Hippo Holdings Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Hippo Holdings Inc. has filed its 2023 annual report detailing its financial performance and corporate information.</b>

AI Summary

Hippo Holdings Inc. (HIPOW) filed a Annual Report (10-K) with the SEC on March 6, 2024. Hippo Holdings Inc. filed its annual report for the fiscal year ended December 31, 2023. The company's principal executive offices are located at 150 Forest Avenue, Palo Alto, CA 94301. Hippo Holdings Inc. was formerly known as Reinvent Technology Partners Z and Reinvent Technology Partners B. The company's Standard Industrial Classification code is FIRE, MARINE & CASUALTY INSURANCE [6331]. The filing was made on March 6, 2024.

Why It Matters

For investors and stakeholders tracking Hippo Holdings Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Hippo Holdings Inc.'s financial health, operational strategies, and risk factors for the fiscal year 2023, crucial for investors to assess the company's current standing and future prospects. Understanding the company's history, including its former names and incorporation details, provides context for its evolution and market position within the insurance sector.

Risk Assessment

Risk Level: medium — Hippo Holdings Inc. shows moderate risk based on this filing. The company's financial performance and operational risks are not detailed in the provided header information, requiring a deeper dive into the full filing to assess its risk profile.

Analyst Insight

Review the full 10-K filing to understand Hippo Holdings Inc.'s financial performance, operational strategies, and specific risk factors for the 2023 fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-06 — Filing Date (Conformed submission type)
• 0001828105-24-000008 — Accession Number (Unique identifier for the filing)
• 138 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• Hippo Holdings Inc. (company) — Filer name
• Reinvent Technology Partners Z (company) — Former company name
• Reinvent Technology Partners B (company) — Former company name
• 150 Forest Avenue, Palo Alto, CA 94301 (company) — Business address
• DE (company) — State of incorporation
• FIRE, MARINE & CASUALTY INSURANCE (company) — Standard Industrial Classification
• 0001828105 (company) — Central Index Key
• 2024-03-06 (date) — Filing date

FAQ

Industry Context

Hippo Holdings Inc. operates within the FIRE, MARINE & CASUALTY INSURANCE industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business and financial condition.

What Investors Should Do

1. Analyze the full 10-K for detailed financial statements and management's discussion and analysis.
2. Identify specific risk factors and mitigation strategies outlined by Hippo Holdings Inc.
3. Compare 2023 performance metrics against previous years to identify trends.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the annual financial statements.
• 2024-03-06: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing information provided. A comparison to a previous filing would require access to prior period filings.

Key Financial Figures

• $0.0001 — ange on which registered Common stock, $0.0001 par value per share HIPO New York Stock
• $1.8 billion — by Dowling Partners, has increased from $1.8 billion of Gross Written Premium in 2015 to $11
• $11.2 billion — ion of Gross Written Premium in 2015 to $11.2 billion in 2022, growing 41% year-over-year. Th
• $133 billion — rovides an opportunity to transform the $133 billion U.S. home insurance industry, enabling
• $142 billion — n this market, expected to reach nearly $142 billion by 2024 (according to industry data fro

Filing Documents

• hippo-20231231.htm (10-K) — 2622KB
• exhibit43-descriptionofsec.htm (EX-4.3) — 265KB
• exhibit1030-secondamendmen.htm (EX-10.30) — 33KB
• exhibit1031-thirdamendment.htm (EX-10.31) — 22KB
• exhibit191insidertradingpo.htm (EX-19.1) — 146KB
• exhibit211-listofsubsidiar.htm (EX-21.1) — 18KB
• exhibit231deloitteconsent.htm (EX-23.1) — 2KB
• exhibit232ey10-kconsent.htm (EX-23.2) — 2KB
• exhibit311-ceo302xfy2023.htm (EX-31.1) — 21KB
• exhibit312-cfo302xfy2023.htm (EX-31.2) — 21KB
• exhibit321-ceo906xfy2023.htm (EX-32.1) — 7KB
• exhibit322-cfo906xfy2023.htm (EX-32.2) — 7KB
• exhibit971-hippoholdingsin.htm (EX-97.1) — 28KB
• image_0.jpg (GRAPHIC) — 50KB
• 0001828105-24-000008.txt (&nbsp;) — 14855KB
• hippo-20231231.xsd (EX-101.SCH) — 89KB
• hippo-20231231_cal.xml (EX-101.CAL) — 175KB
• hippo-20231231_def.xml (EX-101.DEF) — 394KB
• hippo-20231231_lab.xml (EX-101.LAB) — 1019KB
• hippo-20231231_pre.xml (EX-101.PRE) — 743KB
• hippo-20231231_htm.xml (XML) — 2690KB

