Hippo (HIPO) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 01, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-39711
Entity Registrant Name	HIPPO HOLDINGS INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0662604
Entity Address, Address Line One	150 Forest Avenue
Entity Address, City or Town	Palo Alto
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94301
City Area Code	650
Local Phone Number	294-8463
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,264,874
Entity Central Index Key	0001828105
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	HIPO
Security Exchange Name	NYSE
Warrants to purchase common stock
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase common stock
Trading Symbol	HIPO.WS
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Investments:
Fixed maturities available-for-sale, at fair value (amortized cost: $146.0 million and $127.3 million, respectively)	$ 141	$ 121.1
Short-term investments, at fair value (amortized cost: $290.7 million and $325.6 million, respectively)	290.4	324.8
Total investments	431.4	445.9
Cash and cash equivalents	188.9	194.5
Restricted cash	31.8	50
Accounts receivable, net of allowance of $0.3 million and $0.3 million, respectively	133.6	107.2
Reinsurance recoverable on paid and unpaid losses and LAE	300.6	286.3
Prepaid reinsurance premiums	326.8	309.9
Ceding commissions receivable	59.9	45.8
Capitalized internal use software	41.2	38.8
Intangible assets	25.8	26.9
Other assets	64.7	63.6
Total assets	1,604.7	1,568.9
Liabilities:
Loss and loss adjustment expense reserve	305.2	293.8
Unearned premiums	365.7	341.3
Reinsurance premiums payable	249.5	207.1
Provision for commission	8.7	5
Accrued expenses and other liabilities	132.6	128.2
Total liabilities	1,061.7	975.4
Commitments and contingencies (Note 12)
Stockholders’ equity:
Common stock, $0.0001 par value per share; 80,000,000 and 80,000,000 shares authorized as of March 31, 2023 and December 31, 2022, respectively; 23,320,786 and 23,201,434 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	0	0
Additional paid-in capital	1,574.7	1,558
Accumulated other comprehensive loss	(5.3)	(7)
Accumulated deficit	(1,031.1)	(961.1)
Total Hippo stockholders’ equity	538.3	589.9
Noncontrolling interest	4.7	3.6
Total stockholders’ equity	543	593.5
Total liabilities and stockholders’ equity	$ 1,604.7	$ 1,568.9

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Fixed maturities, available-for-sale, amortized cost	$ 146	$ 127.3
Short-term investments, amortized cost	290.7	325.6
Accounts receivable, allowance	$ 0.3	$ 0.3
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)	23,320,786	23,201,434
Common stock, shares outstanding (in shares)	23,320,786	23,201,434

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue:
Net earned premium	$ 13.8	$ 9
Commission income, net	17.4	11.5
Service and fee income	3.2	3.6
Net investment income	5.4	0.4
Total revenue	39.8	24.5
Expenses:
Losses and loss adjustment expenses	37.7	22.5
Insurance related expenses	15.8	13.2
Technology and development	11.6	14.7
Sales and marketing	22.4	24.9
General and administrative	19.8	16.5
Interest and other (income) expense	0.3	(1)
Total expenses	107.6	90.8
Loss before income taxes	(67.8)	(66.3)
Income tax expense	0.3	0.2
Net loss	(68.1)	(66.5)
Net income attributable to noncontrolling interests, net of tax	1.7	1.1
Net loss attributable to Hippo	(69.8)	(67.6)
Other comprehensive income:
Change in net unrealized gain or loss on investments, net of tax	1.7	(2.6)
Comprehensive loss attributable to Hippo	(68.1)	(70.2)
Per share data:
Net loss attributable to Hippo - basic	(69.8)	(67.6)
Net loss attributable to Hippo - diluted	$ (69.8)	$ (67.6)
Weighted-average shares used in computing net loss per share attributable to Hippo - basic (in shares)	23,198,491	22,464,802
Weighted-average shares used in computing net loss per share attributable to Hippo - diluted (in shares)	23,198,491	22,464,802
Net loss per share attributable to Hippo - basic (in dollars per share)	$ (3.01)	$ (3.01)
Net loss per share attributable to Hippo - diluted (in dollars per share)	$ (3.01)	$ (3.01)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders’ Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total Hippo Stockholders' Equity	Non controlling Interests
Beginning balance (in shares) at Dec. 31, 2021		22,601,245
Beginning balance at Dec. 31, 2021	$ 861.7	$ 0	$ 1,488.3	$ (0.7)	$ (628)	$ 859.6	$ 2.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(66.5)				(67.6)	(67.6)	1.1
Other comprehensive income	(2.6)			(2.6)		(2.6)
Issuance of common stock from stock plans and contingently issuable shares (in shares)		108,916
Issuance of common stock from stock plans and contingently issuable shares	1.4		1.4			1.4
Shares withheld related to net share settlement	(1)		(1)			(1)
Stock-based compensation expense	15.7		15.7			15.7
Ending balance (in shares) at Mar. 31, 2022		22,710,161
Ending balance at Mar. 31, 2022	$ 808.7	$ 0	1,504.4	(3.3)	(695.6)	805.5	3.2
Beginning balance (in shares) at Dec. 31, 2022	23,201,434	23,201,434
Beginning balance at Dec. 31, 2022	$ 593.5	$ 0	1,558	(7)	(961.1)	589.9	3.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(68.1)				(69.8)	(69.8)	1.7
Other comprehensive income	$ 1.7			1.7		1.7
Issuance of common stock from stock plans and contingently issuable shares (in shares)	24,724	134,824
Issuance of common stock from stock plans and contingently issuable shares	$ 0.4		0.4			0.4
Repurchase of common stock (in shares)	(15,500)	(15,472)
Repurchase of common stock	$ (0.2)		(0.2)			(0.2)
Shares withheld related to net share settlement	(0.9)		(0.9)			(0.9)
Stock-based compensation expense	17.4		17.4			17.4
Other	$ (0.8)				(0.2)	(0.2)	(0.6)
Ending balance (in shares) at Mar. 31, 2023	23,320,786	23,320,786
Ending balance at Mar. 31, 2023	$ 543	$ 0	$ 1,574.7	$ (5.3)	$ (1,031.1)	$ 538.3	$ 4.7

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (68.1)	$ (66.5)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4.3	3.9
Stock–based compensation expense	16.1	13.4
Change in fair value of warrant liability	0.2	(1.2)
Change in fair value of contingent consideration liability	0.8	3.2
Other non-cash items	(1.8)	0.2
Changes in assets and liabilities:
Accounts receivable, net	(26.4)	(4.5)
Reinsurance recoverable on paid and unpaid losses and LAE	(14.6)	(54.5)
Ceding commissions receivable	(14.1)	(7.6)
Prepaid reinsurance premiums	(16.9)	(4.4)
Other assets	(2.1)	(3.3)
Provision for commission	3.7	2.1
Accrued expenses and other liabilities	5	(2.3)
Loss and loss adjustment expense reserves	11.4	21.6
Unearned premiums	24.4	(1)
Reinsurance premiums payable	42.4	42.3
Net cash used in operating activities	(35.7)	(58.6)
Cash flows from investing activities:
Capitalized internal use software costs	(3.9)	(3.8)
Purchases of property and equipment	0	(2.4)
Purchases of investments	(111.2)	(385.4)
Maturities of investments	122	12.8
Sales of investments	7.9	2.6
Other	(1)	(2)
Net cash provided by (used in) investing activities	13.8	(378.2)
Cash flows from financing activities:
Taxes paid related to net share settlement of equity awards	(0.9)	(1)
Proceeds from exercise of options	0.2	1.2
Share repurchases under program	(0.2)	0
Payments of contingent consideration	(0.4)	(0.5)
Other	(0.6)	0
Net cash used in financing activities	(1.9)	(0.3)
Net (decrease) increase in cash, cash equivalents, and restricted cash	(23.8)	(437.1)
Cash, cash equivalents, and restricted cash at the beginning of the period	244.5	818.7
Cash, cash equivalents, and restricted cash at the end of the period	$ 220.7	$ 381.6

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
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 in these Notes to the Consolidated Financial Statements as “Hippo” or the “Company,” specializes in the underwriting, administration, and marketing of personal property and commercial insurance policies. The Company’s subsidiary, Hippo Analytics Inc., is a licensed insurance agency that provides various insurance services, including some or all of the following services for affiliated and non-affiliated insurance carriers: soliciting, marketing, servicing, underwriting, or providing claims processing services for a variety of commercial and personal insurance products. Hippo Analytics Inc. offers its insurance products through licensed insurance agents and direct-to-consumer channels. The Company’s insurance company subsidiaries, Spinnaker Insurance Company (“Spinnaker”), an Illinois domiciled insurance company, Spinnaker Specialty Insurance Company (“SSIC”), a Texas domiciled authorized surplus lines insurance company, and Mainsail Insurance Company (“MIC”), a Texas domiciled insurance company, underwrite personal and commercial insurance products on a direct basis through licensed insurance agents and surplus lines brokers. The Company has a wholly-owned Cayman domiciled captive insurance company, RH Solutions Insurance (Cayman) Ltd. (“RHS”), which assumes insurance risk of policies from affiliated and non-affiliated insurance carriers. Basis of Presentation and Consolidation The interim consolidated financial statements and accompanying notes of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include the Company’s consolidated subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been omitted accordingly. The interim financial information is unaudited, but reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. The interim 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, 2022. Interim results are not necessarily indicative of the results for a full year. In accordance with Accounting Standards Codification 280 "Segment Reporting", the Company began reporting three operating segments due to changes in how the Company's chief operating decision maker assesses the Company's performance and allocates resources. See Note 16 "Segment Reporting". The Company has three reportable segments: Services, Insurance-as-a-Service, and Hippo Home Insurance Program. Reverse Stock Split On September 29, 2022, the Company filed a Certificate of Amendment to its Certificate of Incorporation to effect a one-for-25 reverse stock split of the Company’s common stock and a corresponding adjustment to its authorized capital stock (the “Reverse Stock Split”), effective as of 11:59 p.m. Eastern Daylight Time on September 29, 2022 (the “Effective Time”). All share and per share information has been retroactively adjusted to give effect to the Reverse Stock Split for all periods presented, unless otherwise indicated. As a result of the Reverse Stock Split, every 25 shares of the Company’s issued and outstanding common stock were automatically converted into one share of issued and outstanding common stock. No fractional shares were issued as a result of the Reverse Stock Split. Stockholders who otherwise would have been entitled to receive fractional shares of common stock were entitled to receive cash in an amount equal to the product obtained by multiplying (a) the closing price per share of the common stock as reported on the New York Stock Exchange as of the first trading day following the Effective Time, by (b) the fraction of one share owned by the stockholder. Proportionate adjustments were made to the number of shares issuable upon the exercise or vesting of all stock options, restricted stock, restricted stock units or other stock-based awards or rights (the “Stock-Based Awards”) and warrants outstanding at the Effective Time, as well as certain performance goals applicable to certain Stock-Based Awards, which resulted in a proportional decrease in the number of shares of the Company’s common stock reserved for issuance upon exercise or vesting of such Stock-Based Awards and warrants, and, in the case of stock options, purchase rights outstanding under the Company’s 2021 Employee Stock Purchase Plan and warrants, a proportional increase in the exercise price of such stock options, purchase rights and warrants. In addition, the number of shares reserved for issuance under the Company’s 2021 Incentive Award Plan and 2021 Employee Stock Purchase Plan were proportionately reduced. Use of Estimates The preparation of the Company’s consolidated 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 consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include, but are not limited to, loss 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, warrant liabilities, contingent consideration liabilities, 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. Actual results may differ significantly from these estimates. Recent Accounting Pronouncements The Company has evaluated recent accounting pronouncements through the date the financial statements were issued and filed with the SEC and believes that there are none that will have a material impact on the Company’s consolidated financial statements.

