted cash$232.8 $195.1 
v3.25.0.1
Fair Value Measurement
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurement
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):
December 31, 2024
Level 1Level 2Level 3Total
Financial assets:
Cash, cash equivalents, and restricted cash$232.8 $— $— $232.8 
Fixed maturities available-for-sale:
U.S. government and agencies24.6 — — 24.6 
States and other territories10.9 — 10.9 
Corporate securities— 131.5 — 131.5 
Foreign securities— — — — 
Residential mortgage-backed securities— 20.0 — 20.0 
Commercial mortgage-backed securities— 6.9 — 6.9 
Asset backed securities— 11.8 — 11.8 
Total fixed maturities available-for-sale24.6 181.1 — 205.7 
Short-term investments
U.S. government and agencies118.5 — — 118.5 
Commercial paper— 17.5 — 17.5 
Corporate securities— 31.6 — 31.6 
Total short-term investments118.5 49.1 — 167.6 
Total financial assets$375.9 $230.2 $— $606.1 
Financial liabilities:
Contingent consideration liability$— $— $11.7 $11.7 
Total financial liabilities$— $— $11.7 $11.7 
December 31, 2023
Level 1Level 2Level 3Total
Financial assets:
Cash, cash equivalents, and restricted cash$195.1 $— $— $195.1 
Fixed maturities available-for-sale:
U.S. government and agencies18.4 — — 18.4 
States and other territories— 8.9 — 8.9 
Corporate securities— 91.1 — 91.1 
Foreign securities— 0.9 — 0.9 
Residential mortgage-backed securities— 19.5 — 19.5 
Commercial mortgage-backed securities— 7.1 — 7.1 
Asset backed securities— 15.8 — 15.8 
Total fixed maturities available-for-sale18.4 143.3 — 161.7 
Short-term investments
U.S. government and agencies137.7 — — 137.7 
Commercial paper— 34.5 — 34.5 
Corporate securities— 14.9 — 14.9 
Total short-term investments137.7 49.4 — 187.1 
Total financial assets$351.2 $192.7 $— $543.9 
Financial liabilities:
Contingent consideration liability$— $— $13.6 $13.6 
Public warrants0.1 — — 0.1 
Private placement warrants— 0.1 — 0.1 
Total financial liabilities$0.1 $0.1 $13.6 $13.8 
The Company’s policy is to recognize transfers into and transfers out of fair value hierarchy levels at the end of each reporting period. Other than the public warrants transferring from level 1 to level 2 upon delisting, there were no other transfers between levels in the fair value hierarchy during the years ended December 31, 2024 and December 31, 2023.
Contingent Consideration
The contingent consideration, relating to the Company’s 2019 acquisition of North American Advantage Insurance Services, LLC 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. North American Advantage Insurance Services, LLC’s ultimate parent company was Lennar Corporation, a related party of the Company. 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):
20242023
Balance as of January 1,$13.6 $11.9 
Payments of contingent consideration(3.8)(4.3)
Changes in fair value1.9 6.0 
Balance as of December 31,$11.7 $13.6 
Warrant Liability
The public and private warrants are measured at fair value on a recurring basis at the end of each reporting period within accrued expenses and other liabilities in the consolidated balance sheet.
The Public Warrant Liability is classified as a Level 1 fair value measurement due to the use of an observable market quote in an active market. The Private Placement Warrants are classified as Level 2 fair value measurement Level 2 fair value measurement.
The following table presents the changes in the fair value of the warrant liability (Public Warrants and Private Placement Warrants) (in millions):
20242023
Balance as of January 1,$0.2 $0.3 
Changes in fair value(0.2)(0.1)
December 31,$— $0.2 
v3.25.0.1
Goodwill
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill
5. Goodwill
The following table represents the changes in goodwill (in millions):
Balance at January 1, 2022$53.5 
Impairment charges(53.5)
Balance at December 31, 2022$— 
Impairment charges— 
Balance at December 31, 2023— 
Impairment charges— 
Balance at December 31, 2024$— 
The Company historically reviewed goodwill for impairment annually on October 1 and more frequently if events or changes in circumstances indicated that an impairment may exist (“a triggering event”). During the third quarter of 2022, management identified quantitative and qualitative factors that indicated a triggering event, mainly due to the sustained decrease in stock price and continued deterioration of general macroeconomic conditions. The Company performed a valuation at the reporting unit level using an income-based approach. These forecasts and assumptions are highly subjective. Given the results of the Company’s quantitative assessment, the Company determined that all the reporting units’ goodwill was impaired and the Company recorded impairment charges of $53.5 million, which are included in impairment and restructuring charges in the accompanying consolidated statements of operations and comprehensive loss. There is no goodwill as of December 31, 2024 and 2023.
v3.25.0.1
Intangible Assets
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets
6. Intangible Assets
December 31,
20242023
Weighted- Average Useful Life Remaining (in years)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
(in millions)(in millions)
Agency and carrier relationships3.7$3.4 $(1.8)$1.6 $13.5 $(5.1)$8.4 
State licenses and domain nameIndefinite10.5 — 10.5 10.5 — 10.5 
Customer relationships5.218.5 (13.8)4.7 18.5 (10.9)7.6 
Other0.80.8 (0.6)0.2 1.7 (0.9)0.8 
Total intangible assets, net$33.2 $(16.2)$17.0 $44.2 $(16.9)$27.3 
Amortization expense related to intangible assets for the years ended December 31, 2024, 2023 and 2022 was $4.6 million, $4.4 million and $5.3 million, respectively. The amortization expense is included in technology and development expenses for developed technology, sales and marketing expenses for customer relationships, agency relationships, carrier relationships and other.
As of December 31, 2024, the projected annual amortization expense for the Company’s intangible assets for the next five years is as follows (in millions):
Years Ending December 31,
20251.9 
20261.1 
20271.1 
20281.0 
20290.7 
Thereafter0.7 
Total$6.5 
v3.25.0.1
Capitalized Internal Use Software
 12 Months Ended
Dec. 31, 2024
Research and Development [Abstract]  
Capitalized Internal Use Software
7. Capitalized Internal Use Software
December 31,
20242023
(in millions)
Capitalized internal use software$95.0 $79.1 
Less: accumulated amortization(46.9)(30.7)
Total capitalized internal use software$48.1 $48.4 
Amortization expense related to capitalized internal use software for the years ended December 31, 2024, 2023 and 2022 was $16.6 million, $13.1 million and $9.0 million, respectively.
v3.25.0.1
Other Assets
 12 Months Ended
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Assets
8. Other Assets
December 31,
20242023
(in millions)
Property and equipment$33.0 $34.9 
Prepaid expenses6.6 11.3 
Claims receivable0.8 5.6 
Lease right-of-use assets4.7 10.6 
Deferred policy acquisition costs, net (1)
11.6 — 
Other9.5 6.8 
Total other assets$66.2 $69.2 
(1) Ceding fees in excess of deferred policy acquisition costs were included in deferred revenue in 2023.
On April 18, 2023, the Company closed on the purchase of an office building, which included certain real property, improvements, and personal property, located at 701 E. 5th Street, Austin, Texas 78701. The Company capitalized $30.5 million to building and land related to the purchase. The building is used as office space for employees of the Company and affiliated companies. Prior to the purchase, the Company was leasing a portion of the building and had recorded a lease right-of use asset and lease liability. After the purchase, the Company reclassified the right-of-use asset and adjusted the carrying value by the difference between the purchase price and the lease liability immediately before the purchase. The Company depreciates the building, excluding the land, over its estimated useful life of 39 years.
Policy acquisition costs deferred, net during the year ended December 31, 2024 was $37.4 million. For the year ended December 31, 2023, ceding commission and fronting fees exceeded policy acquisition costs deferred. The Company amortized deferred policy acquisition costs of $45.2 million, $32.3 million and $17.8 million for the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
Accrued Expenses and Other Liabilities
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Accrued Expenses and Other Liabilities
9. Accrued Expenses and Other Liabilities
December 31,
20242023
(in millions)
Claim payments outstanding$19.3 $26.3 
Lease liability10.0 14.8 
Advances from customers8.0 9.8 
Deferred revenue— 3.8 
Employee related accruals5.8 7.3 
Premium refund liability11.8 12.2 
Fiduciary liability1.8 6.0 
Contingent consideration liability11.7 13.6 
Other19.0 19.7 
Total accrued expenses and other liabilities$87.4 $113.5 
v3.25.0.1
Loss and Loss Adjustment Expense Reserves
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Loss and Loss Adjustment Expense Reserves
10. 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 years ended December 31, (in millions):
202420232022
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of beginning of the period$322.5 $293.8 $260.8 
Reinsurance recoverables on unpaid losses and LAE(221.4)(228.8)(216.8)
Reserve for losses and LAE, net of reinsurance recoverables as of beginning of the period101.1 65.0 44.0 
Add: Incurred losses and LAE, net of reinsurance, related to:
Current year215.1 183.7 113.2 
Prior years(6.1)(2.0)(11.8)
Total incurred209.0 181.7 101.4 
Deduct: Loss and LAE payments, net of reinsurance, related to:
Current year143.2 127.5 56.7 
Prior year46.8 18.1 23.7 
Total paid190.0 145.6 80.4 
Reserve for losses and LAE, net of reinsurance recoverables at end of period120.1 101.1 65.0 
Add: Reinsurance recoverables on unpaid losses and LAE at end of period229.9 221.4 228.8 
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of end of the period$350.0 $322.5 $293.8 
Loss development occurs when actual losses incurred vary from the Company’s previously developed estimates, which are established through the Company’s loss and LAE reserve estimate processes.
Net incurred losses and LAE experienced favorable development of $6.1 million, $2.0 million, $11.8 million for the years ended December 31, 2024, 2023, and 2022, respectively. The prior period development in 2024 of $6.1 million was driven primarily by favorable net loss development relating to the 2023 and prior accident years, resulting in a net release of $2.9 million from attritional reserves and $3.2 million from catastrophe reserves. These changes are primarily a result of ongoing analysis of claims emergence patterns and loss trends. The prior period development in 2023 of $2.0 million was driven primarily by favorable net loss development relating to the 2022 accident year and prior years, resulting in a net release of $2.1 million from catastrophe reserves. These changes are primarily a result of ongoing analysis of claims emergence patterns and loss trends.
The prior period development in 2023 of $2.0 million was driven primarily by favorable net loss development relating to the 2022 accident year, resulting in a net release of $2.1 million from catastrophe reserves. These changes are primarily a result of ongoing analysis of claims emergence patterns and loss trends. The prior period development in 2022 of $11.8 million was driven primarily by favorable net loss development relating to the 2021 accident year, resulting in a net release of $5.8 million from attritional reserves and $6.0 million from catastrophe reserves. These changes are primarily a result of ongoing analysis of claims emergence patterns and loss trends.
The following tables present information about incurred and paid loss development as of December 31, 2024, net of reinsurance, as well as cumulative claim frequency and the total of IBNR reserves. For the purpose of defining claims frequency, the number of reported claims is by loss occurrence and does not include claims that do not result in indemnification of loss. The Company presents incurred and paid claims development consistent with its GAAP reportable segments (Refer to Note 22, Segments). The information about incurred and paid claims development for the years ended prior to December 31, 2024 is presented as unaudited supplementary information.
In addition, the following tables show incurred loss and LAE by accident year in aggregate (in millions, except for number of claims):
Insurance-as-a-Service Incurred Loss and LAE, Net of Reinsurance
December 31, 2024
2020*2021*2022*2023*2024IBNRCumulative Number of Reported Claims
Accident Year
20207.67.49.38.9 8.8 — 16,652
20216.93.83.5 2.8 (0.1)16,691
202213.712.4 12.5 0.6 23,414
202315.4 13.7 1.7 29,280
202425.4 11.4 29,161
Total incurred Loss and Loss Adjustment Expenses, net

$63.2 $13.6 115,198 
* Presented as unaudited required supplementary information
Insurance-as-a-Service Cumulative Paid Loss and LAE, Net of Reinsurance
2020*2021*2022*2023*2024
Accident Year
20204.68.08.48.68.7 
20210.42.83.12.9 
20225.010.711.4 
20237.911.4 
20249.9 
Total paid losses and LAE, net

$44.3 
Total unpaid loss and LAE reserves, net
19.0 
Unpaid loss and LAE reserves for years prior to 2019, net
$— 
Ceded unpaid loss and LAE$200.6 
Gross unpaid loss and LAE$219.6 
* Presented as unaudited required supplementary information
Insurance-as-a-Service Average Annual Percentage Payout of Incurred Loss By Age, Net of Reinsurance (Unaudited Supplementary Information)
The following table presents the average annual percentage payout of incurred losses by age, net of reinsurance as of December 31, 2024:
Years12345
Property and Casualty48%39%3%5%3%

Hippo Home Insurance Program Incurred Loss and LAE, Net of Reinsurance
December 31,December 31, 2024
2020*2021*2022*2023*2024IBNRCumulative Number of Reported Claims
Accident Year
202020.9 20.7 20.6 20.7 20.6 0.2 13,560
202169.959.758.2 57.5 2.1 24,483
202280.681.3 82.6 29.9 24,198
2023153.2 149.4 1.2 22,744
2024175.5 28.4 12,036
Total incurred Loss and Loss Adjustment Expenses, net

$485.6 $61.8 97,021 
* Presented as unaudited required supplementary information
Hippo Home Insurance Program Cumulative Paid Loss and LAE, Net of Reinsurance
2020*2021*2022*2023*2024
Accident Year
202012.5 18.8 20.1 20.2 20.2 
202134.953.054.354.7 
202233.343.545.4 
2023104.7145.3 
2024118.9 
Total paid losses and LAE, net

$384.5 
Total unpaid loss and LAE reserves, net
101.1 
Ceded unpaid loss and LAE$29.3 
Gross unpaid loss and LAE$130.4 
* Presented as unaudited required supplementary information

Hippo Home Insurance Program Average Annual Percentage Payout of Incurred Loss By Age, Net of Reinsurance (Unaudited Supplementary Information)
The following table presents the average annual percentage payout of incurred losses by age, net of reinsurance as of December 31, 2024:
Years12345
Property and Casualty57%25%(1)%15%—%

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):
2024 Current Accident Year2023 Current Accident Year2022 Current Accident Year
IncurredPaidIncurred PaidIncurred Paid
Development table
Insurance-as-a-Service
25.1 9.9 15.4 7.9 13.7 5.0 
Hippo Home Insurance Program
175.2 118.9 153.2 104.7 80.6 33.3 
Unallocated loss adjustment expense
Insurance-as-a-Service
2.3 2.3 0.9 0.9 — — 
Hippo Home Insurance Program
11.9 11.9 14.1 14.1 18.9 18.9 
Other0.6 0.2 0.1 (0.1)— (0.5)
Rollforward table$215.1 $143.2 $183.7 $127.5 $113.2 $56.7 

Reconciliation of Reinsurance Recoverables
As of
December 31, 2024
Net outstanding liabilities from development tables
Insurance-as-a-Service$19.0 
Hippo Home Insurance Program101.1 
Reserve for losses and LAE, net of reinsurance recoverables at end of period120.1 
Recoverables
Insurance-as-a-Service200.6 
Hippo Home Insurance Program29.3 
Reinsurance recoverables on unpaid losses and LAE at end of period229.9 
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of end of the period$350.0 
v3.25.0.1
Reinsurance
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Reinsurance
11. Reinsurance
The Company purchases reinsurance to help manage exposure to property and casualty insurance risks, including attritional and catastrophic risks. The Company’s insurance company subsidiaries have entered into
proportional and non-proportional reinsurance treaties, under which a significant portion of the liabilities have been ceded to third-party reinsurers. The Company also assumes risk from non-affiliated insurance carriers.
Proportional Reinsurance Treaties — Hippo Home Insurance Program
In 2024, the Company started transitioning from proportional reinsurance to a more traditional excess of loss (“XOL”) reinsurance structure, retaining nearly all the attritional risk and related premium, and purchasing XOL reinsurance to protect against major catastrophic weather events.
For the Company’s primary homeowners reinsurance program for policies with effective dates in 2024, the Company elected not to purchase proportional reinsurance and to retain more of the exposure and associated premium.
For business produced through the Company’s builder channel for policies with effective dates in 2024, the Company purchased proportional reinsurance from one third-party reinsurer and expects to retain approximately 85% of the premium and associated risk, before purchasing catastrophic protection. All reinsurance obligations are appropriately collateralized. The reinsurance contract is subject to contingent commission adjustments and limited loss participation features, which align the Company’s interests with those of the reinsurers.
For the Company’s primary homeowners reinsurance treaty for policies with effective dates in 2023, the Company secured proportional reinsurance from a diverse panel of six third-party reinsurers. All reinsurers are either rated “A-” Excellent or better by AM Best, or the reinsurance is appropriately collateralized. In 2023, the Company retained approximately 40% of the premium through its insurance company subsidiaries or its captive reinsurance company, RHS, before purchasing catastrophe protection.
Effective January 1, 2024, the Company elected to cut off 25% of the reinsurer’s participation on the 2023 proportional reinsurance treaty and retain the remaining exposure and related premiums.
For business produced through the Company’s builder channel for policies with effective dates in 2023, the Company purchased proportional reinsurance from three third-party reinsurers. All reinsurers are rated “A-” Excellent or better by AM Best, or the reinsurance is appropriately collateralized. In 2023, the Company retained approximately 58% of the premium produced through the Company’s insurance company subsidiaries or RHS, before purchasing catastrophe protection.
For the Company’s primary homeowners reinsurance treaty for policies with effective dates in 2022, the Company secured proportional reinsurance from a diverse panel of eleven third-party reinsurers with AM Best ratings of “A-” Excellent or better. A total of approximately 10% of the premium was retained through the Company’s insurance company subsidiaries, including the Company’s captive reinsurance company, RHS.
The Company also seeks to further reduce its risk retention through purchases of non-proportional reinsurance described below.
Non-Proportional Reinsurance — Hippo Home Insurance Program
The Company purchases non-proportional XOL reinsurance which includes traditional reinsurance protection, state subsidized reinsurance protection, catastrophe bonds, and industry loss warranty products. Through the Company’s insurance company subsidiaries, the Company is exposed to the risk of natural catastrophe events that could occur on the risks arising from policies underwritten by the Company or other managing general agents (“MGAs”). The Company is also exposed to this risk through its captive reinsurer, which takes on a share of the risk underwritten by the Company’s MGA business.
In May 2023, the Company secured new catastrophe protection through a per occurrence XOL reinsurance agreement with Mountain Re Ltd. (“Mountain Re”), an independent Bermuda company, licensed as a Special Purpose Insurer. The reinsurance agreement meets the requirements to be accounted for as reinsurance in accordance with the guidance for reinsurance contracts. In connection with the reinsurance agreement, Mountain Re issued notes (generally referred to as “catastrophe bonds”) to investors, consistent with the amount of coverage provided under the reinsurance agreement. The reinsurance agreement provides the Company with coverage through June 2026, and pursuant to the agreement, Mountain Re provides XOL reinsurance coverage to the Company for
losses from a variety of perils, including named storms, fire following an earthquake, severe thunderstorms, and winter storms on business produced through the Hippo MGA. Under the terms of the reinsurance agreement, the Company is obligated to pay annual reinsurance premiums to Mountain Re for the reinsurance coverage which inures to the benefit of the Company’s traditional XOL program described below. Amounts payable under the reinsurance agreement with respect to any covered event cannot exceed the Company’s actual losses from such event.
The Company’s XOL program provides protection to the Company from catastrophes that could impact a large number of insurance policies. In 2023, the Company purchased XOL reinsurance so that the probability of losses from a single occurrence exceeding the protection purchase was no more than 0.4%. In 2024, the Company increased its purchase of non-proportional XOL reinsurance, raising the per occurrence XOL limit by 11% and increasing the number of participating reinsurers from 14 to 19. Under this placement, along with other existing catastrophe protections, the Company is protected on the upper layers of risk up to at least a 1 in 250-year event when considering the Mountain Re per occurrence, described above, corporate catastrophe, and the Florida Hurricane Catastrophe Fund (the “FHCF”) XOL described below under “Other Reinsurance.” The reinsurance protects the Company from all but the most severe catastrophic events.
Other Reinsurance
Spinnaker purchases reinsurance for programs written by MGAs other than Hippo through its Insurance-as-a-Service business. The reinsurance treaties are a mix of proportional and XOL in which generally 75% to 100% of the risk, up to at least the 1 in 250 year return period, is ceded. The reinsurance contracts are subject to variable commission adjustments and loss participation features, including loss caps, which may increase the amount of losses retained by the Company in excess of the Company’s pro-rata participation. Such provisions are recognized in the period based on the experience to date under the agreement.
Spinnaker purchases a corporate catastrophe XOL program that attaches above the individual programmatic reinsurance programs protecting the property business written by Hippo as well as the other MGAs. This treaty has a floating retention and attaches at the exhaustion point of the underlying programs’ specific reinsurance. The catastrophe bond, and the FHCF, described below, inures to the benefit of this contract. This program provides the Company protection from catastrophes that could impact a large number of correlated insurance policies underwritten by the Company and its other MGAs. The Company buys this XOL so that the probability of losses from a single occurrence across the property portfolio exceeding the protection purchased is no more than 0.4%, or equivalent to a 1 in 250-year return period. This reinsurance protects the Company from all but the most severe catastrophic events.
Spinnaker also purchases reinsurance from the State Board of Administration in Florida via the FHCF annually for admitted residential hurricane losses in Florida. This coverage is provided by the State of Florida and protects business written by Hippo as well as other MGAs that produce admitted residential policies. The Company currently purchases reimbursement protection at the maximum level (90%) of mandatory coverage offered by the FHCF.
With all reinsurance programs, the Company’s wholly owned insurance carriers are not relieved of their primary obligations to policyholders in the event of a default or the insolvency of its reinsurers. As a result, 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, qualified trusts, and letters of credit) as security under the reinsurance agreements. No allowance has been recorded in the years ended
December 31, 2024 and 2023 for amounts anticipated to be uncollectible or for the anticipated failure of a reinsurer to meet its obligations under the contracts.
The following table reflects amounts affecting the consolidated statements of operations and comprehensive loss for ceded reinsurance (in millions):
For the Year Ended December 31,
202420232022
Written PremiumsEarned PremiumsLoss and LAE IncurredWritten PremiumsEarned PremiumsLoss and LAE IncurredWritten PremiumsEarned PremiumsLoss and LAE Incurred
Direct$881.8 $840.7 $441.4 $834.6 $760.5 $531.8 $628.3 $541.1 $409.6 
Assumed10.6 13.0 8.9 12.7 8.8 11.7 1.6 0.4 0.1 
Gross892.4 853.7 450.3 847.3 769.3 543.5 629.9 541.5 409.7 
Ceded(519.8)(581.2)(241.3)(687.7)(661.8)(361.8)(580.3)(499.0)(308.3)
Net$372.6 $272.5 $209.0 $159.6 $107.5 $181.7 $49.6 $42.5 $101.4 

As of December 31, 2024 and December 31, 2023, a provision for sliding scale commissions of $34.2 million and $23.8 million, respectively, is included in provision for commission on the consolidated balance sheets. As of December 31, 2024 and December 31, 2023, a receivable for sliding scale commissions of $3.6 million and $5.8 million, respectively, is included in ceding commissions receivable on the consolidated balance sheets.
As of December 31, 2024 and December 31, 2023, a provision for loss participation features of $41.6 million and $112.8 million, respectively, was recorded as a contra-asset in reinsurance recoverable on the consolidated balance sheets.
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 is presented in the table below (in millions).
December 31,
20242023
Reinsurance recoverable on paid loss
$55.4 $59.9 
Ceded unpaid loss and LAE
229.9221.4
Total reinsurance recoverable$285.3 $281.3 
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. This collateral serves as security under the terms of its reinsurance contracts to reduce credit exposure to reinsurance recoverable and prepaid reinsurance premium
balances. The Company has the following unsecured reinsurance recoverable and prepaid reinsurance premium balances from reinsurers (in millions):
December 31,
AM Best RatingReinsurer20242023
A+Munich Reinsurance America, Inc.$104.4 $60.0 
A+
Everest Reinsurance Company41.2 41.6 
A+Allianz Reinsurance America, Inc.39.1 7.4 
A+Hannover Rück SE33.9 56.9 
A+
MS Amlin AG21.6 — 
A+Canopius US Insurance, Inc.16.6 0.4 
A+
Mitsui Sumitomo Insurance Company of America15.9 2.8 
$272.7 $169.1 
Other reinsurers151.4 202.4 
$424.1 $371.5 
v3.25.0.1
Geographical Breakdown of Gross Written Premium
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Geographical Breakdown of Gross Written Premium
12. Geographical Breakdown of Gross Written Premium
Gross written premium by state is as follows (in millions):

Year Ended December 31,
2024
2023
2022
Amount% of GWPAmount% of GWPAmount% of GWP
State
California$201.1 22.5 %$156.7 18.5 %$116.3 18.5 %
Texas128.1 14.4 %151.6 17.9 %155.6 24.7 %
Florida115.1 12.9 %111.5 13.2 %55.4 8.8 %
Illinois27.7 3.1 %25.9 3.1 %22.7 3.6 %
Georgia24.5 2.7 %37.7 4.4 %29.3 4.7 %
South Carolina24.8 2.8 %17.3 2.0 %10.2 1.6 %
New York34.0 3.8 %19.9 2.3 %10.7 1.7 %
Colorado18.8 2.1 %23.4 2.8 %19.3 3.1 %
New Jersey18.2 2.0 %17.2 2.0 %14.0 2.2 %
Ohio16.4 1.8 %15.2 1.8 %13.8 2.2 %
Other283.7 31.9 %270.9 32.0 %182.6 29.0 %
Total$892.4 100 %$847.3 100 %$629.9 100 %
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Public Warrants and Private Placement Warrants
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Public Warrants and Private Placement Warrants
13. Public Warrants and Private Placement Warrants
In November 2020, in connection with the RTPZ IPO, RTPZ issued 4.6 million warrants (the “Public Warrants”) to purchase its Class A ordinary shares at $287.50 per share. Concurrently, RTPZ also issued 4.4 million warrants (the “Private Placement Warrants” and, together with the Public Warrants, the “Public and Private Placement Warrants”) to its Sponsor to purchase its Class A ordinary shares at $287.50 per share. In connection with the Business Combination, the Public and Private Placement warrants converted, on a one-for-one basis, into warrants to purchase Company common stock.
On September 9, 2024, the Company received notice (the “Notice”) from the New York Stock Exchange (the “NYSE”) that the Company’s warrants (the “Warrants”) are no longer suitable for listing based on “abnormally low selling price” levels, pursuant to Section 802.01D of the NYSE Listed Company Manual, and that the NYSE
Regulation has determined to delist the Warrants. As such, the Public Warrants were determined to have no value as of December 31, 2024.

