Hippo Holdings Inc. (HIPO) Business

ITEM 1. BUSINESS

Our Company

In August 2021, Hippo Enterprises Inc., a Delaware corporation (“Old Hippo”) completed a business combination resulting in Old Hippo becoming a wholly owned subsidiary of, Reinvent Technology Partners Z, a Cayman Islands exempted company and special purpose acquisition company which at that time changed its name to Hippo Holdings Inc.

Hippo Holdings Inc. (“Hippo”) is a technology-native insurance holding company that, through its subsidiaries, delivers a broad range of insurance products to customers via its owned and partner MGAs which generated $1.1 billion of gross written premium in 2025. By combining disciplined underwriting, advanced data analytics, and a customer-first approach, Hippo is building a diversified risk portfolio aimed at delivering sustainable long-term returns on stockholders’ equity. The Company offers its services primarily in the United States as of December 31, 2025.

Our goal is to create long-term value for our stockholders by generating attractive risk adjusted underwriting results while growing our business. We strive to accomplish this by growing our diversified portfolio of risk through disciplined underwriting, continuous portfolio optimization, and risk management—striving to deliver consistent, sustainable returns across market cycles.

Hippo had $436.1 million of stockholders’ equity at year-end 2025, operates as a multi-carrier platform and strives to be the carrier of choice for leading MGAs. The platform serves as a licensed insurance carrier for MGAs, offering admitted and non-admitted (E&S) paper together with access to capital, regulatory licenses, and reinsurance across multiple lines of business spanning homeowners, renters, commercial multi-peril, casualty, and other lines—empowering partner growth and protecting policyholders.

Hippo focuses on balanced, diversified growth by combining stable fee income from its carrier platform with selective risk retention across personal and commercial lines—participating in the underwriting results of high-performing MGA programs. This approach creates a resilient premium base and positions Hippo to capture opportunities in both established and emerging insurance segments.

Hippo approaches risk thoughtfully, through disciplined underwriting and advanced financial and catastrophe modeling. The company evaluates and manages the risk associated with every program it supports. Continuous portfolio optimization keeps exposure aligned with Hippo’s risk appetite, ensuring the company remains resilient across market cycles.

Lines of Business

Hippo operates and reports its underwriting business on a gross written, net written, and net earned premium basis across five main lines of business: Homeowners’, Renters, Casualty, Commercial Multi-Peril (“CMP”), and Other. These lines of business may change as the business grows and evolves.

Homeowners

Our reported Homeowners line of business is a combination of policies written by our owned program and polices written by third-party program partners. We manage our homeowners’ business and exposure on an aggregate basis to most efficiently deploy capital and utilize reinsurance capacity. We believe the homeowners market is poised for rapid transformation with trends in emerging technology that will allow better assessment of home insurance risk resulting in more accurate pricing, proliferation of application programming interfaces (“APIs”), and meeting the rising customer expectations for personalized and real-time products. The sector remains characterized by legacy inefficiencies, including outdated risk assessment models, fragmented distribution, and reactive service models.

Our owned program is the Company’s Hippo-branded homeowners insurance business. Our mission is to protect what matters most in a rapidly evolving world.

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Hippo harnesses technology and data to refocus the home insurance experience around the customer’s needs at every stage of the relationship. We seek to facilitate an active partnership with our customers to help prevent losses, which in turn creates better results for Hippo. The result creates an opportunity for a win-win.

Renters

The Renters line is a short-tail personal lines coverage typically providing protection for personal property and contents of rented residences. This line of business is underwritten by a third-party program administrator and is Hippo’s longest active program.

Casualty

Casualty consists of liability insurance products with short to medium tail loss characteristics. Coverage responds to claims for bodily injury, property damage, and related defense costs. Business is written through delegated authority arrangements with program administrators and MGAs. Loss development extends over multiple periods, requiring structured limits, defined attachment points, and reinsurance support to manage capital exposure.

Primary sub-lines include: General liability, Commercial auto liability, and Excess and umbrella liability

Commercial Multi-Peril (“CMP”)

Commercial Multi-Peril includes commercial property and packaged property and liability coverage for small to mid-sized commercial insureds under a single policy. Programs are class specific and distributed through third-party program administrators. Property losses are generally short tail. Liability losses develop over a longer period and are managed through underwriting guidelines and reinsurance arrangements.