Investments

Investments	3 Months Ended
	Mar. 31, 2023
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 (in millions): March 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed maturities available-for-sale: U.S. government and agencies $ 21.5 $ — $ (0.5) $ 21.0 States and other territories 10.3 — (0.6) 9.7 Corporate securities 68.2 0.4 (2.1) 66.5 Foreign securities 0.9 — — 0.9 Residential mortgage-backed securities 22.3 0.1 (1.4) 21.0 Commercial mortgage-backed securities 7.8 — (0.6) 7.2 Asset backed securities 15.0 0.1 (0.4) 14.7 Total fixed maturities available-for-sale 146.0 0.6 (5.6) 141.0 Short-term investments: U.S. government and agencies 119.5 — — 119.5 Commercial paper 131.5 — (0.2) 131.3 Corporate securities 39.7 — (0.1) 39.6 Total short-term investments 290.7 — (0.3) 290.4 Total $ 436.7 $ 0.6 $ (5.9) $ 431.4 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed maturities available-for-sale: U.S. government and agencies 21.6 $ — $ (0.5) $ 21.1 States and other territories 8.9 — (0.6) 8.3 Corporate securities 54.8 0.1 (2.4) 52.5 Foreign securities 0.9 — (0.1) 0.8 Residential mortgage-backed securities 20.4 0.1 (1.6) 18.9 Commercial mortgage-backed securities 6.5 — (0.7) 5.8 Asset backed securities 14.2 — (0.5) 13.7 Total fixed maturities available-for-sale 127.3 0.2 (6.4) 121.1 Short-term investments: U.S. government and agencies 129.1 — (0.2) 128.9 Commercial paper 147.1 — (0.6) 146.5 Corporate securities 49.4 — — 49.4 Total short-term investments 325.6 — (0.8) 324.8 Total $ 452.9 $ 0.2 $ (7.2) $ 445.9 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, 2023, and December 31, 2022 (in millions): March 31, 2023 Less than 12 months 12 months or more Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fixed maturities available-for-sale: U.S. government and agencies $ 10.9 $ (0.2) $ 10.2 $ (0.3) $ 21.1 $ (0.5) States and other territories — — 8.6 (0.6) 8.6 (0.6) Corporate securities 5.6 (0.2) 60.9 (1.9) 66.5 (2.1) Residential mortgage-backed securities — — 21.0 (1.4) 21.0 (1.4) Commercial mortgage-backed securities — — 7.2 (0.6) 7.2 (0.6) Asset backed securities — — 14.6 (0.4) 14.6 (0.4) Short-term investments: Commercial paper 131.3 (0.2) — — 131.3 (0.2) Corporate securities 39.6 (0.1) — — 39.6 (0.1) Total $ 187.4 $ (0.7) $ 122.5 $ (5.2) $ 309.9 $ (5.9) December 31, 2022 Less than 12 months 12 months or more Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fixed maturities available-for-sale: U.S. government and agencies $ 17.9 $ (0.4) $ 1.1 $ (0.1) $ 19.0 $ (0.5) States and other territories 3.6 (0.1) 4.6 (0.5) 8.2 (0.6) Corporate securities 30.5 (1.5) 11.1 (0.9) 41.6 (2.4) Foreign securities — — 0.8 (0.1) 0.8 (0.1) Residential mortgage-backed securities 6.3 (0.3) 7.6 (1.3) 13.9 (1.6) Commercial mortgage-backed securities 1.9 — 3.9 (0.7) 5.8 (0.7) Asset backed securities 5.5 (0.2) 3.7 (0.3) 9.2 (0.5) Short-term investments: U.S. government and agencies 129.1 (0.2) — — 129.1 (0.2) Commercial paper 147.1 (0.6) — — 147.1 (0.6) Total $ 341.9 $ (3.3) $ 32.8 $ (3.9) $ 374.7 $ (7.2) The Company has determined that unrealized losses as of March 31, 2023 and December 31, 2022 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, 2023, none of our 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 (in millions): March 31, 2023 Amortized Cost Fair Value Due to mature: One year or less $ 18.0 $ 17.6 After one year through five years 75.2 72.9 After five years 7.7 7.6 Residential mortgage-backed securities 22.3 21.0 Commercial mortgage-backed securities 7.8 7.2 Asset backed securities 15.0 14.7 Total fixed maturities available-for-sale $ 146.0 $ 141.0 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. Net realized gains and losses on fixed maturity securities were insignificant for the three months ended March 31, 2023 and 2022, respectively. The Company’s net investment income is comprised of the following (in millions): Three Months Ended March 31, 2023 2022 Interest on cash and cash equivalents $ 1.2 $ 0.2 Fixed maturities income 1.4 0.2 Short-term investment income 3.0 — Total gross investment income 5.6 0.4 Investment expenses (0.2) — Net investment income $ 5.4 $ 0.4 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 available-for-sale on the consolidated balance sheets. The carrying value of securities on deposit with state regulatory authorities total $13.0 million and $12.6 million as of March 31, 2023 and December 31, 2022, respectively.

Cash, Cash Equivalents, and Res

Cash, Cash Equivalents, and Restricted Cash	3 Months Ended
	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents, and Restricted Cash	3. Cash, Cash Equivalents, and Restricted Cash The following table sets forth the cash, cash equivalents, and restricted cash (in millions): March 31, December 31, Cash and cash equivalents: Cash $ 79.9 $ 65.7 Money market funds 58.6 87.1 Commercial paper 20.4 26.8 U.S. government and agencies 30.0 14.9 Total cash and cash equivalents $ 188.9 $ 194.5 Restricted cash: Fiduciary assets 23.9 30.6 Letters of credit and cash on deposit 7.9 19.4 Total restricted cash 31.8 50.0 Total cash, cash equivalents, and restricted cash $ 220.7 $ 244.5

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurement	4. 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 (in millions): March 31, 2023 Level 1 Level 2 Level 3 Total Financial assets: Cash, cash equivalents, and restricted cash $ 220.7 $ — $ — $ 220.7 Fixed maturities available-for-sale: U.S. government and agencies 21.0 — — 21.0 States and other territories — 9.7 — 9.7 Corporate securities — 66.5 — 66.5 Foreign securities — 0.9 — 0.9 Residential mortgage-backed securities — 21.0 — 21.0 Commercial mortgage-backed securities — 7.2 — 7.2 Asset backed securities — 14.7 — 14.7 Total fixed maturities available-for-sale 21.0 120.0 — 141.0 Short-term investments U.S. government and agencies 115.3 4.2 — 119.5 Commercial paper — 131.3 — 131.3 Corporate securities — 39.6 — 39.6 Total short-term investments 115.3 175.1 — 290.4 Total financial assets $ 357.0 $ 295.1 $ — $ 652.1 Financial liabilities: Contingent consideration liability $ — $ — $ 12.0 $ 12.0 Public warrants 0.3 — — 0.3 Private placement warrants — 0.2 — 0.2 Total financial liabilities $ 0.3 $ 0.2 $ 12.0 $ 12.5 December 31, 2022 Level 1 Level 2 Level 3 Total Financial assets: Cash, cash equivalents, and restricted cash $ 244.5 $ — $ — $ 244.5 Fixed maturities available-for-sale: U.S. government and agencies 21.1 — — 21.1 States and other territories — 8.3 — 8.3 Corporate securities — 52.5 — 52.5 Foreign securities — 0.8 — 0.8 Residential mortgage-backed securities — 18.9 — 18.9 Commercial mortgage-backed securities — 5.8 — 5.8 Asset backed securities — 13.7 — 13.7 Total fixed maturities available-for-sale 21.1 100.0 — 121.1 Short-term investments U.S. government and agencies 128.9 — — 128.9 Commercial paper — 146.5 — 146.5 Corporate securities — 49.4 — 49.4 Total short-term investments 128.9 195.9 — 324.8 Total financial assets $ 394.5 $ 295.9 $ — $ 690.4 Financial liabilities: Contingent consideration liability $ — $ — $ 11.9 $ 11.9 Public warrants 0.2 — — 0.2 Private placement warrants — 0.1 — 0.1 Total financial liabilities $ 0.2 $ 0.1 $ 11.9 $ 12.2 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, 2023. Contingent Consideration The contingent consideration, relating to the Company’s 2019 acquisition of North American Advantage Insurance Services, LLC, is re-valued to fair value at the end of each reporting period using the present value of future payments based on an estimate of revenue and customer renewals. North American Advantage Insurance Services, LLC’s ultimate parent company was Lennar Corporation, a related party of the Company. There is no limit to the maximum potential contingent consideration as the consideration is based on acquired customer retention. The table below presents the changes in the contingent consideration liability valued using Level 3 inputs (in millions): 2023 2022 Balance as of January 1, $ 11.9 $ 11.6 Payments of contingent consideration (0.7) (0.7) Changes in fair value 0.8 3.2 Balance as of March 31, $ 12.0 $ 14.1

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	5. Intangible Assets March 31, 2023 December 31, 2022 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) (in millions) Agency and carrier relationships 5.7 $ 13.5 $ (3.8) $ 9.7 $ 13.5 $ (3.4) $ 10.1 State licenses and domain name Indefinite 10.5 — 10.5 10.5 — 10.5 Customer relationships 2 13.7 (9.1) 4.6 13.7 (8.5) 5.2 Other 6 1.7 (0.7) 1.0 1.7 (0.6) 1.1 Total intangible assets, net $ 39.4 $ (13.6) $ 25.8 $ 39.4 $ (12.5) $ 26.9 Amortization expense related to intangible assets for the three months ended March 31, 2023 and 2022 was $1.1 million and $1.9 million. The amortization expense is included in sales and marketing expenses for customer relationships, agency and carrier relationships, and other on the consolidated statements of operations and comprehensive loss.