All of the Public and Private Placement Warrants were outstanding as of December 31, 2024 and 2023.
Prior to the September 2024 delisting, every 25 Warrants are presently exercisable for one share of the Company’s common stock at an exercise price per share of $287.50.
The Company classified the Public and Private Placement Warrants as other liabilities on its consolidated balance sheets as these instruments are precluded from being indexed to the Company’s own stock. In certain events outside of the Company’s control, the Public Warrant and Private Placement Warrant holders are entitled to receive cash, while in certain scenarios, the holders of the common stock are not entitled to receive cash or may receive less than 100% of any proceeds in cash, which precludes these instruments from being classified within equity. The Public and Private Placement Warrants were initially recorded at fair value and are subsequently adjusted to fair value at each subsequent reporting date. Changes in the fair value of these instruments are recognized within other (income) expense, net in the Consolidated Statements of Operations and Comprehensive Loss. See Note 4, Fair Value Measurement for additional information on valuation.
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Commitment and Contingencies
 12 Months Ended
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
14. Commitments and Contingencies
Purchase Commitments
As of December 31, 2024, the Company has total minimum purchase commitments, which must be made during the next three years, of $3.6 million.
Legal Proceedings
From time to time, the Company may become involved in litigation or other legal proceedings. The Company is routinely named in litigation involving claims from policyholders. Legal proceedings relating to claims are reserved in the normal course of business. The Company does not believe it is a party to any pending litigation or other legal proceedings that is likely to have a material adverse effect on the Company’s business, financial condition or results of operations. Regardless of outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors.
The Company records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, the Company accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the litigation and indicate that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, the Company discloses the nature and estimate of the possible loss of the litigation. The Company does not disclose information with respect to litigation where an unfavorable outcome is considered to be remote or where the estimated loss would not be material. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the Company’s liquidity, results of operations, business, or financial condition
On November 19, 2021, the Company and Assaf Wand were named in a civil action in San Francisco Superior Court brought by Eyal Navon. On February 16, 2024, Innovius filed an amended cross-complaint naming Mr. Navon, Hippo, and Mr. Wand as cross-defendants. The suits against the Company have been settled with no amounts paid by the Company to Innovious or Mr. Navon.
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Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases
15. Leases
Operating Leases
The Company leases office space under non-cancelable operating leases with various expiration dates through 2027, some of which include options to extend the leases for up to 5 years. The Company does not assume renewals in the determination of the lease term unless the renewals are deemed to be reasonably certain. For the
years ended December 31, 2024 and December 31, 2023, the Company recognized $3.0 million and $2.9 million of ROU asset impairments associated with the Company’s abandonment of leased space used in the Company’s business operations, respectively. The Company recognized operating lease expenses of $3.2 million, $6.1 million and $5.2 million for the year’s ended December 31, 2024, December 31, 2023 and December 31, 2022, respectively.
The weighted average remaining lease term and the weighted average discount rate for operating leases as of December 31, 2024 and 2023 were:
December 31,
20242023
Weighted average remaining lease term2.142.88
Weighted average discount rate4.2%4.3%
Maturities of operating lease liabilities by fiscal year as of December 31, 2024 are (in millions):
Year Ending December 31,
20255.1 
20264.1 
20271.2 
2028— 
Thereafter— 
Total undiscounted lease payments$10.4 
Less: Imputed interest(0.4)
Present value of lease payments$10.0 
Supplemental cash flow information about the Company’s operating leases (in millions):
For the Year Ended December 31,
20242023
2022
Cash paid for operating lease liabilities $5.7 $5.7 $4.4 
Right-of-use assets obtained in exchange for new operating liabilities 0.7 — 15.0 
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Stockholders’ Equity
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Stockholders’ Equity
16. Stockholders’ Equity
Common Stock
The Company’s common stock trades on the New York Stock Exchange (“NYSE”) under the ticker symbols “HIPO”. Pursuant to Certificate of Incorporation, the Company is authorized to issue 80 million shares of common stock, with a par value of $0.0001 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.
Stock-Based Compensation Plans
2019 Stock Option and Grant Plan
Adopted in 2019, 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. Upon the closing of the Business Combination, the remaining unallocated share reserve under the 2019 Plan was cancelled and no new awards will be granted under such plan. Awards outstanding under the 2019 Plan were assumed by the Company upon the Closing and continue to be governed by the terms of the 2019 Plan.
2021 Incentive Award Plan
Adopted in 2021, the 2021 Incentive Award Plan (the “2021 Plan”), which authorized for issuance 3.1 million shares of common stock. The 2021 Plan provides for the issuance of a variety of stock-based compensation awards, including stock options, stock appreciation rights (“SARs”), restricted stock awards, restricted stock unit awards, performance bonus awards, performance stock unit awards, dividend equivalents, or other stock or cash-based awards. The vesting period of each option and award shall be as determined by a committee of the Company’s board of directors but is generally over two to four years. This reserve increases on January 1 of each year through 2031, by an amount equal to the smaller of: (i) 5% of the number of shares of common stock issued and outstanding on the last day of the immediately preceding fiscal year, or (ii) an amount determined by the board of directors.
Stock Options
The following table summarizes option activity under the plans:
Options OutstandingWeighted-Average RemainingAggregate Intrinsic Value
(In Millions)
Number of SharesWeighted Average Exercise PriceContract Term
(In Years)
Outstanding as of January 1, 2024
1,589,529$16.13 6.8$0.2 
Granted—— 
Exercised(360,078)14.57 3.6 
Cancelled/Expired(76,573)15.52 0.1 
Outstanding as of December 31, 20241,152,878$16.67 5.7$11.7 
Vested and exercisable as of December 31, 20241,114,828$16.69 5.6$11.3 
The weighted-average grant date fair value of options granted during the year ended December 31, 2022 was $15.24 per share.
Total unrecognized compensation cost of $0.6 million as of December 31, 2024 is expected to be recognized over a weighted-average period of 1.2 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:
December 31,
2022
Expected term (in years)
5.0 - 6.7
Expected volatility
29.6% - 30.9%
Risk-free interest rate
2.7% - 3.0%
Expected dividend yield— %
Expected Term – The expected term represents the period that the Company’s stock-based awards are expected to be outstanding. The Company has opted to use the simplified method for estimating the expected term
of options. Accordingly, 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 stock-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.
Fair value of common stock – The Company determined the value of its common stock based on the observable daily closing price of its common stock (ticker symbol “HIPO”).
Early Exercises of Stock Options
In 2020 and 2021, certain employees early exercised stock options with cash. As of December 31, 2024, the company no longer had any unvested shares subject to repurchase. As of December 31, 2023, the Company had $0.7 million recorded in accrued expenses and other liabilities related to early exercises of the stock options, and the related number of unvested shares subject to repurchase was 26 thousand.
Stock Option Repricing
On March 1, 2023, the Board approved a one-time repricing of certain stock option awards. The repricing will impact out-of-the-money stock options held by all employees who remain employed through March 6, 2023 (the “Repricing Date”), including the Company’s executive officers. Each stock option was repriced to have a per share exercise price equal to the closing price of the Company’s common stock on the Repricing Date, except that the per share exercise price of each stock option held by any of the Company’s executive officers that was repriced is subject to a premium. The premium will be in effect from the Repricing Date through the first anniversary of the Repricing Date (the “Premium End Date”). In the event the applicable executive officer (i) exercises his/her stock options prior to the Premium End Date or (ii) does not provide services to the Company as an employee or a consultant through the Premium End Date, the per share exercise price applicable to his/her stock options will be two times the closing price of the Company’s common stock on the Repricing Date. There were no changes to the number of shares, the vesting schedule or the expiration date of the repriced stock options. As a result of the repricing, the Company will record incremental share-based compensation charges of $3.6 million, of which $1.4 million was recognized on the Repricing Date, and $2.2 million will be recognized over the remaining term of the repriced options.
Restricted Stock Units and Performance Restricted Stock Units
The Company grants service based RSUs and performance based RSUs (“PRSUs”) as part of the Company’s equity compensation plans.
The Company measures RSU and PRSU expense for awards granted based on the estimated fair value of those awards at grant date. To estimate the fair value of PRSUs containing a market condition, the Company used the Monte Carlo valuation model. The fair value of all other awards is based on the closing price of the Company’s common stock as reported on the NYSE on the date of grant. The RSUs generally vest over a period of two to four years. The PRSUs vest based on the level of achievement of the performance goals and continued employment with the Company over a one to four year performance period.
Stock-based compensation expense for RSUs are recognized based on the straight-line basis over the employee requisite service period. Stock-based compensation expense for PRSUs are recognized on a graded accelerated basis over the employee requisite service period. The Company accounts for forfeitures as they occur.
During the year ended December 31, 2022, the Company granted 1.1 million PRSUs. Half of the PRSUs granted are subject to the achievement of market-based performance goals and the remaining PRSUs subject to vesting pursuant to internal financial measures. The actual number of units that ultimately vest will range from 0% to 100% of the granted amount, based on the level of achievement of the performance goals and continued employment with the Company.
The following table presents the assumptions utilized in the Monte Carlo valuation model for market-based awards for the period indicated:
December 31,
2022
Expected term (in years)4.1
Expected volatility95.0 %
Risk-free interest rate2.9 %
Expected dividend yield— %
The following table summarizes the RSU and PRSU activity year ended December 31, 2024:
Number of SharesWeighted Average Grant-Date Fair Value per Share
Unvested and outstanding as of December 31, 20232,534,683 $28.28 
Granted1,367,647 $19.47 
Vested(1,678,053)$25.18 
Canceled and forfeited(485,496)$28.12 
Unvested and outstanding as of December 31, 20241,738,781 $24.40 

Total unrecognized compensation cost of unvested RSUs and PRSUs is $26.3 million as of December 31, 2024, and it is expected to be recognized over a weighted-average period of 1.2 years.
2021 Employee Stock Purchase Plan
The Company adopted the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which authorized 0.5 million shares of common stock for issuance. The 2021 ESPP became effective on October 25, 2021. The 2021 ESPP is designed to allow eligible employees of the Company to purchase shares of common stock with their accumulated payroll deductions at a price equal to 85% of the lesser of the fair market value on the first business day of the offering period or on the designated purchase date of the offering period up to $25,000 during the calendar year. The ESPP offers a six-month look-back feature as well as an automatic reset feature that provides for an offering period to be reset to a new lower-priced offering if the offering price of the new offering period is less than that of the current offering period. During the year ended December 31, 2024 and 2023, 170,009 and 142,297 shares were issued under the plan, respectively. In addition, the number of shares available for issuance under the 2021 ESPP will be annually increased on January 1 of each calendar year beginning in 2021 and ending in 2031, by an amount equal to the lesser of (i) one percent of the shares outstanding (on a converted basis) on the last day of the immediately preceding fiscal year and (ii) such number of shares as may be determined by the board of directors.
Stock-Based Compensation
Total stock-based compensation expense, classified in the accompanying consolidated statements of operations and comprehensive loss was as follows (in millions):
Year Ended
December 31,
202420232022
Losses and loss adjustment expenses$1.1 $1.2 $2.6 
Insurance related expenses4.5 4.9 5.4 
Technology and development6.9 12.5 19.2 
Sales and marketing7.9 13.1 13.7 
General and administrative17.8 25.8 21.0 
Total stock-based compensation expense$38.2 $57.5 $61.9 
Stock Repurchases
In March 2023, the Company’s board of directors authorized the repurchase of up to $50.0 million of its common stock, with no expiration date. Repurchases under the program may be made in the open market, in privately negotiated transactions or otherwise, with the amount and timing of repurchases to be determined at the Company’s discretion depending on market conditions and corporate needs. Open market repurchases will be structured to occur in accordance with applicable federal securities laws, including within the pricing and volume requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its common stock under this authorization. This program does not obligate the Company to acquire any particular amount of its common stock, and may be modified, suspended or terminated at any time at the Company’s discretion. During the year ended December 31, 2023, the Company repurchased 0.1 million shares of its common stock for $1.8 million under this program. Shares repurchased by the Company are accounted for when the transaction is settled.
On October 30, 2024, the Company entered into a Share Repurchase Agreement with an existing unaffiliated shareholder to purchase 957,242 shares of the Company’s common stock at a purchase price of $16.28 per share pursuant to the Company’s share repurchase program (the “Share Repurchase”). The Share Repurchase was substantially completed on October 30, 2024. The Company used available cash resources of approximately $15.6 million to complete this transaction. As of December 31, 2024, there were no unsettled share repurchases.
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Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes
17. Income Taxes
Income tax expense
The Company and its U.S. subsidiaries file a consolidated federal income tax return. Tax liabilities and benefits realized by the consolidated group are allocated on a separate return basis. The Company’s international subsidiaries file various income tax returns in their respective jurisdictions.
Income (loss) before tax consists of the following (in millions):
Year Ended December 31,
202420232022
United States$(40.1)$(274.0)$(333.5)
Foreign0.8 1.4 1.4 
Loss before income taxes attributable to Hippo$(39.3)$(272.6)$(332.1)
Income before tax attributable to noncontrolling interests11.9 10.1 6.9 
Loss before income taxes$(27.4)$(262.5)$(325.2)
The components of the total provision for income taxes are as follows (in millions):
Year Ended December 31,
202420232022
Loss before income taxes attributable to Hippo$(39.3)$(272.6)$(332.1)
Income tax benefit from statutory rate(8.3)(57.2)(69.8)
Effect of:
Meals, entertainment & parking0.1 0.2 0.2 
Deferred compensation6.7 7.4 6.6 
State taxes(7.6)(9.1)(9.0)
Goodwill impairment— — 8.0 
Increase in valuation allowance6.5 64.2 66.8 
Foreign taxes0.5 0.1 1.2 
Other3.3 (5.1)(2.7)
Income taxes expense$1.2 $0.5 $1.3 
The components of the provision for income taxes are as follows (in millions):
Year Ended December 31,
202420232022
Income tax applicable to:
Current
Federal$— $— $— 
State0.7 0.4 0.1 
Foreign0.4 0.8 1.2 
Total current provision$1.1 $1.2 $1.3 
Deferred
Federal$— $— $— 
State— — — 
Foreign0.1 (0.7)— 
Total deferred provision$0.1 $(0.7)$— 
Total provision for income taxes$1.2 $0.5 $1.3 
For the years ended December 31, 2024, 2023 and 2022, the Company made net state and foreign tax payments of $1.3 million, $2.2 million, and $0.7 million, respectively.
Deferred tax
Significant components of the Company’s deferred tax assets and liabilities are as follows (in millions):
As of December 31,
20242023
Deferred tax assets:
Net operating loss carryforward$175.5 $171.6 
Intangible assets8.4 10.2 
Research and development credit10.4 10.5 
Deferred compensation6.5 9.7 
Unearned premium reserve9.6 4.1 
Loss reserve discount1.1 1.1 
Unrealized losses2.1 2.0 
Lease liability2.7 3.5 
Deferred revenue2.4 5.9 
Capitalized software17.4 13.7 
Other accruals5.8 3.2 
Total deferred tax assets$241.9 $235.5 
Valuation allowance(232.6)(226.0)
Total deferred income tax assets$9.3 $9.5 
Deferred tax liabilities
Property and equipment$0.7 $0.9 
Deferred acquisition costs5.3 5.0 
Right-of-use asset1.2 2.4 
Other1.4 0.4 
Total deferred tax liabilities$8.6 $8.7 
Deferred income tax assets, net$0.7 $0.8 
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 federal and state deferred tax assets will be realized. As a result, the Company has recorded a full valuation allowance against its federal and state deferred tax assets recorded as of December 31, 2024 and 2023.
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.
Below is a reconciliation of unrecognized tax benefits (in millions):
Year Ended December 31,
20242023
Beginning unrecognized tax benefits$5.1 $2.9 
Increases related to tax positions from prior years
(0.4)0.8 
Increases related to tax positions taken in the current year0.3 1.4
Ending unrecognized tax benefits$5.0 $5.1 
The balances at December 31, 2024 and 2023 were fully offset by a valuation allowance. No interest or penalties were incurred during the years ended December 31, 2024 and 2023.
As of December 31, 2024, there were no material positions for which the Company believes it is reasonably possible that the total amounts of unrecognized tax benefits will significantly increase or decrease within the next twelve months.
Net operating losses
As of December 31, 2024, the Company has U.S. federal and state net operating loss (“NOL”) carryforwards of $707.5 million and $428.7 million, respectively. The Company has $166.0 million of Dual Consolidated Losses in RHS, a 953(d) company. 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):