Primary sub-lines include: Small business owners policies, Habitational commercial packages, and Retail and service industry packages

Other

Other includes insurance products and programs that are not material on an individual basis. These programs are evaluated independently based on underwriting results, loss development, scalability, and capital impact. Premiums from discontinued programs continue to be reported through policy expiration.

Primary sub-lines include: Specialty property programs, Niche personal or commercial products, and Runoff and discontinued programs

Strategic Pillars for Profitable Growth

Hippo’s roadmap for value creation is defined by three strategic pillars designed to enhance resilience and profitability:

1. Strategic Diversification: The company is actively diversifying its premium base beyond personal lines into commercial multi-peril and casualty lines. This diversification reduces dependency on catastrophe exposed property risks and leverages Spinnaker’s capabilities to access broader segments of the insurance value chain.

2. Unlocking Market Growth: Hippo capitalizes on secular growth trends in the U.S. property and casualty (“P&C”) market by deploying a differentiated, technology-forward customer experience. A key component of this pillar is strategic partnerships which expands our reach into attractive markets, as evidenced with The Baldwin Group (“BWIN”), a partnership which both triples Hippo's access in the desirable New Homes channel and other niche commercial markets.

3. Optimized Risk Management: We are leveraging our diversified portfolio and deep risk management capabilities to continuously optimize performance across market cycles. This includes utilizing our multi-line portfolio to intelligently modulate risk participation. By adjusting pricing, coverage, and retention levels in response to market conditions, Hippo seeks to maximize ROE while minimizing volatility.

Competition

We face competition from both established national brand names that offer competing products and specialists within our core verticals. These more established competitors have advantages such as brand recognition, greater access to capital, breadth of product offering, and scale of resources. We also face competition from select

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and new insurtechs that offer digital platforms. However, the P&C market is fragmented, with just one carrier having over 10% market share according to S&P Capital IQ. This allows for multiple large and growing players to coexist with differentiated products and approaches.

Competitive Strengths

Hippo’s competitive position is fortified by a combination of proprietary technology, deep industry expertise, and a unique go-to-market approach.

Proprietary Technology and Data Advantage: Hippo’s full-stack technology infrastructure and proprietary underwriting engine enable real-time risk assessment and pricing precision that legacy systems cannot match. The platform’s ability to integrate third-party data via APIs allows for granular risk selection, supporting the company's "Science of Risk" philosophy. This technological edge facilitates an "active partnership" with customers, focusing on proactive loss prevention rather than solely reactive claims payment.

Deep Industry Expertise: The company has assembled a leadership team with extensive experience from top tier incumbent carriers. This depth of talent combines traditional insurance discipline with modern technological capabilities, creating a "right to win" in complex underwriting environments.

Differentiated Go-to-Market Strategy: Hippo employs an omni-channel distribution strategy that meets customers where they are, whether through direct-to-consumer channels, independent agents, or embedded partnerships. The acquisition of the Spinnaker platform has further differentiated Hippo by enabling it to serve as a capacity provider for other high-performing MGAs, creating a network effect of data and distribution reach. As illustrated in the company's growth drivers, this strategy supports organic growth from existing programs while layering in new hybrid fronting programs and scaling the New Homes channel.

•We protect what matters most in a rapidly changing world through deep home expertise, and a promise to put customers first.

•Disciplined underwriting standards guide program selection.

•Advanced financial and catastrophe modeling provides a data-driven view of exposure and informs precise risk participation decisions.

•Continuous portfolio optimization measures performance and keeps exposure within Hippo’s well-defined risk appetite.

•Active adjustment of pricing and coverage helps maintain resilience as market conditions and risk factors evolve.

