QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
(State of incorporation) | (I.R.S. Employer Identification No.) | |||||||||||||
(Address of Principal Executive Offices) | (Zip Code) | |||||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated filer | ☐ | ☒ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company | |||||||||||
Page | ||||||||
Item 1 | ||||||||
Item 2 | ||||||||
Item 3 | ||||||||
Item 4 | ||||||||
Part II. Other Information | ||||||||
Item 1 | ||||||||
Item 1A | Risk Factors | |||||||
Item 2 | ||||||||
Item 3 | ||||||||
Item 4 | ||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Investments: | |||||||||||
Fixed maturities available-for-sale, at fair value (amortized cost: $ | $ | $ | |||||||||
Short-term investments, at fair value (amortized cost: $ | |||||||||||
| Total investments | |||||||||||
| Cash and cash equivalents | |||||||||||
| Restricted cash | |||||||||||
Accounts receivable, net of allowance of $ | |||||||||||
| Reinsurance recoverable on paid and unpaid losses and LAE | |||||||||||
| Prepaid reinsurance premiums | |||||||||||
| Ceding commissions receivable | |||||||||||
| Capitalized internal use software | |||||||||||
| Intangible assets | |||||||||||
| Other assets | |||||||||||
| Total assets | $ | $ | |||||||||
| Liabilities and stockholders’ equity | |||||||||||
| Liabilities: | |||||||||||
| Loss and loss adjustment expense reserve | $ | $ | |||||||||
| Unearned premiums | |||||||||||
| Reinsurance premiums payable | |||||||||||
| Provision for commission | |||||||||||
Surplus note | |||||||||||
| Accrued expenses and other liabilities | |||||||||||
| Total liabilities | |||||||||||
Commitments and contingencies (Note 12) | |||||||||||
| Stockholders’ equity: | |||||||||||
Common stock, $ | |||||||||||
| Additional paid-in capital | |||||||||||
| Accumulated other comprehensive (loss) income | ( | ||||||||||
| Accumulated deficit | ( | ( | |||||||||
| Total stockholders’ equity | |||||||||||
| Total liabilities and stockholders’ equity | $ | $ | |||||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Revenue: | |||||||||||
| Net earned premium | $ | $ | |||||||||
| Commission income, net | |||||||||||
| Service and fee income | |||||||||||
| Net investment income | |||||||||||
| Total revenue | |||||||||||
| Expenses: | |||||||||||
| Losses and loss adjustment expenses | |||||||||||
| Insurance related expenses | |||||||||||
| Technology and development expenses | |||||||||||
| Sales and marketing expenses | |||||||||||
| General and administrative expenses | |||||||||||
| Interest and other (income) expense, net | ( | ||||||||||
| Total expenses | |||||||||||
| Income (loss) before income taxes | ( | ||||||||||
| Income tax expense (benefit) | ( | ||||||||||
| Net income (loss) | ( | ||||||||||
| Net income attributable to noncontrolling interests, net of tax | |||||||||||
| Net income (loss) attributable to Hippo | $ | $ | ( | ||||||||
| Other comprehensive income (loss): | |||||||||||
| Change in net unrealized (loss) gain on investments, net of tax | ( | ||||||||||
| Comprehensive income (loss) attributable to Hippo | $ | $ | ( | ||||||||
| Per share data: | |||||||||||
| Net income (loss) per share attributable to Hippo | |||||||||||
| Basic | $ | $ | ( | ||||||||
| Diluted | $ | $ | ( | ||||||||
| Weighted average common shares outstanding | |||||||||||
| Basic | |||||||||||
| Diluted | |||||||||||
| Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Hippo Stockholders' Equity | Non controlling Interests | Total Stockholders’ Equity | ||||||||||||||||||||
| Shares | Amount | |||||||||||||||||||||||||
| Balance at January 1, 2026 | $ | $ | $ | $ | ( | $ | $ | $ | ||||||||||||||||||
| Net income | — | — | — | — | — | |||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||
| Issuance of common stock from stock plans and contingently issuable shares | — | — | — | — | ||||||||||||||||||||||
| Stock-based compensation expense | — | — | — | — | — | |||||||||||||||||||||
| Balance at March 31, 2026 | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||
| Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Hippo Stockholders' Equity | Non controlling Interests | Total Stockholders’ Equity | ||||||||||||||||||||
| Shares | Amount | |||||||||||||||||||||||||
| Balance at January 1, 2025 | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||
| Net loss | — | — | — | — | ( | ( | ( | |||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | |||||||||||||||||||||
| Issuance of common stock from stock plans and contingently issuable shares | — | — | — | — | ||||||||||||||||||||||
| Shares withheld related to net share settlement | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||
| Stock-based compensation expense | — | — | — | — | — | |||||||||||||||||||||
Distributions to noncontrolling interests | — | — | — | — | — | — | ( | ( | ||||||||||||||||||
| Balance at March 31, 2025 | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net cash provided by (used in) operating activities | $ | $ | ( | ||||||||
| Cash flows from investing activities: | |||||||||||
| Capitalized internal use software costs | ( | ( | |||||||||
| Purchases of property and equipment | ( | ( | |||||||||
Purchases of fixed maturities | ( | ( | |||||||||
Maturities of fixed maturities | |||||||||||
Sales of fixed maturities | |||||||||||
Purchases of short-term investments | ( | ( | |||||||||
Maturities of short-term investments | |||||||||||
Sales of short-term investments | |||||||||||
Proceeds from deferred consideration | |||||||||||
Net cash provided by (used in) investing activities | $ | $ | ( | ||||||||
| Cash flows from financing activities: | |||||||||||
| Taxes paid related to net share settlement of equity awards | ( | ||||||||||
Proceeds from issuance of common stock | |||||||||||
| Payments of contingent consideration | ( | ||||||||||
Distributions to noncontrolling interests | ( | ||||||||||
Other | ( | ||||||||||
| Net cash provided by (used in) financing activities | $ | $ | ( | ||||||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | ( | ||||||||||
| Cash, cash equivalents, and restricted cash at the beginning of the period | |||||||||||
| Cash, cash equivalents, and restricted cash at the end of the period | $ | $ | |||||||||
| March 31, 2026 | |||||||||||||||||||||||
| Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||
| Fixed maturities available-for-sale: | |||||||||||||||||||||||
| U.S. government and agencies | $ | $ | $ | ( | $ | ||||||||||||||||||
| States and other territories | ( | ||||||||||||||||||||||
| Corporate securities | ( | ||||||||||||||||||||||
| Residential mortgage-backed securities | ( | ||||||||||||||||||||||
| Commercial mortgage-backed securities | ( | ||||||||||||||||||||||
| Asset backed securities | ( | ||||||||||||||||||||||
| Total fixed maturities available-for-sale | ( | ||||||||||||||||||||||
| Short-term investments: | |||||||||||||||||||||||
| U.S. government and agencies | |||||||||||||||||||||||
| Corporate securities | ( | ||||||||||||||||||||||
| Total short-term investments | ( | ||||||||||||||||||||||
| Total | $ | $ | $ | ( | $ | ||||||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||
| Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||
| Fixed maturities available-for-sale: | |||||||||||||||||||||||
| U.S. government and agencies | $ | $ | $ | ( | $ | ||||||||||||||||||
| States and other territories | ( | ||||||||||||||||||||||
| Corporate securities | ( | ||||||||||||||||||||||
| Residential mortgage-backed securities | ( | ||||||||||||||||||||||
| Commercial mortgage-backed securities | ( | ||||||||||||||||||||||
| Asset backed securities | |||||||||||||||||||||||
| Total fixed maturities available-for-sale | ( | ||||||||||||||||||||||
| Short-term investments: | |||||||||||||||||||||||
| U.S. government and agencies | |||||||||||||||||||||||
| Corporate securities | |||||||||||||||||||||||
| Total short-term investments | |||||||||||||||||||||||
| Total | $ | $ | $ | ( | $ | ||||||||||||||||||
| March 31, 2026 | |||||||||||||||||||||||||||||||||||
| Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
| Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||||||||
| Fixed maturities available-for-sale: | |||||||||||||||||||||||||||||||||||
| U.S. government and agencies | $ | $ | ( | $ | $ | $ | $ | ( | |||||||||||||||||||||||||||
| States and other territories | ( | ( | |||||||||||||||||||||||||||||||||