Capitalized Internal Use Softwa

Capitalized Internal Use Software	3 Months Ended
	Mar. 31, 2023
Research and Development [Abstract]
Capitalized Internal Use Software	6. Capitalized Internal Use Software March 31, December 31, (in millions) Capitalized internal use software $ 61.7 $ 56.4 Less: accumulated amortization (20.5) (17.6) Total capitalized internal use software $ 41.2 $ 38.8 Amortization expense related to capitalized internal use software for the three months ended March 31, 2023 and 2022 was $2.9 million and $1.8 million, respectively. The amortization expense is included in insurance related expenses on the consolidated statements of operations and comprehensive loss.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	7. Other Assets March 31, December 31, (in millions) Prepaid expenses $ 17.5 $ 17.4 Claims receivable 10.6 9.0 Lease right-of-use assets 26.1 27.6 Property and equipment 5.1 5.4 Other 5.4 4.2 Total other assets $ 64.7 $ 63.6

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	8. Accrued Expenses and Other Liabilities March 31, December 31, (in millions) Claim payments outstanding $ 28.6 $ 27.7 Lease liability 27.8 28.9 Advances from customers 16.8 10.2 Deferred revenue 8.1 11.0 Employee related accruals 7.2 6.2 Premium refund liability 9.7 8.2 Fiduciary liability 3.7 6.6 Contingent consideration liability 12.0 11.9 Other 18.7 17.5 Total accrued expenses and other liabilities $ 132.6 $ 128.2

Loss and Loss Adjustment Expens

Loss and Loss Adjustment Expense Reserves	3 Months Ended
	Mar. 31, 2023
Insurance [Abstract]
Loss and Loss Adjustment Expense Reserves	9. Loss and Loss Adjustment Expense Reserves The reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses, net of reinsurance is summarized as follows for the three months ended March 31, (in millions): 2023 2022 Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of beginning of the period $ 293.8 $ 260.8 Less: Reinsurance recoverables on unpaid losses and LAE (228.8) (217.0) Reserve for losses and LAE, net of reinsurance recoverables as of beginning of the period 65.0 43.8 Add: Incurred losses and LAE, net of reinsurance, related to: Current year 37.8 25.3 Prior years (0.1) (2.8) Total incurred 37.7 22.5 Deduct: Loss and LAE payments, net of reinsurance, related to: Current year 6.5 8.8 Prior years 14.8 10.4 Total paid 21.3 19.2 Reserve for losses and LAE, net of reinsurance recoverables at end of period 81.4 47.1 Add: Reinsurance recoverables on unpaid losses and LAE at end of period 223.8 235.3 Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of end of the period $ 305.2 $ 282.4 Loss development occurs when actual losses incurred vary from the Company’s previously developed estimates, which are established through the Company’s loss and LAE reserve estimate processes. Net incurred losses and LAE experienced favorable development of $0.1 million and $2.8 million for the three months ended March 31, 2023 and 2022, respectively. The prior years’ development of $0.1 million was driven primarily by favorable net loss development relating to the 2022 accident year, resulting in a net release of $0.2 million from catastrophe reserves, offset by adverse development of $0.1 million from attritional reserves. These changes are primarily a result of ongoing analysis of claims emergence patterns and loss trends.

Reinsurance

Reinsurance	3 Months Ended
	Mar. 31, 2023
Insurance [Abstract]
Reinsurance	10. Reinsurance The Company purchases reinsurance to help manage exposure to property and casualty insurance risks, including attritional and catastrophic risks. The Company’s insurance company subsidiaries have entered into proportional and non-proportional reinsurance treaties, under which a significant portion of the liabilities have been ceded to third-party reinsurers. The Company also assumes risk from non-affiliated insurance carriers. Proportional Reinsurance Treaties — Hippo For the Company’s primary homeowners reinsurance treaty commencing in 2023, the Company secured proportional reinsurance from a diverse panel of six third-party reinsurers. All reinsurers are either rated “A-” Excellent or better by AM Best, or the reinsurance is appropriately collateralized. In 2023 the Company expects to retain approximately 40% of the premium through its insurance company subsidiaries or its captive reinsurance company, RHS, before purchasing catastrophe protection. Additionally, the reinsurance contracts are subject to contingent commission adjustments and loss participation features, which align the Company’s interests with those of its reinsurers. Loss participation features may increase the amount of losses retained by the Company’s insurance company subsidiaries in excess of its pro rata participation. For business produced through the Company’s builder channel, we purchased proportional reinsurance from three third-party reinsurers. All reinsurers are rated “A-” Excellent or better by AM Best, or the reinsurance is appropriately collateralized. In 2023, the Company expects to retain approximately 58% of the premium produced through the Company’s insurance company subsidiaries or RHS, before purchasing catastrophe protection. The reinsurance contracts are subject to contingent commission adjustments and limited loss participation features, which align the Company’s interests with those of the reinsurers. For the Company’s primary homeowners reinsurance treaty commencing in 2022, the Company secured quota share reinsurance from a diverse panel of eleven third-party reinsurers. All reinsurers are either rated “A-” Excellent or better by AM Best, or the reinsurance is collateralized. In 2022 the Company retained approximately 10% of the premium through the Company’s insurance company subsidiaries, including the Company’s captive reinsurance company, RHS. Additionally, the reinsurance contracts are subject to variable commission adjustments and loss participation features, including loss ratio caps and loss corridors, which align the Company’s interests with those of its reinsurers. Similar to the prior year, the Company saw increased use of loss participation features in the 2022 reinsurance agreements, which may increase the amount of losses retained by its insurance company subsidiaries in excess of the Company’s pro rata participation. The Company also seeks to further reduce its risk retention through purchases of non-proportional reinsurance described below in the section titled “Non-Proportional Reinsurance.” For the Company’s primary homeowners reinsurance treaty that commenced in 2021, the Company secured proportional reinsurance from a diverse panel of nine third-party reinsurers with AM Best ratings of “A-” or better. A total of approximately 12% of the premium was retained either by Spinnaker or RHS, which aligns interests with third-party reinsurers. Two of the reinsurers, representing approximately one-third of the programs, provided three-year agreements. Non-Proportional Reinsurance — Hippo The Company also purchases non-proportional excess of loss catastrophe coverage (“XOL”) reinsurance. Through the Company’s insurance company subsidiaries, the Company is exposed to the risk of natural catastrophe events that could occur on the risks arising from policies underwritten by the Company or other managing general agents (“MGAs”). The Company is also exposed to this risk through its captive reinsurer, which takes on a share of the risk underwritten by the Company’s MGA business. The Company’s XOL program provides protection to the Company from catastrophes that could impact a large number of insurance policies. The Company buys XOL so that the probability of losses from a single occurrence exceeding the protection purchased is no more than 0.4%, or equivalent to a 1 in 250 year return period. This reinsurance protects the Company from all but the most severe catastrophic events. Other Reinsurance Spinnaker purchases reinsurance for programs written by MGAs other than Hippo. The reinsurance treaties are a mix of proportional and XOL in which approximately 75% to 100% of the risk is ceded. The reinsurance contracts are subject to variable commission adjustments and loss participation features, including loss caps, and may increase the amount of losses retained by the Company in excess of the Company’s pro-rata participation. Such provisions are recognized in the period based on the experience to date under the agreement. Spinnaker also purchases a corporate catastrophe XOL program that attaches above the reinsurance programs protecting the business written by Hippo as well as the other MGAs. This treaty has a floating retention and attaches at the exhaustion point of the underlying programs’ specific reinsurance. This program provides protection to the Company from catastrophes that could impact a large number of insurance policies underwritten by the Company or other MGAs. The Company buys XOL so that the probability of losses from a single occurrence exceeding the protection purchased is no more than 0.4%, or equivalent to a 1 in 250 year return period. This reinsurance protects the Company from all but the most severe catastrophic events. With all reinsurance programs, the Company’s wholly owned insurance carriers are not relieved of their primary obligations to policyholders in the event of a default or the insolvency of its reinsurers. As a result, a credit exposure exists to the extent that any reinsurer fails to meet its obligations assumed in the reinsurance agreements. To mitigate this exposure to reinsurance insolvencies, the Company evaluates the financial condition of its reinsurers and, in certain circumstances, holds substantial collateral (in the form of funds withheld, qualified trusts, and letters of credit) as security under the reinsurance agreements. No allowance has been recorded in the three months ended March 31, 2023, and 2022 for amounts anticipated to be uncollectible or for the anticipated failure of a reinsurer to meet its obligations under the contracts. The following tables reflect amounts affecting the consolidated statements of operations and comprehensive loss for reinsurance as of and for the three months ended March 31, 2023, and 2022 (in millions). For the Three Months Ended March 31, 2023 2022 Written premiums Earned premiums Loss and LAE incurred Written premiums Earned premiums Loss and LAE incurred Direct $ 185.7 $ 164.1 $ 124.6 $ 117.0 $ 120.1 $ 90.9 Assumed 3.8 0.9 1.6 0.1 — 0.3 Gross 189.5 165.0 126.2 117.1 120.1 91.2 Ceded (168.2) (151.2) (88.5) (116.5) (111.1) (68.7) Net $ 21.3 $ 13.8 $ 37.7 $ 0.6 $ 9.0 $ 22.5 As of March 31, 2023 and December 31, 2022, a provision for sliding scale commissions of $6.2 million and $3.5 million, respectively, is included in provision for commission on the consolidated balance sheets. As of March 31, 2023 and December 31, 2022, a receivable for sliding scale commissions of $4.0 million and $4.5 million, respectively, is included in ceding commissions receivable on the consolidated balance sheets. As of March 31, 2023 and December 31, 2022, a provision for loss participation features of $70.5 million and $51.3 million, respectively, was recorded as a contra-asset in reinsurance recoverable on the consolidated balance sheets.