Indefinite
20-year CarryforwardCarryforward
Expires in 2035 - 2043
PeriodTotal
U.S. Federal$175.1 0$532.4 $707.5 
U.S. State428.7— 428.7
Balance as of December 31, 2024$603.8 $532.4 $1,136.2 
Tax credit carryforwards
As of December 31, 2024, the Company has U.S. federal R&D credit carryforwards of $9.4 million, which have a 20-year carryforward and expire 2038-2044, as well as state R&D credit carryforwards of $7.1 million, which have an indefinite carryforward period.
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, 2024. For U.S. federal purposes, the Company is open to examination for the 2021 – 2024 tax years and for state purposes, the Company is open for from 2020 – 2024 tax years. No interest or penalties were incurred during the years ended December 31, 2024, 2023 and 2022.
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Net Loss Per Share Attributable to Common Stockholders
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Net Loss Per Share Attributable to Common Stockholders
18. Net Loss Per Share Attributable to Common Stockholders
Net loss per share attributable to common stockholders was computed as follows:
Year Ended December 31,
202420232022
Numerator:
Net loss attributable to Hippo – basic and diluted (in millions)
$(40.5)$(273.1)$(333.4)
Denominator:
Weighted-average shares used in computing net loss per share attributable to Hippo — basic and diluted24,699,91323,578,92222,747,101
Net loss per share attributable to Hippo — basic and diluted$(1.64)$(11.58)$(14.66)
Potential dilutive securities that were not included in the diluted loss per share calculations because they would be anti-dilutive were as follows:
December 31,
202420232022
Outstanding options1,152,8781,589,5291,986,978
Warrants to purchase common shares360,000360,000360,000
Common stock subject to repurchase—26,05876,364
RSU and PRSUs1,738,7812,534,6832,881,984
Total3,251,6594,510,2705,305,326
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Acquisitions
 12 Months Ended
Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Acquisitions
19. Acquisitions and Dispositions
Asset Acquisitions
In the fourth quarter of fiscal 2023, the Company acquired two insurance agencies for purchase consideration totaling $5.9 million and consisting of $4.3 million in cash, of which $0.7 million is deferred until the first and second anniversary of the transaction date, and $1.6 million related to the fair value of the previously held interest. Both acquisitions were determined to be asset acquisitions for accounting purposes. Of the total purchase consideration, $4.8 million has been recorded to acquired intangible assets and primarily relate to customer relationships and have a useful life of seven years. The remaining net assets acquired consisted of $1.1 million of net working capital.
Prior to the acquisitions, the Company accounted for its ownership interest under the equity method of accounting. The acquisition of the controlling financial interest was accounted for as a step acquisition. The Company’s previously held interest was remeasured to fair value and resulted in a gain of $1.3 million. The gain was reflected in other (income) expense, net in the consolidated statements of operations and comprehensive loss.
Acquisition of noncontrolling interests in subsidiaries
In the fourth quarter of 2023, the Company purchased all of the noncontrolling interest in two insurance agencies for $3.2 million in cash. In connection therewith, the Company recognized a $2.7 million adjustment to equity for the difference between the $3.2 million of cash consideration allocated to the noncontrolling interest and its $0.5 million carrying value. The Company had previously consolidated these agencies as they were Variable Interest Entities (“VIEs”) and the Company was the primary beneficiary.
Mainsail Disposition
On July 31, 2024, the Company completed the sale of Mainsail Insurance Company (“Mainsail”) for an aggregate price of $26.6 million to Emerald Bay Insurance Group (“Emerald Bay”). Mainsail was previously included within the Insurance-as-a-Service segment. The Company determined that the disposition did not constitute a strategic shift and that the impact on the Company’s overall operations and financial results is not material. Accordingly, the operations associated with the disposal are not reported in discontinued operations. During the year ended December 31, 2024, the Company recognized a total gain on the sale of Mainsail of $8.2 million based on total cash proceeds received of $26.6 million and net assets sold of $18.4 million. The transaction was completed at arm’s length and Emerald Bay was not, and will not be, considered a related party of the Company.
First Connect Divestiture
On October 29, 2024, the Company completed the sale of its independent agent platform, First Connect Insurance Services (“First Connect”) to affiliates of Centana Growth Partners (“Centana”), for which the Company received $48.0 million in cash at closing, with the opportunity to earn up to $12.0 million following the closing upon the achievement of certain revenue-based targets in 2025 and 2026. The Company retained a 19.2% ownership stake in First Connect. The Company determined that the disposition will not constitute a strategic shift and that the impact on the Company’s overall operations and financial results is not material. Accordingly, the operations associated with the disposal will not be reported in discontinued operations. During the year ended December 31, 2024, the Company recognized a total gain on the sale of First Connect of $46.1 million, including a $4.1 million valuation of the Company’s retained 19%, which is considered non-cash. The fair value of $4.1 million was estimated using the Monte Carlo Simulation method and includes assumptions and judgments regarding the risk-free rate, volatility, and expected term, which are primarily Level Three assumptions. The contingent earn out was not included in the calculation of the gain as we will record it when the contingency is resolved. The transaction was completed at arm’s length and Centana was not, and will not be, considered a related party of the Company.
v3.25.0.1
Statutory Financial Information
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Statutory Financial Information
20. Statutory Financial Information
The Company’s insurance subsidiaries are subject to insurance laws and regulations in the jurisdictions in which they operate. 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 (SAP) 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. As of December 31, 2024 and 2023, the Company’s insurance subsidiaries capital and surplus exceeds its authorized control level.
The statutory net income and statutory capital and surplus of the Company’s insurance subsidiaries in accordance with regulatory accounting practices were as follows (in millions):
Statutory Net Income (Loss)Statutory Capital and Surplus
2024202320242023
U.S. insurance subsidiaries$32.2 $21.2 $205.3 $191.0 
International insurance subsidiary8.2 (53.9)43.2 24.1 
Total
$40.4 $(32.7)$248.5 $215.1 
v3.25.0.1
Dividend Restrictions
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Dividend Restrictions
21. Dividend Restrictions
Spinnaker Insurance Company
The maximum amount of dividends that can be paid by all property and casualty insurance companies within the group without prior approval of their respective insurance commissioner in a 12 month period, measured retrospectively from the date of payment, is $34.5 million, $26.3 million and $21.3 million as of December 31, 2024, 2023 and 2022, respectively.
RH Solutions Insurance (Cayman) Ltd.
The Company’s insurance subsidiary in the Cayman Islands, RHS, is regulated by the Cayman Islands Monetary Authority (“CIMA”). CIMA must be given advanced notice of any dividend payments. At December 31, 2024 and 2023, approximately $32.3 million and $18.4 million, respectively, of excess capital were available for the payment of dividends contingent on receiving the prior approval of CIMA. Dividend distributions to RH Solutions’ stakeholders are recognized in the period in which the dividends are declared. In accordance with the terms of the Insurance (Capital and Solvency) (Class B, C, and D Insurers) Regulations, 2012, as a Class B(iii) insurer under the Law, RHS is required to maintain the Prescribed Capital Requirement (“PCR”) of $11.1 million, which is based on net earned premium during the fiscal year.
v3.25.0.1
Segments
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segments
22. Segments
The Company has three reportable segments: Services, Insurance-as-a-Service, and Hippo Home Insurance Program. The reportable segments are determined based on several factors including, but not limited to, nature of the business, customers, and sales channel.
The Company’s Services segment earns fees and/or commission income without assuming underwriting risk or need for reinsurance. The Company also partners with home builders, as well as independent agencies, to source insureds seeking a product for which the Company provides the best carrier for the insured whether it be of Hippo or a third-party carrier, including other insurance products like auto, rental, etc.
Insurance-as-a-Service is managed through the Company’s subsidiary Spinnaker and is a platform to support third party MGAs. The Company rents its capital, 50 state licenses and the strong financial rating of Spinnaker (rated “A-” Excellent by A.M. Best) to earn fee-based revenues with the assumption of limited underwriting risk using quota-share reinsurance. The Company also earns a portion of the premiums paid to it for the risk the Company retains as well as generates investment income. The diversification of the Company’s balance sheet allows it to carry less capital than the Company’s MGA clients would be required to on their own.
The Hippo Home Insurance Program is the Company’s Hippo-branded homeowners insurance business. The Company’s main source of revenue is the premiums paid to it by the Company’s homeowner customers. In addition, the Company’s revenues include commissions for premiums the Company cedes to third parties, policy and services fees and investment income. The Company’s strategy is to retain the portion of the underwriting risk where the Company believes its loss prevention strategies are the most effective.
The Company’s Chief Executive Officer, who serves as the chief operating decision maker (“CODM”), evaluates the financial performance of the Company’s segments based upon segment adjusted operating income or (loss) as the profitability measure. Items outside of adjusted operating income or (loss) are not reported by segment, since they are excluded from the single measure of segment profitability reviewed by the CODM. The Company’s CODM does not use segment assets to allocate resources or to assess performance of the segments and, therefore, segment assets have not been reported separately.
The CODM uses adjusted operating income or (loss) in deciding which segment to invest the Company's capital and/or resources. Adjusted operating income or (loss) is used to monitor budget versus actual results. The CODM also uses adjusted operating income (loss) in competitive analysis by benchmarking to the Company’s competitors. The competitive analysis along with the monitoring of budgeted versus actual results are used in assessing performance of the segment and in establishing resource allocation.
The tables below present segment information reconciled to loss before income taxes, for the periods indicated (in millions).
Years Ended December 31, 2024
ServicesInsurance-as-a-ServiceHippo Home Insurance ProgramTotal
Revenue from external customers

Net earned premium$— 63.5 209.0 $272.5 
Commission income, net32.5 24.1 4.0 60.6 
Service and fee income0.6 — 11.0 11.6 
Net investment income
0.1 11.9 12.4 24.4 
Intersegment revenue15.0 — — 15.0 
Segment revenue
48.299.5236.4384.1
Reconciliation of Revenue
Eliminations(1)
(12.0)
Total consolidated revenue372.1
Less segment expenses:
Loss and loss adjustment expense— 24.9 182.9 
Insurance related expense— 31.1 48.1 
Sales and marketing31.7 — 6.0 
Technology and development10.6 0.3 12.6 
General and administrative10.8 6.9 25.9 
Less: Net investment income
(0.1)(11.9)(12.4)
Less: Noncontrolling interest(11.9)— — 
Segment adjusted operating income (loss)(16.9)24.4 (51.5)(44.0)
Eliminations(1)
0.5
Consolidated adjusted operating income (loss)(43.5)
Reconciliation of segment adjusted operating income (loss)
Net investment income24.4
Depreciation and amortization(23.2)
Stock-based compensation(38.2)
Fair value adjustments(1.7)
Other one-off transactions(7.9)
Gain on sale of business54.4
Impairment and restructuring charges(3.6)
Noncontrolling interest11.9 
Loss before income taxes$(27.4)
(1)Eliminations include commissions paid from Hippo Home Insurance Program for policies sold by the Company’s Services segment (revenue, cost, and other adjustments in respective business units eliminated as part of consolidation).
Year Ended December 31, 2023
ServicesInsurance-as-a-ServiceHippo Home Insurance ProgramTotal
Revenue from external customers——
Net earned premium$— 42.9 64.6 $107.5 
Commission income, net23.919.87.351.0
Service and fee income0.50.314.915.7
Net investment income
0.17.715.323.1
Intersegment revenue19.8——19.8
Segment revenue
44.370.7102.1217.1
Reconciliation of Revenue
Eliminations(1)
(7.4)
Total consolidated revenue$209.7 
Less segment expenses:
Loss and loss adjustment expense— 15.6 165.0 
Insurance related expense— 22.8 37.9 
Sales and marketing42.5 — 16.9 
Technology and development16.6 0.5 17.2 
General and administrative11.9 5.8 30.0 
Other expenses0.7 — 0.1 
Less: Net investment income
(0.1)(7.7)(15.3)
Less: Noncontrolling interest(10.1)— — 
Segment adjusted operating income (loss)(37.6)18.3 (180.3)(199.6)
Eliminations(1)
(1.0)
Consolidated adjusted operating income (loss)(200.6)
Reconciliation of segment adjusted operating income (loss)
Net investment income23.1
Depreciation and amortization(19.8)
Stock-based compensation(57.5)
Fair value adjustments(4.5)
Other one-off transactions(7.8)
Impairment and restructuring charges(5.5)
Noncontrolling interest10.1 
Loss before income taxes$(262.5)
(1)Eliminations include commissions paid from Hippo Home Insurance Program for policies sold by the Company’s Services segment (revenue, cost, and other adjustments in respective business units eliminated as part of consolidation).
Year Ended December 31, 2022
ServicesInsurance-as-a-ServiceHippo Home Insurance ProgramTotal
Revenue from external customers——
Net earned premium$— 22.520.0$42.5 
Commission income, net16.711.425.053.1
Service and fee income0.9—13.013.9
Net investment income
—3.15.99.0
Intersegment revenue19.3——19.3
Segment revenue
36.937.063.9137.8
Reconciliation of Revenue
Eliminations(1)
(18.1)
Total consolidated revenue$119.7 
Less segment expenses:
Loss and loss adjustment expense— 13.4 85.4 
Insurance related expense— 10.5 53.1 
Sales and marketing61.8 0.2 18.1 
Technology and development6.8 — 29.7 
General and administrative9.7 4.4 34.5 
Other expenses0.7 — — 
Less: Net investment income
— (3.1)(5.9)
Less: Noncontrolling interest(6.9)— — 
Segment adjusted operating income (loss)(49.0)5.4 (162.8)(206.4)
Eliminations(1)
—
Consolidated adjusted operating income (loss)(206.4)
Net investment income9.0
Depreciation and amortization(15.2)
Stock-based compensation(61.9)
Fair value adjustments(0.1)
Other one-off transactions(2.2)
Impairment and restructuring charges(55.3)
Noncontrolling interest6.9 
Loss before income taxes$(325.2)
(1)Eliminations include commissions paid from Hippo Home Insurance Program for policies sold by the Company’s Services segment (revenue, cost, and other adjustments in respective business units eliminated as part of consolidation).
v3.25.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2024
Subsequent Events [Abstract]  
Subsequent Events
23. Subsequent Events
Losses from California Wildfires
Beginning in early January 2025, there were a series of severe wildfires that impacted the Los Angeles County area in California. The Company’s preliminary pre-tax estimate of catastrophe losses from these wildfires, including assessments from the California FAIR Plan, and net of estimated recoveries from reinsurance and subrogation, is approximately $42 million. This includes approximately $12 million related to non-Hippo programs supported by our Spinnaker fronting business. In March 2025, we signed an agreement to sell our subrogation rights specific to the Hippo portion of the losses from the Eaton fire. The sale of our subrogation rights is expected to save approximately $15 million on a gross basis and $11 million on a net basis and is included in the estimate above. We believe the proceeds from this sale compare favorably with what we could have achieved by pursuing our subrogation claims through the legal system. The catastrophe losses from these wildfires will be reflected in the Company’s first quarter 2025 financial results.
v3.25.0.1
Schedule II - Parent Company
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
Condensed Financial Information of Parent Company Only Disclosure
December 31,
20242023
Assets
Short-term investments17.5 55.4 
Cash and cash equivalents15.3 27.2 
Intercompany receivables32.0 52.2 
Other assets3.7 13.1 
Investments in subsidiaries306.6 320.8 
Total assets$375.1 $468.7 
Liabilities and stockholders’ equity
Liabilities:
Intercompany payable$— $89.3 
Accrued expenses and other liabilities13.0 1.5 
Total liabilities13.0 90.8 
Stockholders’ equity362.1 377.9 
Total liabilities and stockholders’ equity$375.1 $468.7 
Year Ended December 31,
202420232022
Revenue:
Net investment income2.8 8.6 5.9 
Intercompany revenue0.5 0.5 0.5 
Total revenue3.3 9.1 6.4 
Expenses:
Losses and loss adjustment expenses1.1 1.2 2.9 
Insurance related expenses4.8 5.6 6.8 
Technology and development6.9 11.1 18.0 
Sales and marketing6.8 11.7 13.0 
General and administrative33.0 40.3 33.5 
Other (income) expense, net(0.2)0.1 (3.1)
Total expenses52.4 70.0 71.1 
Loss before income tax expense(49.1)(60.9)(64.7)
Income tax expense (benefit)
(1.8)(0.6)(1.1)
Net loss before equity in loss of subsidiaries(47.3)(60.3)(63.6)
Earnings (loss) of subsidiaries
6.8 (212.8)(269.8)
Net loss$(40.5)$(273.1)$(333.4)
Other comprehensive income (loss):
Change in net unrealized gain (loss) on investments, net of tax
0.2 4.1 (6.3)
Comprehensive loss
$(40.3)$(269.0)$(339.7)
Year Ended December 31,
202420232022
Cash flows from operating activities:
Net cash used in operating activities(8.9)(46.0)(85.8)
Cash flows from investing activities:
Change in short-term investments39.3 203.6 (249.8)
Capital contributions to subsidiaries
(43.5)(187.2)(170.7)
Net cash provided by (used in) investing activities
(4.2)16.4 (420.5)
Cash flows from financing activities:
Taxes paid related to net share settlement of equity awards(9.9)(4.7)(3.9)
Proceeds from issuance of common stock6.7 2.8 4.1 
Loan repayments from subsidiaries
20.0 — — 
Share repurchases under program
(15.6)(1.8)— 
Net cash used in financing activities
1.2 (3.7)0.2 
Net decrease in cash, cash equivalents, and restricted cash
(11.9)(33.3)(506.1)
Cash, cash equivalents, and restricted cash at the beginning of the period27.2 60.5 566.6 
Cash, cash equivalents, and restricted cash at the end of the period$15.3 $27.2 $60.5 
Business
In August 2021, Hippo Enterprises Inc., a Delaware corporation, and Reinvent Technology Partners Z, a Cayman Islands exempted company and special purpose acquisition company, completed a merger and other transactions pursuant to which a subsidiary of RTPZ was merged with and into Old Hippo and Old Hippo survived as a wholly owned subsidiary of RTPZ. In connection with the Business Combination, RTPZ changed its name to Hippo Holdings Inc.
2. Accounting Policies
The accompanying condensed financial statements have been prepared using the equity method. Under the equity method, the investment in consolidated subsidiaries is stated at cost plus equity in undistributed losses of consolidated subsidiaries since the date of acquisition. These condensed financial statements should be read in conjunction with the Company’s consolidated financial statements.
Use of Estimates
The preparation of the Company’s condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. 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.
v3.25.0.1
Schedule III - Supplementary Insurance Information
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]  
Schedule III - Supplementary Insurance Information
As of December 31, 2024 and 2023
Services
Insurance-as-a Service
Hippo Home Insurance Program
Total
2024:
Deferred policy acquisition costs
$— $4.8 $6.8 $11.6 
Unearned premiums
— 62.1 395.8 457.9 
Loss and loss adjustment expense reserve— 50.3 299.7 350.0 
2023:
Deferred policy acquisition costs (1)
$— $— $— $— 
Unearned premiums
— 76.8 342.4 419.2 
Loss and loss adjustment expense reserve— (6.2)328.7 322.5 
Years Ended December 31, 2024, 2023, and 2022
ServicesInsurance-as-a ServiceHippo Home Insurance ProgramTotal
2024:
Loss and loss adjustment expenses$— $24.9 $182.9 $207.8 
Net earned premium— 63.5 209.0 272.5 
Net written premium— 101.2 271.4 372.6 
Net investment income0.1 11.9 12.4 24.4 
Underwriting costs— — 5.7 5.7 
Amortization deferred policy acquisition costs
— 25.7 19.5 45.2 
2023:
Loss and loss adjustment expenses— 15.6 165.0 180.6 
Net earned premium— 42.9 64.6 107.5 
Net written premium— 49.3 110.3 159.6 
Net investment income0.1 7.7 15.3 23.1 
Underwriting costs— — 6.6 6.6 
Amortization deferred policy acquisition costs
— 19.4 12.9 32.3 
2022:
Loss and loss adjustment expenses— 13.4 85.4 98.8 
Net earned premium— 22.5 20.0 42.5 
Net written premium— 33.6 16.0 49.6 
Net investment income— 3.15.99.0 
Underwriting costs— — 8.0 8.0 
Amortization deferred policy acquisition costs
— 1.2 16.6 17.8 
v3.25.0.1
Schedule V - Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2024
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule V - Valuation and Qualifying Accounts
Valuation Allowance for Deferred Tax AssetsAllowance for Uncollectible Reinsurance RecoverableAllowance for Uncollectible Premiums Receivable
Balance at January 1, 2022$93.2 $— $0.4 
Charged to costs and expenses66.8 — 0.1 
Decrease to other comprehensive income1.5 — — 
Amount written off— — (0.2)
Balance at December 31, 2022161.5 — 0.3 
Charged to costs and expenses64.2 — 0.2 
Decrease to other comprehensive income0.3 — — 
Amount written off— — — 
Balance at December 31, 2023226.0 — 0.5 
Charged to costs and expenses6.6 — 0.5 
Decrease to other comprehensive income— — — 
Amount written off— — (0.4)
Balance at December 31, 2024$232.6 $— $0.6 
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net Income (Loss) $ (40.5) $ (273.1) $ (333.4)
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2024
shares
Dec. 31, 2024
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Richard McCathron [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
During the three months ended December 31, 2024, our officers and directors took the following actions with respect to 10b5-1trading arrangements to satisfy the affirmative defense of Rule 10b5-1(c):
Trading Arrangement
Name and Position
Action
Date
Rule 10b5-01
Non- Rule 10b5-01
Total Shares to be Sold
Expiration Date
Richard McCathron (Chief Executive Officer)
Adopt
12/3/2024
X
—50,00012/5/2025
Name Richard McCathron  
Title Chief Executive Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date 12/3/2024  
Expiration Date 12/5/2025  
Arrangement Duration 367 days  
Aggregate Available 50,000 50,000
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Cybersecurity risk management is a key component of our overarching risk management strategy. Given the susceptibility of our industry to cyber threats and attacks, we regularly encounter attempted attacks of varying types. Both the financial and personal data in our systems, coupled with the dynamic nature of our products and services, make us a potential target. We operate internationally with employees, contractors, vendors, developers, partners, and third parties, which complicates our risk exposures.
Our information security program encompasses policies and controls aimed at mitigating cybersecurity risks, including an incident response plan that includes procedures for assessing and responding to cybersecurity incidents. However, we acknowledge the presence of both known and unknown risks, alongside vulnerabilities within our security program. Continuous improvement efforts are integral to enhancing our information security program and overall risk management endeavors.
We employ a risk management framework aligned with relevant laws, regulations, and industry standards to manage cybersecurity risks across our products and services, infrastructure, and organization. Our internal risk assessment processes incorporate various factors, including tracking threat intelligence and identified first- and third-party vulnerabilities, evaluating evolving regulatory requirements, and analyzing internally observed cybersecurity threats and incidents. We regularly conduct an internal risk assessment to evaluate the effectiveness of the security of our systems and of our processes, identify areas for remediation, and explore opportunities for enhancement, such as cloud and endpoint security enhancements, application programming interface (“API”) security, and contractor access management. We utilize third-party security experts and consultants on an annual basis to assess and improve our cybersecurity risk management tools and processes and to benchmark against industry standards.
Additionally, we maintain a privacy risk management program to evaluate risks associated with the collection, usage, sharing, and storage of customer data. An independent third-party assesses our privacy risk management program, to evaluate efficacy and to benchmark against industry standards.
On an annual basis we obtain an independent assessment and evaluation of the operation of our cybersecurity and privacy programs, as well as the supporting control frameworks. The findings of these independent assessments facilitate our risk-based decision-making, prioritization of cybersecurity countermeasures, and risk mitigation strategies. Our risk mitigation strategies encompass an array of technical and operational measures, complemented by annual cybersecurity and privacy training for all employees.
Additionally, we have specific policies and practices governing third-party security risks, including our third-party risk management (“TPRM”) program. Under this program, we gather information from relevant third parties to assess potential risks associated with their security controls.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Our information security program encompasses policies and controls aimed at mitigating cybersecurity risks, including an incident response plan that includes procedures for assessing and responding to cybersecurity incidents.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our board of directors oversees our strategic and business risk management, with cybersecurity risk management oversight delegated to the Audit, Risk, and Compliance Committee (the “Committee”). The Committee also oversees risks related to privacy and data use and monitors our compliance with our privacy program. Management is responsible for the ongoing identification, assessment, and management of material cybersecurity risks, along with the implementation of processes for monitoring potential cybersecurity risk exposures, deploying appropriate mitigation measures, maintaining cybersecurity policies and procedures, and providing regular reports to the Committee and to the board of directors.
Tal Hornstein, our Chief Information Officer and Chief Information Security Officer (“CISO”), leads our cybersecurity program and oversees teams supporting security functions across the company. Mr. Hornstein holds a CISSP certification from ISC2 and has over 20 years of experience in multiple cybersecurity and technology-related roles. He joined Hippo in late 2021 and has been instrumental in designing and executing our entire cybersecurity stack.
Our cybersecurity team monitors prevention, detection, mitigation, and remediation of cybersecurity incidents through technical and operational measures, regularly reporting to the CISO. As a key member of the senior management team, the CISO provides updates to the Committee on the company’s cybersecurity program, including risks, incidents, and mitigation strategies.
Impact of cybersecurity risks on business strategy, results of operations or financial condition
As of the date of this Annual Report, we have not identified any cybersecurity threats materially affecting, or reasonably likely to materially affect, our business strategy, results of operations, or financial situation. However, despite our efforts, we recognize the impossibility of eliminating all cybersecurity risks or guaranteeing the absence of undetected cybersecurity incidents that, if realized, are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. For additional information about these risks, refer to Part I, Item 1A, "Risk Factors," in this Annual Report on Form 10-K.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our board of directors oversees our strategic and business risk management, with cybersecurity risk management oversight delegated to the Audit, Risk, and Compliance Committee (the “Committee”).
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Management is responsible for the ongoing identification, assessment, and management of material cybersecurity risks, along with the implementation of processes for monitoring potential cybersecurity risk exposures, deploying appropriate mitigation measures, maintaining cybersecurity policies and procedures, and providing regular reports to the Committee and to the board of directors.
Cybersecurity Risk Role of Management [Text Block] The Committee also oversees risks related to privacy and data use and monitors our compliance with our privacy program.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Tal Hornstein, our Chief Information Officer and Chief Information Security Officer (“CISO”), leads our cybersecurity program and oversees teams supporting security functions across the company.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Mr. Hornstein holds a CISSP certification from ISC2 and has over 20 years of experience in multiple cybersecurity and technology-related roles. He joined Hippo in late 2021 and has been instrumental in designing and executing our entire cybersecurity stack.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] As a key member of the senior management team, the CISO provides updates to the Committee on the company’s cybersecurity program, including risks, incidents, and mitigation strategies.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
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 (“GAAP”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries where it has controlling financial interests, and any variable interest entities for which the Company is deemed to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation.
Business
In August 2021, Hippo Enterprises Inc., a Delaware corporation, and Reinvent Technology Partners Z, a Cayman Islands exempted company and special purpose acquisition company, completed a merger and other transactions pursuant to which a subsidiary of RTPZ was merged with and into Old Hippo and Old Hippo survived as a wholly owned subsidiary of RTPZ. In connection with the Business Combination, RTPZ changed its name to Hippo Holdings Inc.
Use of Estimates
The preparation of the Company’s consolidated financial statements in conformity with 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, stock-based awards, warrant liabilities, contingent consideration liabilities, acquired intangible assets and goodwill, deferred tax assets, and uncertain tax positions. 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 condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. 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.
Business Combinations
The Company accounts for acquisitions of entities or asset groups that qualify as businesses using the acquisition method of accounting in accordance with ASC 805, Business Combinations. Purchase consideration is allocated to the tangible and intangible assets acquired and liabilities assumed based on the estimated fair values as of the acquisition date, which are measured in accordance with the principles outlined in ASC 820, Fair Value Measurement. The determination of fair value requires management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature. The excess of the total purchase consideration over the fair value of the identified net assets acquired is recognized as goodwill. The results of the acquired businesses are included in the results of operations beginning from the date of acquisition. Acquisition-related costs are expensed as incurred.
During the measurement period, which may be up to one year from the acquisition date, the Company may record adjustments to the allocation of purchase consideration and to the fair values of assets acquired and liabilities assumed to the extent that additional information becomes available. After this period, any subsequent adjustments are recorded in the Consolidated Statements of Operations and Comprehensive Loss.
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 held in a fiduciary capacity and the obligation to remit these funds is recorded as fiduciary liabilities within accrued expenses and other 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 allowance for expected credit losses, 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 changes in the allowance for expected credit losses in the fair value of securities, if any.
The Company reviews all securities with unrealized losses on a quarterly basis to assess whether the decline in the securities fair value necessitates the recognition of an allowance for credit losses. Factors considered in the review include the extent to which the fair value has been less than amortized cost, and current market interest rates and whether the unrealized loss is credit-driven or a result of changes in market interest rates. The Company also considers factors specific to the issuer including the general financial condition of the issuer, the issuers industry and future business prospects, any past failure of issuer to make scheduled interest or principal payments, and the payment structure of the investment and the issuers ability to make contractual payments on the investment.
The Company also considers whether it intends to sell the security or if it is more likely than not that it will be required to sell the security before recovery of its amortized cost. When assessing whether it intends to sell a fixed-maturity security or if it is likely to be required to sell a fixed-maturity security before recovery of its amortized cost, the Company evaluates facts and circumstances including, but not limited to, decisions to reposition the investment portfolio, potential sales of investments to meet cash flow needs, and potential sales of investments to capitalize on favorable pricing.
For fixed-maturity securities where a decline in fair value is below the amortized cost basis and the Company intends to sell the security, or it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost, a credit-loss charge is recognized in net income based on the fair value of the security at the time of assessment. For fixed-maturity securities that the Company has the intent and ability to hold, the Company compares the estimated present value of the cash flows expected to be collected to the amortized cost of the security. The extent to which the estimated present value of the cash flows expected to be collected is less than the amortized cost of the security represents the credit-related portion of the impairment, which is recognized in net income through an allowance for credit losses. Any remaining decline in fair value represents the noncredit portion of the impairment, which is recognized in other comprehensive income.
The Company did not identify any available-for-sale securities as of December 31, 2024 which presented a risk of loss due to credit deterioration of the security.
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, preferred stock warrants and public and private 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 consolidated 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. Generally premiums and commissions are collected prior to providing coverage, minimizing the Company’s exposure to credit risk. Premiums and commissions receivable are short-term in nature and due within a year. The Company has established an allowance for uncollectible premiums and commissions related to credit risk, which it reviews on a quarterly basis. In its review, the Company considers length of collection periods, the creditworthiness of the insured, economic environment, specific regulatory developments and other relevant factors. Amounts deemed to be uncollectible are written off against the allowance.
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. Historically, the Company has not experienced any credit losses from reinsurance recoverables as of December 31, 2024 and 2023 respectively. The Company evaluates its reinsurance recoverables on a quarterly basis for risk of loss due to credit deterioration,
including evaluating historical collection trends, reinsurer credit ratings, and other economic factors that may affect collectability of its reinsurance receivables due to credit deterioration 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 material 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.
Loss participation features in the reinsurance agreements are estimated at each reporting period and recorded as an adjustment to loss and LAE.
Commission slide features in the reinsurance agreements are estimated at each reporting period and recorded as an adjustment to commission income, net.
For ceded reinsurance, risk transfer requirements must be met for reinsurance accounting to apply. If risk transfer requirements are not met, the contract is accounted for as a deposit, resulting in the recognition of cash flows under the contract through a deposit asset or liability and not as revenue or expense. To meet risk transfer requirements, a reinsurance contract must include both insurance risk, consisting of both underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity. Similar risk transfer criteria are used to determine whether directly written insurance contracts should be accounted for as insurance or as a deposit.
Prepaid reinsurance premiums represents the unearned portion of premiums ceded to 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 deferrable 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 considers anticipated investment income when determining if a premium deficiency exists.
Property and Equipment Property and equipment is stated at cost, net of accumulated depreciation and is reflected within other assets on the consolidated balance sheets. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful life of thirty-nine years for buildings, five years for furniture, fixtures, and equipment, and three 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.
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 other (income) expense in the consolidated statements of operations and comprehensive loss.
Leases
Leases arise from contractual obligations that convey the right to control the use of an identified property, plant or equipment for a stated time period in exchange for consideration. The Company determines if an arrangement is, or contains a lease at contract inception. Lease classification is determined at the lease commencement date, on which the leased assets are available for the Company’s use. The Company recognizes a right-of-use asset (“ROU”) and a corresponding lease liability at commencement date for operating leases. ROU assets are presented under other assets, and lease liabilities are presented under accrued expenses and other liabilities in the consolidated balance sheets. The Company did not have any material finance leases in the periods presented.
ROU assets represent the Company’s right to use an underlying asset during the lease term and lease liabilities represent the Company’s obligation to make payments during the lease term. ROU assets are recognized at the lease commencement date for the lease liability amount, adjusted for initial direct costs incurred and lease incentives received. Lease liabilities are recognized at commencement based on the present value of the future lease payments over the lease term. Lease terms may include options to extend or terminate the lease when the Company believes it is reasonably certain that the Company will exercise such options. Since the implicit discount rate for operating leases is not readily determinable, the Company uses an estimate of its incremental borrowing rate (“IBR”) on the lease commencement date in determining the present value of lease payments. IBR is determined based on information available at lease commencement including interest rates, credit ratings, credit spreads, and lease term. Operating lease expense is recognized on a straight-line basis over the lease term.
The Company accounts for lease and non-lease components as a single lease component. Accordingly, the Company includes fixed non-lease components with lease payments for the purpose of calculating lease right-of-use assets and liabilities. Non-lease components that are not fixed are expensed as incurred as variable lease payments. The Company does not record leases on the balance sheet that have a term of 12 months or less at the lease commencement date.
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. The amortization expense is recognized within insurance related expenses in the Company's statement of operations and comprehensive loss.
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. 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 agreements. 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. The amortization expense is included in technology and development expenses for developed technology and sales and marketing expenses for customer relationships, agency relationships, carrier relationships, and other.
Indefinite-lived intangible assets are not amortized but are tested for impairment annually, or more frequently if necessary. 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 during the years ended December 31, 2024 and 2023. Refer to Note 5 for impairment charges related to goodwill recorded during the year ended December 31, 2022.
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, 2024 and 2023.
Loss and Loss Adjustment Expense Reserve
The reserve for unpaid losses and loss adjustment expenses include estimates for unpaid claims, claims adjustment expenses on reported losses and estimates of losses incurred but not reported (IBNR), net of salvage and subrogation recoveries. The liability is based on 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.
Loss and loss adjustment reserves are the amount of ultimate loss and loss adjustment expense less the paid amounts as of the balance sheet date.
Ultimate loss and loss adjustment expense is the sum of the following items:
1.Loss and loss adjustment expense paid through a given evaluation date
2.Case reserves for loss and loss adjustment expense for losses that have been reported but not yet paid as of a given evaluation date    
3.IBNR for loss and loss adjustment expense include an estimate for future loss payments on incurred claims not yet reported and for expected development on reported claims
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 estimates of ultimate loss and loss adjustment expenses based on generally accepted actuarial reserving techniques that consider quantitative loss experience data and qualitative factors as appropriate.
The most significant assumptions used in the determination of the recorded reserve for loss and loss adjustment expenses are historical aggregate claim reporting and payment patterns, which is assumed to be indicative of future loss development and trends. Additionally, claim counts are used for analyses relating to natural disasters, such as hurricanes, earthquakes, and wildfires as losses from these events are inherently more difficult to estimate due to the potential exposure of the catastrophic events. Other assumptions considered include information
developed from internal and independent external sources such as premium, rate and cost trends, litigation and regulatory trends, legislative activity, climate change, social and economic patterns.
Inherent in the estimates of ultimate loss and loss adjustment expenses are expected trends in claims severity and frequency among other factors that could vary significantly as claims are settled. The Company’s loss and loss adjustment expense reserves are continually reviewed, 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 the Company’s 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, or commission slide, based on the actual performance of insurance policies placed 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 reserves 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 return commission payable to insurers and cancellation reserves 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.
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 the earned portion of 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
Commission income, net includes:
1.Agency Commission: The Company also operates 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 businesses, the performance obligation from the agency contracts is 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.
2.Ceding Commission: The Company receives commission based on the premium it cedes to third-party reinsurers for the reimbursement for the Company’s acquisition and underwriting services. Excess ceding commission over the cost of acquisition is included in the commission income, net line on the Company’s consolidated statements of operations and comprehensive loss. For the policies that the Company writes on its own carrier as MGA, the Company recognizes this commission as ceding commission on the consolidated statements of operations and comprehensive loss. The Company earns commission on ceded reinsurance premium 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 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.
Through the Company’s Insurance-as-a-Service business the Company earns fronting fees from the MGA programs it supports. 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 its statements of operations and comprehensive loss.
3.Claim Processing Fees: As an 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. This revenue is included in the commission income, net line on the Company’s consolidated statements of operations and comprehensive loss.
4.Managing General Agent (“MGA”) Commission: The Company operates as an 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. The Company has underwriting authority and responsibility for administering claims, (see Claim Processing Fees below) and works with affiliated and unaffiliated carrier platforms who pay the Company a 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 date. Upon issuance of a new policy, the Company charges policy fees and inspection fees (see Service and Fee Income below), retains its share of commission, and remits the balance to the respective insurers. Subsequent commission adjustments arising from policy changes such as endorsements are recognized in the period when the adjustments occur. Cash received in advance of policy effective dates is recorded on the consolidated balance sheets, representing the Company’s portion of commission and premium due to insurers and reinsurers, and hold this cash in trust for the benefit of the insurers and reinsurers as fiduciary liabilities.
The MGA commission is subject to adjustments, higher or lower (commonly referred to as “commission slide”), depending on the underwriting performance of the policies placed by us. The Company is required to return a portion of its MGA commission due to commission slide on the policies placed as an MGA if the underwriting performance varies due to higher Hippo programs’ loss ratio from provisional performance of the Hippo programs’ loss ratio. The Company also returns a portion of its MGA commission if the policies are cancelled before the term of the policy. Accordingly, the Company reserves for commission slide using estimated Hippo programs’ loss ratio performance, or a cancellation reserve as a reduction of revenue for each period presented in its statements of operations and comprehensive loss.
Service and Fee Income
Service and fee income mainly represent policy fees and other revenue. The Company directly bills policyholders for policy fees and collects and retains fees per the terms of the contracts between the Company and its 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.
Net Investment Income
Net investment income represents interest earned from fixed maturity securities, short-term investments and other investments, and the gains or losses from the sale of investments. The Company’s cash and invested assets primarily consist of fixed-maturity securities, and may also include cash and cash equivalents, equity securities, and short-term investments. The principal factors that influence net investment income are the size of the Company’s investment portfolio and the yield on that portfolio. As measured by amortized cost (which excludes changes in fair
value, such as changes in interest rates), the size of the Company’s investment portfolio is mainly a function of the Company’s invested equity capital along with premium the Company receives from its customers less payments on customer claims.
Net investment income also includes an insignificant amount of net realized gains (losses) on investments, which are a function of the difference between the amount received by us on the sale of a security and the security’s amortized cost, as well as any allowances for credit losses recognized in earnings, if any.
Insurance-Related Expenses
Insurance related expenses primarily consist of amortization of direct acquisition commission costs and premium taxes incurred on the successful acquisition of business written on a direct basis 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 the Company’s underwriting teams, amortization of capitalized internal use software, as well as allocated occupancy costs and related overhead based on headcount. Insurance related expenses are offset by a portion of ceding commission income, which represents reimbursement of successful acquisition costs related to the underlying policies. Additionally, insurance related expenses include the costs of providing bound policies and delivering claims services to the Company’s customers. These costs include underwriting technology service costs including software, data services used for performing underwriting, 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 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, 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 customer acquisition. The Company expenses advertising costs as incurred. Sales and marketing also include allocated facility costs and related overhead based on headcount.
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, insurance, and professional services.
Impairment Impairment and restructuring charges consists of goodwill impairment as well as severance and other personnel costs associated with exit and disposal activities as well as reductions in workforce. The Company reviews goodwill for impairment annually on October 1 and more frequently if events or changes in circumstances indicate that an impairment may exist. If the carrying value of the reporting unit exceeds its fair value, the fair value of the reporting unit’s goodwill is calculated and an impairment loss equal to the excess is recorded.
Restructuring Charges Impairment and restructuring charges consists of goodwill impairment as well as severance and other personnel costs associated with exit and disposal activities as well as reductions in workforce. The Company reviews goodwill for impairment annually on October 1 and more frequently if events or changes in circumstances indicate that an impairment may exist. If the carrying value of the reporting unit exceeds its fair value, the fair value of the reporting unit’s goodwill is calculated and an impairment loss equal to the excess is recorded.
Other (Income) Expense
Other (Income) Expense
Other (income) expense primarily consists of certain fair value adjustments and other non-operating income expenses.
Stock-Based Compensation Expense
The Company recognizes stock-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 or Monte Carlo valuation model for market-based awards. The Company recognizes stock-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.
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 accounts for application of the U.S. Global Intangible Low Taxed Income rules by recognizing the tax in the period in which it is incurred.
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 Holdings Inc.
Basic and diluted net loss per share attributable to common stockholders of Hippo Holdings 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, 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 Holdings 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.
Emerging Growth Company
The Company currently qualifies as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”). Accordingly, the Company is provided the option to adopt new or revised accounting guidance either (1) within the same periods as those otherwise applicable to non-emerging growth companies or (2) within the same time periods as private companies.
The Company has elected to adopt new or revised accounting guidance within the same time period as private companies, unless management determines that it is preferable to take advantage of early adoption provisions offered within the applicable guidance. The Company’s utilization of these transition periods may make it difficult to compare the Company’s financial statements to those of non-emerging growth companies and other emerging growth companies that have opted out of the transition periods afforded under the JOBS Act.
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures. The ASU includes requirements that an entity disclose the title of the chief operating decision maker (CODM) and on an interim and annual basis, significant segment expenses and the composition of other segment items for each segment's reported profit. The standard also permits disclosure of additional measures of segment profit. This ASU is effective for public companies with annual periods beginning after December 15, 2023, and interim periods within annual period beginning after December 15, 2024, with early adoption permitted. The adoption of this accounting standard in the fourth quarter of fiscal 2024 did not have a significant impact on the Company’s consolidated financial statements.
Accounting Pronouncements Not Yet Adopted
    In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of the ASU on its disclosures.