| Corporate securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Residential mortgage-backed securities | ( | ( | ( | ||||||||||||||||||||||||||||||||
| Commercial mortgage-backed securities | ( | ( | |||||||||||||||||||||||||||||||||
| Asset backed securities | ( | ( | |||||||||||||||||||||||||||||||||
| Short-term investments: | |||||||||||||||||||||||||||||||||||
| Corporate securities | ( | ( | |||||||||||||||||||||||||||||||||
| Total | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||||||||||||||
| Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
| Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||||||||
| Fixed maturities available-for-sale: | |||||||||||||||||||||||||||||||||||
| U.S. government and agencies | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||
| States and other territories | ( | ( | |||||||||||||||||||||||||||||||||
| Corporate securities | ( | ( | |||||||||||||||||||||||||||||||||
| Residential mortgage-backed securities | ( | ( | |||||||||||||||||||||||||||||||||
| Commercial mortgage-backed securities | ( | ( | |||||||||||||||||||||||||||||||||
| Asset backed securities | |||||||||||||||||||||||||||||||||||
| Short-term investments: | |||||||||||||||||||||||||||||||||||
Corporate securities | |||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||
| March 31, 2026 | |||||||||||
| Amortized Cost | Fair Value | ||||||||||
| (in millions) | |||||||||||
| Due to mature: | |||||||||||
| One year or less | $ | $ | |||||||||
| After one year through five years | |||||||||||
| After five years through ten years | |||||||||||
| After ten years | |||||||||||
| Residential mortgage-backed securities | |||||||||||
| Commercial mortgage-backed securities | |||||||||||
| Asset backed securities | |||||||||||
| Total fixed maturities available-for-sale | $ | $ | |||||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| (in millions) | |||||||||||
Investment income | |||||||||||
| Investment expenses | ( | ( | |||||||||
| Net investment income | $ | $ | |||||||||
| March 31, 2026 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||
| Financial assets: | |||||||||||||||||||||||
| Cash, cash equivalents, and restricted cash | $ | $ | $ | $ | |||||||||||||||||||
| Fixed maturities available-for-sale: | |||||||||||||||||||||||
| U.S. government and agencies | |||||||||||||||||||||||
| States and other territories | |||||||||||||||||||||||
| Corporate securities | |||||||||||||||||||||||
| Residential mortgage-backed securities | |||||||||||||||||||||||
| Commercial mortgage-backed securities | |||||||||||||||||||||||
| Asset backed securities | |||||||||||||||||||||||
| Total fixed maturities available-for-sale | |||||||||||||||||||||||
| Short-term investments | |||||||||||||||||||||||
| U.S. government and agencies | |||||||||||||||||||||||
| Corporate securities | |||||||||||||||||||||||
| Total short-term investments | |||||||||||||||||||||||
| Total financial assets | $ | $ | $ | $ | |||||||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||
| Financial assets: | |||||||||||||||||||||||
| Cash, cash equivalents, and restricted cash | $ | $ | $ | $ | |||||||||||||||||||
| Fixed maturities available-for-sale: | |||||||||||||||||||||||
| U.S. government and agencies | |||||||||||||||||||||||
| States and other territories | |||||||||||||||||||||||
| Corporate securities | |||||||||||||||||||||||
| Residential mortgage-backed securities | |||||||||||||||||||||||
| Commercial mortgage-backed securities | |||||||||||||||||||||||
| Asset backed securities | |||||||||||||||||||||||
| Total fixed maturities available-for-sale | |||||||||||||||||||||||
| Short-term investments | |||||||||||||||||||||||
| U.S. government and agencies | |||||||||||||||||||||||
| Corporate securities | |||||||||||||||||||||||
| Total short-term investments | |||||||||||||||||||||||
| Total financial assets | $ | $ | $ | $ | |||||||||||||||||||
| March 31, 2026 | December 31, 2025 | |||||||||||||||||||||||||
| Weighted- Average Useful Life Remaining (in years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||
| (in millions) | ||||||||||||||||||||||||||
| Agency and carrier relationships | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||
| State licenses and domain name | Indefinite | — | — | |||||||||||||||||||||||
| Customer relationships | ( | ( | ||||||||||||||||||||||||
| Other | — | ( | ||||||||||||||||||||||||
| Total intangible assets, net | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
| (in millions) | |||||||||||
| Property and equipment | $ | $ | |||||||||
Deferred policy acquisition costs | |||||||||||
| Deferred consideration | |||||||||||
| Prepaid expenses | |||||||||||
| Claims receivable | |||||||||||
| Lease right-of-use assets | |||||||||||
| Other | |||||||||||
| Total other assets | $ | $ | |||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
| (in millions) | |||||||||||
| Claim payments outstanding | $ | $ | |||||||||
| Advances from customers | |||||||||||
| Premium refund liability | |||||||||||
| Employee related accruals | |||||||||||
| Lease liability | |||||||||||
| Fiduciary liability | |||||||||||
| Other | |||||||||||
| Total accrued expenses and other liabilities | $ | $ | |||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
| (in millions) | |||||||||||
| Surplus note | $ | $ | |||||||||
| Less: unamortized debt issuance costs | ( | ( | |||||||||
Total surplus note, net | $ | $ | |||||||||
| For the three months ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| (in millions) | |||||||||||
| Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of beginning of the period | $ | $ | |||||||||
| Less: Reinsurance recoverables on unpaid losses and LAE | ( | ( | |||||||||
| Reserve for losses and LAE, net of reinsurance recoverables as of beginning of the period | |||||||||||
| Add: Incurred losses and LAE, net of reinsurance, related to: | |||||||||||
| Current year | |||||||||||
| Prior years | ( | ( | |||||||||
| Total incurred | |||||||||||
| Deduct: Loss and LAE payments, net of reinsurance, related to: | |||||||||||
| Current year | |||||||||||
| Prior years | |||||||||||
| Total paid | |||||||||||
| Reserve for losses and LAE, net of reinsurance recoverables at end of period | |||||||||||
| Add: Reinsurance recoverables on unpaid losses and LAE at end of period | |||||||||||
| Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of end of the period | $ | $ | |||||||||
| For the Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||||||||
| Written premiums | Earned premiums | Loss and LAE incurred | Written premiums | Earned premiums | Loss and LAE incurred | ||||||||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||||||||
| Direct | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| Assumed | |||||||||||||||||||||||||||||||||||
| Gross | |||||||||||||||||||||||||||||||||||
| Ceded | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
| Net | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||
| Amount | % of GWP | Amount | % of GWP | ||||||||||||||||||||
| (in millions, except percentages) | |||||||||||||||||||||||
| State | |||||||||||||||||||||||
| California | $ | % | $ | % | |||||||||||||||||||
| New York | % | % | |||||||||||||||||||||
| Florida | % | % | |||||||||||||||||||||
| Texas | % | % | |||||||||||||||||||||
| Illinois | % | % | |||||||||||||||||||||
| Georgia | % | % | |||||||||||||||||||||
| Ohio | % | % | |||||||||||||||||||||
| Colorado | % | % | |||||||||||||||||||||
| New Jersey | % | % | |||||||||||||||||||||
| Arizona | % | % | |||||||||||||||||||||
| Other | % | % | |||||||||||||||||||||
| Total | $ | % | $ | % | |||||||||||||||||||
| Options Outstanding | Weighted-Average Remaining | Aggregate Intrinsic Value (in Millions) | |||||||||||||||||||||
| Number of Shares | Weighted Average Exercise Price | Contract Term (in Years) | |||||||||||||||||||||
Outstanding as of December 31, 2025 | $ | $ | |||||||||||||||||||||
| Granted | |||||||||||||||||||||||
| Exercised | ( | ||||||||||||||||||||||
| Cancelled/Expired | ( | — | |||||||||||||||||||||
| Outstanding as of March 31, 2026 | $ | ||||||||||||||||||||||
| Vested and exercisable as of March 31, 2026 | $ | $ | |||||||||||||||||||||
| Number of Shares | Weighted Average Grant-Date Fair Value per Share | ||||||||||
Unvested and outstanding as of December 31, 2025 | $ | ||||||||||
| Granted | |||||||||||
| Released | ( | ||||||||||
| Canceled and forfeited | ( | ||||||||||