Geographical Breakdown of Gross

Geographical Breakdown of Gross Written Premium	3 Months Ended
	Mar. 31, 2023
Insurance [Abstract]
Geographical Breakdown of Gross Written Premium	11. Geographical Breakdown of Gross Written Premium Gross written premium by state is as follows (in millions): Three Months Ended March 31, 2023 2022 Amount % of GWP Amount % of GWP State Texas $ 39.6 20.9 % $ 33.9 28.9 % California 32.8 17.3 % 22.1 18.9 % Florida 21.5 11.3 % 6.8 5.8 % Georgia 9.2 4.9 % 6.1 5.2 % Colorado 5.8 3.1 % 3.5 3.0 % Arizona 4.5 2.4 % 3.2 2.7 % Illinois 5.1 2.7 % 3.0 2.6 % New Jersey 4.3 2.3 % 3.1 2.6 % Ohio 3.7 2.0 % 2.6 2.2 % Missouri 3.6 1.9 % 2.6 2.2 % Other 59.4 31.3 % 30.2 25.8 % Total $ 189.5 100 % $ 117.1 100 %

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	12. Commitments and Contingencies Legal Proceedings From time to time, the Company may become involved in litigation or other legal proceedings. The Company is routinely named in litigation involving claims from policyholders. Legal proceedings relating to claims are reserved in the normal course of business. The Company does not believe it is a party to any pending litigation or other legal proceedings that is likely to have a material adverse effect on the Company’s business, financial condition or results of operations. Regardless of outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. On November 19, 2021, Hippo and Assaf Wand, the Company’s co-founder, were named in a civil action in San Francisco Superior Court brought by Eyal Navon. Mr. Navon alleged six causes of action against Mr. Wand for breach of fiduciary duty, breach of contract, promissory estoppel, fraud, negligent misrepresentation, and constructive fraud surrounding a loan and call option entered into between Innovius Capital Canopus I, L.P. (“Innovius”) and Mr. Navon, as well as alleged promises made by Mr. Wand to Mr. Navon while Mr. Navon was an employee of Hippo. Innovius was an investor in the Company prior to its transaction with Mr. Navon. Mr. Navon alleges a fraud claim against Hippo and also alleges a claim for declaratory judgment, requesting that the Court declare that Mr. Navon properly revoked the call option he entered into with Innovius. On May 2, 2022, Mr. Navon amended his complaint, naming Hippo in his breach of contract, promissory estoppel, negligent misrepresentation, and constructive fraud causes of action (in addition to re-pleading the declaratory relief and fraud causes of action). On February 28, 2023, Mr. Navon filed a Third Amended Complaint alleging 18 claims for relief. In addition to the original allegations, the Third Amended Complaint alleges fraud, insider-trading, and aiding-and-abetting claims based on the theory that Hippo and Mr. Wand provided Innovius and its principal, Justin Moore, with material nonpublic information about Hippo’s business. Finally, Mr. Navon alleges conversion claims against Hippo related to the transfer of his shares to Innovius after Innovius exercised the call option.

Stockholders_ Equity

Stockholders’ Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders’ Equity	13. Stockholders’ Equity Common Stock On August 2, 2021, the Company’s common stock and warrants began trading on the New York Stock Exchange (“NYSE”) under the ticker symbols “HIPO” and “HIPO.WS,” respectively. Pursuant to 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 2019 Stock Option and Grant Plan Adopted in 2019, the 2019 Stock Option and Grant Plan (“the 2019 Stock Plan”) provides for the direct award or sale of shares, the grant of options to purchase shares, and the grant of restricted stock units (“RSUs”) to employees, consultants, and outside directors of the Company. Stock options under the plan may be either incentive stock options (“ISOs”) or non-qualified stock options (“NSOs”), with an exercise price of not less than 100% of fair market value on the grant date, with a term less than or equal to ten years. The vesting period of each option and RSU shall be as determined by a committee of the Company’s board of directors but is generally over four years. Upon the closing of the Business Combination, the remaining unallocated share reserve under the 2019 Plan was cancelled and no new awards will be granted under such plan. Awards outstanding under the 2019 Plan were assumed by the Company upon the Closing and continue to be governed by the terms of the 2019 Plan. 2021 Incentive Award Plan In connection with the Closing of the Business Combination, on August 2, 2021, the Company adopted the 2021 Incentive Award Plan (the “2021 Plan”), which authorized for issuance 3.1 million shares of common stock. The 2021 Plan provides for the issuance of a variety of stock-based compensation awards, including stock options, stock appreciation rights (“SARs”), restricted stock awards, restricted stock unit awards, performance bonus awards, performance stock unit awards, dividend equivalents, or other stock or cash-based awards. The vesting period of each option and award shall be as determined by a committee of the Company’s board of directors but is generally over two This reserve increases on January 1 of each year through 2031, by an amount equal to the smaller of: (i) 5% of the number of shares of common stock issued and outstanding on the last day of the immediately preceding fiscal year, or (ii) an amount determined by the board of directors. Stock Options The following table summarizes option activity under the plans: Options Outstanding Weighted-Average Remaining Aggregate Intrinsic Value Number of Shares Weighted Average Exercise Price Contract Term Outstanding as of December 31, 2022 1,986,978 $ 36.54 7.8 $ 1.3 Granted — — Exercised (24,724) 5.85 0.3 Cancelled/Expired (98,037) 36.37 Outstanding as of March 31, 2023 1,864,217 16.21 7.6 $ 2.1 Vested and exercisable as of March 31, 2023 1,092,833 $ 16.06 7.2 $ 1.7 The aggregate intrinsic value of options exercised during the three months ended March 31, 2023 and 2022 was $0.3 million and $2.5 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. There were no options granted during the three months ended March 31, 2023 and 2022. Total unrecognized compensation cost of $17.1 million as of March 31, 2023 is expected to be recognized over a weighted-average period of 1.2 years. Valuation Assumptions of Stock Options The fair value of granted stock options are estimated as of the date of grant using the Black-Scholes-Merton option-pricing model, based on the following inputs: Expected Term – The expected term represents the period that the Company’s Stock-Based Awards are expected to be outstanding. The Company has opted to use the simplified method for estimating the expected term of options. Accordingly, the expected term equals the arithmetic average of the vesting term and the original contractual term of the option (generally 10 years). Expected Volatility – Due to the Company’s limited operating history and a lack of company specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility of a group of peer companies that are publicly traded. The historical volatility data was computed using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of the Stock-Based Awards. Risk-Free Interest Rate – The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero coupon U.S. Treasury notes with maturities approximately equal to the grant’s expected term. Expected Dividend Yield – The Company has never paid dividends and does not currently expect to pay dividends. Fair value of common stock – The Company determined the value of its common stock based on the observable daily closing price of its common stock (ticker symbol “HIPO”). Early Exercises of Stock Options In 2019, certain employees early exercised stock options in exchange for promissory notes. The Company accounted for the promissory notes as nonrecourse in their entirety because the promissory notes are not aligned with a corresponding percentage of the underlying shares. The early exercises of options were not deemed to be substantive exercises for accounting purposes. Each of these loans and all interest accrued thereon was forgiven upon the consummation of the Business Combination. The forgiveness of the promissory notes was deemed to be exercises of the 0.4 million stock options with an intrinsic value of $94.0 million on the date of forgiveness. The unvested shares subject to repurchase fully vest in 2023. In 2020 and 2021, certain employees early exercised stock options with cash. On March 31, 2023 and December 31, 2022, the Company had $1.2 million and $1.4 million, respectively, recorded in accrued expenses and other liabilities related to early exercises of the stock options, and the related number of unvested shares subject to repurchase was 0.1 million and 0.1 million, respectively. Stock Option Repricing On March 1, 2023, the Board approved a one-time repricing of certain stock option awards. The repricing will impact out-of-the-money stock options held by all employees who remain employed through March 6, 2023 (the “Repricing Date”), including our executive officers. Each stock option was repriced to have a per share exercise price equal to the closing price of the Company’s common stock on the Repricing Date, except that the per share exercise price of each stock option held by any of our executive officers that was repriced is subject to a premium. The premium will be in effect from the Repricing Date through the first anniversary of the Repricing Date (the “Premium End Date”). In the event the applicable executive officer (i) exercises his/her stock options prior to the Premium End Date or (ii) does not provide services to the Company as an employee or a consultant through the Premium End Date, the per share exercise price applicable to his/her stock options will be two times the closing price of the Company’s common stock on the Repricing Date. There were no changes to the number of shares, the vesting schedule or the expiration date of the repriced stock options. As a result of the repricing, the Company recorded an incremental share-based compensation charge of $3.6 million, of which $1.4 million was recognized on the Repricing Date, and $2.2 million will be recognized over the remaining term of the repriced options. Restricted Stock Units and Performance Restricted Stock Units The Company grants service based RSUs and performance based RSUs (“PRSUs”) as part of our equity compensation plans. The Company measures RSU and PRSU expense for awards granted based on the estimated fair value of those awards at grant date. To estimate the fair value of PRSUs containing a market condition, the Company uses 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 two one 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. In June 2022, the Company began granting PRSUs. Half of the PRSUs granted are subject to the achievement of market-based performance goals, the remaining PRSUs 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. During the three months ended March 31, 2023 and 2022, no PRSUs were granted. The following table summarizes the RSU and PRSU activity for the three months ended March 31, 2023: Number of Shares Weighted Average Grant-Date Fair Value per Share Unvested and outstanding as of December 31, 2022 2,881,984 $ 41.15 Granted 34,782 14.28 Released (158,346) 60.86 Canceled and forfeited (155,827) 42.71 Unvested and outstanding as of March 31, 2023 2,602,593 $ 39.45 Total unrecognized compensation cost related to unvested RSUs and PRSUs is $81.4 million as of March 31, 2023, and it is expected to be recognized over a weighted-average period of 2.1 years. 2021 Employee Stock Purchase Plan In connection with the closing of the Business Combination, the Company adopted the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which authorized 0.5 million shares of common stock for issuance. The 2021 ESPP became effective on October 25, 2021. The 2021 ESPP is designed to allow eligible employees of the Company to purchase shares of our 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 $25,000 during the calendar year. The 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, 2023 and 2022, no shares have been issued under the 2021 ESPP . In addition, the number of shares available for issuance under the 2021 ESPP will be annually increased on January 1 of each calendar year beginning in 2022 and 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 consolidated statements of operations and comprehensive loss was as follows (in millions): Three Months Ended March 31, 2023 2022 Losses and loss adjustment expenses $ 0.5 $ 0.7 Insurance related expenses 1.2 1.3 Technology and development 3.4 5.2 Sales and marketing 4.3 2.4 General and administrative 6.7 3.8 Total stock-based compensation expense $ 16.1 $ 13.4 Stock Repurchases In March 2023, the Company’s Board of Directors authorized the repurchase of up to $50.0 million of its common stock, with no expiration date. Repurchases under the program may be made in the open market, in privately negotiated transactions or otherwise, with the amount and timing of repurchases to be determined at the Company’s discretion depending on market conditions and corporate needs. Open market repurchases will be structured to occur in accordance with applicable federal securities laws, including within the pricing and volume requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. The Company may also, from

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	14. Income Taxes The consolidated effective tax rate was (0.4)% and (0.3)% for the three months ended March 31, 2023 and 2022, respectively. The difference between the rate for the three months ended March 31, 2023 and 2022 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, 2023 and 2022, the Company has $3.5 million and $1.1 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, 2023 and 2022.