In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses, which requires additional disclosure of the nature of expenses included in the income statement in response to longstanding requests from investors for more information about an entity’s expenses. The new standard requires disclosures about specific types of expenses included in the expense captions presented on the face of the income statement as well as disclosures about selling expenses. This ASU is effective for public companies with annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. The requirements will be applied prospectively with the option for retrospective application. Early adoption is permitted.
v3.25.0.1
SEC Schedule, Article 12-04, Condensed Financial Information of Registrant (Policies)
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
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 (“GAAP”). The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries where it has controlling financial interests, and any variable interest entities for which the Company is deemed to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation.
Business
In August 2021, Hippo Enterprises Inc., a Delaware corporation, and Reinvent Technology Partners Z, a Cayman Islands exempted company and special purpose acquisition company, completed a merger and other transactions pursuant to which a subsidiary of RTPZ was merged with and into Old Hippo and Old Hippo survived as a wholly owned subsidiary of RTPZ. In connection with the Business Combination, RTPZ changed its name to Hippo Holdings Inc.
Use of Estimates
The preparation of the Company’s consolidated financial statements in conformity with 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, stock-based awards, warrant liabilities, contingent consideration liabilities, acquired intangible assets and goodwill, deferred tax assets, and uncertain tax positions. 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 condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying disclosures. 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.
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Disaggregation of Revenue by Major Source
The following table disaggregates the Company’s revenues by major source (in millions):
Year Ended December 31,
202420232022
Net earned premium$272.5 $107.5 $42.5 
Agency commissions, net32.6 23.8 16.7 
Ceding commissions, net30.7 38.9 37.6 
Service and fee income
10.6 12.0 11.1 
MGA commissions, net— 0.1 — 
Claims processing fees0.3 0.6 — 
Other revenue1.0 3.7 2.8 
Net investment income24.4 23.1 9.0 
Total revenue, net$372.1 $209.7 $119.7 
v3.25.0.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Fixed Maturities Securities and Short-term Investments
The amortized cost and fair value of fixed maturities securities and short-term investments are as follows (in millions):
December 31, 2024
Amortized CostUnrealized GainsUnrealized LossesFair Value
Fixed maturities available-for-sale:
U.S. government and agencies$24.8 $— $(0.2)$24.6 
States and other territories11.2 — (0.3)10.9 
Corporate securities131.8 0.8 (1.1)131.5 
Residential mortgage-backed securities21.5 — (1.5)20.0 
Commercial mortgage-backed securities7.2 0.1 (0.4)6.9 
Asset backed securities11.8 — — 11.8 
Total fixed maturities available-for-sale$208.3 $0.9 $(3.5)$205.7 
Short-term investments:
U.S. government and agencies118.5 — 118.5 
Commercial paper17.5 — — 17.5 
Corporate securities31.6 — — 31.6 
Total short-term investments167.6 — — 167.6 
Total$375.9 $0.9 $(3.5)$373.3 
December 31, 2023
Amortized CostUnrealized GainsUnrealized LossesFair Value
Fixed maturities available-for-sale:
U.S. government and agencies$18.6 $— $(0.2)$18.4 
States and other territories9.3 — (0.4)8.9 
Corporate securities91.3 1.1 (1.3)91.1 
Foreign securities0.9 — — 0.9 
Residential mortgage-backed securities20.7 0.1 (1.3)19.5 
Commercial mortgage-backed securities7.7 — (0.6)7.1 
Asset backed securities16.1 — (0.3)15.8 
Total fixed maturities available-for-sale$164.6 $1.2 $(4.1)$161.7 
Short-term investments:
U.S. government and agencies$137.7 $— $— $137.7 
Commercial paper34.5 — — 34.5 
Corporate securities14.9 — — 14.9 
Total short-term investments187.1 — — 187.1 
Total$351.7 $1.2 $(4.1)$348.8 
Schedule of Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
The following tables present the gross unrealized losses and related fair values for the Company’s investments in available-for-sale debt securities, grouped by duration of time in a continuous unrealized loss position as of December 31, 2024 and December 31, 2023 (in millions):
December 31, 2024
Less than 12 months12 months or moreTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Fixed maturities available-for-sale: 
U.S. government and agencies$14.5 $(0.1)$1.9 $(0.1)$16.4 $(0.2)
States and other territories5.0 (0.1)5.5 (0.2)10.5 (0.3)
Corporate securities55.2 (0.5)25.4 (0.6)80.6 (1.1)
Residential mortgage-backed securities7.4 (0.1)10.1 (1.4)17.5 (1.5)
Commercial mortgage-backed securities0.4 — 4.1 (0.4)4.5 (0.4)
Asset backed securities— — 4.1 — 4.1 — 
Short-term investments:
U.S. government and agencies— — — — — — 
Commercial paper6.3 — — — 6.3 — 
Corporate securities7.4 — — — 7.4 — 
Total $96.2 $(0.8)$51.1 $(2.7)$147.3 $(3.5)