Unvested and outstanding as of March 31, 2026 | $ | ||||||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| (in millions) | |||||||||||
| Losses and loss adjustment expenses | $ | $ | |||||||||
| Insurance related expenses | |||||||||||
| Technology and development | |||||||||||
| Sales and marketing | |||||||||||
| General and administrative | |||||||||||
| Total stock-based compensation expense | $ | $ | |||||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Numerator: | |||||||||||
Net income (loss) attributable to Hippo – basic and diluted (in millions) | $ | $ | ( | ||||||||
| Denominator: | |||||||||||
Weighted-average shares used in computing net income (loss) per share attributable to Hippo | |||||||||||
| Basic | |||||||||||
| Diluted | |||||||||||
Net income (loss) per share attributable to Hippo | |||||||||||
| Basic | $ | $ | ( | ||||||||
| Diluted | $ | $ | ( | ||||||||
| March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Outstanding options | |||||||||||
| Common stock from outstanding warrants | |||||||||||
| Common stock subject to repurchase | |||||||||||
| RSU and PRSUs | |||||||||||
| Employee stock purchase plan | |||||||||||
| Total | |||||||||||
| Three Months Ended March 31, | |||||||||||||||||||||||
| 2026 | 2025 | Change | % Change | ||||||||||||||||||||
| (in millions, except percentages) | |||||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Net earned premium | $ | 98.9 | $ | 87.3 | $ | 11.6 | 13 | % | |||||||||||||||
| Commission income, net | 12.7 | 14.4 | (1.7) | (12) | % | ||||||||||||||||||
| Service and fee income | 3.2 | 2.8 | 0.4 | 14 | % | ||||||||||||||||||
| Net investment income | 6.7 | 5.8 | 0.9 | 16 | % | ||||||||||||||||||
| Total revenue | 121.5 | 110.3 | 11.2 | 10 | % | ||||||||||||||||||
| Expenses: | |||||||||||||||||||||||
| Losses and loss adjustment expenses | 47.5 | 92.4 | (44.9) | (49) | % | ||||||||||||||||||
| Insurance related expenses | 34.9 | 30.2 | 4.7 | 16 | % | ||||||||||||||||||
| Technology and development | 9.4 | 8.1 | 1.3 | 16 | % | ||||||||||||||||||
| Sales and marketing | 6.3 | 8.9 | (2.6) | (29) | % | ||||||||||||||||||
| General and administrative | 16.2 | 16.5 | (0.3) | (2) | % | ||||||||||||||||||
| Interest and other expense (income), net | — | (0.2) | 0.2 | NM | |||||||||||||||||||
| Total expenses | 114.3 | 155.9 | (41.6) | (27) | % | ||||||||||||||||||
| Income (loss) before income taxes | 7.2 | (45.6) | 52.8 | 116 | % | ||||||||||||||||||
Income tax (benefit) expense | 0.1 | (0.2) | 0.3 | NM | |||||||||||||||||||
| Net income (loss) | 7.1 | (45.4) | 52.5 | 116 | % | ||||||||||||||||||
| Net income attributable to noncontrolling interests, net of tax | — | 2.3 | (2.3) | NM | |||||||||||||||||||
| Net income (loss) attributable to Hippo | $ | 7.1 | $ | (47.7) | $ | 54.8 | 115 | % | |||||||||||||||
| Three Months Ended March 31, | |||||||||||||||||||||||
| 2026 | 2025 | Change | % Change | ||||||||||||||||||||
| (in millions, except percentages) | |||||||||||||||||||||||
| Line of Business | |||||||||||||||||||||||
| Homeowners | $ | 62.7 | $ | 61.6 | $ | 1.1 | 2 | % | |||||||||||||||
| Renters | 17.0 | 16.6 | 0.4 | 2 | % | ||||||||||||||||||
| Commercial Multi-Peril | 15.9 | 6.6 | 9.3 | 141 | % | ||||||||||||||||||
Casualty | 3.2 | 0.5 | 2.7 | 540 | % | ||||||||||||||||||
| Other | 0.1 | 2.0 | (1.9) | (95) | % | ||||||||||||||||||
| Total | $ | 98.9 | $ | 87.3 | $ | 11.6 | 13 | % | |||||||||||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| (in millions) | |||||||||||
Catastrophe losses | $ | 4.3 | $ | 53.4 | |||||||
Non-catastrophe losses | 43.2 | 39.0 | |||||||||
| Total losses and loss adjustment expenses | $ | 47.5 | $ | 92.4 | |||||||
Catastrophe loss ratio | 4 | % | 61 | % | |||||||
Non-catastrophe loss ratio | 44 | % | 45 | % | |||||||
| Net loss ratio | 48 | % | 106 | % | |||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
(in millions, except per share data) | |||||||||||
Gross written premium | $ | 332.4 | $ | 210.9 | |||||||
Ceded written premium | (231.0) | (110.6) | |||||||||
| Net written premium | 101.4 | 100.3 | |||||||||
Total revenue | 121.5 | 110.3 | |||||||||
Net income (loss) attributable to Hippo | 7.1 | (47.7) | |||||||||
Adjusted net income (loss)(1) | 17.2 | (35.1) | |||||||||
| Net income (loss) per share attributable to Hippo, basic | 0.27 | (1.91) | |||||||||
| Net income (loss) per share attributable to Hippo, diluted | 0.27 | (1.91) | |||||||||
Diluted adjusted earnings (loss) per share(1) | 0.65 | (1.41) | |||||||||
Annualized adjusted return on equity(1) | 15.6 | % | (41.0) | % | |||||||
Net loss ratio | 48.0 | % | 105.9 | % | |||||||
Catastrophe loss ratio | 4.3 | % | 61.2 | % | |||||||
Non-catastrophe loss ratio | 43.7 | % | 44.7 | % | |||||||
Expense ratio | 51.5 | % | 53.3 | % | |||||||
| Combined ratio | 99.5 | % | 159.2 | % | |||||||
| As of | |||||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
Book value per share | $ | 17.23 | $ | 16.97 | |||||||
Tangible book value per share(1) | $ | 15.09 | $ | 14.76 | |||||||
| Three Months Ended March 31, | |||||||||||||||||||||||
| 2026 | 2025 | Change | % Change | ||||||||||||||||||||
| (in millions, except percentages) | |||||||||||||||||||||||
Line of Business | |||||||||||||||||||||||
| Homeowners | $ | 87.3 | $ | 87.1 | $ | 0.2 | — | % | |||||||||||||||
Renters (1) | 40.8 | 35.0 | 5.8 | 17 | % | ||||||||||||||||||
| Commercial Multi-Peril | 95.8 | 50.7 | 45.1 | 89 | % | ||||||||||||||||||
Casualty | 100.6 | 34.3 | 66.3 | 193 | % | ||||||||||||||||||
| Other | 7.9 | 3.8 | 4.1 | 108 | % | ||||||||||||||||||
| Total | $ | 332.4 | $ | 210.9 | $ | 121.5 | 58 | % | |||||||||||||||
| Three Months Ended March 31, | |||||||||||||||||||||||
| 2026 | 2025 | Change | % Change | ||||||||||||||||||||
| (in millions, except percentages) | |||||||||||||||||||||||
Line of Business | |||||||||||||||||||||||
| Homeowners | $ | 60.8 | $ | 52.7 | $ | 8.1 | 15 | % | |||||||||||||||
Renters(1) | 10.8 | 37.2 | (26.4) | (71) | % | ||||||||||||||||||
| Commercial Multi-Peril | 17.6 | 12.5 | 5.1 | 41 | % | ||||||||||||||||||
Casualty | 12.9 | 1.1 | 11.8 | 1073 | % | ||||||||||||||||||
| Other | (0.7) | (3.2) | 2.5 | (78) | % | ||||||||||||||||||
| Total | $ | 101.4 | $ | 100.3 | $ | 1.1 | 1 | % | |||||||||||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
(in millions) | |||||||||||
Catastrophe losses | $ | 4.3 | $ | 53.4 | |||||||
Non-catastrophe losses | 43.2 | 39.0 | |||||||||
| Total losses and loss adjustment expenses | $ | 47.5 | $ | 92.4 | |||||||
Net earned premium | 98.9 | 87.3 | |||||||||
Net loss ratio | 48.0 | % | 105.9 | % | |||||||
| Catastrophe loss ratio | 4.3 | % | 61.2 | % | |||||||
| Non-catastrophe loss ratio | 43.7 | % | 44.7 | % | |||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
(in millions) | |||||||||||
Net earned premium | $ | 98.9 | $ | 87.3 | |||||||
| Net expenses: | |||||||||||
| Insurance related expenses | $ | 34.9 | $ | 30.2 | |||||||
Technology and development expenses | 9.4 | 8.1 | |||||||||
Sales and marketing expenses | 6.3 | 8.9 | |||||||||
General and administrative expenses | 16.2 | 16.5 | |||||||||
| Less: commission income, net and service and fee income | (15.9) | (17.2) | |||||||||
| Total net expenses | $ | 50.9 | $ | 46.5 | |||||||
Expense ratio | 51.5 | % | 53.3 | % | |||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
Expense ratio | 51.5 | % | 53.3 | % | |||||||
Net loss ratio | 48.0 | % | 105.9 | % | |||||||
Combined ratio | 99.5 | % | 159.2 | % | |||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
(in millions) | |||||||||||
| Net income (loss) attributable to Hippo | $ | 7.1 | $ | (47.7) | |||||||
| Adjustments: | |||||||||||
| Depreciation and amortization | 4.8 | 5.6 | |||||||||
| Stock-based compensation | 6.5 | 7.7 | |||||||||
| Fair value adjustments | — | (0.5) | |||||||||
| Other one-off transactions | (1.2) | (0.2) | |||||||||
| Adjusted net income (loss) | $ | 17.2 | $ | (35.1) | |||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
(in millions, except share and per share data) | |||||||||||
| Adjusted net income (loss) | $ | 17.2 | $ | (35.1) | |||||||
Weighted average common shares outstanding, diluted(1) | 26,354,271 | 24,978,901 | |||||||||
| Diluted adjusted earnings (loss) per share | $ | 0.65 | $ | (1.41) | |||||||
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
(in millions) | |||||||||||
| Annualized adjusted net income (loss) | $ | 68.8 | $ | (140.4) | |||||||
| Average Hippo stockholders’ equity | 442.4 | 342.5 | |||||||||