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders	15. Net Loss Per Share Attributable to Common Stockholders Net loss per share attributable to common stockholders was computed as follows: Three Months Ended March 31, 2023 2022 Numerator: Net loss attributable to Hippo – basic and diluted (in millions) $ (69.8) $ (67.6) Denominator: Weighted-average shares used in computing net loss per share attributable to Hippo — basic and diluted 23,198,491 22,464,802 Net loss per share attributable to Hippo — basic and diluted $ (3.01) $ (3.01) The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows: March 31, 2023 2022 Outstanding options 1,864,217 1,777,976 Common stock from outstanding warrants 360,000 360,000 Common stock subject to repurchase 52,134 170,056 RSU and PRSUs 2,602,593 1,191,684 Total 4,878,944 3,499,717

Segments

Segments	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segments	16. Segments Starting with the first quarter of 2023, the Company realigned its internal reporting to reflect how the Company now manages and monitors its operating results. As a result of these changes, the Company now has three reportable segments: Services, Insurance-as-a-Service, and Hippo Home Insurance Program. The Company’s Services segment earns fees and/or commission income without assuming underwriting risk or need for reinsurance. The Company also partners with home builders, as well as independent agencies, to source insureds seeking a product for which the Company provides the best carrier for the insured whether it be of Hippo or a third-party carrier, including other insurance products like auto, rental etc. Insurance-as-a-Service is managed through its Spinnaker subsidiary and is a platform to support third party MGAs. The Company rents its capital, 50 state licenses and the strong financial rating of the Company’s Spinnaker subsidiary (A- rated by A.M. Best) to earn fee-based revenues with the assumption of limited underwriting risk using quota-share reinsurance. The Company also earns a portion of the premiums paid to it for the risk the Company retains as well as generates investment income. The diversification of the Company’s balance sheet allows it to carry less capital than the Company’s MGA clients would be required to on their own. The Hippo Home Insurance Program is the Company’s Hippo-branded homeowners insurance business. The Company’s main source of revenue is the premiums paid to it by the Company’s homeowner customers. In addition, the Company’s revenues include commissions for premiums the Company cedes to third parties, policy and services fees and investment income. The Company’s strategy is to retain the portion of the underwriting risk where the Company believes its loss prevention strategies are the most effective. The Company’s Chief Executive Officer, who serves as the chief operating decision maker (“CODM”), evaluates the financial performance of the Company’s segments based upon segment revenues and segment Adjusted EBITDA, a non-GAAP profitability measure. Items outside of Adjusted EBITDA are not reported by segment, since they are excluded from the single measure of segment profitability reviewed by the CODM. The Company’s CODM does not use segment assets to allocate resources or to assess performance of the segments and, therefore, segment assets have not been reported separately. The tables below present segment information reconciled to total Net Loss attributable to Hippo, for the periods indicated (in millions). Financial information for the period ended March 31, 2022 has been revised to conform with the current year presentation. Three Months Ended March 31, 2023 Services Insurance-as-a-Service Hippo Home Insurance Program Intersegment Eliminations (1) Total Revenue: Net earned premium $ — $ 7.6 $ 6.2 $ — $ 13.8 Commission income, net 9.6 3.8 6.2 (2.2) 17.4 Service and fee income 0.2 — 3.0 — 3.2 Net investment income — 1.5 3.9 — 5.4 Total Revenue 9.8 12.9 19.3 (2.2) 39.8 Operating Expenses: Loss and loss adjustment expense — 2.7 34.5 — 37.2 Insurance related expense — 4.2 8.2 (0.8) 11.6 Sales and marketing 12.1 — 4.9 (1.2) 15.8 Technology and development 3.7 — 4.5 — 8.2 General and administrative 2.9 1.3 7.5 — 11.7 Other expenses 0.2 — 0.1 — 0.3 Total operating expenses 18.9 8.2 59.7 (2.0) 84.8 Less: Net investment income — (1.5) (3.9) — (5.4) Less: Noncontrolling interest (1.7) — — — (1.7) Adjusted EBITDA (10.8) 3.2 (44.3) (0.2) (52.1) Net investment income 5.4 Depreciation and amortization (4.3) Stock-based compensation (16.1) Fair value adjustments (0.2) Contingent consideration charge (0.8) Other one-off transactions (1.4) Income tax expense (0.3) Net loss attributable to Hippo $ (69.8) (1) Intersegment eliminations include commissions paid from Hippo Home Insurance Program for policies sold by the Company’s Services segment (revenue, cost, and other adjustments in respective business units eliminated as part of consolidation). Three Months Ended March 31, 2022 Services Insurance-as-a-Service Hippo Home Insurance Program Intersegment Eliminations (1) Total Revenue: Net earned premium $ — $ 4.4 $ 4.6 $ — $ 9.0 Commission income, net 7.0 2.4 5.0 (2.9) 11.5 Service and fee income 0.4 — 3.2 — 3.6 Net investment income — 0.2 0.2 — 0.4 Total Revenue 7.4 7.0 13.0 (2.9) 24.5 Operating Expenses: Loss and loss adjustment expense — 1.0 20.9 — 21.9 Insurance related expense — 2.0 11.0 (2.9) 10.1 Sales and marketing 13.2 0.1 5.2 — 18.5 Technology and development 2.0 — 6.9 — 8.9 General and administrative 2.4 1.1 8.5 — 12.0 Other expenses 0.1 — — — 0.1 Total operating expenses 17.7 4.2 52.5 (2.9) 71.5 Less: Net investment income — (0.2) (0.2) — (0.4) Less: Noncontrolling interest (1.1) — — — (1.1) Adjusted EBITDA (11.4) 2.6 (39.7) — (48.5) Net investment income 0.4 Depreciation and amortization (3.9) Stock-based compensation (13.4) Fair value adjustments 1.2 Contingent consideration charge (3.2) Other one-off transactions — Income tax expense (0.2) Net loss attributable to Hippo $ (67.6)

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events On April 18, 2023, Spinnaker Insurance Company, a wholly owned subsidiary of Hippo Holdings Inc., closed on the purchase from Elevate Sabine Investors LP (“Seller”) certain real property, improvements and personal property located at 701 E. 5th Street, Austin, Texas 78701, as well as Seller’s interest in and to certain leases and other agreements, licenses, permits and approvals as set forth in the original Purchase and Sale Agreement entered into on February 24, 2022 (as amended from time to time) (together, the “Property”). The Property will be used as office space for employees of the Company and affiliated companies. After application of earnest money, escrowed amounts, prorations and adjustments as provided for in the Agreement, the net amount paid at closing was approximately $26.0 million in cash.

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	The interim consolidated financial statements and accompanying notes of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include the Company’s consolidated subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been omitted accordingly. The interim financial information is unaudited, but reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. The interim 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, 2022. Interim results are not necessarily indicative of the results for a full year. In accordance with Accounting Standards Codification 280 "Segment Reporting", the Company began reporting three operating segments due to changes in how the Company's chief operating decision maker assesses the Company's performance and allocates resources. See Note 16 "Segment Reporting". The Company has three reportable segments: Services, Insurance-as-a-Service, and Hippo Home Insurance Program.
Use of Estimates	The preparation of the Company’s consolidated 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 consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include, but are not limited to, loss 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, warrant liabilities, contingent consideration liabilities, 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. Actual results may differ significantly from these estimates.
Recent Accounting Pronouncements	The Company has evaluated recent accounting pronouncements through the date the financial statements were issued and filed with the SEC and believes that there are none that will have a material impact on the Company’s consolidated financial statements.

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2023
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 (in millions): March 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed maturities available-for-sale: U.S. government and agencies $ 21.5 $ — $ (0.5) $ 21.0 States and other territories 10.3 — (0.6) 9.7 Corporate securities 68.2 0.4 (2.1) 66.5 Foreign securities 0.9 — — 0.9 Residential mortgage-backed securities 22.3 0.1 (1.4) 21.0 Commercial mortgage-backed securities 7.8 — (0.6) 7.2 Asset backed securities 15.0 0.1 (0.4) 14.7 Total fixed maturities available-for-sale 146.0 0.6 (5.6) 141.0 Short-term investments: U.S. government and agencies 119.5 — — 119.5 Commercial paper 131.5 — (0.2) 131.3 Corporate securities 39.7 — (0.1) 39.6 Total short-term investments 290.7 — (0.3) 290.4 Total $ 436.7 $ 0.6 $ (5.9) $ 431.4 December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed maturities available-for-sale: U.S. government and agencies 21.6 $ — $ (0.5) $ 21.1 States and other territories 8.9 — (0.6) 8.3 Corporate securities 54.8 0.1 (2.4) 52.5 Foreign securities 0.9 — (0.1) 0.8 Residential mortgage-backed securities 20.4 0.1 (1.6) 18.9 Commercial mortgage-backed securities 6.5 — (0.7) 5.8 Asset backed securities 14.2 — (0.5) 13.7 Total fixed maturities available-for-sale 127.3 0.2 (6.4) 121.1 Short-term investments: U.S. government and agencies 129.1 — (0.2) 128.9 Commercial paper 147.1 — (0.6) 146.5 Corporate securities 49.4 — — 49.4 Total short-term investments 325.6 — (0.8) 324.8 Total $ 452.9 $ 0.2 $ (7.2) $ 445.9
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, 2023, and December 31, 2022 (in millions): March 31, 2023 Less than 12 months 12 months or more Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fixed maturities available-for-sale: U.S. government and agencies $ 10.9 $ (0.2) $ 10.2 $ (0.3) $ 21.1 $ (0.5) States and other territories — — 8.6 (0.6) 8.6 (0.6) Corporate securities 5.6 (0.2) 60.9 (1.9) 66.5 (2.1) Residential mortgage-backed securities — — 21.0 (1.4) 21.0 (1.4) Commercial mortgage-backed securities — — 7.2 (0.6) 7.2 (0.6) Asset backed securities — — 14.6 (0.4) 14.6 (0.4) Short-term investments: Commercial paper 131.3 (0.2) — — 131.3 (0.2) Corporate securities 39.6 (0.1) — — 39.6 (0.1) Total $ 187.4 $ (0.7) $ 122.5 $ (5.2) $ 309.9 $ (5.9) December 31, 2022 Less than 12 months 12 months or more Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fixed maturities available-for-sale: U.S. government and agencies $ 17.9 $ (0.4) $ 1.1 $ (0.1) $ 19.0 $ (0.5) States and other territories 3.6 (0.1) 4.6 (0.5) 8.2 (0.6) Corporate securities 30.5 (1.5) 11.1 (0.9) 41.6 (2.4) Foreign securities — — 0.8 (0.1) 0.8 (0.1) Residential mortgage-backed securities 6.3 (0.3) 7.6 (1.3) 13.9 (1.6) Commercial mortgage-backed securities 1.9 — 3.9 (0.7) 5.8 (0.7) Asset backed securities 5.5 (0.2) 3.7 (0.3) 9.2 (0.5) Short-term investments: U.S. government and agencies 129.1 (0.2) — — 129.1 (0.2) Commercial paper 147.1 (0.6) — — 147.1 (0.6) Total $ 341.9 $ (3.3) $ 32.8 $ (3.9) $ 374.7 $ (7.2)
Summary of Investments Classified by Contractual Maturity Date	The amortized cost and fair value of fixed maturities securities by contractual maturity are as follows (in millions): March 31, 2023 Amortized Cost Fair Value Due to mature: One year or less $ 18.0 $ 17.6 After one year through five years 75.2 72.9 After five years 7.7 7.6 Residential mortgage-backed securities 22.3 21.0 Commercial mortgage-backed securities 7.8 7.2 Asset backed securities 15.0 14.7 Total fixed maturities available-for-sale $ 146.0 $ 141.0
Summary of Investment Income	The Company’s net investment income is comprised of the following (in millions): Three Months Ended March 31, 2023 2022 Interest on cash and cash equivalents $ 1.2 $ 0.2 Fixed maturities income 1.4 0.2 Short-term investment income 3.0 — Total gross investment income 5.6 0.4 Investment expenses (0.2) — Net investment income $ 5.4 $ 0.4

