Hippo Hldgs Inc Stock Price, News & Analysis

Hippo (NYSE: HIPO) will release its fourth quarter financial results after market close on March 2, 2023. The company will hold a conference call and live webcast for investors and analysts at 5:00 PM ET. A shareholder letter detailing the financial results will be available on the company's website prior to the call. Hippo focuses on proactive home protection leveraging real-time data and smart technology, aiming to safeguard customers' financial assets.

Hippo (NYSE: HIPO) released its 2022 Housepower Report, revealing that 78% of U.S. homeowners regret their purchases, primarily due to unexpected costs and maintenance. A significant 67% reported negative impacts on mental health from homeownership issues. The report highlights the need for proactive home maintenance, with only 1% of homeowners completing all recommended tasks. In 2022, homeowners spent nearly $6,000 on repairs but delayed many due to economic concerns. Hippo aims to empower homeowners with tools and resources for better home care through its mobile app and services.

AM Best has confirmed the Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Ratings of 'a-' (Excellent) for Spinnaker Insurance Group. The ratings indicate strong balance sheet strength and adequate operating performance. Notably, Hippo Holdings Inc. (HIPO) acquired Spinnaker Insurance Company on August 31, 2020. The outlook remains stable, reflecting expectations of continued profitability and strong capitalization to support premium growth.

First Connect Insurance Services, a subsidiary of Hippo, has announced the launch of its new Carrier Store, enhancing service for independent agents by providing access to over 50 carriers. The platform simplifies onboarding and allows agents to discover new products quickly, including the addition of Pacific Specialty Insurance offerings in property, powersports, and liability. Since its pilot in August, agent interest has surged by 160%, indicating a growing network and improved operational efficiency.

Hippo (NYSE: HIPO) reported its Q3 2022 results, showing a 44% increase in revenue and a 36% rise in total gross premiums (TGP), reaching 332,000 customers. The adjusted EBITDA loss improved to $54.8 million, indicating better performance than anticipated amid challenging conditions, including Hurricane Ian. The company maintains its guidance of 30% TGP growth for the year and aims for a 90% gross loss ratio, despite the overall 110% due to the hurricane. Management remains optimistic about profitability in the coming quarters.

First Connect Insurance Services has partnered with biBERK, a leader in small business insurance, to enhance coverage options for independent agents. The new offerings include worker's compensation and professional liability policies, facilitating online quoting, binding, and issuance in just 5 minutes. This collaboration aims to mitigate operational risks for small businesses facing accidents, natural disasters, and professional errors. Hippo Holdings Inc. continues to strengthen its position in the insurance market, expanding the services available through its subsidiary, First Connect.

Hippo (NYSE: HIPO) will release its third quarter financial results on November 10, 2022, after market close. A conference call for analysts and investors is scheduled for the same day at 5:00 PM ET. Interested parties can access the shareholder letter and financial results on the company's investor relations website. Hippo focuses on proactive home protection using real-time data and smart home technology, aiming to safeguard customers' financial assets.

Hippo (NYSE: HIPO) has appointed Kelly Wolf as its new Chief Human Resources Officer. Wolf, with over 20 years of HR experience, previously served as VP of People at Zulily, overseeing key HR functions. She will lead Hippo's HR team, focusing on employee relations, talent acquisition, and leadership development. CEO Rick McCathron expressed enthusiasm about her joining, emphasizing the importance of Hippo's workforce in the company's success. Hippo is known for its proactive approach to home insurance, leveraging data and technology to protect homeowners.

Hippo Holdings Inc. (NYSE: HIPO) has announced a 1-for-25 reverse stock split effective at 11:59 p.m. EDT on September 29, 2022. Post-split, every 25 shares will convert into one share of common stock, and fractional shares will be compensated in cash. The reverse split will not affect stockholders' percentage interest in the company. The exercise price for outstanding warrants will be adjusted to $287.50 per share. Trading under the new adjusted stock structure begins on September 30, 2022.