| Annualized adjusted return on equity | 15.6 | % | (41.0) | % | |||||||
| As of | |||||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
(in millions, except share and per share data) | |||||||||||
Hippo stockholders’ equity | $ | 448.7 | $ | 436.1 | |||||||
| Less: Intangible assets | 13.6 | 13.8 | |||||||||
Less: Capitalized internal use software | 42.3 | 43.0 | |||||||||
| Tangible stockholders’ equity | $ | 392.8 | $ | 379.3 | |||||||
| Shares outstanding | 26,035,917 | 25,699,704 | |||||||||
| Tangible book value per share | $ | 15.09 | $ | 14.76 | |||||||
| Three Months Ended | |||||||||||||||||
| March 31, | |||||||||||||||||
| 2026 | 2025 | Change | |||||||||||||||
| (in millions) | |||||||||||||||||
| Net cash provided by (used in): | |||||||||||||||||
| Operating activities | $ | 8.5 | $ | (35.6) | $ | 44.1 | |||||||||||
| Investing activities | $ | 42.5 | $ | (11.0) | $ | 53.5 | |||||||||||
| Financing activities | $ | 3.7 | $ | (6.0) | $ | 9.7 | |||||||||||
| Exhibit Number | Description | |||||||
| 3.1 | ||||||||
| 3.2 | ||||||||
| 3.3 | ||||||||
31.1* | ||||||||
31.2* | ||||||||
32.1# | ||||||||
32.2# | ||||||||
101.INS* | Inline XBRL Instance Document - the Instance Document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document* | |||||||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document* | |||||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document* | |||||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document* | |||||||
101.LAB* | Inline XBRL Taxonomy Extension Label Linkbase Document* | |||||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document* | |||||||
104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | |||||||
| * | Filed herewith. | |||||||
| # | Exhibits 32.1 and 32.2 are being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section, nor shall such exhibits be deemed to be incorporated by reference in any registration statement or other document filed under the Securities Act or the Exchange Act, except as otherwise specifically stated in such filing. | |||||||
| HIPPO HOLDINGS INC. | ||||||||
Date: April 30, 2026 | By: | /s/ Richard McCathron | ||||||
| Name: | Richard McCathron | |||||||
| Title: | Chief Executive Officer | |||||||
(Principal Executive Officer) | ||||||||
Date: April 30, 2026 | By: | /s/ Guy Zeltser | ||||||
| Name: | Guy Zeltser | |||||||
| Title: | Chief Financial Officer | |||||||
(Principal Financial Officer and Principal Accounting Officer) | ||||||||
1. | I have reviewed this Quarterly Report on Form 10-Q of Hippo Holdings Inc.; | |||||||
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |||||||
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |||||||
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | |||||||
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |||||||
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |||||||
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |||||||
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |||||||
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): | |||||||
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | |||||||
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. | |||||||
Date: April 30, 2026 | By: | /s/ Richard McCathron | |||||||||||||||
Richard McCathron | |||||||||||||||||
Chief Executive Officer | |||||||||||||||||
1. | I have reviewed this Quarterly Report on Form 10-Q of Hippo Holdings Inc.; | |||||||
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; | |||||||
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; | |||||||
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | |||||||
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; | |||||||
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; | |||||||
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and | |||||||
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |||||||
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): | |||||||
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and | |||||||
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. | |||||||
Date: April 30, 2026 | By: | /s/ Guy Zeltser | |||||||||||||||
Guy Zeltser | |||||||||||||||||
Chief Financial Officer | |||||||||||||||||
/s/ Richard McCathron | ||||||||
Name: | Richard McCathron | |||||||
Title: | Chief Executive Officer | |||||||
/s/ Guy Zeltser | ||||||||
Name: | Guy Zeltser | |||||||
Title: | Chief Financial Officer | |||||||
Unaudited Interim Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Fixed maturities available-for-sale, amortized cost | $ 299.3 | $ 291.7 |
| Short-term investments, amortized cost | 125.3 | 152.5 |
| Accounts receivable, allowance | $ 0.3 | $ 0.2 |
| 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) | 26,035,917 | 25,699,704 |
| Common stock, shares outstanding (in shares) | 26,035,917 | 25,699,704 |
Description of Business and Summary of Significant Accounting Policies |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| 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 Hippo Holdings Inc., referred to herein as “Hippo” or the “Company,” is an insurance holding company incorporated in Delaware. Hippo has subsidiaries that provide property and casualty insurance products to both individuals and business customers. The Company’s headquarters are located in San Jose, California. Hippo conducts insurance underwriting through its regulated carrier subsidiaries. Its operations include providing insurance capacity and related services for its owned managing general agent (“MGA”), as well as in partnership with third-party MGAs and services that support the placement and servicing of insurance policies. Basis of Presentation and Consolidation The unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”) and include the Company’s consolidated subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been omitted accordingly. The unaudited interim financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Interim results are not necessarily indicative of the results that may be expected for the full year. Use of Estimates The preparation of 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 financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ significantly from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to, losses 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, acquired intangible assets, deferred tax assets and uncertain tax positions, and revenue recognition. 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. 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. This includes money market funds, commercial paper, U.S. government and agency securities, and other securities. The Company’s restricted cash relates to cash restricted to support collateral to insurers and fiduciary assets. Restricted cash includes fiduciary assets of $27.7 million and $28.7 million as of March 31, 2026 and December 31, 2025, respectively. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This guidance provides a practical expedient that entities may elect when estimating expected credit losses for current accounts receivable and current contract assets arising from ASC 606 transactions, allowing entities to assume that conditions as of the balance sheet date remain unchanged over the life of the asset. ASU 2025-05 is effective for annual periods beginning after December 15, 2025, with early adoption permitted. The Company adopted ASU 2025-05 effective January 1, 2026 and elected the practical expedient. The adoption did not have a material impact on the unaudited interim condensed consolidated financial statements. ASUs issued but not yet adopted 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. The Company is currently assessing the impact of the ASU on the Company’s consolidated financial statements and notes to the consolidated financial statements. In January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Clarifying the Effective Date, clarifying the interim reporting date when an entity must adopt ASU No. 2024-03. According to ASU No. 2025-01, ASU No. 2024-03 is effective for interim periods within fiscal years beginning after December 15, 2027. The Company is currently assessing the impact of the ASU on the Company’s unaudited interim condensed consolidated financial statements and notes to the consolidated financial statements. In September 2025, the FASB issued ASU No. 