Barriers to Entry

New entrants who work to rebuild the customer experience, with technology, new data and nimble changes, will be better positioned to serve today’s homeowners. For the right company, the opportunity is enormous. However, new entrants must overcome high barriers to entry:

•Significant initial capital requirements to support insurance risk, challenges finding cost-effective reinsurance without an underwriting track record, expensive off-the-shelf policy and claims management systems, or resource-intensive investment in developing a proprietary tech stack

•Complicated and fragmented regulatory landscape with a unique set of rules from each state

•Significant resource investment in tech, including artificial intelligence, and infrastructure to access, collect and validate insurance-related data, in addition to the development of multiple customized APIs

•Difficulty accessing distribution networks, built upon a legacy, agent-based distribution, or resource-intensive process of creating and scaling new, alternative customer acquisition channels

We believe incumbents face multiple challenges in responding to the ongoing transformation and meeting customer needs, including channel conflict, data stability and veracity (stemming from unverified customer-supplied data), and too much reliance on aging and siloed technology. And with the agent population shrinking (according to

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McKinsey & Company research), incumbents may find it harder to access new customers who increasingly choose digital and embedded channels.

Our Values and People

As of December 31, 2025, our workforce consists of a total of 540 employees, of which 371 were located in the United States and 169 located internationally. We engage temporary workers and independent contractors when necessary in connection with a particular project, to meet increases in demand or to fill vacancies while recruiting a permanent employee. None of our employees are currently represented by a labor union or are covered by a collective bargaining agreement with respect to his or her employment. To date we have not experienced any work stoppages, and we consider our relationship with our employees to be good. Our people team is focused on identifying and retaining top talent and building a world class organization. We use recognition and rewards including compensation and equity to attract and retain our talent.

Seasonality

Seasonal patterns can impact our incurrence of claims losses, as seasonal weather patterns impact the level and amount of claims we receive. These patterns include hurricanes, wildfires, and coastal storms in the fall, cold weather patterns and changing home heating needs in the winter, and tornados and hailstorms in the spring and summer. The mix of geographic exposure and products within our customer base impacts our exposure to these weather patterns, and as we diversify our base of premium such that our exposure more closely resembles the industry exposure, we should see the impact of these events on our business more closely resemble the impact on the broader industry.

Data Privacy and Protection Laws

In the course of our business, we collect and maintain confidential and personal information. As a result, we are subject to U.S. federal and state privacy laws and regulations that, among other things, require that we institute and maintain certain policies and procedures to safeguard this information from improper use or disclosure. In the U.S., insurance companies are subject to the privacy provisions of the federal Gramm-Leach-Bliley Act and the National Association of Insurance Commissioners (“NAIC”) Insurance Information and Privacy Protection Model Act, to the extent adopted and implemented by various state legislatures and insurance regulators. The regulations implementing these laws require insurance companies to, among other things, disclose their privacy practices to consumers, explain data-sharing practices, allow customers to opt-out of the sharing of certain personal information with unaffiliated third parties, and maintain certain security controls to protect their information. Additionally, we are subject to the Telephone Consumer Protection Act which restricts the making of telemarketing calls and the use of automatic telephone dialing systems. Violators of these laws face regulatory enforcement action, substantial civil penalties, injunctions, and in some states, private lawsuits for damages.

Privacy regulation in the U.S. is rapidly evolving. For example, in California the California Consumer Privacy Act (the “CCPA”), which came into force in 2020, gives California residents expanded rights to access and request deletion of their personal information, the right to opt out of certain personal information sharing, and receive detailed information about how their personal information is used and shared. The CCPA allows the regulator to impose civil penalties for violations and provides a private right of action for certain data breaches. The California Privacy Rights Act (“CPRA”) amended the CCPA and took effect on January 1, 2023. The CPRA significantly modifies the CCPA, including by imposing additional obligations on covered companies and expanding California consumers’ rights with respect to certain personal information, including their ability to limit the use of precise geolocation information and other categories of information classified as “sensitive.” In addition to increasing our compliance costs and potential liability, the CCPA’s restrictions on “sales” of personal information may restrict our use of cookies and similar technologies for advertising purposes.

The CCPA/CPRA marked the beginning of a trend toward more stringent privacy legislation in the U.S., with multiple states subsequently enacting their own privacy laws, creating a patchwork of laws that has resulted in increased compliance obligations for companies. State attorneys general and privacy agencies are setting new legal precedents through significant settlements and investigations. This has created a complex mix of enforcement priorities and legal interpretations that companies must navigate. Congress, state legislatures, and regulatory authorities continue to consider additional privacy regulations.