Risk Factors 14

Item 1A. Risk Factors 14

Unresolved Staff Comments 55

Item 1B. Unresolved Staff Comments 55 Item 1C. Cybersecurity 55

Properties 56

Item 2. Properties 56

Legal Proceedings 57

Item 3. Legal Proceedings 57

. Mine Safety Disclosures 57

Item 4 . Mine Safety Disclosures 57 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 58

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 58

[Reserved] 58

Item 6. [Reserved] 58

Management's Discussion and Analysis of Financial Condition and Results of Operations 59

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 59

Quantitative and Qualitative Disclosures About Market Risk 79

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 79

Financial Statements and Supplementary Data 80

Item 8. Financial Statements and Supplementary Data 80

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 131

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 131

Controls and Procedures 132

Item 9A. Controls and Procedures 132

Other information 132

Item 9B. Other information 132

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 132

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 132 PART III

Directors, Executive Officers and Corporate Governance 133

Item 10. Directors, Executive Officers and Corporate Governance 133

Executive Compensation 133

Item 11. Executive Compensation 133

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 133

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 133

Certain Relationships and Related Transactions, and Director Independence 133

Item 13. Certain Relationships and Related Transactions, and Director Independence 133

Principal Accountant Fees and Services 133

Item 14. Principal Accountant Fees and Services 133 PART IV

Exhibit and Financial Statement Schedules 134

Item 15. Exhibit and Financial Statement Schedules 134

Form 10–K Summary 137

Item 16. Form 10–K Summary 137

Signatures

Signatures 138 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K of Hippo Holdings Inc. ("Hippo," the "Company," "we," "us," and "our") contains statements that are forward-looking and as such are not historical facts. This includes, without limitation, statements regarding the financial position, business strategy and the plans and objectives of management for our future operations. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Annual Report on Form 10-K, words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "strive," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this Annual Report on Form 10-K may include, for example, statements about: our future results of operations and financial condition and our ability to attain profitability; our ability to grow our business and, if such growth occurs, to effectively manage such growth; customer satisfaction and our ability to attract, retain, and expand our customer base; our ability to maintain and enhance our brand and reputation; our business strategy, including our diversified distribution strategy and our plans to expand into new markets and new products; the effects of seasonal trends on our results of operations; our expectations about our book of business, including our ability to cross-sell and to attain greater value from each customer; our ability to compete effectively in our industry; our ability to maintain reinsurance contracts and our near- and long-term strategies and expectations with respect to

BUSINESS

ITEM 1. BUSINESS Our Company 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, we refer to these transactions as the "Business Combination"). In connection with the Business Combination, RTPZ changed its name to Hippo Holdings Inc. Hippo Holdings Inc. ("Hippo") is an insurance holding company, with subsidiaries that provide property and casualty insurance products to both individuals and business customers. The Company conducts its operations through three reportable segments: Services, Insurance-as-a-Service, and Hippo Home Insurance Program. The Company offers its services primarily in the United States. Services Hippo's Services Segment is comprised of our Consumer Agency, which serves consumers who are shopping for insurance and First Connect, which serves insurance agents seeking appointments with third party insurance carriers. These businesses are fee-driven and are not exposed to any volatility associated with losses related to the underlying insurance policies. Consumer Agency Our Consumer Agency helps consumer customers who are shopping for insurance find the policies that best meet their needs. The Agency sells home insurance policies from the Hippo Home Insurance Program and from third-party carriers, as well as other personal lines policies from third party carriers. Our Agency is licensed to provide agency services in all 50 states and is appointed with 50+ carriers to sell homeowners, auto, flood, earthquake, pet, and other insurance products. We have built next-generation technology platforms to increase agent efficiency and policies per customer while streamlining the customer flow and optimizing the right pro

View Full Filing

View this 10-K filing on SEC EDGAR