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, which amends guidance related to the accounting for internal-use software development costs. The amendments are intended to modernize the recognition and capitalization framework to reflect current software development practices, including iterative and agile methodologies, by removing references to “development stages.” It also clarifies the criteria for capitalization, which begins when both of the following occur: (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended. This ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted. The Company is currently assessing the impact of the ASU on the Company’s consolidated financial statements and notes to the consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. This ASU is intended to improve the navigability of guidance in ASC 270, Interim Reporting, and clarify when it applies. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. This ASU is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, and permits prospective or full retrospective adoption. The Company is currently assessing the impact of the ASU on the Company’s unaudited interim condensed consolidated financial statements and notes to the consolidated financial statements. In December 2025, the FASB issued ASU No. 2025-12, Codification Improvements, which addresses thirty-three items, representing the changes to the Codification that (1) clarify, (2) correct errors, or (3) make minor improvements. Generally, the amendments in this Update are not intended to result in significant changes for most entities. The ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2026. The adoption method of this ASU may vary, on an issue-by-issue basis. Early adoption is permitted. The Company is currently assessing the impact of the ASU on the Company’s unaudited interim condensed consolidated financial statements and notes to the consolidated financial statements, but does not expect this standard to have a material impact on its financial statements.
|
Investments |
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| 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:
The following tables present the gross unrealized losses and related fair values for the Company’s investments in available-for-sale debt securities and short-term investments, grouped by duration of time in a continuous unrealized loss position as of March 31, 2026, and December 31, 2025:
The Company has determined that unrealized losses as of March 31, 2026 and December 31, 2025 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. As of March 31, 2026, none of the Company’s fixed maturity portfolio was unrated or rated below investment grade. The amortized cost and fair value of fixed maturities securities by contractual maturity are as follows:
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. The Company’s net investment income is comprised of the following:
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, fixed maturities, or short-term investments on the unaudited interim condensed consolidated balance sheets. The carrying value of securities on deposit with state regulatory authorities total $13.4 million and $13.3 million as of March 31, 2026 and December 31, 2025, respectively.
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Fair Value Measurement |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurement | 3. Fair Value Measurement 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 following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis:
The Company’s policy is to recognize transfers into and transfers out of fair value hierarchy levels at the end of each reporting period. There were no transfers between levels in the fair value hierarchy during the three months ended March 31, 2026. Non-Recurring Fair Value Measurements The Company has a 19.2% ownership stake in First Connect Insurance Services (“First Connect”), a non-public company. The Company estimates the fair value on a non-recurring basis using the fair value of First Connect’s common stock, as applicable. Because of the nature of the unobservable inputs, the Company classifies this retained interest as Level 3 in the fair value hierarchy. The fair value of the Company’s investment was $4.5 million as of March 31, 2026 and December 31, 2025, included in Other Assets on the unaudited interim condensed consolidated balance sheets.
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Intangible Assets |
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| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets | 4. Intangible Assets
Amortization expense related to intangible assets for the three months ended March 31, 2026 and 2025 was $0.2 million and $0.9 million, respectively. The amortization expense is primarily included in sales and marketing expenses on the unaudited interim condensed consolidated statements of operations and comprehensive income (loss).
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Capitalized Internal Use Software |
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Mar. 31, 2026 | |
| Research and Development [Abstract] | |
| Capitalized Internal Use Software | 5. Capitalized Internal Use Software Amortization expense related to capitalized internal use software for the three months ended March 31, 2026 and 2025 was $4.3 million and $4.3 million, respectively. The amortization expense is included in insurance related expenses on the unaudited interim condensed consolidated statements of operations and comprehensive income (loss).
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Other Assets |
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| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Assets | 6. Other Assets
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Accrued Expenses and Other Liabilities |
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| Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accrued Expenses and Other Liabilities | 7. Accrued Expenses and Other Liabilities
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Surplus Note |
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Surplus Note | 8. Surplus Note The Company issued a surplus note on June 2, 2025 in the amount of $50.0 million with a fixed interest rate of 9.5% for a term of 15 years. The surplus note is callable by the Company in 7 years. Interest on the outstanding principal is payable on September 1 and March 1 every year. Payment of principal and interest requires regulatory approval before such payment may be made. The Company paid $2.4 million in interest for the three months ended March 31, 2026.
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Loss and Loss Adjustment Expense Reserves |
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| Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Loss and Loss Adjustment Expense Reserves | 9. Losses and Loss Adjustment Expense Reserves The reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses (“LAE”), net of reinsurance is summarized as follows:
The gross losses and LAE reserve is included in losses and loss adjustment expenses and the reinsurance recoverables are included in Reinsurance recoverable on paid and unpaid losses and LAE on the unaudited interim condensed consolidated balance sheets. Prior year loss development occurs when actual losses incurred vary from the Company’s previously estimated losses, which are established through the Company’s losses and LAE reserve estimate processes. Net incurred losses and LAE experienced favorable prior years development of $2.5 million and $3.0 million for the three months ended March 31, 2026 and 2025, respectively. The prior period development for the three months ended March 31, 2026 of $2.5 million was driven primarily by favorable net loss development relating to the 2025 and prior accident years, resulting in a net release of $1.5 million from attritional reserves and $1.0 million from catastrophe reserves. These changes are primarily a result of ongoing analysis of claims emergence patterns and loss trends. The prior period development for the three months ended March 31, 2025 of $3.0 million was driven primarily by favorable net loss development relating to the 2024 and prior accident years, resulting in a net release of $2.9 million from attritional reserves and $0.1 million from catastrophe reserves. These changes are primarily a result of ongoing analysis of claims emergence patterns and loss trends.