Cash, Cash Equivalents, and R_2

Cash, Cash Equivalents, and Restricted Cash (Tables)	3 Months Ended
	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	The following table sets forth the cash, cash equivalents, and restricted cash (in millions): March 31, December 31, Cash and cash equivalents: Cash $ 79.9 $ 65.7 Money market funds 58.6 87.1 Commercial paper 20.4 26.8 U.S. government and agencies 30.0 14.9 Total cash and cash equivalents $ 188.9 $ 194.5 Restricted cash: Fiduciary assets 23.9 30.6 Letters of credit and cash on deposit 7.9 19.4 Total restricted cash 31.8 50.0 Total cash, cash equivalents, and restricted cash $ 220.7 $ 244.5
Summary of Restrictions on Cash and Cash Equivalents	The following table sets forth the cash, cash equivalents, and restricted cash (in millions): March 31, December 31, Cash and cash equivalents: Cash $ 79.9 $ 65.7 Money market funds 58.6 87.1 Commercial paper 20.4 26.8 U.S. government and agencies 30.0 14.9 Total cash and cash equivalents $ 188.9 $ 194.5 Restricted cash: Fiduciary assets 23.9 30.6 Letters of credit and cash on deposit 7.9 19.4 Total restricted cash 31.8 50.0 Total cash, cash equivalents, and restricted cash $ 220.7 $ 244.5

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2023
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 (in millions): March 31, 2023 Level 1 Level 2 Level 3 Total Financial assets: Cash, cash equivalents, and restricted cash $ 220.7 $ — $ — $ 220.7 Fixed maturities available-for-sale: U.S. government and agencies 21.0 — — 21.0 States and other territories — 9.7 — 9.7 Corporate securities — 66.5 — 66.5 Foreign securities — 0.9 — 0.9 Residential mortgage-backed securities — 21.0 — 21.0 Commercial mortgage-backed securities — 7.2 — 7.2 Asset backed securities — 14.7 — 14.7 Total fixed maturities available-for-sale 21.0 120.0 — 141.0 Short-term investments U.S. government and agencies 115.3 4.2 — 119.5 Commercial paper — 131.3 — 131.3 Corporate securities — 39.6 — 39.6 Total short-term investments 115.3 175.1 — 290.4 Total financial assets $ 357.0 $ 295.1 $ — $ 652.1 Financial liabilities: Contingent consideration liability $ — $ — $ 12.0 $ 12.0 Public warrants 0.3 — — 0.3 Private placement warrants — 0.2 — 0.2 Total financial liabilities $ 0.3 $ 0.2 $ 12.0 $ 12.5 December 31, 2022 Level 1 Level 2 Level 3 Total Financial assets: Cash, cash equivalents, and restricted cash $ 244.5 $ — $ — $ 244.5 Fixed maturities available-for-sale: U.S. government and agencies 21.1 — — 21.1 States and other territories — 8.3 — 8.3 Corporate securities — 52.5 — 52.5 Foreign securities — 0.8 — 0.8 Residential mortgage-backed securities — 18.9 — 18.9 Commercial mortgage-backed securities — 5.8 — 5.8 Asset backed securities — 13.7 — 13.7 Total fixed maturities available-for-sale 21.1 100.0 — 121.1 Short-term investments U.S. government and agencies 128.9 — — 128.9 Commercial paper — 146.5 — 146.5 Corporate securities — 49.4 — 49.4 Total short-term investments 128.9 195.9 — 324.8 Total financial assets $ 394.5 $ 295.9 $ — $ 690.4 Financial liabilities: Contingent consideration liability $ — $ — $ 11.9 $ 11.9 Public warrants 0.2 — — 0.2 Private placement warrants — 0.1 — 0.1 Total financial liabilities $ 0.2 $ 0.1 $ 11.9 $ 12.2
Summary of Liabilities Measured on at Fair Value, Unobservable Input Reconciliation	The table below presents the changes in the contingent consideration liability valued using Level 3 inputs (in millions): 2023 2022 Balance as of January 1, $ 11.9 $ 11.6 Payments of contingent consideration (0.7) (0.7) Changes in fair value 0.8 3.2 Balance as of March 31, $ 12.0 $ 14.1

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Indefinite-Lived Intangible Assets	March 31, 2023 December 31, 2022 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) (in millions) Agency and carrier relationships 5.7 $ 13.5 $ (3.8) $ 9.7 $ 13.5 $ (3.4) $ 10.1 State licenses and domain name Indefinite 10.5 — 10.5 10.5 — 10.5 Customer relationships 2 13.7 (9.1) 4.6 13.7 (8.5) 5.2 Other 6 1.7 (0.7) 1.0 1.7 (0.6) 1.1 Total intangible assets, net $ 39.4 $ (13.6) $ 25.8 $ 39.4 $ (12.5) $ 26.9
Schedule of Finite-Lived Intangible Assets	March 31, 2023 December 31, 2022 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) (in millions) Agency and carrier relationships 5.7 $ 13.5 $ (3.8) $ 9.7 $ 13.5 $ (3.4) $ 10.1 State licenses and domain name Indefinite 10.5 — 10.5 10.5 — 10.5 Customer relationships 2 13.7 (9.1) 4.6 13.7 (8.5) 5.2 Other 6 1.7 (0.7) 1.0 1.7 (0.6) 1.1 Total intangible assets, net $ 39.4 $ (13.6) $ 25.8 $ 39.4 $ (12.5) $ 26.9

Capitalized Internal Use Soft_2

Capitalized Internal Use Software (Tables)	3 Months Ended
	Mar. 31, 2023
Research and Development [Abstract]
Schedule of Capitalized Computer Software	March 31, December 31, (in millions) Capitalized internal use software $ 61.7 $ 56.4 Less: accumulated amortization (20.5) (17.6) Total capitalized internal use software $ 41.2 $ 38.8

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	March 31, December 31, (in millions) Prepaid expenses $ 17.5 $ 17.4 Claims receivable 10.6 9.0 Lease right-of-use assets 26.1 27.6 Property and equipment 5.1 5.4 Other 5.4 4.2 Total other assets $ 64.7 $ 63.6

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Liabilities	March 31, December 31, (in millions) Claim payments outstanding $ 28.6 $ 27.7 Lease liability 27.8 28.9 Advances from customers 16.8 10.2 Deferred revenue 8.1 11.0 Employee related accruals 7.2 6.2 Premium refund liability 9.7 8.2 Fiduciary liability 3.7 6.6 Contingent consideration liability 12.0 11.9 Other 18.7 17.5 Total accrued expenses and other liabilities $ 132.6 $ 128.2

Loss and Loss Adjustment Expe_2

Loss and Loss Adjustment Expense Reserves (Tables)	3 Months Ended
	Mar. 31, 2023
Insurance [Abstract]
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense	The reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses, net of reinsurance is summarized as follows for the three months ended March 31, (in millions): 2023 2022 Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of beginning of the period $ 293.8 $ 260.8 Less: Reinsurance recoverables on unpaid losses and LAE (228.8) (217.0) Reserve for losses and LAE, net of reinsurance recoverables as of beginning of the period 65.0 43.8 Add: Incurred losses and LAE, net of reinsurance, related to: Current year 37.8 25.3 Prior years (0.1) (2.8) Total incurred 37.7 22.5 Deduct: Loss and LAE payments, net of reinsurance, related to: Current year 6.5 8.8 Prior years 14.8 10.4 Total paid 21.3 19.2 Reserve for losses and LAE, net of reinsurance recoverables at end of period 81.4 47.1 Add: Reinsurance recoverables on unpaid losses and LAE at end of period 223.8 235.3 Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of end of the period $ 305.2 $ 282.4

Reinsurance (Tables)

Reinsurance (Tables)	3 Months Ended
	Mar. 31, 2023
Insurance [Abstract]
Summary of Effects of Reinsurance	The following tables reflect amounts affecting the consolidated statements of operations and comprehensive loss for reinsurance as of and for the three months ended March 31, 2023, and 2022 (in millions). For the Three Months Ended March 31, 2023 2022 Written premiums Earned premiums Loss and LAE incurred Written premiums Earned premiums Loss and LAE incurred Direct $ 185.7 $ 164.1 $ 124.6 $ 117.0 $ 120.1 $ 90.9 Assumed 3.8 0.9 1.6 0.1 — 0.3 Gross 189.5 165.0 126.2 117.1 120.1 91.2 Ceded (168.2) (151.2) (88.5) (116.5) (111.1) (68.7) Net $ 21.3 $ 13.8 $ 37.7 $ 0.6 $ 9.0 $ 22.5

Geographical Breakdown of Gro_2

Geographical Breakdown of Gross Written Premium (Tables)	3 Months Ended
	Mar. 31, 2023
Insurance [Abstract]
Summary of Gross Written Premium by Geographical Areas	Gross written premium by state is as follows (in millions): Three Months Ended March 31, 2023 2022 Amount % of GWP Amount % of GWP State Texas $ 39.6 20.9 % $ 33.9 28.9 % California 32.8 17.3 % 22.1 18.9 % Florida 21.5 11.3 % 6.8 5.8 % Georgia 9.2 4.9 % 6.1 5.2 % Colorado 5.8 3.1 % 3.5 3.0 % Arizona 4.5 2.4 % 3.2 2.7 % Illinois 5.1 2.7 % 3.0 2.6 % New Jersey 4.3 2.3 % 3.1 2.6 % Ohio 3.7 2.0 % 2.6 2.2 % Missouri 3.6 1.9 % 2.6 2.2 % Other 59.4 31.3 % 30.2 25.8 % Total $ 189.5 100 % $ 117.1 100 %