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Various regulators are interpreting existing state consumer protection laws to impose evolving standards for the online collection, use, dissemination and security of other personal data. Courts may also adopt the standards for fair information practices which concern consumer notice, choice, security and access. Consumer protection laws require us to publish statements that describe how we handle personal information and choices individuals may have about the way we handle their personal data. If such information that we publish is considered untrue, we may be subject to government claims of unfair or deceptive trade practices, which could lead to significant liabilities and consequences. Furthermore, violating consumers’ privacy rights or failing to take appropriate steps to keep consumers’ personal data secure may constitute unfair acts or practices in or affecting commerce. For additional information, see “Risk Factors — Risks Related to Our Business — We are subject to laws and regulations concerning our collection, processing, storage, sharing, disclosure, and use of customer information and other sensitive data, and our actual or perceived (or alleged) failure to comply with data privacy and security laws and regulations could damage our reputation and brand and harm our business and operating results.”

Data Security and Cybersecurity Laws

In addition to data privacy laws, a growing number of both federal and state regulatory bodies have enacted data security and cybersecurity laws requiring companies to take proactive data security measures to protect personal information from cybersecurity threats. In 2017, the New York Department of Financial Services (“NYDFS") adopted a broad cybersecurity regulation that requires financial services institutions to, among other things, implement and maintain a cybersecurity program and a cybersecurity policy that will be monitored and tested periodically, develop controls and technology standards for data protection, meet minimum standards in response to any cybersecurity breach and annually certify their compliance with the regulation. On November 1, 2023, the NYDFS issued a significant amendment to the cybersecurity requirements, mandating covered entities to adopt specific standards and controls to secure sensitive data. The recent amendment significantly expands obligations on entities regulated by NYDFS to report cybersecurity incidents and enhance their consumer data protection and cybersecurity infrastructure. Regulated entities were generally required to comply with the new requirements imposed by the amendment in phases throughout 2024 and 2025.

At the federal level, in July 2023 the Securities and Exchange Commission (“SEC”) issued a final rule requiring registrants to disclose material cybersecurity incidents they experience and to disclose on an annual basis material information regarding their cybersecurity risk management, strategy, and governance.

In addition, a majority of states require that companies employ reasonable data security measures, and several have prescriptive laws that require companies to develop, implement, and maintain specific data security measures and, in some cases, a comprehensive information security program. States have also enacted industry-specific data security and cybersecurity laws, including the NAIC Insurance Data Security Model Law, which established standards for data security and for the investigation and notification of insurance commissioners of cybersecurity events involving unauthorized access to, or the misuse of, certain nonpublic information.

For additional information, see “Risk Factors — Risks Related to Our Industry —The increasing adoption by states of cybersecurity regulations has imposed, and could impose additional, compliance burdens on us and expose us to additional liability” and Item 1C. Cybersecurity.

Artificial Intelligence Regulation

Additionally, the NAIC has been examining the use of artificial intelligence in the insurance industry, such as the sources of some of the data we use in marketing and underwriting our products. On December 4, 2023, the NAIC released a model bulletin entitled “Model Bulletin on the Use of Artificial Intelligence Systems by Insurers” (the “Model AI Bulletin”), which encourages insurers to develop, implement and maintain a written program for the use of Artificial Intelligence (“AI”) systems (the “AIS program”) that is designed to mitigate the risk that the use of AI systems in making or supporting decisions affecting insurers’ customers will result in decisions that are arbitrary or capricious, unfairly discriminatory or that otherwise violate unfair trade practice laws. According to the Model AI Bulletin, the AIS program should: (1) address governance, risk management controls and internal audit functions, (2) be adopted by the board of directors or an appropriate board committee, (3) be tailored to and proportionate with the insurer’s use and reliance on AI and AI systems, (4) be independent or part of an insurer’s existing enterprise risk management framework; (5) address the use of all AI systems that make decisions impacting customers and include processes and procedures for notifying impacted consumers that AI systems are in

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use; (6) address the AI systems used with respect to regulated insurance practices whether developed by an insurer or third-party vendor; and (7) address the use of AI systems across the insurance product life cycle. As of January 2026, 25 states have adopted bulletins similar to the Model AI Bulletin, and California, Colorado, Illinois, New York, Texas, and Utah have also adopted regulations specific to the use of AI.