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Reinsurance |
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| Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reinsurance | 10. Reinsurance The Company maintains a comprehensive reinsurance program to manage risk exposure, reduce earnings volatility, and safeguard capital. By ceding a portion of its underwriting risk to highly rated reinsurers and alternative capital providers, the Company limits the financial impact of catastrophe events. Nevertheless, the Company remains ultimately responsible for policyholder claims should a reinsurer fail to perform. The Company’s reinsurance strategy includes a mix of quota share and excess of loss (“XOL”) structures, alongside collateralized protection through catastrophe bonds. The Company works with reinsurers rated “A-” (Excellent) or better by A.M. Best, or requires appropriate collateral. Contracts often include provisions allowing for replacement of reinsurers whose financial condition deteriorates. The Company’s catastrophe reinsurance program supports property risks underwritten by us on behalf of our MGA and third-party MGAs. These risks are protected by program-specific XOL treaties, and in some cases, quota share reinsurance. In addition to the program specific covers, the Company is also protected by a corporate catastrophe cover and participation in the Florida Hurricane Catastrophe Fund (FHCF). This structure is designed to provide protection against severe loss events across the portfolio, covering up to at least a 1-in-250-year return period threshold. For business written by the Company’s MGA, the Company has strategically retained more risk in recent periods by scaling back proportional reinsurance, reflecting the Company’s confidence in the portfolio’s underwriting performance. The Company’s MGA is primarily covered by standalone catastrophe XOL protection. Additionally, the Company utilizes collateralized reinsurance through Mountain Re Ltd., a Bermuda-based special purpose insurer. The catastrophe bonds issued through Mountain Re Ltd. provide multi-year per occurrence coverage for a range of perils for business written through the Company’s MGA. The following tables reflect amounts affecting the unaudited interim condensed consolidated statements of operations and comprehensive income (loss) for reinsurance as of and for the three months ended March 31, 2026, and 2025.
As of March 31, 2026 and December 31, 2025, a provision for sliding scale commissions of $39.0 million and $36.0 million, respectively, is included in provision for commission on the unaudited interim condensed consolidated balance sheets. As of March 31, 2026 and December 31, 2025, a receivable for sliding scale commissions of $36.2 million and $37.6 million, respectively, is included in ceding commissions receivable on the unaudited interim condensed consolidated balance sheets. As of March 31, 2026 and December 31, 2025, a provision for loss participation features of $17.7 million and $17.4 million, respectively, was recorded as a contra-asset in reinsurance recoverable on the unaudited interim condensed consolidated balance sheets.
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Geographical Breakdown of Gross Written Premium |
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| Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Geographical Breakdown of Gross Written Premium | 11. Geographical Breakdown of Gross Written Premium Gross written premium by state is as follows:
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Commitments and Contingencies |
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Mar. 31, 2026 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | 12. Commitments and Contingencies Purchase Commitments As of March 31, 2026, the Company has total minimum purchase commitments, which must be made during the next three years, of $4.4 million. Legal Proceedings From time to time, the Company may become involved in litigation or other legal proceedings in the ordinary course of business, including claims from policyholders. The Company does not believe it is a party to any pending litigation or proceedings that are likely to have a material adverse effect on its business, financial condition, or results of operations.
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Stockholders’ Equity |
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| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders’ Equity | 13. Stockholders’ Equity Common Stock The Company’s common stock trades on the New York Stock Exchange (“NYSE”) under the ticker symbol “HIPO”. Pursuant to its 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 The Company maintains equity compensation plans adopted in 2019 and 2021 (the “plans”). The material terms of the plans were previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. There have been no material changes to the plans during the current fiscal year. Stock Options The following table summarizes option activity under the plans:
The aggregate intrinsic value of options exercised during the three months ended March 31, 2026 and 2025 was $0.7 million and $1.1 million, respectively, and is calculated based on the difference between the exercise price and the fair value of the Company’s common stock as of the exercise date. Total unrecognized compensation cost of $0.1 million as of March 31, 2026 is expected to be recognized over a weighted-average period of 0.1 years. Restricted Stock Units and Performance 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 the 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 to four years. The PRSUs vest based on the level of achievement of the performance goals and continued employment with the Company over a to four year performance period. During the three months ended March 31, 2026, the Company granted PRSUs to certain executives of the Company. All PRSUs granted are 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. Total compensation expense expected to be recognized is $3.1 million. During the three months ended March 31, 2026, the Company also granted PRSUs to certain executives of the Company where vesting is based on the Company’s total shareholder return (“TSR”) relative to a peer group over a three-year period. Between 0% and 100% of the target shares may vest based on performance. The awards are classified as equity and were valued on the grant date using the Monte Carlo simulation. Expense is recognized over the service period regardless of TSR outcome, provided continued employment. The weighted-average grant-date fair value was $22.30 and $21.58 per unit, depending on the grant date. Total compensation expense expected to be recognized over the three-year period is $2.4 million. During the three months ended March 31, 2025, the Company granted PRSUs to its CEO. Vesting is based on the Company’s total shareholder return relative to a peer group over a three-year period. Between 0% and 100% of the target shares may vest based on performance. The awards are classified as equity and were valued on the grant date using the Monte Carlo simulation. Expense is recognized over the service period regardless of TSR outcome, provided continued employment. The weighted-average grant-date fair value was $24.08 per unit. Total compensation expense expected to be recognized over the three-year period is $1.0 million. Stock-based compensation expense for RSUs is recognized based on the straight-line basis over the employee requisite service period. Stock-based compensation expense for PRSUs is recognized on a graded accelerated basis over the employee requisite service period. The Company accounts for forfeitures as they occur. The following table summarizes the RSU and PRSU activity for the three months ended March 31, 2026:
Total unrecognized compensation cost related to unvested RSUs and PRSUs is $45.8 million as of March 31, 2026, and it is expected to be recognized over a weighted-average period of 2.2 years. 2021 Employee Stock Purchase Plan The Company adopted the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which is designed to allow eligible employees of the Company to purchase shares of the Company’s 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 a maximum purchase amount of $25,000 during the calendar year. The 2021 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 three months ended March 31, 2026 and 2025, no shares have been issued under the 2021 ESPP. In addition, the number of shares available for issuance under the 2021 ESPP is increased annually on January 1 of each calendar year 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 unaudited interim condensed consolidated statements of operations and comprehensive income (loss) was as follows:
Share Repurchases As of March 31, 2026, $18.1 million of common stock remains available for repurchase. Shares repurchased by the Company are accounted for when the transaction is settled. As of March 31, 2026, there were no unsettled share repurchases.
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Income Taxes |
3 Months Ended |
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Mar. 31, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | 14. Income Taxes The consolidated effective tax rate was 0.9% and 0.4% for the three months ended March 31, 2026 and 2025, respectively. The difference between the rate for the three months ended March 31, 2026 and 2025 and the U.S. federal income tax rate of 21% was due primarily to a full valuation allowance against the Company’s net deferred tax assets. As of March 31, 2026 and 2025, the Company has $5.3 million and $5.1 million of unrecognized tax benefits, respectively, fully offset by a valuation allowance. No material interest or penalties were incurred during the three months ended March 31, 2026 and 2025.