December 31, 2023
Less than 12 months12 months or moreTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Fixed maturities available-for-sale:
U.S. government and agencies$4.3 $— $10.5 $(0.2)$14.8 $(0.2)
States and other territories1.5 — 7.4 (0.4)8.9 (0.4)
Corporate securities5.7 — 37.4 (1.3)43.1 (1.3)
Foreign securities— — 0.9 — 0.9 — 
Residential mortgage-backed securities— — 11.6 (1.3)11.6 (1.3)
Commercial mortgage-backed securities0.4 — 5.8 (0.6)6.2 (0.6)
Asset backed securities1.6 — 8.2 (0.3)9.8 (0.3)
Short-term investments:
U.S. government and agencies137.7 — — — 137.7 — 
Commercial paper34.5 — — — 34.5 — 
Corporate securities
$14.9 $— $— $— $14.9 $— 
Total $200.6 $— $81.8 $(4.1)$282.4 $(4.1)
Schedule of Investments Classified by Contractual Maturity Date
The amortized cost and fair value of fixed maturities securities by contractual maturity are as follows (in millions):
December 31, 2024
Amortized CostFair Value
Due to mature:
One year or less$35.0 $34.9 
After one year through five years103.0 102.2 
After five years28.5 28.7 
After ten years1.3 1.2 
Residential mortgage-backed securities21.5 20.0 
Commercial mortgage-backed securities7.2 6.9 
Asset backed securities11.8 11.8 
Total fixed maturities available-for-sale$208.3 $205.7 
Schedule of Investment Income
The Company’s net investment income is comprised of the following (in millions):
Year Ended December 31,
202420232022
Interest on cash and cash equivalents$9.9 $7.3 $2.4 
Fixed maturities income7.0 5.9 2.9 
Short-term investment income8.0 10.4 3.9 
Total investment income24.9 23.6 9.2 
Investment expenses(0.5)(0.5)(0.2)
Net investment income$24.4 $23.1 $9.0 
v3.25.0.1
Cash, Cash Equivalents, and Restricted Cash (Tables)
 12 Months Ended
Dec. 31, 2024
Cash and Cash Equivalents [Abstract]  
Schedule of Cash and Cash Equivalents
The following table sets forth the cash, cash equivalents, and restricted cash (in millions):
December 31
20242023
Cash and cash equivalents:
Cash$99.6 $54.3 
Money market funds94.4 77.8 
Commercial paper2.8 10.0 
U.S. government and agencies0.8 — 
Total cash and cash equivalents197.6 142.1 
Restricted cash:
Fiduciary assets25.0 32.5 
Letters of credit and cash on deposit10.2 20.5 
Total restricted cash35.2 53.0 
Total cash, cash equivalents, and restricted cash$232.8 $195.1 
Schedule of Restrictions on Cash and Cash Equivalents
The following table sets forth the cash, cash equivalents, and restricted cash (in millions):
December 31
20242023
Cash and cash equivalents:
Cash$99.6 $54.3 
Money market funds94.4 77.8 
Commercial paper2.8 10.0 
U.S. government and agencies0.8 — 
Total cash and cash equivalents197.6 142.1 
Restricted cash:
Fiduciary assets25.0 32.5 
Letters of credit and cash on deposit10.2 20.5 
Total restricted cash35.2 53.0 
Total cash, cash equivalents, and restricted cash$232.8 $195.1 
v3.25.0.1
Fair Value Measurement (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on 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):
December 31, 2024
Level 1Level 2Level 3Total
Financial assets:
Cash, cash equivalents, and restricted cash$232.8 $— $— $232.8 
Fixed maturities available-for-sale:
U.S. government and agencies24.6 — — 24.6 
States and other territories10.9 — 10.9 
Corporate securities— 131.5 — 131.5 
Foreign securities— — — — 
Residential mortgage-backed securities— 20.0 — 20.0 
Commercial mortgage-backed securities— 6.9 — 6.9 
Asset backed securities— 11.8 — 11.8 
Total fixed maturities available-for-sale24.6 181.1 — 205.7 
Short-term investments
U.S. government and agencies118.5 — — 118.5 
Commercial paper— 17.5 — 17.5 
Corporate securities— 31.6 — 31.6 
Total short-term investments118.5 49.1 — 167.6 
Total financial assets$375.9 $230.2 $— $606.1 
Financial liabilities:
Contingent consideration liability$— $— $11.7 $11.7 
Total financial liabilities$— $— $11.7 $11.7 
December 31, 2023
Level 1Level 2Level 3Total
Financial assets:
Cash, cash equivalents, and restricted cash$195.1 $— $— $195.1 
Fixed maturities available-for-sale:
U.S. government and agencies18.4 — — 18.4 
States and other territories— 8.9 — 8.9 
Corporate securities— 91.1 — 91.1 
Foreign securities— 0.9 — 0.9 
Residential mortgage-backed securities— 19.5 — 19.5 
Commercial mortgage-backed securities— 7.1 — 7.1 
Asset backed securities— 15.8 — 15.8 
Total fixed maturities available-for-sale18.4 143.3 — 161.7 
Short-term investments
U.S. government and agencies137.7 — — 137.7 
Commercial paper— 34.5 — 34.5 
Corporate securities— 14.9 — 14.9 
Total short-term investments137.7 49.4 — 187.1 
Total financial assets$351.2 $192.7 $— $543.9 
Financial liabilities:
Contingent consideration liability$— $— $13.6 $13.6 
Public warrants0.1 — — 0.1 
Private placement warrants— 0.1 — 0.1 
Total financial liabilities$0.1 $0.1 $13.6 $13.8 
Schedule of Liabilities Measured on at Fair Value, Unobservable Input Reconciliation The table below presents the changes in the contingent consideration liability valued using Level 3 inputs (in millions):
20242023
Balance as of January 1,$13.6 $11.9 
Payments of contingent consideration(3.8)(4.3)
Changes in fair value1.9 6.0 
Balance as of December 31,$11.7 $13.6 
The following table presents the changes in the fair value of the warrant liability (Public Warrants and Private Placement Warrants) (in millions):
20242023
Balance as of January 1,$0.2 $0.3 
Changes in fair value(0.2)(0.1)
December 31,$— $0.2 
v3.25.0.1
Goodwill (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The following table represents the changes in goodwill (in millions):
Balance at January 1, 2022$53.5 
Impairment charges(53.5)
Balance at December 31, 2022$— 
Impairment charges— 
Balance at December 31, 2023— 
Impairment charges— 
Balance at December 31, 2024$— 
v3.25.0.1
Intangible Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Indefinite-lived Intangible Assets
December 31,
20242023
Weighted- Average Useful Life Remaining (in years)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
(in millions)(in millions)
Agency and carrier relationships3.7$3.4 $(1.8)$1.6 $13.5 $(5.1)$8.4 
State licenses and domain nameIndefinite10.5 — 10.5 10.5 — 10.5 
Customer relationships5.218.5 (13.8)4.7 18.5 (10.9)7.6 
Other0.80.8 (0.6)0.2 1.7 (0.9)0.8 
Total intangible assets, net$33.2 $(16.2)$17.0 $44.2 $(16.9)$27.3 
Schedule of Finite-lived Intangible Assets
December 31,
20242023
Weighted- Average Useful Life Remaining (in years)Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
(in millions)(in millions)
Agency and carrier relationships3.7$3.4 $(1.8)$1.6 $13.5 $(5.1)$8.4 
State licenses and domain nameIndefinite10.5 — 10.5 10.5 — 10.5 
Customer relationships5.218.5 (13.8)4.7 18.5 (10.9)7.6 
Other0.80.8 (0.6)0.2 1.7 (0.9)0.8 
Total intangible assets, net$33.2 $(16.2)$17.0 $44.2 $(16.9)$27.3 
Schedule of Finite-lived Intangible Assets Amortization Expense
As of December 31, 2024, the projected annual amortization expense for the Company’s intangible assets for the next five years is as follows (in millions):
Years Ending December 31,
20251.9 
20261.1 
20271.1 
20281.0 
20290.7 
Thereafter0.7 
Total$6.5 
v3.25.0.1
Capitalized Internal Use Software (Tables)
 12 Months Ended
Dec. 31, 2024
Research and Development [Abstract]  
Schedule of Capitalized Computer Software
December 31,
20242023
(in millions)
Capitalized internal use software$95.0 $79.1 
Less: accumulated amortization(46.9)(30.7)
Total capitalized internal use software$48.1 $48.4 
v3.25.0.1
Other Assets (Tables)
 12 Months Ended
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Assets
December 31,
20242023
(in millions)
Property and equipment$33.0 $34.9 
Prepaid expenses6.6 11.3 
Claims receivable0.8 5.6 
Lease right-of-use assets4.7 10.6 
Deferred policy acquisition costs, net (1)
11.6 — 
Other9.5 6.8 
Total other assets$66.2 $69.2 
(1) Ceding fees in excess of deferred policy acquisition costs were included in deferred revenue in 2023.
v3.25.0.1
Accrued Expenses and Other Liabilities (Tables)
 12 Months Ended
Dec. 31, 2024
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses and Other Liabilities
December 31,
20242023
(in millions)
Claim payments outstanding$19.3 $26.3 
Lease liability10.0 14.8 
Advances from customers8.0 9.8 
Deferred revenue— 3.8 
Employee related accruals5.8 7.3 
Premium refund liability11.8 12.2 
Fiduciary liability1.8 6.0 
Contingent consideration liability11.7 13.6 
Other19.0 19.7 
Total accrued expenses and other liabilities$87.4 $113.5 
v3.25.0.1
Loss and Loss Adjustment Expense Reserves (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense
The reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses, net of reinsurance is summarized as follows for the years ended December 31, (in millions):
202420232022
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of beginning of the period$322.5 $293.8 $260.8 
Reinsurance recoverables on unpaid losses and LAE(221.4)(228.8)(216.8)
Reserve for losses and LAE, net of reinsurance recoverables as of beginning of the period101.1 65.0 44.0 
Add: Incurred losses and LAE, net of reinsurance, related to:
Current year215.1 183.7 113.2 
Prior years(6.1)(2.0)(11.8)
Total incurred209.0 181.7 101.4 
Deduct: Loss and LAE payments, net of reinsurance, related to:
Current year143.2 127.5 56.7 
Prior year46.8 18.1 23.7 
Total paid190.0 145.6 80.4 
Reserve for losses and LAE, net of reinsurance recoverables at end of period120.1 101.1 65.0 
Add: Reinsurance recoverables on unpaid losses and LAE at end of period229.9 221.4 228.8 
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of end of the period$350.0 $322.5 $293.8 
The information about incurred and paid claims development for the years ended prior to December 31, 2024 is presented as unaudited supplementary information.
In addition, the following tables show incurred loss and LAE by accident year in aggregate (in millions, except for number of claims):
Insurance-as-a-Service Incurred Loss and LAE, Net of Reinsurance
December 31, 2024
2020*2021*2022*2023*2024IBNRCumulative Number of Reported Claims
Accident Year
20207.67.49.38.9 8.8 — 16,652
20216.93.83.5 2.8 (0.1)16,691
202213.712.4 12.5 0.6 23,414
202315.4 13.7 1.7 29,280
202425.4 11.4 29,161
Total incurred Loss and Loss Adjustment Expenses, net

$63.2 $13.6 115,198 
* Presented as unaudited required supplementary information
Insurance-as-a-Service Cumulative Paid Loss and LAE, Net of Reinsurance
2020*2021*2022*2023*2024
Accident Year
20204.68.08.48.68.7 
20210.42.83.12.9 
20225.010.711.4 
20237.911.4 
20249.9 
Total paid losses and LAE, net

$44.3 
Total unpaid loss and LAE reserves, net
19.0 
Unpaid loss and LAE reserves for years prior to 2019, net
$— 
Ceded unpaid loss and LAE$200.6 
Gross unpaid loss and LAE$219.6 
* Presented as unaudited required supplementary information
Hippo Home Insurance Program Incurred Loss and LAE, Net of Reinsurance
December 31,December 31, 2024
2020*2021*2022*2023*2024IBNRCumulative Number of Reported Claims
Accident Year
202020.9 20.7 20.6 20.7 20.6 0.2 13,560
202169.959.758.2 57.5 2.1 24,483
202280.681.3 82.6 29.9 24,198
2023153.2 149.4 1.2 22,744
2024175.5 28.4 12,036
Total incurred Loss and Loss Adjustment Expenses, net

$485.6 $61.8 97,021 
* Presented as unaudited required supplementary information
Hippo Home Insurance Program Cumulative Paid Loss and LAE, Net of Reinsurance
2020*2021*2022*2023*2024
Accident Year
202012.5 18.8 20.1 20.2 20.2 
202134.953.054.354.7 
202233.343.545.4 
2023104.7145.3 
2024118.9 
Total paid losses and LAE, net

$384.5 
Total unpaid loss and LAE reserves, net
101.1 
Ceded unpaid loss and LAE$29.3 
Gross unpaid loss and LAE$130.4 
* Presented as unaudited required supplementary information
Reconciliation of Reinsurance Recoverables
As of
December 31, 2024
Net outstanding liabilities from development tables
Insurance-as-a-Service$19.0 
Hippo Home Insurance Program101.1 
Reserve for losses and LAE, net of reinsurance recoverables at end of period120.1 
Recoverables
Insurance-as-a-Service200.6 
Hippo Home Insurance Program29.3 
Reinsurance recoverables on unpaid losses and LAE at end of period229.9 
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of end of the period$350.0 
Schedule of Short-duration Insurance Contracts, Schedule of Historical Claims Duration
The following table presents the average annual percentage payout of incurred losses by age, net of reinsurance as of December 31, 2024:
Years12345
Property and Casualty48%39%3%5%3%
The following table presents the average annual percentage payout of incurred losses by age, net of reinsurance as of December 31, 2024:
Years12345
Property and Casualty57%25%(1)%15%—%
Schedule of Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability
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):
2024 Current Accident Year2023 Current Accident Year2022 Current Accident Year
IncurredPaidIncurred PaidIncurred Paid
Development table
Insurance-as-a-Service
25.1 9.9 15.4 7.9 13.7 5.0 
Hippo Home Insurance Program
175.2 118.9 153.2 104.7 80.6 33.3 
Unallocated loss adjustment expense
Insurance-as-a-Service
2.3 2.3 0.9 0.9 — — 
Hippo Home Insurance Program
11.9 11.9 14.1 14.1 18.9 18.9 
Other0.6 0.2 0.1 (0.1)— (0.5)
Rollforward table$215.1 $143.2 $183.7 $127.5 $113.2 $56.7 
v3.25.0.1
Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Schedule of Effects of Reinsurance
The following table reflects amounts affecting the consolidated statements of operations and comprehensive loss for ceded reinsurance (in millions):
For the Year Ended December 31,
202420232022
Written PremiumsEarned PremiumsLoss and LAE IncurredWritten PremiumsEarned PremiumsLoss and LAE IncurredWritten PremiumsEarned PremiumsLoss and LAE Incurred
Direct$881.8 $840.7 $441.4 $834.6 $760.5 $531.8 $628.3 $541.1 $409.6 
Assumed10.6 13.0 8.9 12.7 8.8 11.7 1.6 0.4 0.1 
Gross892.4 853.7 450.3 847.3 769.3 543.5 629.9 541.5 409.7 
Ceded(519.8)(581.2)(241.3)(687.7)(661.8)(361.8)(580.3)(499.0)(308.3)
Net$372.6 $272.5 $209.0 $159.6 $107.5 $181.7 $49.6 $42.5 $101.4 
Schedule of Reinsurance Recoverable
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 is presented in the table below (in millions).
December 31,
20242023
Reinsurance recoverable on paid loss
$55.4 $59.9 
Ceded unpaid loss and LAE
229.9221.4
Total reinsurance recoverable$285.3 $281.3 
Schedule of Ceded Credit Risk The Company has the following unsecured reinsurance recoverable and prepaid reinsurance premium balances from reinsurers (in millions):
December 31,
AM Best RatingReinsurer20242023
A+Munich Reinsurance America, Inc.$104.4 $60.0 
A+
Everest Reinsurance Company41.2 41.6 
A+Allianz Reinsurance America, Inc.39.1 7.4 
A+Hannover Rück SE33.9 56.9 
A+
MS Amlin AG21.6 — 
A+Canopius US Insurance, Inc.16.6 0.4 
A+
Mitsui Sumitomo Insurance Company of America15.9 2.8 
$272.7 $169.1 
Other reinsurers151.4 202.4 
$424.1 $371.5 
v3.25.0.1
Geographical Breakdown of Gross Written Premium (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Schedule of Gross Written Premium by Geographical Areas
Gross written premium by state is as follows (in millions):

Year Ended December 31,
2024
2023
2022
Amount% of GWPAmount% of GWPAmount% of GWP
State
California$201.1 22.5 %$156.7 18.5 %$116.3 18.5 %
Texas128.1 14.4 %151.6 17.9 %155.6 24.7 %
Florida115.1 12.9 %111.5 13.2 %55.4 8.8 %
Illinois27.7 3.1 %25.9 3.1 %22.7 3.6 %
Georgia24.5 2.7 %37.7 4.4 %29.3 4.7 %
South Carolina24.8 2.8 %17.3 2.0 %10.2 1.6 %
New York34.0 3.8 %19.9 2.3 %10.7 1.7 %
Colorado18.8 2.1 %23.4 2.8 %19.3 3.1 %
New Jersey18.2 2.0 %17.2 2.0 %14.0 2.2 %
Ohio16.4 1.8 %15.2 1.8 %13.8 2.2 %
Other283.7 31.9 %270.9 32.0 %182.6 29.0 %
Total$892.4 100 %$847.3 100 %$629.9 100 %
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Schedule of Lease, Cost The weighted average remaining lease term and the weighted average discount rate for operating leases as of December 31, 2024 and 2023 were:
December 31,
20242023
Weighted average remaining lease term2.142.88
Weighted average discount rate4.2%4.3%
Supplemental cash flow information about the Company’s operating leases (in millions):
For the Year Ended December 31,
20242023
2022
Cash paid for operating lease liabilities $5.7 $5.7 $4.4 
Right-of-use assets obtained in exchange for new operating liabilities 0.7 — 15.0 
Schedule of Lessee, Operating Lease, Liability, Maturity
Maturities of operating lease liabilities by fiscal year as of December 31, 2024 are (in millions):
Year Ending December 31,
20255.1 
20264.1 
20271.2 
2028— 
Thereafter— 
Total undiscounted lease payments$10.4 
Less: Imputed interest(0.4)
Present value of lease payments$10.0 
v3.25.0.1
Stockholders’ Equity (Tables)
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Schedule of Share-based Payment Arrangement, Option, Activity
The following table summarizes option activity under the plans:
Options OutstandingWeighted-Average RemainingAggregate Intrinsic Value
(In Millions)
Number of SharesWeighted Average Exercise PriceContract Term
(In Years)
Outstanding as of January 1, 2024
1,589,529$16.13 6.8$0.2 
Granted—— 
Exercised(360,078)14.57 3.6 
Cancelled/Expired(76,573)15.52 0.1 
Outstanding as of December 31, 20241,152,878$16.67 5.7$11.7 
Vested and exercisable as of December 31, 20241,114,828$16.69 5.6$11.3 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
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:
December 31,
2022
Expected term (in years)
5.0 - 6.7
Expected volatility
29.6% - 30.9%
Risk-free interest rate
2.7% - 3.0%
Expected dividend yield— %
Schedule of Share-based Payment Award, Restricted Stock Units and Performance Restricted Stock Units, Valuation Assumptions
The following table presents the assumptions utilized in the Monte Carlo valuation model for market-based awards for the period indicated:
December 31,
2022
Expected term (in years)4.1
Expected volatility95.0 %
Risk-free interest rate2.9 %
Expected dividend yield— %
Schedule of Unvested Restricted Stock Units Roll Forward
The following table summarizes the RSU and PRSU activity year ended December 31, 2024:
Number of SharesWeighted Average Grant-Date Fair Value per Share
Unvested and outstanding as of December 31, 20232,534,683 $28.28 
Granted1,367,647 $19.47 
Vested(1,678,053)$25.18 
Canceled and forfeited(485,496)$28.12 
Unvested and outstanding as of December 31, 20241,738,781 $24.40 
Schedule of Share-based Payment Arrangement, Expensed and Capitalized, Amount
Total stock-based compensation expense, classified in the accompanying consolidated statements of operations and comprehensive loss was as follows (in millions):
Year Ended
December 31,
202420232022
Losses and loss adjustment expenses$1.1 $1.2 $2.6 
Insurance related expenses4.5 4.9 5.4 
Technology and development6.9 12.5 19.2 
Sales and marketing7.9 13.1 13.7 
General and administrative17.8 25.8 21.0 
Total stock-based compensation expense$38.2 $57.5 $61.9 
v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
Income (loss) before tax consists of the following (in millions):
Year Ended December 31,
202420232022
United States$(40.1)$(274.0)$(333.5)
Foreign0.8 1.4 1.4 
Loss before income taxes attributable to Hippo$(39.3)$(272.6)$(332.1)
Income before tax attributable to noncontrolling interests11.9 10.1 6.9 
Loss before income taxes$(27.4)$(262.5)$(325.2)
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,
202420232022
Loss before income taxes attributable to Hippo$(39.3)$(272.6)$(332.1)
Income tax benefit from statutory rate(8.3)(57.2)(69.8)
Effect of:
Meals, entertainment & parking0.1 0.2 0.2 
Deferred compensation6.7 7.4 6.6 
State taxes(7.6)(9.1)(9.0)
Goodwill impairment— — 8.0 
Increase in valuation allowance6.5 64.2 66.8 
Foreign taxes0.5 0.1 1.2 
Other3.3 (5.1)(2.7)
Income taxes expense$1.2 $0.5 $1.3 
Schedule of Components of Income Tax Provision
The components of the provision for income taxes are as follows (in millions):
Year Ended December 31,
202420232022
Income tax applicable to:
Current
Federal$— $— $— 
State0.7 0.4 0.1 
Foreign0.4 0.8 1.2 
Total current provision$1.1 $1.2 $1.3 
Deferred
Federal$— $— $— 
State— — — 
Foreign0.1 (0.7)— 
Total deferred provision$0.1 $(0.7)$— 
Total provision for income taxes$1.2 $0.5 $1.3 
For the years ended December 31, 2024, 2023 and 2022, the Company made net state and foreign tax payments of $1.3 million, $2.2 million, and $0.7 million, respectively.
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,
20242023
Deferred tax assets:
Net operating loss carryforward$175.5 $171.6 
Intangible assets8.4 10.2 
Research and development credit10.4 10.5 
Deferred compensation6.5 9.7 
Unearned premium reserve9.6 4.1 
Loss reserve discount1.1 1.1 
Unrealized losses2.1 2.0 
Lease liability2.7 3.5 
Deferred revenue2.4 5.9 
Capitalized software17.4 13.7 
Other accruals5.8 3.2 
Total deferred tax assets$241.9 $235.5 
Valuation allowance(232.6)(226.0)
Total deferred income tax assets$9.3 $9.5 
Deferred tax liabilities
Property and equipment$0.7 $0.9 
Deferred acquisition costs5.3 5.0 
Right-of-use asset1.2 2.4 
Other1.4 0.4 
Total deferred tax liabilities$8.6 $8.7 
Deferred income tax assets, net$0.7 $0.8 
Schedule of Unrecognized Tax Benefits Roll Forward
Below is a reconciliation of unrecognized tax benefits (in millions):
Year Ended December 31,
20242023
Beginning unrecognized tax benefits$5.1 $2.9 
Increases related to tax positions from prior years
(0.4)0.8 
Increases related to tax positions taken in the current year0.3 1.4
Ending unrecognized tax benefits$5.0 $5.1 
Schedule of Operating Loss Carryforwards Components of the NOL carryforwards are as follows (in millions):
Indefinite
20-year CarryforwardCarryforward
Expires in 2035 - 2043
PeriodTotal
U.S. Federal$175.1 0$532.4 $707.5 
U.S. State428.7— 428.7
Balance as of December 31, 2024$603.8 $532.4 $1,136.2 
v3.25.0.1
Net Loss Per Share Attributable to Common Stockholders (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Net Loss Per Share, Basic and Diluted
Net loss per share attributable to common stockholders was computed as follows:
Year Ended December 31,
202420232022
Numerator:
Net loss attributable to Hippo – basic and diluted (in millions)
$(40.5)$(273.1)$(333.4)
Denominator:
Weighted-average shares used in computing net loss per share attributable to Hippo — basic and diluted24,699,91323,578,92222,747,101
Net loss per share attributable to Hippo — basic and diluted$(1.64)$(11.58)$(14.66)
Schedule of Antidilutive Securities Excluded from Computation of Loss Per Share
Potential dilutive securities that were not included in the diluted loss per share calculations because they would be anti-dilutive were as follows:
December 31,
202420232022
Outstanding options1,152,8781,589,5291,986,978
Warrants to purchase common shares360,000360,000360,000
Common stock subject to repurchase—26,05876,364
RSU and PRSUs1,738,7812,534,6832,881,984
Total3,251,6594,510,2705,305,326
v3.25.0.1
Statutory Financial Information (Tables)
 12 Months Ended
Dec. 31, 2024
Insurance [Abstract]  
Schedule of Statutory Accounting Practices Disclosure
The statutory net income and statutory capital and surplus of the Company’s insurance subsidiaries in accordance with regulatory accounting practices were as follows (in millions):
Statutory Net Income (Loss)Statutory Capital and Surplus
2024202320242023
U.S. insurance subsidiaries$32.2 $21.2 $205.3 $191.0 
International insurance subsidiary8.2 (53.9)43.2 24.1 
Total
$40.4 $(32.7)$248.5 $215.1 
v3.25.0.1
Segments (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The tables below present segment information reconciled to loss before income taxes, for the periods indicated (in millions).
Years Ended December 31, 2024
ServicesInsurance-as-a-ServiceHippo Home Insurance ProgramTotal
Revenue from external customers