At the federal level, on December 11 2025, President Trump signed an Executive Order titled “Ensuring A National Policy Framework For Artificial Intelligence” (the “AI EO”) aiming to replace the patchwork of state AI regulations with a unified federal approach, directing federal agencies to develop a “minimally burdensome” national standard and empowering federal agencies to counter state regulations deemed excessive or inconsistent with federal policy. The AI EO also directs the Secretary of Commerce to publish, within 90 days, an evaluation of state AI laws considered “onerous” or inconsistent with federal policy. States identified in this report may lose eligibility for remaining funding under the Broadband Equity Access and Deployment (BEAD) Program, and agencies are instructed to consider conditioning discretionary grants on states agreeing not to enforce conflicting state laws.

Insurance Regulation

Hippo is subject to extensive regulation, primarily at the state level. These laws are generally intended to protect the interests of purchasers or users of insurance (which regulators refer to as policyholders), rather than the holders of securities we issue.

The method, extent, and substance of such regulation varies by state but are generally set out in statutes, regulations and orders that establish standards and requirements for conducting the business of insurance and that delegate authority for the regulation of insurance to a state agency. These laws, regulations and orders have a substantial impact on our business and relate to a wide variety of matters including insurer solvency and statutory surplus sufficiency, reserve adequacy, insurance company licensing, examination, investigation, agent and adjuster licensing, agent and broker compensation, policy forms, rates, and rules, the nature and amount of investments, claims practices, trade practices, participation in shared markets and guaranty funds, transactions with affiliates, the payment of dividends, underwriting standards, withdrawal from business, statutory accounting methods, data privacy and data security regulation, corporate governance, internal and external risk management, moratoriums (including of lawful actions), and other matters. In addition, state legislatures and insurance regulators continue to examine the appropriate nature and scope of state insurance regulations, including adopting new laws and regulations, and reinterpreting existing ones.

As part of an effort to strengthen the regulation of the financial services market, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) was enacted in 2010. The Dodd-Frank Act created the Federal Insurance Office (“FIO”) within the U.S. Department of the Treasury (“Treasury”). The FIO monitors the insurance industry, provides advice to the Financial Stability Oversight Council (“FSOC”), represents the U.S. on international insurance matters, and studies the current regulatory system. Additional regulations or new requirements may emerge from the activities of various regulatory entities, including the Federal Reserve Board, FIO, FSOC, the NAIC, and the International Association of Insurance Supervisors (“IAIS”), that are evaluating solvency and capital standards for insurance company groups. In addition, the NAIC adopts and will continue to adopt model laws and regulations that will be adopted by various states. We cannot predict whether any specific state or federal measures will be adopted to change the nature or scope of the regulation of insurance or what effect any such measures would have on us.

Spinnaker and its subsidiaries’ ability to pay dividends without regulatory notice, or, in the case of certain dividends, regulatory approval, is restricted by Illinois and Texas law. Additionally, Spinnaker in the future may become commercially domiciled in additional jurisdictions depending on the amount of premiums written in those states. The laws of these other jurisdictions contain similar limitations on the payment of dividends by insurance companies that are domiciled in that state, and such laws may be more restrictive than Illinois and Texas.

In addition, in 2020 the NAIC adopted a group capital calculation covering all entities of the insurance company group for use in solvency monitoring activities. Any increase in the amount of capital or reserves our insurance subsidiaries are required to hold could reduce the amount of future dividends such subsidiaries are able to distribute to the holding company.

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In particular, the NAIC has developed a system to test the adequacy of statutory capital and surplus of U.S.-based insurance companies, known as risk-based capital, which all states have adopted. This system establishes the minimum amount of capital and surplus necessary for an insurance company to support its overall business operations in consideration of its size and risk profile. Any reduction in the risk-based capital ratios of our insurance subsidiaries could require us to take remedial actions to increase our insurance subsidiaries’ capital and could also adversely affect their financial strength ratings as determined by statistical rating agencies.

