Hippo
-
The Insurance Insider US news team runs you through the earnings results for the day.
-
The InsurTech’s quarterly revenue increased 80.2% to $64.5mn.
-
The InsurTech will push for its services segments as main growth drivers.
-
The company also increased participating reinsurers to 19 from 14.
-
The decision to pull back from some business in the meantime will cause “additional [total gross premium] declines in 2024,” the executive said.
-
The Inside P&C news team runs you through the earnings results for the day.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The decision is expected to incur charges of approximately $2.2mn to $2.7mn for severance, benefits and related costs in cash expenditures during Q4 2023, the company wrote in a regulatory filing.
-
In August 2022, the company announced plans to cut around 10% of its staff in a bid to improve efficiencies amid challenging market conditions for InsurTechs.
-
Sources said the fronting company has drawn the interest of private equity firms, including Summit Partners.
-
Inside P&C’s news team brings you all the top news from the week.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Worsening results in key states and belated rate action weigh against a shifting business model, making the path to profitability unclear.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The shareholders are among the company’s top 10 largest and hold nearly 2.5% of outstanding shares.
-
The executive said the company will likely start with builders’ policies and then gradually continue to other segments.
-
Sources added that the company will continue to monitor portfolio performance to reopen business on a state-by-state basis.
-
On the surface, InsurTech results were better than the noise from incumbents, but caution is needed to ascertain the quality of new business coming in during a time when even industry leaders stumble.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The Inside P&C news team runs you through the earnings results for the day.
-
In Q2, 80% of Hippo’s cat losses were caused by five major wind and hail events in Colorado and Texas.
-
“Tomorrow will be a better day.” “Next year will be a better year.” “The coming decade will be when this industry realizes its true potential.” We hear the same for most public enterprises.
-
Hippo’s gross loss ratio remained unchanged at 76% and its net loss ratio rose 23 points to 273% as the InsurTech was hit by catastrophic events in Q1, mainly in California.