Net earned premium$— 63.5 209.0 $272.5 
Commission income, net32.5 24.1 4.0 60.6 
Service and fee income0.6 — 11.0 11.6 
Net investment income
0.1 11.9 12.4 24.4 
Intersegment revenue15.0 — — 15.0 
Segment revenue
48.299.5236.4384.1
Reconciliation of Revenue
Eliminations(1)
(12.0)
Total consolidated revenue372.1
Less segment expenses:
Loss and loss adjustment expense— 24.9 182.9 
Insurance related expense— 31.1 48.1 
Sales and marketing31.7 — 6.0 
Technology and development10.6 0.3 12.6 
General and administrative10.8 6.9 25.9 
Less: Net investment income
(0.1)(11.9)(12.4)
Less: Noncontrolling interest(11.9)— — 
Segment adjusted operating income (loss)(16.9)24.4 (51.5)(44.0)
Eliminations(1)
0.5
Consolidated adjusted operating income (loss)(43.5)
Reconciliation of segment adjusted operating income (loss)
Net investment income24.4
Depreciation and amortization(23.2)
Stock-based compensation(38.2)
Fair value adjustments(1.7)
Other one-off transactions(7.9)
Gain on sale of business54.4
Impairment and restructuring charges(3.6)
Noncontrolling interest11.9 
Loss before income taxes$(27.4)
(1)Eliminations include commissions paid from Hippo Home Insurance Program for policies sold by the Company’s Services segment (revenue, cost, and other adjustments in respective business units eliminated as part of consolidation).
Year Ended December 31, 2023
ServicesInsurance-as-a-ServiceHippo Home Insurance ProgramTotal
Revenue from external customers——
Net earned premium$— 42.9 64.6 $107.5 
Commission income, net23.919.87.351.0
Service and fee income0.50.314.915.7
Net investment income
0.17.715.323.1
Intersegment revenue19.8——19.8
Segment revenue
44.370.7102.1217.1
Reconciliation of Revenue
Eliminations(1)
(7.4)
Total consolidated revenue$209.7 
Less segment expenses:
Loss and loss adjustment expense— 15.6 165.0 
Insurance related expense— 22.8 37.9 
Sales and marketing42.5 — 16.9 
Technology and development16.6 0.5 17.2 
General and administrative11.9 5.8 30.0 
Other expenses0.7 — 0.1 
Less: Net investment income
(0.1)(7.7)(15.3)
Less: Noncontrolling interest(10.1)— — 
Segment adjusted operating income (loss)(37.6)18.3 (180.3)(199.6)
Eliminations(1)
(1.0)
Consolidated adjusted operating income (loss)(200.6)
Reconciliation of segment adjusted operating income (loss)
Net investment income23.1
Depreciation and amortization(19.8)
Stock-based compensation(57.5)
Fair value adjustments(4.5)
Other one-off transactions(7.8)
Impairment and restructuring charges(5.5)
Noncontrolling interest10.1 
Loss before income taxes$(262.5)
(1)Eliminations include commissions paid from Hippo Home Insurance Program for policies sold by the Company’s Services segment (revenue, cost, and other adjustments in respective business units eliminated as part of consolidation).
Year Ended December 31, 2022
ServicesInsurance-as-a-ServiceHippo Home Insurance ProgramTotal
Revenue from external customers——
Net earned premium$— 22.520.0$42.5 
Commission income, net16.711.425.053.1
Service and fee income0.9—13.013.9
Net investment income
—3.15.99.0
Intersegment revenue19.3——19.3
Segment revenue
36.937.063.9137.8
Reconciliation of Revenue
Eliminations(1)
(18.1)
Total consolidated revenue$119.7 
Less segment expenses:
Loss and loss adjustment expense— 13.4 85.4 
Insurance related expense— 10.5 53.1 
Sales and marketing61.8 0.2 18.1 
Technology and development6.8 — 29.7 
General and administrative9.7 4.4 34.5 
Other expenses0.7 — — 
Less: Net investment income
— (3.1)(5.9)
Less: Noncontrolling interest(6.9)— — 
Segment adjusted operating income (loss)(49.0)5.4 (162.8)(206.4)
Eliminations(1)
—
Consolidated adjusted operating income (loss)(206.4)
Net investment income9.0
Depreciation and amortization(15.2)
Stock-based compensation(61.9)
Fair value adjustments(0.1)
Other one-off transactions(2.2)
Impairment and restructuring charges(55.3)
Noncontrolling interest6.9 
Loss before income taxes$(325.2)
(1)Eliminations include commissions paid from Hippo Home Insurance Program for policies sold by the Company’s Services segment (revenue, cost, and other adjustments in respective business units eliminated as part of consolidation).
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies - Description of Business and Basis of Presentation and Consolidation (Details)
Sep. 29, 2022
Dec. 31, 2024
state
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Number of states licensed as insurance agency   50
Reverse stock split ratio 0.04  
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies - Premium Deficiency (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Premium deficiency $ 0 $ 0
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]      
Depreciation expense $ 2.0 $ 2.3 $ 0.9
Buildings      
Property, Plant and Equipment [Line Items]      
Useful life (in years) 39 years    
Furniture, fixtures, and equipment      
Property, Plant and Equipment [Line Items]      
Useful life (in years) 5 years    
Computer equipment      
Property, Plant and Equipment [Line Items]      
Useful life (in years) 3 years    
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies - Leases (Details)
Dec. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Lease right-of-use assets [extensible enumeration] Other assets Other assets
Lease liability [extensible enumeration] Accrued expenses and other liabilities Accrued expenses and other liabilities
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies - Capitalized Internal Use Software (Details)
Dec. 31, 2024
Internal use software  
Property, Plant and Equipment [Line Items]  
Useful life (in years) 5 years
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies - Disaggregated Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Net earned premium $ 272.5 $ 107.5 $ 42.5
Agency commissions, net 32.6 23.8 16.7
Ceding commissions, net 30.7 38.9 37.6
Service and fee income 10.6 12.0 11.1
MGA commissions, net 0.0 0.1 0.0
Claims processing fees 0.3 0.6 0.0
Other revenue 1.0 3.7 2.8
Net investment income 24.4 23.1 9.0
Total revenue $ 372.1 $ 209.7 $ 119.7
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies - Sales and Marketing (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]      
Advertising costs $ 3.3 $ 10.2 $ 26.9
v3.25.0.1
Description of Business and Summary of Significant Accounting Policies - Other (Income) Expense (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Changes in fair value [extensible enumeration] Other income, net Other income, net
v3.25.0.1
Investments - Fixed Maturities Securities and Short-term Investments (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Amortized Cost    
Amortized Cost $ 208.3 $ 164.6
Amortized Cost 167.6 187.1
Amortized Cost 375.9 351.7
Gross Unrealized Gains    
Gross Unrealized Gains 0.9 1.2
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Gains 0.9 1.2
Gross Unrealized Losses    
Gross Unrealized Losses (3.5) (4.1)
Gross Unrealized Losses 0.0 0.0
Gross Unrealized Losses (3.5) (4.1)
Fair Value    
Fair Value 205.7 161.7
Fair Value 167.6 187.1
Total investments 373.3 348.8
U.S. government and agencies    
Amortized Cost    
Amortized Cost 24.8 18.6
Amortized Cost 118.5 137.7
Gross Unrealized Gains    
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Gains 0.0
Gross Unrealized Losses    
Gross Unrealized Losses (0.2) (0.2)
Gross Unrealized Losses 0.0 0.0
Fair Value    
Fair Value 24.6 18.4
Fair Value 118.5 137.7
States and other territories    
Amortized Cost    
Amortized Cost 11.2 9.3
Gross Unrealized Gains    
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses    
Gross Unrealized Losses (0.3) (0.4)
Fair Value    
Fair Value 10.9 8.9
Corporate securities    
Amortized Cost    
Amortized Cost 131.8 91.3
Amortized Cost 31.6 14.9
Gross Unrealized Gains    
Gross Unrealized Gains 0.8 1.1
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses    
Gross Unrealized Losses (1.1) (1.3)
Gross Unrealized Losses 0.0 0.0
Fair Value    
Fair Value 131.5 91.1
Fair Value 31.6 14.9
Foreign securities    
Amortized Cost    
Amortized Cost   0.9
Gross Unrealized Gains    
Gross Unrealized Gains   0.0
Gross Unrealized Losses    
Gross Unrealized Losses   0.0
Fair Value    
Fair Value 0.0 0.9
Residential mortgage-backed securities    
Amortized Cost    
Amortized Cost 21.5 20.7
Gross Unrealized Gains    
Gross Unrealized Gains 0.0 0.1
Gross Unrealized Losses    
Gross Unrealized Losses (1.5) (1.3)
Fair Value    
Fair Value 20.0 19.5
Commercial mortgage-backed securities    
Amortized Cost    
Amortized Cost 7.2 7.7
Gross Unrealized Gains    
Gross Unrealized Gains 0.1 0.0
Gross Unrealized Losses    
Gross Unrealized Losses (0.4) (0.6)
Fair Value    
Fair Value 6.9 7.1
Asset backed securities    
Amortized Cost    
Amortized Cost 11.8 16.1
Gross Unrealized Gains    
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses    
Gross Unrealized Losses 0.0 (0.3)
Fair Value    
Fair Value 11.8 15.8
Commercial paper    
Amortized Cost    
Amortized Cost 17.5 34.5
Gross Unrealized Gains    
Gross Unrealized Gains 0.0 0.0
Gross Unrealized Losses    
Gross Unrealized Losses 0.0 0.0
Fair Value    
Fair Value $ 17.5 $ 34.5
v3.25.0.1
Investments - Continuous Loss Position (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, Fair Value $ 96.2 $ 200.6
Less than 12 months, Gross Unrealized Losses (0.8) 0.0
12 months or more, Fair Value 51.1 81.8
12 months or more, Gross Unrealized Losses (2.7) (4.1)
Total, Fair Value 147.3 282.4
Total, Gross Unrealized Losses (3.5) (4.1)
U.S. government and agencies    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, Fair Value 14.5 4.3
Less than 12 months, Gross Unrealized Losses (0.1) 0.0
12 months or more, Fair Value 1.9 10.5
12 months or more, Gross Unrealized Losses (0.1) (0.2)
Total, Fair Value 16.4 14.8
Total, Gross Unrealized Losses (0.2) (0.2)
States and other territories    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, Fair Value 5.0 1.5
Less than 12 months, Gross Unrealized Losses (0.1) 0.0
12 months or more, Fair Value 5.5 7.4
12 months or more, Gross Unrealized Losses (0.2) (0.4)
Total, Fair Value 10.5 8.9
Total, Gross Unrealized Losses (0.3) (0.4)
Corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, Fair Value 55.2 5.7
Less than 12 months, Gross Unrealized Losses (0.5) 0.0
12 months or more, Fair Value 25.4 37.4
12 months or more, Gross Unrealized Losses (0.6) (1.3)
Total, Fair Value 80.6 43.1
Total, Gross Unrealized Losses (1.1) (1.3)
Foreign securities    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, Fair Value   0.0
Less than 12 months, Gross Unrealized Losses   0.0
12 months or more, Fair Value   0.9
12 months or more, Gross Unrealized Losses   0.0
Total, Fair Value   0.9
Total, Gross Unrealized Losses   0.0
Residential mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, Fair Value 7.4 0.0
Less than 12 months, Gross Unrealized Losses (0.1) 0.0
12 months or more, Fair Value 10.1 11.6
12 months or more, Gross Unrealized Losses (1.4) (1.3)
Total, Fair Value 17.5 11.6
Total, Gross Unrealized Losses (1.5) (1.3)
Commercial mortgage-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, Fair Value 0.4 0.4
Less than 12 months, Gross Unrealized Losses 0.0 0.0
12 months or more, Fair Value 4.1 5.8
12 months or more, Gross Unrealized Losses (0.4) (0.6)
Total, Fair Value 4.5 6.2
Total, Gross Unrealized Losses (0.4) (0.6)
Asset backed securities    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, Fair Value 0.0 1.6
Less than 12 months, Gross Unrealized Losses 0.0 0.0
12 months or more, Fair Value 4.1 8.2
12 months or more, Gross Unrealized Losses 0.0 (0.3)
Total, Fair Value 4.1 9.8
Total, Gross Unrealized Losses 0.0 (0.3)
U.S. government and agencies    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, Fair Value 0.0 137.7
Less than 12 months, Gross Unrealized Losses 0.0 0.0
12 months or more, Fair Value 0.0 0.0
12 months or more, Gross Unrealized Losses 0.0 0.0
Total, Fair Value 0.0 137.7
Total, Gross Unrealized Losses 0.0 0.0
Commercial paper    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, Fair Value 6.3 34.5
Less than 12 months, Gross Unrealized Losses 0.0 0.0
12 months or more, Fair Value 0.0 0.0
12 months or more, Gross Unrealized Losses 0.0 0.0
Total, Fair Value 6.3 34.5
Total, Gross Unrealized Losses 0.0 0.0
Corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Less than 12 months, Fair Value 7.4 14.9
Less than 12 months, Gross Unrealized Losses 0.0 0.0
12 months or more, Fair Value 0.0 0.0
12 months or more, Gross Unrealized Losses 0.0 0.0
Total, Fair Value 7.4 14.9
Total, Gross Unrealized Losses $ 0.0 $ 0.0
v3.25.0.1
Investments - Contractual Maturity (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Amortized Cost    
One year or less $ 35.0  
After one year through five years 103.0  
After five years 28.5  
After ten years 1.3  
After ten years 1.2  
Amortized Cost 208.3 $ 164.6
Fair Value    
One year or less 34.9  
After one year through five years 102.2  
After five years 28.7  
Total fixed maturities available-for-sale 205.7 161.7
Residential mortgage-backed securities    
Amortized Cost    
Securities 21.5  
Amortized Cost 21.5 20.7
Fair Value    
Securities 20.0  
Total fixed maturities available-for-sale 20.0 19.5
Commercial mortgage-backed securities    
Amortized Cost    
Securities 7.2  
Amortized Cost 7.2 7.7
Fair Value    
Securities 6.9  
Total fixed maturities available-for-sale 6.9 7.1
Asset backed securities    
Amortized Cost    
Securities 11.8  
Amortized Cost 11.8 16.1
Fair Value    
Securities 11.8  
Total fixed maturities available-for-sale $ 11.8 $ 15.8
v3.25.0.1
Investments - Net Investment Income (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]      
Interest on cash and cash equivalents $ 9.9 $ 7.3 $ 2.4
Fixed maturities income 7.0 5.9 2.9
Short-term investment income 8.0 10.4 3.9
Total investment income 24.9 23.6 9.2
Investment expenses (0.5) (0.5) (0.2)
Net investment income $ 24.4 $ 23.1 $ 9.0
v3.25.0.1
Investments - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]    
Securities on deposit with state regulatory authorities $ 12.2 $ 12.9
v3.25.0.1
Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents $ 197.6 $ 142.1    
Restricted cash 35.2 53.0    
Total cash, cash equivalents, and restricted cash 232.8 195.1 $ 244.5 $ 818.7
Cash        
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents 99.6 54.3    
Money market funds        
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents 94.4 77.8    
Commercial paper        
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents 2.8 10.0    
U.S. government and agencies        
Cash and Cash Equivalents [Line Items]        
Cash and cash equivalents 0.8 0.0    
Fiduciary assets        
Cash and Cash Equivalents [Line Items]        
Restricted cash 25.0 32.5    
Letters of credit and cash on deposit        
Cash and Cash Equivalents [Line Items]        
Restricted cash $ 10.2 $ 20.5    
v3.25.0.1
Fair Value Measurement - Fair Value, Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Financial assets:        
Cash, cash equivalents, and restricted cash $ 232.8 $ 195.1 $ 244.5 $ 818.7
Fixed maturities available-for-sale: 205.7 161.7    
Short-term investments 167.6 187.1    
Total financial assets 606.1 543.9    
Financial liabilities:        
Contingent consideration liability 11.7 13.6    
Total financial liabilities 11.7 13.8    
Public warrants        
Financial liabilities:        
Warrants liabilities   0.1    
Private placement warrants        
Financial liabilities:        
Warrants liabilities   0.1    
U.S. government and agencies        
Financial assets:        
Fixed maturities available-for-sale: 24.6 18.4    
Short-term investments 118.5 137.7    
States and other territories        
Financial assets:        
Fixed maturities available-for-sale: 10.9 8.9    
Corporate securities        
Financial assets:        
Fixed maturities available-for-sale: 131.5 91.1    
Short-term investments 31.6 14.9    
Foreign securities        
Financial assets:        
Fixed maturities available-for-sale: 0.0 0.9    
Residential mortgage-backed securities        
Financial assets:        
Fixed maturities available-for-sale: 20.0 19.5    
Commercial mortgage-backed securities        
Financial assets:        
Fixed maturities available-for-sale: 6.9 7.1    
Asset backed securities        
Financial assets:        
Fixed maturities available-for-sale: 11.8 15.8    
Commercial paper        
Financial assets:        
Short-term investments 17.5 34.5    
Level 1        
Financial assets:        
Cash, cash equivalents, and restricted cash 232.8 195.1    
Fixed maturities available-for-sale: 24.6 18.4    
Short-term investments 118.5 137.7    
Total financial assets 375.9 351.2    
Financial liabilities:        
Contingent consideration liability 0.0 0.0    
Total financial liabilities 0.0 0.1    
Level 1 | Public warrants        
Financial liabilities:        
Warrants liabilities   0.1    
Level 1 | Private placement warrants        
Financial liabilities:        
Warrants liabilities   0.0    
Level 1 | U.S. government and agencies        
Financial assets:        
Fixed maturities available-for-sale: 24.6 18.4    
Short-term investments 118.5 137.7    
Level 1 | States and other territories        
Financial assets:        
Fixed maturities available-for-sale: 0.0    
Level 1 | Corporate securities        
Financial assets:        
Fixed maturities available-for-sale: 0.0 0.0    
Short-term investments 0.0 0.0    
Level 1 | Foreign securities        
Financial assets:        
Fixed maturities available-for-sale: 0.0 0.0    
Level 1 | Residential mortgage-backed securities        
Financial assets:        
Fixed maturities available-for-sale: 0.0 0.0    
Level 1 | Commercial mortgage-backed securities        
Financial assets:        
Fixed maturities available-for-sale: 0.0 0.0    
Level 1 | Asset backed securities        
Financial assets:        
Fixed maturities available-for-sale: 0.0 0.0    
Level 1 | Commercial paper        
Financial assets:        
Short-term investments 0.0 0.0    
Level 2        
Financial assets:        
Cash, cash equivalents, and restricted cash 0.0 0.0    
Fixed maturities available-for-sale: 181.1 143.3    
Short-term investments 49.1 49.4    
Total financial assets 230.2 192.7    
Financial liabilities:        
Contingent consideration liability 0.0 0.0    
Total financial liabilities 0.0 0.1    
Level 2 | Public warrants        
Financial liabilities:        
Warrants liabilities   0.0    
Level 2 | Private placement warrants        
Financial liabilities:        
Warrants liabilities   0.1    
Level 2 | U.S. government and agencies        
Financial assets:        
Fixed maturities available-for-sale: 0.0 0.0    
Short-term investments 0.0 0.0    
Level 2 | States and other territories        
Financial assets:        
Fixed maturities available-for-sale: 10.9 8.9    
Level 2 | Corporate securities        
Financial assets:        
Fixed maturities available-for-sale: 131.5 91.1    
Short-term investments 31.6 14.9    
Level 2 | Foreign securities        
Financial assets:        
Fixed maturities available-for-sale: 0.0 0.9    
Level 2 | Residential mortgage-backed securities        
Financial assets:        
Fixed maturities available-for-sale: 20.0 19.5    
Level 2 | Commercial mortgage-backed securities        
Financial assets:        
Fixed maturities available-for-sale: 6.9 7.1    
Level 2 | Asset backed securities        
Financial assets:        
Fixed maturities available-for-sale: 11.8 15.8    
Level 2 | Commercial paper        
Financial assets:        
Short-term investments 17.5 34.5    
Level 3        
Financial assets:        
Cash, cash equivalents, and restricted cash 0.0 0.0    
Fixed maturities available-for-sale: 0.0 0.0    
Short-term investments 0.0 0.0    
Total financial assets 0.0 0.0    
Financial liabilities:        
Contingent consideration liability 11.7 13.6    
Total financial liabilities 11.7 13.6    
Level 3 | Public warrants        
Financial liabilities:        
Warrants liabilities   0.0    
Level 3 | Private placement warrants        
Financial liabilities:        
Warrants liabilities   0.0    
Level 3 | U.S. government and agencies        
Financial assets:        
Fixed maturities available-for-sale: 0.0 0.0    
Short-term investments 0.0 0.0    
Level 3 | States and other territories        
Financial assets:        
Fixed maturities available-for-sale: 0.0 0.0    
Level 3 | Corporate securities        
Financial assets:        
Fixed maturities available-for-sale: 0.0 0.0    
Short-term investments 0.0 0.0    
Level 3 | Foreign securities        
Financial assets:        
Fixed maturities available-for-sale: 0.0 0.0    
Level 3 | Residential mortgage-backed securities        
Financial assets:        
Fixed maturities available-for-sale: 0.0 0.0    
Level 3 | Commercial mortgage-backed securities        
Financial assets:        
Fixed maturities available-for-sale: 0.0 0.0    
Level 3 | Asset backed securities        
Financial assets:        
Fixed maturities available-for-sale: 0.0 0.0    
Level 3 | Commercial paper        
Financial assets:        
Short-term investments $ 0.0 $ 0.0    
v3.25.0.1
Fair Value Measurement - Changes in Fair Value (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Warrant liability    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Liability, beginning balance $ 0.2 $ 0.3
Changes in fair value (0.2) (0.1)
Liability, ending balance 0.0 0.2
Contingent Consideration    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Liability, beginning balance 13.6 11.9
Payments of contingent consideration (3.8) (4.3)
Changes in fair value 1.9 6.0
Liability, ending balance $ 11.7 $ 13.6
v3.25.0.1
Goodwill (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Roll Forward]      
Beginning balance $ 0 $ 0 $ 53,500,000
Impairment charge 0 0 (53,500,000)
Ending balance $ 0 $ 0 $ 0
v3.25.0.1
Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]      
Accumulated Amortization $ (16.2) $ (16.9)  
Total 6.5    
Indefinite-lived Intangible Assets [Line Items]      
Gross Carrying Amount 33.2 44.2  
Accumulated Amortization (16.2) (16.9)  
Net Carrying Amount 17.0 27.3  
Amortization expense related to intangible assets 4.6 4.4 $ 5.3
State licenses and domain name      
Indefinite-lived Intangible Assets [Line Items]      
Net Carrying Amount $ 10.5 10.5  
Agency and carrier relationships      
Finite-Lived Intangible Assets [Line Items]      
Weighted- Average Useful Life Remaining (in years) 3 years 8 months 12 days    
Gross Carrying Amount $ 3.4 13.5  
Accumulated Amortization (1.8) (5.1)  
Total 1.6 8.4  
Indefinite-lived Intangible Assets [Line Items]      
Accumulated Amortization $ (1.8) (5.1)  
Customer relationships      
Finite-Lived Intangible Assets [Line Items]      
Weighted- Average Useful Life Remaining (in years) 5 years 2 months 12 days    
Gross Carrying Amount $ 18.5 18.5  
Accumulated Amortization (13.8) (10.9)  
Total 4.7 7.6  
Indefinite-lived Intangible Assets [Line Items]      
Accumulated Amortization $ (13.8) (10.9)  
Other      
Finite-Lived Intangible Assets [Line Items]      
Weighted- Average Useful Life Remaining (in years) 9 months 18 days    
Gross Carrying Amount $ 0.8 1.7  
Accumulated Amortization (0.6) (0.9)  
Total 0.2 0.8  
Indefinite-lived Intangible Assets [Line Items]      
Accumulated Amortization $ (0.6) $ (0.9)  
v3.25.0.1
Intangible Assets - Amortization Expense (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2025 $ 1.9
2026 1.1
2027 1.1
2028 1.0
2029 0.7
Thereafter 0.7
Total $ 6.5
v3.25.0.1
Capitalized Internal Use Software (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Research and Development [Abstract]      
Capitalized internal use software $ 95.0 $ 79.1  
Less: accumulated amortization (46.9) (30.7)  
Capitalized internal use software 48.1 48.4  
Amortization expense $ 16.6 $ 13.1 $ 9.0
v3.25.0.1
Other Assets - Components (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Property and equipment $ 33.0 $ 34.9
Prepaid expenses 6.6 11.3
Claims receivable 0.8 5.6
Lease right-of-use assets 4.7 10.6
Deferred policy acquisition costs 11.6 0.0
Other 9.5 6.8