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Net Income (Loss) Per Share Attributable to Common Stockholders |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income (Loss) Per Share Attributable to Common Stockholders | 15. Net Income (Loss) Per Share Attributable to Common Stockholders Net income (loss) per share attributable to common stockholders was computed as follows:
The potential shares of common stock that were excluded from the computation of diluted net income (loss) per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows:
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Segments |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Segment Reporting [Abstract] | |
| Segments | 16. Segments Historically, the Company reported its financial results in the following three reportable segments: Services, Insurance-as-a-Service, and Hippo Home Insurance Program, which was reflective of how the Company’s Chief Operating Decision Maker (“CODM”) reviewed financial information for purposes of making operating decisions, assessing financial performance and allocating resources. Because of organizational changes and how the CODM views the business, beginning in the third quarter of 2025, the Company changed from three operating and reportable segments to one operating and reportable segment, the property and casualty insurance business. The property and casualty insurance business generates revenues primarily from net earned premiums, commission income, and net investment income. The CODM is the Company’s Chief Executive Officer. The significant segment expenses provided to the CODM are consistent with the categories shown in the Company’s unaudited interim condensed consolidated statements of operations and comprehensive income (loss) and there are no other segment expenses at a more disaggregated level used by the CODM. The CODM reviews the Company’s net income (loss) as reported under GAAP, which is the primary measure of segment profit and loss. The CODM reviews this measure to monitor budget versus actual results and in competitive analysis by benchmarking to the Company’s competitors. The budgeted versus actual results analysis along with the competitive analysis are used to make resource allocation decisions. While the Company’s CODM also reviews the revenue streams attributable to individual lines of business, operations are managed, resources are allocated, and financial performance is evaluated on a consolidated basis. The measure of segment assets is reported on the balance sheet as total consolidated assets.
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Insider Trading Arrangements |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Description of Business and Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”) and include the Company’s consolidated subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been omitted accordingly. The unaudited interim financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Interim results are not necessarily indicative of the results that may be expected for the full year.
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| Consolidation | Basis of Presentation and Consolidation The unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) on a basis consistent with reporting interim financial information in accordance with instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities and Exchange Commission (“SEC”) and include the Company’s consolidated subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been omitted accordingly. The unaudited interim financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. Interim results are not necessarily indicative of the results that may be expected for the full year.
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| Use of Estimates | Use of Estimates The preparation of 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 financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ significantly from those estimates. Significant items subject to such estimates and assumptions include, but are not limited to, losses 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, acquired intangible assets, deferred tax assets and uncertain tax positions, and revenue recognition. 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.
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| Recent Accounting Pronouncements | Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of Accounting Standards Updates (“ASUs”) to the FASB Accounting Standards Codification (“ASC”). The Company considers the applicability and impact of all ASUs. In July 2025, the FASB issued ASU No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This guidance provides a practical expedient that entities may elect when estimating expected credit losses for current accounts receivable and current contract assets arising from ASC 606 transactions, allowing entities to assume that conditions as of the balance sheet date remain unchanged over the life of the asset. ASU 2025-05 is effective for annual periods beginning after December 15, 2025, with early adoption permitted. The Company adopted ASU 2025-05 effective January 1, 2026 and elected the practical expedient. The adoption did not have a material impact on the unaudited interim condensed consolidated financial statements. ASUs issued but not yet adopted 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. The Company is currently assessing the impact of the ASU on the Company’s consolidated financial statements and notes to the consolidated financial statements. In January 2025, the FASB issued ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures: Clarifying the Effective Date, clarifying the interim reporting date when an entity must adopt ASU No. 2024-03. According to ASU No. 2025-01, ASU No. 2024-03 is effective for interim periods within fiscal years beginning after December 15, 2027. The Company is currently assessing the impact of the ASU on the Company’s unaudited interim condensed consolidated financial statements and notes to the consolidated financial statements. In September 2025, the FASB issued ASU No. 2025-06, Targeted Improvements to the Accounting for Internal-Use Software, which amends guidance related to the accounting for internal-use software development costs. The amendments are intended to modernize the recognition and capitalization framework to reflect current software development practices, including iterative and agile methodologies, by removing references to “development stages.” It also clarifies the criteria for capitalization, which begins when both of the following occur: (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended. This ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods. Early adoption is permitted. The Company is currently assessing the impact of the ASU on the Company’s consolidated financial statements and notes to the consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. This ASU is intended to improve the navigability of guidance in ASC 270, Interim Reporting, and clarify when it applies. The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods. This ASU is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, and permits prospective or full retrospective adoption. The Company is currently assessing the impact of the ASU on the Company’s unaudited interim condensed consolidated financial statements and notes to the consolidated financial statements. In December 2025, the FASB issued ASU No. 2025-12, Codification Improvements, which addresses thirty-three items, representing the changes to the Codification that (1) clarify, (2) correct errors, or (3) make minor improvements. Generally, the amendments in this Update are not intended to result in significant changes for most entities. The ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2026. The adoption method of this ASU may vary, on an issue-by-issue basis. Early adoption is permitted. The Company is currently assessing the impact of the ASU on the Company’s unaudited interim condensed consolidated financial statements and notes to the consolidated financial statements, but does not expect this standard to have a material impact on its financial statements.
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Investments (Tables) |
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| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary 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:
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| Summary 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 and short-term investments, grouped by duration of time in a continuous unrealized loss position as of March 31, 2026, and December 31, 2025:
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| Summary of Investments Classified by Contractual Maturity Date | The amortized cost and fair value of fixed maturities securities by contractual maturity are as follows:
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| Summary of Investment Income | The Company’s net investment income is comprised of the following:
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Fair Value Measurement (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Fair Value, Assets 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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Indefinite-Lived Intangible Assets |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Finite-Lived Intangible Assets |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Other Assets |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Expenses and Other Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Accrued Expenses and Other Liabilities |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Surplus Note (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Carrying Amount of Surplus Note |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss and Loss Adjustment Expense Reserves (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Liability for Unpaid Claims and Claims Adjustment Expense | The reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses (“LAE”), net of reinsurance is summarized as follows:
|