Spinnaker is now also required to complete an Own Risk and Solvency Assessment (“ORSA”), which applies to any individual U.S. insurer that writes more than $500 million of annual direct written and assumed premium, and/or insurance groups that collectively write more than $1 billion of annual direct written and assumed premium. During 2022, Spinnaker surpassed the $500 million threshold and as such is now required to complete an annual ORSA, the first of which it filed with the Illinois Insurance Commissioner in early 2024. The ORSA requires Spinnaker to regularly, and no less than annually, assess the adequacy of its risk management framework and its current and estimated projected future solvency position, internally document the process and results of the assessment, and provide a confidential high-level ORSA Summary Report annually to the lead state commissioner if the insurer is a member of an insurance group and, upon request, to the domiciliary state regulator. The ORSA further requires Spinnaker to develop, maintain, and report on: the framework it uses to identify, assess, monitor, manage, and report on its relevant material risks; the assessed level of exposures from material enterprise risks; and the assessed level of capital or surplus for the upcoming year and over the next three years.

Spinnaker is, and any insurance companies that we would form in the future would be, part of an insurance holding company system and as such is subject to regulation in the jurisdictions in which these insurance subsidiaries are domiciled. These holding company laws generally provide that the acquisition or change of “control” of a domestic or commercially domiciled insurer or of any person that controls such an insurer cannot be consummated without the prior approval of the relevant insurance regulator. In general, a presumption of “control” arises from the ownership, control, possession with the power to vote, or possession of proxies with respect to ten percent or more of the voting securities of an insurer or of a person who controls an insurer. In addition, certain state insurance laws could require pre-acquisition notification and approval by a state where our insurance subsidiaries are merely licensed. For additional information, see “Risk Factors — Risks Related to Our Industry — We are subject to extensive insurance industry regulations” and “— Our insurance company subsidiaries are subject to minimum capital and surplus requirements, and failure to meet these requirements could subject us to regulatory action.”

Intellectual Property

We consider the Hippo brand and those brands of our subsidiaries to be among our most valuable assets. Our future success depends to a large degree upon our ability to defend the Hippo brand and its associated sub-brands from infringement and, to a limited extent, to protect our other intellectual property. We rely on a combination of trademark, service mark, patent, copyright, trade secret and other intellectual property laws and confidentiality procedures and contractual provisions such as non-disclosure terms to protect our intellectual property.

As of December 31, 2025, our patent portfolio consisted of five U.S. utility patents covering autonomous cancellation of insurance policies using a multi-tiered data structure, system and method for updating a policy object and real time rate monitoring. Our issued patents are expected to expire between May 23, 2038 and October 13, 2040. As of December 31, 2025, Hippo’s trademark portfolio consisted of forty registered trademarks, and Spinnaker owned one registered trademark.

The expansion of our business has required us to protect our trademarks, domain names, and patents and, to the extent that we expand our business into new geographic areas, we may be required to protect our trademarks, domain names, patents and other intellectual property rights in an increasing number of jurisdictions, a process that is expensive and sometimes requires litigation. If we are unable to protect or enforce our trademarks, domain names, patents and other intellectual property rights, or prevent third parties from infringing upon them, our business may be adversely affected, perhaps materially. For additional information, see “Risk Factors — Risks Related to Our Business — Failure to protect or enforce our intellectual property rights could harm our business, results of operations, and financial condition” and “— Claims by third parties that we infringed their proprietary technology

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or other intellectual property rights could result in litigation which is expensive to support, and if resolved adversely, could harm our business.”

Available Information

Our internet website address is www.hippo.com. In addition to the information about us and our subsidiaries contained in this Annual Report on Form 10-K, information about us can be found on our website. Our website and information included in or linked to our website are not part of this Annual Report on Form 10-K.

Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), are available free of charge through our website as soon as reasonably practicable after they are electronically filed with or furnished to the Securities and Exchange Commission, or SEC. Additionally the SEC maintains an internet site that contains reports, proxy and information statements and other information. The address of the SEC’s website is www.sec.gov.