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Summary of Share-based Payment Arrangement, Option, Activity	The following table summarizes option activity under the plans: Options Outstanding Weighted-Average Remaining Aggregate Intrinsic Value Number of Shares Weighted Average Exercise Price Contract Term Outstanding as of December 31, 2022 1,986,978 $ 36.54 7.8 $ 1.3 Granted — — Exercised (24,724) 5.85 0.3 Cancelled/Expired (98,037) 36.37 Outstanding as of March 31, 2023 1,864,217 16.21 7.6 $ 2.1 Vested and exercisable as of March 31, 2023 1,092,833 $ 16.06 7.2 $ 1.7
Schedule of Unvested Restricted Stock Units Roll Forward	The following table summarizes the RSU and PRSU activity for the three months ended March 31, 2023: Number of Shares Weighted Average Grant-Date Fair Value per Share Unvested and outstanding as of December 31, 2022 2,881,984 $ 41.15 Granted 34,782 14.28 Released (158,346) 60.86 Canceled and forfeited (155,827) 42.71 Unvested and outstanding as of March 31, 2023 2,602,593 $ 39.45
Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount	Total stock-based compensation expense, classified in the accompanying consolidated statements of operations and comprehensive loss was as follows (in millions): Three Months Ended March 31, 2023 2022 Losses and loss adjustment expenses $ 0.5 $ 0.7 Insurance related expenses 1.2 1.3 Technology and development 3.4 5.2 Sales and marketing 4.3 2.4 General and administrative 6.7 3.8 Total stock-based compensation expense $ 16.1 $ 13.4

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	Net loss per share attributable to common stockholders was computed as follows: Three Months Ended March 31, 2023 2022 Numerator: Net loss attributable to Hippo – basic and diluted (in millions) $ (69.8) $ (67.6) Denominator: Weighted-average shares used in computing net loss per share attributable to Hippo — basic and diluted 23,198,491 22,464,802 Net loss per share attributable to Hippo — basic and diluted $ (3.01) $ (3.01)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows: March 31, 2023 2022 Outstanding options 1,864,217 1,777,976 Common stock from outstanding warrants 360,000 360,000 Common stock subject to repurchase 52,134 170,056 RSU and PRSUs 2,602,593 1,191,684 Total 4,878,944 3,499,717

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Financial information for the period ended March 31, 2022 has been revised to conform with the current year presentation. Three Months Ended March 31, 2023 Services Insurance-as-a-Service Hippo Home Insurance Program Intersegment Eliminations (1) Total Revenue: Net earned premium $ — $ 7.6 $ 6.2 $ — $ 13.8 Commission income, net 9.6 3.8 6.2 (2.2) 17.4 Service and fee income 0.2 — 3.0 — 3.2 Net investment income — 1.5 3.9 — 5.4 Total Revenue 9.8 12.9 19.3 (2.2) 39.8 Operating Expenses: Loss and loss adjustment expense — 2.7 34.5 — 37.2 Insurance related expense — 4.2 8.2 (0.8) 11.6 Sales and marketing 12.1 — 4.9 (1.2) 15.8 Technology and development 3.7 — 4.5 — 8.2 General and administrative 2.9 1.3 7.5 — 11.7 Other expenses 0.2 — 0.1 — 0.3 Total operating expenses 18.9 8.2 59.7 (2.0) 84.8 Less: Net investment income — (1.5) (3.9) — (5.4) Less: Noncontrolling interest (1.7) — — — (1.7) Adjusted EBITDA (10.8) 3.2 (44.3) (0.2) (52.1) Net investment income 5.4 Depreciation and amortization (4.3) Stock-based compensation (16.1) Fair value adjustments (0.2) Contingent consideration charge (0.8) Other one-off transactions (1.4) Income tax expense (0.3) Net loss attributable to Hippo $ (69.8) (1) Intersegment eliminations include commissions paid from Hippo Home Insurance Program for policies sold by the Company’s Services segment (revenue, cost, and other adjustments in respective business units eliminated as part of consolidation). Three Months Ended March 31, 2022 Services Insurance-as-a-Service Hippo Home Insurance Program Intersegment Eliminations (1) Total Revenue: Net earned premium $ — $ 4.4 $ 4.6 $ — $ 9.0 Commission income, net 7.0 2.4 5.0 (2.9) 11.5 Service and fee income 0.4 — 3.2 — 3.6 Net investment income — 0.2 0.2 — 0.4 Total Revenue 7.4 7.0 13.0 (2.9) 24.5 Operating Expenses: Loss and loss adjustment expense — 1.0 20.9 — 21.9 Insurance related expense — 2.0 11.0 (2.9) 10.1 Sales and marketing 13.2 0.1 5.2 — 18.5 Technology and development 2.0 — 6.9 — 8.9 General and administrative 2.4 1.1 8.5 — 12.0 Other expenses 0.1 — — — 0.1 Total operating expenses 17.7 4.2 52.5 (2.9) 71.5 Less: Net investment income — (0.2) (0.2) — (0.4) Less: Noncontrolling interest (1.1) — — — (1.1) Adjusted EBITDA (11.4) 2.6 (39.7) — (48.5) Net investment income 0.4 Depreciation and amortization (3.9) Stock-based compensation (13.4) Fair value adjustments 1.2 Contingent consideration charge (3.2) Other one-off transactions — Income tax expense (0.2) Net loss attributable to Hippo $ (67.6)

Description of Business and S_3

Description of Business and Summary of Significant Accounting Policies (Details)		3 Months Ended
	Sep. 29, 2022	Mar. 31, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reportable segments		3
Reverse stock split ratio	0.04

Investments - Fixed Maturities

Investments - Fixed Maturities Securities and Short-Term Investments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 146	$ 127.3
Gross Unrealized Gains	0.6	0.2
Gross Unrealized Losses	(5.6)	(6.4)
Fair Value	141	121.1
Amortized Cost	290.7	325.6
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(0.3)	(0.8)
Fair Value	290.4	324.8
Amortized Cost	436.7	452.9
Gross Unrealized Gains	0.6	0.2
Gross Unrealized Losses	(5.9)	(7.2)
Total investments	431.4	445.9
U.S. government and agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	21.5	21.6
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(0.5)	(0.5)
Fair Value	21	21.1
Amortized Cost	119.5	129.1
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(0.2)
Fair Value	119.5	128.9
States and other territories
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10.3	8.9
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(0.6)	(0.6)
Fair Value	9.7	8.3
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	68.2	54.8
Gross Unrealized Gains	0.4	0.1
Gross Unrealized Losses	(2.1)	(2.4)
Fair Value	66.5	52.5
Amortized Cost	39.7	49.4
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(0.1)	0
Fair Value	39.6	49.4
Foreign securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	0.9	0.9
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(0.1)
Fair Value	0.9	0.8
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	22.3	20.4
Gross Unrealized Gains	0.1	0.1
Gross Unrealized Losses	(1.4)	(1.6)
Fair Value	21	18.9
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7.8	6.5
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(0.6)	(0.7)
Fair Value	7.2	5.8
Asset backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	15	14.2
Gross Unrealized Gains	0.1	0
Gross Unrealized Losses	(0.4)	(0.5)
Fair Value	14.7	13.7
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	131.5	147.1
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(0.2)	(0.6)
Fair Value	$ 131.3	$ 146.5

Investments - Continuous Loss P

Investments - Continuous Loss Position (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	$ 187.4	$ 341.9
Less than 12 months, Gross Unrealized Losses	(0.7)	(3.3)
12 months or more, Fair Value	122.5	32.8
12 months or more, Gross Unrealized Losses	(5.2)	(3.9)
Total, Fair Value	309.9	374.7
Total, Gross Unrealized Losses	(5.9)	(7.2)
U.S. government and agencies
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	10.9	17.9
Less than 12 months, Gross Unrealized Losses	(0.2)	(0.4)
12 months or more, Fair Value	10.2	1.1
12 months or more, Gross Unrealized Losses	(0.3)	(0.1)
Total, Fair Value	21.1	19
Total, Gross Unrealized Losses	(0.5)	(0.5)
States and other territories
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	0	3.6
Less than 12 months, Gross Unrealized Losses	0	(0.1)
12 months or more, Fair Value	8.6	4.6
12 months or more, Gross Unrealized Losses	(0.6)	(0.5)
Total, Fair Value	8.6	8.2
Total, Gross Unrealized Losses	(0.6)	(0.6)
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	5.6	30.5
Less than 12 months, Gross Unrealized Losses	(0.2)	(1.5)
12 months or more, Fair Value	60.9	11.1
12 months or more, Gross Unrealized Losses	(1.9)	(0.9)
Total, Fair Value	66.5	41.6
Total, Gross Unrealized Losses	(2.1)	(2.4)
Foreign securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value		0
Less than 12 months, Gross Unrealized Losses		0
12 months or more, Fair Value		0.8
12 months or more, Gross Unrealized Losses		(0.1)
Total, Fair Value		0.8
Total, Gross Unrealized Losses		(0.1)
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	0	6.3
Less than 12 months, Gross Unrealized Losses	0	(0.3)
12 months or more, Fair Value	21	7.6
12 months or more, Gross Unrealized Losses	(1.4)	(1.3)
Total, Fair Value	21	13.9
Total, Gross Unrealized Losses	(1.4)	(1.6)
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	0	1.9
Less than 12 months, Gross Unrealized Losses	0	0
12 months or more, Fair Value	7.2	3.9
12 months or more, Gross Unrealized Losses	(0.6)	(0.7)
Total, Fair Value	7.2	5.8
Total, Gross Unrealized Losses	(0.6)	(0.7)
Asset backed securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	0	5.5
Less than 12 months, Gross Unrealized Losses	0	(0.2)
12 months or more, Fair Value	14.6	3.7
12 months or more, Gross Unrealized Losses	(0.4)	(0.3)
Total, Fair Value	14.6	9.2
Total, Gross Unrealized Losses	(0.4)	(0.5)
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	131.3	147.1
Less than 12 months, Gross Unrealized Losses	(0.2)	(0.6)
12 months or more, Fair Value	0	0
12 months or more, Gross Unrealized Losses	0	0
Total, Fair Value	131.3	147.1
Total, Gross Unrealized Losses	(0.2)	(0.6)
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	39.6	129.1
Less than 12 months, Gross Unrealized Losses	(0.1)	(0.2)
12 months or more, Fair Value	0	0
12 months or more, Gross Unrealized Losses	0	0
Total, Fair Value	39.6	129.1
Total, Gross Unrealized Losses	$ (0.1)	$ (0.2)