Total other assets $ 66.2 $ 69.2
v3.25.0.1
Other Assets - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Apr. 18, 2023
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]        
Purchases of property and equipment   $ 0.3 $ 29.6 $ 4.9
Deferred costs   37.4    
Amortized deferred policy acquisition costs   $ 45.2 $ 32.3 $ 17.8
Office building        
Property, Plant and Equipment [Line Items]        
Purchases of property and equipment $ 30.5      
Useful life (in years) 39 years      
v3.25.0.1
Accrued Expenses and Other Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Payables and Accruals [Abstract]    
Claim payments outstanding $ 19.3 $ 26.3
Lease liability 10.0 14.8
Advances from customers 8.0 9.8
Deferred revenue 0.0 3.8
Employee related accruals 5.8 7.3
Premium refund liability 11.8 12.2
Fiduciary liabilities 1.8 6.0
Contingent consideration liability 11.7 13.6
Other 19.0 19.7
Total accrued expenses and other liabilities $ 87.4 $ 113.5
v3.25.0.1
Loss and Loss Adjustment Expense Reserves - Reconciliation of Losses and Loss Adjustment Expenses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]      
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of beginning of the period $ 322.5 $ 293.8 $ 260.8
Reinsurance recoverables on unpaid losses and LAE (221.4) (228.8) (216.8)
Reserve for losses and LAE, net of reinsurance recoverables as of beginning of the period 101.1 65.0 44.0
Add: Incurred losses and LAE, net of reinsurance, related to:      
Current year 215.1 183.7 113.2
Prior years (6.1) (2.0) (11.8)
Total incurred 209.0 181.7 101.4
Deduct: Loss and LAE payments, net of reinsurance, related to:      
Current year 143.2 127.5 56.7
Prior year 46.8 18.1 23.7
Total paid 190.0 145.6 80.4
Reserve for losses and LAE, net of reinsurance recoverables at end of period 120.1 101.1 65.0
Add: Reinsurance recoverables on unpaid losses and LAE at end of period 229.9 221.4 228.8
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of end of the period 350.0 322.5 293.8
Catastrophe reserves release 3.2 $ 2.1 6.0
Attritional reserves release $ 2.9   $ 5.8
v3.25.0.1
Loss and Loss Adjustment Expense Reserves - Incurred and Paid Claims Development (Details)
$ in Millions
Dec. 31, 2024
USD ($)
claim
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Insurance-as-a-Service          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Cumulative Paid Losses and Allocated LAE, Net $ 63.2        
IBNR $ 13.6        
Cumulative Number of Reported Claims | claim 115,198        
Hippo Home Insurance Program          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Cumulative Paid Losses and Allocated LAE, Net $ 485.6        
IBNR $ 61.8        
Cumulative Number of Reported Claims | claim 97,021        
2020 | Insurance-as-a-Service          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Cumulative Paid Losses and Allocated LAE, Net $ 8.8 $ 8.9 $ 9.3 $ 7.4 $ 7.6
IBNR $ 0.0        
Cumulative Number of Reported Claims | claim 16,652        
2020 | Hippo Home Insurance Program          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Cumulative Paid Losses and Allocated LAE, Net $ 20.6 20.7 20.6 20.7 $ 20.9
IBNR $ 0.2        
Cumulative Number of Reported Claims | claim 13,560        
2021 | Insurance-as-a-Service          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Cumulative Paid Losses and Allocated LAE, Net $ 2.8 3.5 3.8 6.9  
IBNR $ (0.1)        
Cumulative Number of Reported Claims | claim 16,691        
2021 | Hippo Home Insurance Program          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Cumulative Paid Losses and Allocated LAE, Net $ 57.5 58.2 59.7 $ 69.9  
IBNR $ 2.1        
Cumulative Number of Reported Claims | claim 24,483        
2022 | Insurance-as-a-Service          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Cumulative Paid Losses and Allocated LAE, Net $ 12.5 12.4 13.7    
IBNR $ 0.6        
Cumulative Number of Reported Claims | claim 23,414        
2022 | Hippo Home Insurance Program          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Cumulative Paid Losses and Allocated LAE, Net $ 82.6 81.3 $ 80.6    
IBNR $ 29.9        
Cumulative Number of Reported Claims | claim 24,198        
2023 | Insurance-as-a-Service          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Cumulative Paid Losses and Allocated LAE, Net $ 13.7 15.4      
IBNR $ 1.7        
Cumulative Number of Reported Claims | claim 29,280        
2023 | Hippo Home Insurance Program          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Cumulative Paid Losses and Allocated LAE, Net $ 149.4 $ 153.2      
IBNR $ 1.2        
Cumulative Number of Reported Claims | claim 22,744        
2024 | Insurance-as-a-Service          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Cumulative Paid Losses and Allocated LAE, Net $ 25.4        
IBNR $ 11.4        
Cumulative Number of Reported Claims | claim 29,161        
2024 | Hippo Home Insurance Program          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Cumulative Paid Losses and Allocated LAE, Net $ 175.5        
IBNR $ 28.4        
Cumulative Number of Reported Claims | claim 12,036        
v3.25.0.1
Loss and Loss Adjustment Expense Reserves - Cumulative Paid Losses and LAE (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Liability for Claims and Claims Adjustment Expense [Line Items]          
Reserve for losses and LAE, net of reinsurance recoverables at end of period $ 120.1 $ 101.1 $ 65.0 $ 44.0  
Gross unpaid loss and LAE 350.0 322.5 293.8 260.8  
Ceded unpaid loss and LAE 229.9 221.4 228.8 216.8  
Insurance-as-a-Service          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Total paid losses and LAE, net 44.3        
Reserve for losses and LAE, net of reinsurance recoverables at end of period 19.0        
Unpaid loss and LAE reserves for years prior to 2019, net 0.0        
Recoverables 200.6        
Gross unpaid loss and LAE 219.6        
Hippo Home Insurance Program          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Total paid losses and LAE, net 384.5        
Reserve for losses and LAE, net of reinsurance recoverables at end of period 101.1        
Recoverables 29.3        
Gross unpaid loss and LAE 130.4        
2020 | Insurance-as-a-Service          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Total paid losses and LAE, net 8.7 8.6 8.4 8.0 $ 4.6
2020 | Hippo Home Insurance Program          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Total paid losses and LAE, net 20.2 20.2 20.1 18.8 $ 12.5
2021 | Insurance-as-a-Service          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Total paid losses and LAE, net 2.9 3.1 2.8 0.4  
2021 | Hippo Home Insurance Program          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Total paid losses and LAE, net 54.7 54.3 53.0 $ 34.9  
2022 | Insurance-as-a-Service          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Total paid losses and LAE, net 11.4 10.7 5.0    
2022 | Hippo Home Insurance Program          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Total paid losses and LAE, net 45.4 43.5 $ 33.3    
2023 | Insurance-as-a-Service          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Total paid losses and LAE, net 11.4 7.9      
2023 | Hippo Home Insurance Program          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Total paid losses and LAE, net 145.3 $ 104.7      
2024 | Insurance-as-a-Service          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Total paid losses and LAE, net 9.9        
2024 | Hippo Home Insurance Program          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Total paid losses and LAE, net $ 118.9        
v3.25.0.1
Loss and Loss Adjustment Expense Reserves - Historical Claim Duration (Details) - Property and Casualty
Dec. 31, 2024
Insurance-as-a-Service  
Years [Line Items]  
1 48.00%
2 39.00%
3 3.00%
4 5.00%
5 3.00%
Hippo Home Insurance Program  
Years [Line Items]  
1 57.00%
2 25.00%
3 (1.00%)
4 15.00%
5 0.00%
v3.25.0.1
Loss and Loss Adjustment Expense Reserves - Reconciliation of Net Incurred and Paid Loss (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Incurred      
Other $ 0.6 $ 0.1 $ 0.0
Current year 215.1 183.7 113.2
Paid      
Other 0.2 (0.1) (0.5)
Current year 143.2 127.5 56.7
Insurance-as-a-Service      
Incurred      
Development table 25.1 15.4 13.7
Unallocated loss adjustment expense 2.3 0.9 0.0
Paid      
Development table 9.9 7.9 5.0
Unallocated loss adjustment expense 2.3 0.9 0.0
Hippo Home Insurance Program      
Incurred      
Development table 175.2 153.2 80.6
Unallocated loss adjustment expense 11.9 14.1 18.9
Paid      
Development table 118.9 104.7 33.3
Unallocated loss adjustment expense $ 11.9 $ 14.1 $ 18.9
v3.25.0.1
Loss and Loss Adjustment Expense Reserves - Reconciliation of Reinsurance Recoverable (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Liability for Claims and Claims Adjustment Expense [Line Items]        
Reserve for losses and LAE, net of reinsurance recoverables at end of period $ 120.1 $ 101.1 $ 65.0 $ 44.0
Ceded unpaid loss and LAE 229.9 221.4 228.8 216.8
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of end of the period 350.0 $ 322.5 $ 293.8 $ 260.8
Insurance-as-a-Service        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Reserve for losses and LAE, net of reinsurance recoverables at end of period 19.0      
Recoverables 200.6      
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of end of the period 219.6      
Hippo Home Insurance Program        
Liability for Claims and Claims Adjustment Expense [Line Items]        
Reserve for losses and LAE, net of reinsurance recoverables at end of period 101.1      
Recoverables 29.3      
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of end of the period $ 130.4      
v3.25.0.1
Reinsurance - Narrative (Details)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2024
USD ($)
reinsurer
Jan. 01, 2024
Dec. 31, 2023
USD ($)
reinsurer
Dec. 31, 2022
reinsurer
Effects of Reinsurance [Line Items]            
Loss on uncollectible accounts in period     $ 0      
Provision for sliding scale commission     34,200,000   $ 23,800,000  
Receivable for sliding scale commission     3,600,000   5,800,000  
Provision for loss participation feature     $ 41,600,000   $ 112,800,000  
Maximum | Florida Hurricane Catastrophe Fund | Florida            
Effects of Reinsurance [Line Items]            
Reinsurance, reimbursement protection, percentage     90.00%      
Reinsurance Policy, Type [Axis]: Non-Proportional Reinsurance — Hippo Home Insurance Program            
Effects of Reinsurance [Line Items]            
Excess retention, percentage     11.00%      
Reinsurance, number of participating reinsurers | reinsurer     19   14  
Excess retention, year return period, ratio     0.004      
Reinsurance Policy, Type [Axis]: Non-Proportional Reinsurance — Hippo Home Insurance Program | Maximum            
Effects of Reinsurance [Line Items]            
Excess retention, percentage 0.40%   0.40%      
Reinsurance Policy, Type [Axis]: Other Reinsurance - Corporate Catastrophe Excess of Loss Catastrophe Coverage            
Effects of Reinsurance [Line Items]            
Excess retention, year return period, ratio     0.004      
Reinsurance Policy, Type [Axis]: Other Reinsurance - Proportional and Excess of Loss Catastrophe Coverage | Maximum            
Effects of Reinsurance [Line Items]            
Ceded risk, percentage     100.00%      
Reinsurance Policy, Type [Axis]: Other Reinsurance - Proportional and Excess of Loss Catastrophe Coverage | Minimum            
Effects of Reinsurance [Line Items]            
Ceded risk, percentage     75.00%      
Reinsurance Policy, Type [Axis]: Proportional Reinsurance Treaties — Hippo Home Insurance Program            
Effects of Reinsurance [Line Items]            
Reinsured risk, percentage 40.00% 10.00% 100.00%      
Reinsurance, number of third-party reinsurers | reinsurer         6 11
Reinsured risk, cut off percentage (as a percent)       25.00%    
Percentage attributable to program           33.00%
Reinsurance Policy, Type [Axis]: Proportional Reinsurance Treaties — Hippo Home Insurance Program, Business Channel            
Effects of Reinsurance [Line Items]            
Reinsured risk, percentage 58.00%   85.00%      
Reinsurance, number of third-party reinsurers | reinsurer         3  
v3.25.0.1
Reinsurance - Ceded Reinsurance (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Written Premiums      
Direct $ 881.8 $ 834.6 $ 628.3
Assumed 10.6 12.7 1.6
Gross 892.4 847.3 629.9
Ceded (519.8) (687.7) (580.3)
Net 372.6 159.6 49.6
Earned Premiums      
Direct 840.7 760.5 541.1
Assumed 13.0 8.8 0.4
Gross 853.7 769.3 541.5
Ceded (581.2) (661.8) (499.0)
Net 272.5 107.5 42.5
Add: Incurred losses and LAE, net of reinsurance, related to:      
Direct 441.4 531.8 409.6
Assumed 8.9 11.7 0.1
Gross 450.3 543.5 409.7
Ceded (241.3) (361.8) (308.3)
Net $ 209.0 $ 181.7 $ 101.4
v3.25.0.1
Reinsurance - Amount Recoverable From Reinsurers (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Insurance [Abstract]        
Reinsurance recoverable on paid loss $ 55.4 $ 59.9    
Ceded unpaid loss and LAE 229.9 221.4 $ 228.8 $ 216.8
Total reinsurance recoverable $ 285.3 $ 281.3    
v3.25.0.1
Reinsurance - Unsecured Reinsurance Recoverable and Prepaid Reinsurance Premium Balances (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Ceded Credit Risk [Line Items]    
Unsecured reinsurance recoverable and prepaid reinsurance premium $ 424.1 $ 371.5
Other reinsurers    
Ceded Credit Risk [Line Items]    
Unsecured reinsurance recoverable and prepaid reinsurance premium 151.4 202.4
A+    
Ceded Credit Risk [Line Items]    
Unsecured reinsurance recoverable and prepaid reinsurance premium 272.7 169.1
A+ | Munich Reinsurance America, Inc.    
Ceded Credit Risk [Line Items]    
Unsecured reinsurance recoverable and prepaid reinsurance premium 104.4 60.0
A+ | Everest Reinsurance Company    
Ceded Credit Risk [Line Items]    
Unsecured reinsurance recoverable and prepaid reinsurance premium 41.2 41.6
A+ | Allianz Reinsurance America, Inc.    
Ceded Credit Risk [Line Items]    
Unsecured reinsurance recoverable and prepaid reinsurance premium 39.1 7.4
A+ | Hannover Rück SE    
Ceded Credit Risk [Line Items]    
Unsecured reinsurance recoverable and prepaid reinsurance premium 33.9 56.9
A+ | MS Amlin AG    
Ceded Credit Risk [Line Items]    
Unsecured reinsurance recoverable and prepaid reinsurance premium 21.6 0.0
A+ | Canopius US Insurance, Inc.    
Ceded Credit Risk [Line Items]    
Unsecured reinsurance recoverable and prepaid reinsurance premium 16.6 0.4
A+ | Mitsui Sumitomo Insurance Company of America    
Ceded Credit Risk [Line Items]    
Unsecured reinsurance recoverable and prepaid reinsurance premium $ 15.9 $ 2.8
v3.25.0.1
Geographical Breakdown of Gross Written Premium (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Gross Written Premium [Line Items]      
Amount $ 892.4 $ 847.3 $ 629.9
Geographic Concentration Risk | Gross written premium      
Gross Written Premium [Line Items]      
Concentration risk, percentage 100.00% 100.00% 100.00%
California      
Gross Written Premium [Line Items]      
Amount $ 201.1 $ 156.7 $ 116.3
California | Geographic Concentration Risk | Gross written premium      
Gross Written Premium [Line Items]      
Concentration risk, percentage 22.50% 18.50% 18.50%
Texas      
Gross Written Premium [Line Items]      
Amount $ 128.1 $ 151.6 $ 155.6
Texas | Geographic Concentration Risk | Gross written premium      
Gross Written Premium [Line Items]      
Concentration risk, percentage 14.40% 17.90% 24.70%
Florida      
Gross Written Premium [Line Items]      
Amount $ 115.1 $ 111.5 $ 55.4
Florida | Geographic Concentration Risk | Gross written premium      
Gross Written Premium [Line Items]      
Concentration risk, percentage 12.90% 13.20% 8.80%
Illinois      
Gross Written Premium [Line Items]      
Amount $ 27.7 $ 25.9 $ 22.7
Illinois | Geographic Concentration Risk | Gross written premium      
Gross Written Premium [Line Items]      
Concentration risk, percentage 3.10% 3.10% 3.60%
Georgia      
Gross Written Premium [Line Items]      
Amount $ 24.5 $ 37.7 $ 29.3
Georgia | Geographic Concentration Risk | Gross written premium      
Gross Written Premium [Line Items]      
Concentration risk, percentage 2.70% 4.40% 4.70%
South Carolina      
Gross Written Premium [Line Items]      
Amount $ 24.8 $ 17.3 $ 10.2
South Carolina | Geographic Concentration Risk | Gross written premium      
Gross Written Premium [Line Items]      
Concentration risk, percentage 2.80% 2.00% 1.60%
New York      
Gross Written Premium [Line Items]      
Amount $ 34.0 $ 19.9 $ 10.7
New York | Geographic Concentration Risk | Gross written premium      
Gross Written Premium [Line Items]      
Concentration risk, percentage 3.80% 2.30% 1.70%
Colorado      
Gross Written Premium [Line Items]      
Amount $ 18.8 $ 23.4 $ 19.3
Colorado | Geographic Concentration Risk | Gross written premium      
Gross Written Premium [Line Items]      
Concentration risk, percentage 2.10% 2.80% 3.10%
New Jersey      
Gross Written Premium [Line Items]      
Amount $ 18.2 $ 17.2 $ 14.0
New Jersey | Geographic Concentration Risk | Gross written premium      
Gross Written Premium [Line Items]      
Concentration risk, percentage 2.00% 1.80% 2.20%
Ohio      
Gross Written Premium [Line Items]      
Amount $ 16.4 $ 15.2 $ 13.8
Ohio | Geographic Concentration Risk | Gross written premium      
Gross Written Premium [Line Items]      
Concentration risk, percentage 1.80% 2.00% 2.20%
Other      
Gross Written Premium [Line Items]      
Amount $ 283.7 $ 270.9 $ 182.6
Other | Geographic Concentration Risk | Gross written premium      
Gross Written Premium [Line Items]      
Concentration risk, percentage 31.90% 32.00% 29.00%
v3.25.0.1
Public Warrants and Private Placement Warrants (Details) - Reinvent Technology Partners Z
shares in Millions
Nov. 30, 2020
$ / shares
shares
Public warrants  
Class of Warrant or Right [Line Items]  
Warrant shares outstanding (in shares) | shares 4.6
Private placement warrants  
Class of Warrant or Right [Line Items]  
Warrant shares outstanding (in shares) | shares 4.4
Common stock warrant  
Class of Warrant or Right [Line Items]  
Conversion ratio 1
Common Class A | Public warrants  
Class of Warrant or Right [Line Items]  
Exercise price (in dollars per share) | $ / shares $ 287.50
Common Class A | Private placement warrants  
Class of Warrant or Right [Line Items]  
Exercise price (in dollars per share) | $ / shares $ 287.50
v3.25.0.1
Commitment and Contingencies (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2024
Loss Contingencies [Line Items]    
Purchase obligation, term (in years) 3 years  
Purchase obligation   $ 3.6
v3.25.0.1
Leases - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Renewal term (in years) 5 years    
ROU asset impairments $ 3.0 $ 2.9  
Operating lease, expense $ 3.2 $ 6.1 $ 5.2
v3.25.0.1
Leases - Weighted Average Remaining Lease Term and Discount Rate (Details)
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
Weighted average remaining lease term 2 years 1 month 20 days 2 years 10 months 17 days
Weighted average discount rate 4.20% 4.30%
v3.25.0.1
Leases - Maturity (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]    
2025 $ 5.1  
2026 4.1  
2027 1.2  
2028 0.0  
Thereafter 0.0  
Total undiscounted lease payments 10.4  
Less: Imputed interest (0.4)  
Present value of lease payments $ 10.0 $ 14.8
v3.25.0.1
Leases - Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]      
Cash paid for operating lease liabilities $ 5.7 $ 5.7 $ 4.4
Right-of-use assets obtained in exchange for new operating liabilities $ 0.7 $ 0.0 $ 15.0
v3.25.0.1
Stockholders’ Equity - Narrative (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Oct. 30, 2024
USD ($)
$ / shares
shares
Mar. 01, 2023
USD ($)
Dec. 31, 2024
USD ($)
vote
$ / shares
shares
Dec. 31, 2023
USD ($)
$ / shares
shares
Dec. 31, 2022
USD ($)
Mar. 31, 2023
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Common stock, shares authorized (in shares) | shares     80,000,000 80,000,000    
Common stock, par value (in dollars per share) | $ / shares     $ 0.0001 $ 0.0001    
Number of voting rights | vote     1      
Weighted average grant date, fair value (in dollars per share) | $ / shares       $ 15.24    
Early exercise of stock options liability for unvested awards       $ 700    
Number of shares subject to repurchase related to early exercise of stock option (in shares) | shares     26,000      
Stock repurchase authorized amount           $ 50,000
Repurchases of common stock (in shares) | shares     100,000      
Cash used for repurchase of common stock     $ 15,600 $ 1,800 $ 0  
Shares repurchased (in shares) | shares 957,242          
Shares repurchased, price per share (in usd per share) | $ / shares $ 16.28          
Cash used to repurchase shares $ 15,600          
Options            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Unrecognized compensation cost     $ 600      
Unrecognized compensation cost, period for recognition (in years)     1 year 2 months 12 days      
Expected term (in years)     10 years      
Incremental share-based compensation charge, closing price multiplier   2        
Incremental share-based compensation charge   $ 3,600        
Incremental share-based compensation charge, recognized on repricing date   1,400        
Incremental share-based compensation charge, recognized through remaining term   $ 2,200        
Options | Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Expected term (in years)       5 years    
Options | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Expected term (in years)       6 years 8 months 12 days    
RSUs | Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period (in years)     2 years      
RSUs | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period (in years)     4 years      
PRSU            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Granted (in shares) | shares       1,100,000    
PRSU | Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period (in years)     1 year      
Vesting, percentage of granted amount       0.00%    
PRSU | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period (in years)     4 years      
Vesting, percentage of granted amount       100.00%    
RSU and PRSU            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Unrecognized compensation cost     $ 26,300      
Unrecognized compensation cost, period for recognition (in years)     1 year 2 months 12 days      
Expected term (in years)     4 years 1 month 6 days      
Granted (in shares) | shares     1,367,647      
Employee Stock            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Purchase price of common stock, percent     85.00%      
Number of shares authorized for issuance (in shares) | shares     500,000      
Percentage of issued and outstanding stock, maximum     1.00%      
Maximum employee subscription amount     $ 25      
Look back feature (in months)     6 months      
Issued (in shares) | shares     170,009 142,297    
the 2019 Stock Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Purchase price of common stock, percent     100.00%      
the 2019 Stock Plan | Options            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Term period (in years)     10 years      
Vesting period (in years)     4 years      
the 2019 Stock Plan | RSUs            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period (in years)     4 years      
2021 Plan            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Number of shares authorized for issuance (in shares) | shares     3,100,000      
Percentage of issued and outstanding stock, maximum     5.00%      
2021 Plan | Minimum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period (in years)     2 years      
2021 Plan | Maximum            
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]            
Vesting period (in years)     4 years      
v3.25.0.1