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Reinsurance (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Effects of Reinsurance | The following tables reflect amounts affecting the unaudited interim condensed consolidated statements of operations and comprehensive income (loss) for reinsurance as of and for the three months ended March 31, 2026, and 2025.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Geographical Breakdown of Gross Written Premium (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Gross Written Premium by Geographical Areas | Gross written premium by state is as follows:
|
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Stockholders’ Equity (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Share-based Payment Arrangement, Option, Activity | The following table summarizes option activity under the plans:
|
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| Summary of Unvested Restricted Stock Units Roll Forward | The following table summarizes the RSU and PRSU activity for the three months ended March 31, 2026:
|
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| Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount | Total stock-based compensation expense, classified in the accompanying unaudited interim condensed consolidated statements of operations and comprehensive income (loss) was as follows:
|
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Net Income (Loss) Per Share Attributable to Common Stockholders (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Net Loss Per Share Attributable to Common Stockholders | Net income (loss) per share attributable to common stockholders was computed as follows:
|
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| Summary of Computation of Diluted Net Loss Per Share Attributable to Common Stockholders | The potential shares of common stock that were excluded from the computation of diluted net income (loss) per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows:
|
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Description of Business and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Cash and Cash Equivalents [Line Items] | ||
| Restricted cash | $ 29.4 | $ 31.8 |
| Fiduciary assets | ||
| Cash and Cash Equivalents [Line Items] | ||
| Restricted cash | $ 27.7 | $ 28.7 |
Investments - Contractual Maturity (Details) - USD ($) $ in Millions |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Amortized Cost | ||
| One year or less | $ 60.8 | |
| After one year through five years | 140.4 | |
| After five years through ten years | 38.1 | |
| After ten years | 0.4 | |
| Amortized Cost | 299.3 | $ 291.7 |
| Fair Value | ||
| One year or less | 60.7 | |
| After one year through five years | 140.3 | |
| After five years through ten years | 38.8 | |
| After ten years | 0.4 | |
| Fair Value | 298.7 | 293.4 |
| Residential mortgage-backed securities | ||
| Amortized Cost | ||
| Securities | 37.0 | |
| Amortized Cost | 37.0 | 38.2 |
| Fair Value | ||
| Securities | 36.1 | |
| Fair Value | 36.1 | 37.7 |
| Commercial mortgage-backed securities | ||
| Amortized Cost | ||
| Securities | 4.1 | |
| Amortized Cost | 4.1 | 5.2 |
| Fair Value | ||
| Securities | 4.0 | |
| Fair Value | 4.0 | 5.0 |
| Asset backed securities | ||
| Amortized Cost | ||
| Securities | 18.5 | |
| Amortized Cost | 18.5 | 20.4 |
| Fair Value | ||
| Securities | 18.4 | |
| Fair Value | $ 18.4 | $ 20.4 |
Investments - Net Investment Income (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Investments, Debt and Equity Securities [Abstract] | ||
| Investment income | $ 6.8 | $ 6.0 |
| Investment expenses | (0.1) | (0.2) |
| Net investment income | $ 6.7 | $ 5.8 |
Investments - Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Investments, Debt and Equity Securities [Abstract] | ||
| Securities on deposit with state regulatory authorities | $ 13.4 | $ 13.3 |
Fair Value Measurement - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
Mar. 31, 2026 |
Dec. 31, 2025 |
Oct. 29, 2024 |
|
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Fair value of ownership retained in disposed asset | $ 4.5 | $ 4.5 | |
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | First Connect Insurance Services | |||
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
| Retained percentage in disposed asset | 19.20% |
Capitalized Internal Use Software (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Research and Development [Abstract] | ||
| Amortization expense | $ 4.3 | $ 4.3 |
Other Assets (Details) - USD ($) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
| Property and equipment | $ 31.4 | $ 31.6 | |
| Deferred policy acquisition costs | 28.0 | 28.6 | |
| Deferred consideration | 0.0 | 25.0 | |
| Prepaid expenses | 6.6 | 5.7 | |
| Claims receivable | 0.9 | 0.9 | |
| Lease right-of-use assets | 1.3 | 1.6 | |
| Other | 9.4 | 10.2 | |
| Total other assets | 77.6 | $ 103.6 | |
| Policy acquisition costs, deferred | 11.3 | $ 27.5 | |
| Amortized deferred policy acquisition costs | $ 11.9 | $ 17.4 | |
Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Millions |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Payables and Accruals [Abstract] | ||
| Claim payments outstanding | $ 12.8 | $ 14.9 |
| Advances from customers | 12.0 | 10.9 |
| Premium refund liability | 11.9 | 11.8 |
| Employee related accruals | 8.1 | 9.0 |
| Lease liability | 3.6 | 4.5 |
| Fiduciary liability | 2.7 | 1.1 |
| Other | 20.7 | 28.5 |
| Total accrued expenses and other liabilities | $ 71.8 | $ 80.7 |
Surplus Note - Narrative (Details) - Surplus Note - Unsecured Debt - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Jun. 02, 2025 |
Mar. 31, 2026 |
|
| Debt Instrument [Line Items] | ||
| Surplus note issued | $ 50.0 | |
| Interest rate | 9.50% | |
| Debt term | 15 years | |
| Period when note becomes callable by company | 7 years | |
| Interest paid | $ 2.4 |
Surplus Note - Carrying Amount of Surplus Note (Details) - USD ($) $ in Millions |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| Less: unamortized debt issuance costs | $ (2.1) | $ (2.1) |
| Surplus note | 47.9 | 47.9 |
| Unsecured Debt | Surplus Note | ||
| Debt Instrument [Line Items] | ||
| Surplus note issued | $ 50.0 | $ 50.0 |
Reinsurance - Summary of Effects of Reinsurance (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Written premiums | ||
| Direct | $ 331.2 | $ 209.9 |
| Assumed | 1.2 | 1.0 |
| Gross | 332.4 | 210.9 |
| Ceded | (231.0) | (110.6) |
| Net | 101.4 | 100.3 |
| Earned premiums | ||
| Direct | 296.3 | 221.2 |
| Assumed | 1.0 | 1.6 |
| Gross | 297.3 | 222.8 |
| Ceded | (198.4) | (135.5) |
| Net | 98.9 | 87.3 |
| Loss and LAE incurred | ||
| Direct | 147.1 | 211.0 |
| Assumed | 0.1 | 0.8 |
| Gross | 147.2 | 211.8 |
| Ceded | (99.7) | (119.4) |
| Net | $ 47.5 | $ 92.4 |
Reinsurance - Narrative (Details) - USD ($) $ in Millions |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Insurance [Abstract] | ||
| Provision for sliding scale commission | $ 39.0 | $ 36.0 |
| Receivable for sliding scale commission | 36.2 | 37.6 |
| Provision for loss participation feature | $ 17.7 | $ 17.4 |
Commitments and Contingencies (Details) $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
USD ($)
| |
| Commitments and Contingencies Disclosure [Abstract] | |
| Purchase obligation, term (in years) | 3 years |
| Purchase obligation | $ 4.4 |
Stockholders’ Equity - Restricted Stock Units and Performance Restricted Stock Units Activity (Details) - RSU and PRSU |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
$ / shares
shares
| |
| Number of Shares | |
| Unvested and outstanding, beginning balance (in shares) | shares | 1,328,658 |
| Granted (in shares) | shares | 1,020,365 |
| Released (in shares) | shares | (271,478) |
| Canceled and forfeited (in shares) | shares | (11,700) |
| Unvested and outstanding, ending balance (in shares) | shares | 2,065,845 |
| Weighted Average Grant-Date Fair Value per Share | |
| Unvested and outstanding, beginning balance (in dollars per share) | $ / shares | $ 27.62 |
| Granted (in dollars per share) | $ / shares | 27.67 |
| Vested (in dollars per share) | $ / shares | 24.60 |
| Canceled and forfeited (in dollars per share) | $ / shares | 30.35 |
| Unvested and outstanding, ending balance (in dollars per share) | $ / shares | $ 28.02 |
Stockholders’ Equity - Share-based Compensation Expense (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Share-based compensation expense | $ 6.5 | $ 7.7 |
| Losses and loss adjustment expenses | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Share-based compensation expense | 0.2 | 0.3 |
| Insurance related expenses | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Share-based compensation expense | 0.8 | 1.2 |
| Technology and development | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Share-based compensation expense | 1.4 | 1.6 |
| Sales and marketing | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Share-based compensation expense | 0.7 | 1.0 |
| General and administrative | ||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Share-based compensation expense | $ 3.4 | $ 3.6 |
Income Taxes (Details) - USD ($) |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Income Tax Disclosure [Abstract] | ||
| Effective income tax rate reconciliation, percent (as a percent) | 0.90% | 0.40% |
| Unrecognized tax benefits | $ 5,300,000 | $ 5,100,000 |
| Income tax interest or penalties incurred | $ 0 | $ 0 |
Net Income (Loss) Per Share Attributable to Common Stockholders - Computation (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Earnings Per Share [Abstract] | ||
| Net loss attributable to Hippo - basic | $ 7.1 | $ (47.7) |
| Net loss attributable to Hippo - diluted | $ 7.1 | $ (47.7) |
| Weighted-average shares used in computing net loss per share attributable to Hippo - basic (in shares) | 25,840,004 | 24,978,901 |
| Weighted-average shares used in computing net loss per share attributable to Hippo - diluted (in shares) | 26,354,271 | 24,978,901 |
| Net loss per share attributable to Hippo - basic (in dollars per share) | $ 0.27 | $ (1.91) |
| Net loss per share attributable to Hippo - diluted (in dollars per share) | $ 0.27 | $ (1.91) |
Segments - Narrative (Details) |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
segment
| |
| Segment Reporting [Abstract] | |
| Number of reportable segments | 1 |
| Number of operating segments | 1 |
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