Stockholders’ Equity - Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Options Outstanding    
Outstanding, beginning balance (in shares) 1,589,529  
Granted (in shares) 0  
Exercised (in shares) (360,078)  
Cancelled/Expired (in shares) (76,573)  
Outstanding, ending balance (in shares) 1,152,878 1,589,529
Vested and exercisable, weighted-average remaining, contract term (in years) 5 years 7 months 6 days  
Vested and exercisable (in shares) 1,114,828  
Weighted Average Exercise Price    
Outstanding, beginning balance (in dollars per share) $ 16.13  
Granted (in dollars per share) 0  
Exercised (in dollars per share) 14.57  
Cancelled/Expired (in dollars per share) 15.52  
Outstanding, ending balance (in dollars per share) 16.67 $ 16.13
Vested and exercisable (in dollars per share) $ 16.69  
Additional Disclosures    
Outstanding, weighted-average remaining, contract term (in years) 5 years 8 months 12 days 6 years 9 months 18 days
Outstanding, aggregate intrinsic value $ 11.7 $ 0.2
Aggregate intrinsic value of options exercised 3.6  
Aggregate intrinsic value of options cancelled/Expired 0.1  
Vested and exercisable, aggregate intrinsic value $ 11.3  
v3.25.0.1
Stockholders’ Equity - Stock Option Assumptions (Details)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Options    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected term (in years) 10 years  
Expected volatility, minimum   29.60%
Expected volatility, maximum   30.90%
Risk-free interest rate, minimum   2.70%
Risk-free interest rate, maximum   3.00%
Expected dividend yield   0.00%
Options | Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected term (in years)   5 years
Options | Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected term (in years)   6 years 8 months 12 days
RSU and PRSU    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected term (in years) 4 years 1 month 6 days  
Expected volatility 95.00%  
Risk-free interest rate 2.90%  
Expected dividend yield 0.00%  
v3.25.0.1
Stockholders’ Equity - Restricted Stock Units Activity (Details) - RSU and PRSU
 12 Months Ended
Dec. 31, 2024
$ / shares
shares
Number of Shares  
Outstanding, beginning balance (in shares) | shares 2,534,683
Granted (in shares) | shares 1,367,647
Vested (in shares) | shares (1,678,053)
Canceled and forfeited (in shares) | shares (485,496)
Outstanding, ending balance (in shares) | shares 1,738,781
Weighted Average Grant-Date Fair Value per Share  
Outstanding, beginning balance (in dollars per share) | $ / shares $ 28.28
Granted (in dollars per share) | $ / shares 19.47
Vested (in dollars per share) | $ / shares 25.18
Canceled and forfeited (in dollars per share) | $ / shares 28.12
Outstanding, ending balance (in dollars per share) | $ / shares $ 24.40
v3.25.0.1
Stockholders’ Equity - Share-based Compensation Expense (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 38.2 $ 57.5 $ 61.9
Losses and loss adjustment expenses      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 1.1 1.2 2.6
Insurance related expenses      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 4.5 4.9 5.4
Technology and development      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 6.9 12.5 19.2
Sales and marketing      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense 7.9 13.1 13.7
General and administrative      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation expense $ 17.8 $ 25.8 $ 21.0
v3.25.0.1
Income Taxes - Income (Loss) Before Tax (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
United States $ (40.1) $ (274.0) $ (333.5)
Foreign 0.8 1.4 1.4
Loss before income taxes attributable to Hippo (39.3) (272.6) (332.1)
Income before tax attributable to noncontrolling interests 11.9 10.1 6.9
Loss before income taxes $ (27.4) $ (262.5) $ (325.2)
v3.25.0.1
Income Taxes - Components of Total Provision for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Loss before income taxes attributable to Hippo $ (39.3) $ (272.6) $ (332.1)
Income tax benefit from statutory rate (8.3) (57.2) (69.8)
Meals, entertainment & parking 0.1 0.2 0.2
Deferred compensation 6.7 7.4 6.6
State taxes (7.6) (9.1) (9.0)
Goodwill impairment 0.0 0.0 8.0
Increase in valuation allowance 6.5 64.2 66.8
Foreign taxes 0.5 0.1 1.2
Other 3.3 (5.1) (2.7)
Income taxes expense $ 1.2 $ 0.5 $ 1.3
v3.25.0.1
Income Taxes - Components of Provision for Income Taxes (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Current      
Federal $ 0.0 $ 0.0 $ 0.0
State 0.7 0.4 0.1
Foreign 0.4 0.8 1.2
Total current provision 1.1 1.2 1.3
Deferred      
Federal 0.0 0.0 0.0
State 0.0 0.0 0.0
Foreign 0.1 (0.7) 0.0
Total deferred provision 0.1 (0.7) 0.0
Income taxes expense $ 1.2 $ 0.5 $ 1.3
v3.25.0.1
Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:    
Net operating loss carryforward $ 175.5 $ 171.6
Intangible assets 8.4 10.2
Research and development credit 10.4 10.5
Deferred compensation 6.5 9.7
Unearned premium reserve 9.6 4.1
Loss reserve discount 1.1 1.1
Unrealized losses 2.1 2.0
Lease liability 2.7 3.5
Deferred revenue 2.4 5.9
Capitalized software 17.4 13.7
Other accruals 5.8 3.2
Total deferred tax assets 241.9 235.5
Valuation allowance (232.6) (226.0)
Total deferred income tax assets 9.3 9.5
Deferred tax liabilities    
Property and equipment 0.7 0.9
Deferred acquisition costs 5.3 5.0
Right-of-use asset 1.2 2.4
Other 1.4 0.4
Total deferred tax liabilities 8.6 8.7
Deferred income tax assets, net $ 0.7 $ 0.8
v3.25.0.1
Income Taxes - Components of Unrecognized Tax Benefits (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]    
Beginning unrecognized tax benefits $ 5.1 $ 2.9
Increases related to tax positions from prior years (0.4) (0.8)
Increases related to tax positions taken in the current year 0.3 1.4
Ending unrecognized tax benefits $ 5.0 $ 5.1
v3.25.0.1
Income Taxes - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Loss Carryforwards [Line Items]      
Income taxes paid $ 1,300,000 $ 2,200,000 $ 700,000
Operating loss carryforwards 1,136,200,000    
Income tax examination, penalties and interest incurred 0 $ 0  
RH Solutions Insurance (Cayman) Ltd.      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards 166,000,000    
U.S. Federal      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards 707,500,000    
U.S. Federal | Research Tax Credit Carryforward      
Operating Loss Carryforwards [Line Items]      
Tax credit carryforward, amount 9,400,000    
U.S. State      
Operating Loss Carryforwards [Line Items]      
Operating loss carryforwards 428,700,000    
U.S. State | Research Tax Credit Carryforward      
Operating Loss Carryforwards [Line Items]      
Tax credit carryforward, amount $ 7,100,000    
v3.25.0.1
Income Taxes - Components of Net Operating Loss Carryforwards (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Operating Loss Carryforwards [Line Items]  
Operating loss carryforwards, subject to expiration $ 603.8
Operating loss carryforwards, not subject to expiration 532.4
Operating loss carryforwards 1,136.2
U.S. Federal  
Operating Loss Carryforwards [Line Items]  
Operating loss carryforwards, subject to expiration 175.1
Operating loss carryforwards, not subject to expiration 532.4
Operating loss carryforwards 707.5
U.S. State  
Operating Loss Carryforwards [Line Items]  
Operating loss carryforwards, subject to expiration 428.7
Operating loss carryforwards, not subject to expiration 0.0
Operating loss carryforwards $ 428.7
v3.25.0.1
Net Loss Per Share Attributable to Common Stockholders - Computation (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Earnings Per Share [Abstract]      
Net loss attributable to Hippo - basic $ (40.5) $ (273.1) $ (333.4)
Net loss attributable to Hippo - diluted $ (40.5) $ (273.1) $ (333.4)
Weighted-average shares used in computing net loss per share attributable to Hippo - basic (in shares) 24,699,913 23,578,922 22,747,101
Weighted-average shares used in computing net loss per share attributable to Hippo - diluted (in shares) 24,699,913 23,578,922 22,747,101
Net loss per share attributable to Hippo - basic (in dollars per share) $ (1.64) $ (11.58) $ (14.66)
Net loss per share attributable to Hippo - diluted (in dollars per share) $ (1.64) $ (11.58) $ (14.66)
v3.25.0.1
Net Loss Per Share Attributable to Common Stockholders - Antidilutive Securities (Details) - shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 3,251,659 4,510,270 5,305,326
Outstanding options      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 1,152,878 1,589,529 1,986,978
Warrants to purchase common shares      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 360,000 360,000 360,000
Common stock subject to repurchase      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 0 26,058 76,364
RSU and PRSUs      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive securities excluded from computation of earnings per share (in shares) 1,738,781 2,534,683 2,881,984
v3.25.0.1
Acquisitions (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Jul. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
agency
Dec. 31, 2024
USD ($)
agency
Dec. 31, 2023
USD ($)
Oct. 29, 2024
USD ($)
Sep. 30, 2024
USD ($)
Asset Acquisition [Line Items]            
Acquisitions of noncontrolling interests   $ 3.2 $ 0.3 $ 3.2    
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration]     Gain on sale of business      
Fair value of ownership retained in disposed asset     $ 4.1      
Disposal Group, Disposed of by Sale, Not Discontinued Operations | First Connect Insurance Services            
Asset Acquisition [Line Items]            
Consideration received         $ 48.0  
Gain on sale     $ 46.1      
Contingent consideration         $ 12.0  
Retained percentage in disposed asset   19.00% 19.00%   19.20%  
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Mainsail Insurance Company (“MIC”)            
Asset Acquisition [Line Items]            
Consideration received $ 26.6          
Gain on sale 8.2          
Cash proceeds received 26.6          
Net assets sold $ 18.4          
Parent            
Asset Acquisition [Line Items]            
Acquisitions of noncontrolling interests   $ 2.7 $ 0.2 2.7    
Non controlling Interests            
Asset Acquisition [Line Items]            
Acquisitions of noncontrolling interests   0.5 0.1 $ 0.5    
Two Insurance Agencies            
Asset Acquisition [Line Items]            
Fair value of equity method investment   $ 1.6 $ 1.6      
Two Insurance Agencies            
Asset Acquisition [Line Items]            
Number of insurance agencies purchased | agency   2 2      
Consideration transferred   $ 5.9        
Payments for asset acquisitions   4.3        
Deferred consideration   0.7        
Net working capital   $ 1.1 $ 1.1      
Asset acquisition, equity interest in acquiree, remeasurement gain           $ 1.3
Customer relationships            
Asset Acquisition [Line Items]            
Finite-lived intangible asset, useful life (in years)   5 years 2 months 12 days 5 years 2 months 12 days      
Customer relationships | Two Insurance Agencies            
Asset Acquisition [Line Items]            
Total purchase price   $ 4.8        
Finite-lived intangible asset, useful life (in years)   7 years 7 years      
v3.25.0.1
Statutory Financial Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Statutory Accounting Practices [Line Items]    
Statutory Net Income (Loss) $ 40.4 $ (32.7)
Statutory Capital and Surplus 248.5 215.1
U.S. insurance subsidiaries    
Statutory Accounting Practices [Line Items]    
Statutory Net Income (Loss) 32.2 21.2
Statutory Capital and Surplus 205.3 191.0
International insurance subsidiary    
Statutory Accounting Practices [Line Items]    
Statutory Net Income (Loss) 8.2 (53.9)
Statutory Capital and Surplus $ 43.2 $ 24.1
v3.25.0.1
Dividend Restrictions (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Spinnaker Insurance Company (Spinnaker)      
Statutory Accounting Practices [Line Items]      
Statutory amount available for dividend payments without regulatory approval $ 34.5 $ 26.3 $ 21.3
RH Solutions Insurance (Cayman) Ltd.      
Statutory Accounting Practices [Line Items]      
Statutory amount available for dividend payments contingent on regulatory approval 32.3 $ 18.4  
Statutory prescribed capital requirement $ 11.1    
v3.25.0.1
Segments - Narrative (Details)
 12 Months Ended
Dec. 31, 2024
segment
stateLicense
Segment Reporting [Abstract]  
Number of reportable segment | segment 3
Number of state licenses | stateLicense 50
v3.25.0.1
Segments - Schedule of Financial Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Net earned premium $ 272.5 $ 107.5 $ 42.5
Commission income, net 60.6 51.0 53.1
Service and fee income 11.6 15.7 13.9
Net investment income (24.4) (23.1) (9.0)
Intersegment Revenue 15.0 19.8 19.3
Total revenue 372.1 209.7 119.7
Segment revenue 384.1 217.1 137.8
Loss and loss adjustment expense (209.0) (181.7) (101.4)
Insurance related expense (88.8) (79.1) (59.9)
Sales and marketing (51.2) (80.1) (101.8)
Technology and development 30.7 47.0 57.5
General and administrative 70.7 79.6 71.5
Other income, net (0.1) (0.8) (2.5)
Less: Noncontrolling interest (11.9) (10.1) (6.9)
Operating Expenses, Adjusted (43.5)    
Segment adjusted operating income (loss) (44.0) (199.6) (206.4)
Depreciation and amortization (23.2) (19.8) (15.2)
Stock-based compensation (38.2) (57.5) (61.9)
Fair value adjustments (1.7) (4.5) (0.1)
Other one-off transactions (7.9) (7.8) (2.2)
Gain on sale of business 54.4 0.0 0.0
Impairment and restructuring charges (3.6) (5.5) (55.3)
Loss before income taxes (27.4) (262.5) (325.2)
Non-GAAP      
Segment Reporting Information [Line Items]      
Operating Expenses, Adjusted   (200.6) (206.4)
Operating Segments | Services      
Segment Reporting Information [Line Items]      
Net earned premium 0.0 0.0 0.0
Commission income, net 32.5 23.9 16.7
Service and fee income 0.6 0.5 0.9
Net investment income (0.1) (0.1) 0.0
Intersegment Revenue 15.0    
Total revenue 48.2 44.3 36.9
Operating Expenses, Adjusted (16.9) (37.6) (49.0)
Operating Segments | Services | Non-GAAP      
Segment Reporting Information [Line Items]      
Net investment income (0.1) (0.1) 0.0
Loss and loss adjustment expense 0.0 0.0 0.0
Insurance related expense 0.0 0.0 0.0
Sales and marketing 31.7 42.5 61.8
Technology and development 10.6 16.6 6.8
General and administrative 10.8 11.9 9.7
Other income, net   0.7 0.7
Less: Noncontrolling interest (11.9) (10.1) (6.9)
Operating Segments | Insurance-as-a-Service      
Segment Reporting Information [Line Items]      
Net earned premium 63.5 42.9 22.5
Commission income, net 24.1 19.8 11.4
Service and fee income 0.0 0.3 0.0
Net investment income (11.9) (7.7) (3.1)
Total revenue 99.5 70.7 37.0
Operating Expenses, Adjusted 24.4 18.3 5.4
Operating Segments | Insurance-as-a-Service | Non-GAAP      
Segment Reporting Information [Line Items]      
Net investment income (11.9) (7.7) (3.1)
Loss and loss adjustment expense 24.9 15.6 13.4
Insurance related expense 31.1 22.8 10.5
Sales and marketing 0.0 0.0 0.2
Technology and development 0.3 0.5 0.0
General and administrative 6.9 5.8 4.4
Other income, net   0.0 0.0
Less: Noncontrolling interest 0.0 0.0 0.0
Operating Segments | Hippo Home Insurance Program      
Segment Reporting Information [Line Items]      
Net earned premium 209.0 64.6 20.0
Commission income, net 4.0 7.3 25.0
Service and fee income 11.0 14.9 13.0
Net investment income (12.4) (15.3) (5.9)
Total revenue 236.4 102.1 63.9
Operating Expenses, Adjusted (51.5) (180.3) (162.8)
Operating Segments | Hippo Home Insurance Program | Non-GAAP      
Segment Reporting Information [Line Items]      
Net investment income (12.4) (15.3) (5.9)
Loss and loss adjustment expense 182.9 165.0 85.4
Insurance related expense 48.1 37.9 53.1
Sales and marketing 6.0 16.9 18.1
Technology and development 12.6 17.2 29.7
General and administrative 25.9 30.0 34.5
Other income, net   0.1 0.0
Less: Noncontrolling interest 0.0 0.0 0.0
Intersegment Eliminations      
Segment Reporting Information [Line Items]      
Total revenue (12.0) (7.4) (18.1)
Operating Expenses, Adjusted $ 0.5 (1.0) 0.0
Intersegment Eliminations | Services      
Segment Reporting Information [Line Items]      
Intersegment Revenue   $ 19.8 $ 19.3
v3.25.0.1
Subsequent Events (Details) - California Wildfires - Subsequent Event - USD ($)
$ in Millions
 1 Months Ended
Mar. 31, 2025
Jan. 31, 2025
Subsequent Event [Line Items]    
Loss Contingency Accrual   $ 42.0
Savings from sale of subrogation rights, gross $ 15.0  
Savings from sale of subrogation rights, net $ 11.0  
Spinnaker Insurance Company (Spinnaker)    
Subsequent Event [Line Items]    
Loss Contingency Accrual   $ 12.0
v3.25.0.1
Schedule II - Balance Sheet - Parent Company Only (Details) - USD ($)
$ in Millions
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Assets        
Short-term investments $ 167.6 $ 187.1    
Cash and cash equivalents 197.6 142.1    
Other assets 66.2 69.2    
Total assets 1,543.4 1,524.7    
Liabilities:        
Accrued expenses and other liabilities 87.4 113.5    
Total liabilities 1,178.2 1,140.0    
Stockholders’ equity        
Total Hippo stockholders' equity 365.2 384.7 $ 593.5 $ 861.7
Total liabilities and stockholders’ equity 1,543.4 1,524.7    
Parent Company        
Assets        
Short-term investments 17.5 55.4    
Cash and cash equivalents 15.3 27.2    
Intercompany receivables 32.0 52.2    
Other assets 3.7 13.1    
Investments in subsidiaries 306.6 320.8    
Total assets 375.1 468.7    
Liabilities:        
Intercompany payable 0.0 89.3    
Accrued expenses and other liabilities 13.0 1.5    
Total liabilities 13.0 90.8    
Stockholders’ equity        
Total Hippo stockholders' equity 362.1 377.9    
Total liabilities and stockholders’ equity $ 375.1 $ 468.7    
v3.25.0.1
Schedule II - Statements of Operations and Comprehensive Loss - Parent Company Only (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue:      
Net investment income $ 24.4 $ 23.1 $ 9.0
Total revenue 372.1 209.7 119.7
Expenses:      
Loss and loss adjustment expense 209.0 181.7 101.4
Insurance related expenses 88.8 79.1 59.9
Technology and development 30.7 47.0 57.5
Sales and marketing 51.2 80.1 101.8
General and administrative 70.7 79.6 71.5
Other income, net (0.1) (0.8) (2.5)
Total expenses 399.5 472.2 444.9
Loss before income taxes (27.4) (262.5) (325.2)
Income taxes expense 1.2 0.5 1.3
Net loss before equity in loss of subsidiaries (28.6) (263.0) (326.5)
Net loss attributable to Hippo (40.5) (273.1) (333.4)
Other comprehensive income (loss):      
Change in net unrealized gain (loss) on investments, net of tax 0.2 4.1 (6.3)
Comprehensive loss attributable to Hippo (40.3) (269.0) (339.7)
Parent Company      
Revenue:      
Net investment income 2.8 8.6 5.9
Intercompany revenue 0.5 0.5 0.5
Total revenue 3.3 9.1 6.4
Expenses:      
Loss and loss adjustment expense 1.1 1.2 2.9
Insurance related expenses 4.8 5.6 6.8
Technology and development 6.9 11.1 18.0
Sales and marketing 6.8 11.7 13.0
General and administrative 33.0 40.3 33.5
Other income, net (0.2) 0.1 (3.1)
Total expenses 52.4 70.0 71.1
Loss before income taxes (49.1) (60.9) (64.7)
Income taxes expense (1.8) (0.6) (1.1)
Net loss before equity in loss of subsidiaries (47.3) (60.3) (63.6)
Earnings (loss) of subsidiaries 6.8 (212.8) (269.8)
Net loss attributable to Hippo (40.5) (273.1) (333.4)
Other comprehensive income (loss):      
Change in net unrealized gain (loss) on investments, net of tax 0.2 4.1 (6.3)
Comprehensive loss attributable to Hippo $ (40.3) $ (269.0) $ (339.7)
v3.25.0.1
Schedule II - Statements of Cash Flow - Parent Company Only (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net cash provided by (used in) operating activities $ 47.5 $ (92.4) $ (161.5)
Cash flows from investing activities:      
Net cash provided by (used in) investing activities 30.3 57.6 (405.9)
Cash flows from financing activities:      
Taxes paid related to net share settlement of equity awards (9.9) (4.7) (3.9)
Proceeds from issuance of common stock 6.7 2.8 4.1
Share repurchases under program (15.6) (1.8) 0.0
Net cash used in financing activities (40.1) (14.6) (6.8)
Net increase (decrease) in cash, cash equivalents, and restricted cash 37.7 (49.4) (574.2)
Cash, cash equivalents, and restricted cash at the beginning of the period 195.1 244.5 818.7
Cash, cash equivalents, and restricted cash at the end of the period 232.8 195.1 244.5
Parent Company      
Cash flows from operating activities:      
Net cash provided by (used in) operating activities (8.9) (46.0) (85.8)
Cash flows from investing activities:      
Change in short-term investments 39.3 203.6 (249.8)
Payments to Acquire Interest in Subsidiaries and Affiliates (43.5) (187.2) (170.7)
Net cash provided by (used in) investing activities (4.2) 16.4 (420.5)
Cash flows from financing activities:      
Taxes paid related to net share settlement of equity awards (9.9) (4.7) (3.9)
Proceeds from issuance of common stock 6.7 2.8 4.1
Loan repayments from subsidiaries 20.0 0.0 0.0
Share repurchases under program (15.6) (1.8) 0.0
Net cash used in financing activities 1.2 (3.7) 0.2
Net increase (decrease) in cash, cash equivalents, and restricted cash (11.9) (33.3) (506.1)
Cash, cash equivalents, and restricted cash at the beginning of the period 27.2 60.5 566.6
Cash, cash equivalents, and restricted cash at the end of the period $ 15.3 $ 27.2 $ 60.5
v3.25.0.1
Schedule III - Supplementary Insurance Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred policy acquisition costs $ 11.6 $ 0.0  
Unearned premiums 457.9 419.2  
Loss and loss adjustment expense reserve 350.0 322.5  
Loss and loss adjustment expenses 207.8 180.6 $ 98.8
Net earned premium 272.5 107.5 42.5
Net written premium 372.6 159.6 49.6
Net investment income 24.4 23.1 9.0
Underwriting costs 5.7 6.6 8.0
Amortization deferred policy acquisition costs 45.2 32.3 17.8
Services      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred policy acquisition costs 0.0 0.0  
Unearned premiums 0.0 0.0  
Loss and loss adjustment expense reserve 0.0 0.0  
Loss and loss adjustment expenses 0.0 0.0 0.0
Net earned premium 0.0 0.0 0.0
Net written premium 0.0 0.0 0.0
Net investment income 0.1 0.1 0.0
Underwriting costs 0.0 0.0 0.0
Amortization deferred policy acquisition costs 0.0 0.0 0.0
Insurance-as-a-Service      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred policy acquisition costs 4.8 0.0  
Unearned premiums 62.1 76.8  
Loss and loss adjustment expense reserve 50.3 (6.2)  
Loss and loss adjustment expenses 24.9 15.6 13.4
Net earned premium 63.5 42.9 22.5
Net written premium 101.2 49.3 33.6
Net investment income 11.9 7.7 3.1
Underwriting costs 0.0 0.0 0.0
Amortization deferred policy acquisition costs 25.7 19.4 1.2
Hippo Home Insurance Program      
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items]      
Deferred policy acquisition costs 6.8 0.0  
Unearned premiums 395.8 342.4  
Loss and loss adjustment expense reserve 299.7 328.7  
Loss and loss adjustment expenses 182.9 165.0 85.4
Net earned premium 209.0 64.6 20.0
Net written premium 271.4 110.3 16.0
Net investment income 12.4 15.3 5.9
Underwriting costs 5.7 6.6 8.0
Amortization deferred policy acquisition costs $ 19.5 $ 12.9 $ 16.6
v3.25.0.1
Schedule V - Valuation and Qualifying Accounts (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Beginning balance $ 226.0 $ 161.5 $ 93.2
Charged to costs and expenses 6.6 64.2 66.8
Decrease to other comprehensive income 0.0 0.3 1.5
Amount written off 0.0 0.0 0.0
Ending balance 232.6 226.0 161.5
SEC Schedule, 12-09, Allowance, Reinsurance Recoverable      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Beginning balance 0.0 0.0 0.0
Charged to costs and expenses 0.0 0.0 0.0
Decrease to other comprehensive income 0.0 0.0 0.0
Amount written off 0.0 0.0 0.0
Ending balance 0.0 0.0 0.0
SEC Schedule, 12-09, Allowance, Uncollectible Premium Receivable      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Beginning balance 0.5 0.3 0.4
Charged to costs and expenses 0.5 0.2 0.1
Decrease to other comprehensive income 0.0 0.0 0.0
Amount written off (0.4) 0.0 (0.2)
Ending balance $ 0.6 $ 0.5 $ 0.3