Investments - Contractual Matur

Investments - Contractual Maturity (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Amortized Cost
One year or less	$ 18
After one year through five years	75.2
After five years	7.7
Amortized Cost	146	$ 127.3
Fair Value
One year or less	17.6
After one year through five years	72.9
After five years	7.6
Fair Value	141	121.1
Residential mortgage-backed securities
Amortized Cost
Securities	22.3
Amortized Cost	22.3	20.4
Fair Value
Securities	21
Fair Value	21	18.9
Commercial mortgage-backed securities
Amortized Cost
Securities	7.8
Amortized Cost	7.8	6.5
Fair Value
Securities	7.2
Fair Value	7.2	5.8
Asset backed securities
Amortized Cost
Securities	15
Amortized Cost	15	14.2
Fair Value
Securities	14.7
Fair Value	$ 14.7	$ 13.7

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Interest on cash and cash equivalents	$ 1.2	$ 0.2
Fixed maturities income	1.4	0.2
Short-term investment income	3	0
Total gross investment income	5.6	0.4
Investment expenses	(0.2)	0
Net investment income	$ 5.4	$ 0.4

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Securities on deposit with state regulatory authorities	$ 13	$ 12.6

Cash, Cash Equivalents, and R_3

Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 188.9	$ 194.5
Restricted cash	31.8	50
Total cash, cash equivalents, and restricted cash	220.7	244.5	$ 381.6	$ 818.7
Cash
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	79.9	65.7
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	58.6	87.1
Commercial paper
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	20.4	26.8
U.S. government and agencies
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	30	14.9
Fiduciary assets
Cash and Cash Equivalents [Line Items]
Restricted cash	23.9	30.6
Letters of credit and cash on deposit
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 7.9	$ 19.4

Fair Value Measurement - Assets

Fair Value Measurement - Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Financial assets:
Cash, cash equivalents, and restricted cash	$ 220.7	$ 244.5	$ 381.6	$ 818.7
Fixed maturities available-for-sale	141	121.1
Short-term investments, at fair value (amortized cost: $290.7 million and $325.6 million, respectively)	290.4	324.8
Total financial assets	652.1	690.4
Financial liabilities:
Contingent consideration liability	12	11.9
Total financial liabilities	12.5	12.2
Public warrants
Financial liabilities:
Warrants liabilities	0.3	0.2
Private placement warrants
Financial liabilities:
Warrants liabilities	0.2	0.1
U.S. government and agencies
Financial assets:
Fixed maturities available-for-sale	21	21.1
Short-term investments, at fair value (amortized cost: $290.7 million and $325.6 million, respectively)	119.5	128.9
States and other territories
Financial assets:
Fixed maturities available-for-sale	9.7	8.3
Corporate securities
Financial assets:
Fixed maturities available-for-sale	66.5	52.5
Short-term investments, at fair value (amortized cost: $290.7 million and $325.6 million, respectively)	39.6	49.4
Foreign securities
Financial assets:
Fixed maturities available-for-sale	0.9	0.8
Residential mortgage-backed securities
Financial assets:
Fixed maturities available-for-sale	21	18.9
Commercial mortgage-backed securities
Financial assets:
Fixed maturities available-for-sale	7.2	5.8
Asset backed securities
Financial assets:
Fixed maturities available-for-sale	14.7	13.7
Commercial paper
Financial assets:
Short-term investments, at fair value (amortized cost: $290.7 million and $325.6 million, respectively)	131.3	146.5
Level 1
Financial assets:
Cash, cash equivalents, and restricted cash	220.7	244.5
Fixed maturities available-for-sale	21	21.1
Short-term investments, at fair value (amortized cost: $290.7 million and $325.6 million, respectively)	115.3	128.9
Total financial assets	357	394.5
Financial liabilities:
Contingent consideration liability	0	0
Total financial liabilities	0.3	0.2
Level 1 | Public warrants
Financial liabilities:
Warrants liabilities	0.3	0.2
Level 1 | Private placement warrants
Financial liabilities:
Warrants liabilities	0	0
Level 1 | U.S. government and agencies
Financial assets:
Fixed maturities available-for-sale	21	21.1
Short-term investments, at fair value (amortized cost: $290.7 million and $325.6 million, respectively)	115.3	128.9
Level 1 | States and other territories
Financial assets:
Fixed maturities available-for-sale	0	0
Level 1 | Corporate securities
Financial assets:
Fixed maturities available-for-sale	0	0
Short-term investments, at fair value (amortized cost: $290.7 million and $325.6 million, respectively)	0	0
Level 1 | Foreign securities
Financial assets:
Fixed maturities available-for-sale	0	0
Level 1 | Residential mortgage-backed securities
Financial assets:
Fixed maturities available-for-sale	0	0
Level 1 | Commercial mortgage-backed securities
Financial assets:
Fixed maturities available-for-sale	0	0
Level 1 | Asset backed securities
Financial assets:
Fixed maturities available-for-sale	0	0
Level 1 | Commercial paper
Financial assets:
Short-term investments, at fair value (amortized cost: $290.7 million and $325.6 million, respectively)	0	0
Level 2
Financial assets:
Cash, cash equivalents, and restricted cash	0	0
Fixed maturities available-for-sale	120	100
Short-term investments, at fair value (amortized cost: $290.7 million and $325.6 million, respectively)	175.1	195.9
Total financial assets	295.1	295.9
Financial liabilities:
Contingent consideration liability	0	0
Total financial liabilities	0.2	0.1
Level 2 | Public warrants
Financial liabilities:
Warrants liabilities	0	0
Level 2 | Private placement warrants
Financial liabilities:
Warrants liabilities	0.2	0.1
Level 2 | U.S. government and agencies
Financial assets:
Fixed maturities available-for-sale	0	0
Short-term investments, at fair value (amortized cost: $290.7 million and $325.6 million, respectively)	4.2	0
Level 2 | States and other territories
Financial assets:
Fixed maturities available-for-sale	9.7	8.3
Level 2 | Corporate securities
Financial assets:
Fixed maturities available-for-sale	66.5	52.5
Short-term investments, at fair value (amortized cost: $290.7 million and $325.6 million, respectively)	39.6	49.4
Level 2 | Foreign securities
Financial assets:
Fixed maturities available-for-sale	0.9	0.8
Level 2 | Residential mortgage-backed securities
Financial assets:
Fixed maturities available-for-sale	21	18.9
Level 2 | Commercial mortgage-backed securities
Financial assets:
Fixed maturities available-for-sale	7.2	5.8
Level 2 | Asset backed securities
Financial assets:
Fixed maturities available-for-sale	14.7	13.7
Level 2 | Commercial paper
Financial assets:
Short-term investments, at fair value (amortized cost: $290.7 million and $325.6 million, respectively)	131.3	146.5
Level 3
Financial assets:
Cash, cash equivalents, and restricted cash	0	0
Fixed maturities available-for-sale	0	0
Short-term investments, at fair value (amortized cost: $290.7 million and $325.6 million, respectively)	0	0
Total financial assets	0	0
Financial liabilities:
Contingent consideration liability	12	11.9
Total financial liabilities	12	11.9
Level 3 | Public warrants
Financial liabilities:
Warrants liabilities	0	0
Level 3 | Private placement warrants
Financial liabilities:
Warrants liabilities	0	0
Level 3 | U.S. government and agencies
Financial assets:
Fixed maturities available-for-sale	0	0
Short-term investments, at fair value (amortized cost: $290.7 million and $325.6 million, respectively)	0	0
Level 3 | States and other territories
Financial assets:
Fixed maturities available-for-sale	0	0
Level 3 | Corporate securities
Financial assets:
Fixed maturities available-for-sale	0	0
Short-term investments, at fair value (amortized cost: $290.7 million and $325.6 million, respectively)	0	0
Level 3 | Foreign securities
Financial assets:
Fixed maturities available-for-sale	0	0
Level 3 | Residential mortgage-backed securities
Financial assets:
Fixed maturities available-for-sale	0	0
Level 3 | Commercial mortgage-backed securities
Financial assets:
Fixed maturities available-for-sale	0	0
Level 3 | Asset backed securities
Financial assets:
Fixed maturities available-for-sale	0	0
Level 3 | Commercial paper
Financial assets:
Short-term investments, at fair value (amortized cost: $290.7 million and $325.6 million, respectively)	$ 0	$ 0

Fair Value Measurement - Change

Fair Value Measurement - Changes in Fair Value (Details) - Contingent Consideration - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liability, beginning balance	$ 11.9	$ 11.6
Payments of contingent consideration	(0.7)	(0.7)
Changes in fair value	0.8	3.2
Liability, ending balance	$ 12	$ 14.1

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (13.6)		$ (12.5)
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	39.4		39.4
Accumulated Amortization	(13.6)		(12.5)
Net Carrying Amount	25.8		26.9
Amortization expense related to intangible assets	1.1	$ 1.9
State licenses and domain name
Indefinite-lived Intangible Assets [Line Items]
Net Carrying Amount	$ 10.5		10.5
Agency and carrier relationships
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Life Remaining (in years)	5 years 8 months 12 days
Gross Carrying Amount	$ 13.5		13.5
Accumulated Amortization	(3.8)		(3.4)
Net Carrying Amount	9.7		10.1
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (3.8)		(3.4)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Life Remaining (in years)	2 years
Gross Carrying Amount	$ 13.7		13.7
Accumulated Amortization	(9.1)		(8.5)
Net Carrying Amount	4.6		5.2
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (9.1)		(8.5)
Other
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Life Remaining (in years)	6 years
Gross Carrying Amount	$ 1.7		1.7
Accumulated Amortization	(0.7)		(0.6)
Net Carrying Amount	1		1.1
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (0.7)		$ (0.6)

Capitalized Internal Use Soft_3

Capitalized Internal Use Software (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Research and Development [Abstract]
Capitalized internal use software	$ 61.7		$ 56.4
Less: accumulated amortization	(20.5)		(17.6)
Total capitalized internal use software	41.2		$ 38.8
Amortization expense	$ 2.9	$ 1.8

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 17.5	$ 17.4
Claims receivable	10.6	9
Lease right-of-use assets	26.1	27.6
Property and equipment	5.1	5.4
Other	5.4	4.2
Other assets	$ 64.7	$ 63.6

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Claim payments outstanding	$ 28.6	$ 27.7
Lease liability	27.8	28.9
Advances from customers	16.8	10.2
Deferred revenue	8.1	11
Employee related accruals	7.2	6.2
Premium refund liability	9.7	8.2
Fiduciary liability	3.7	6.6
Contingent consideration liability	12	11.9
Other	18.7	17.5
Total accrued expenses and other liabilities	$ 132.6	$ 128.2

Loss and Loss Adjustment Expe_3

Loss and Loss Adjustment Expense Reserves (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of beginning of the period	$ 293.8	$ 260.8
Less: Reinsurance recoverables on unpaid losses and LAE	(228.8)	(217)
Reserve for losses and LAE, net of reinsurance recoverables as of beginning of the period	65	43.8
Add: Incurred losses and LAE, net of reinsurance, related to:
Current year	37.8	25.3
Prior years	(0.1)	(2.8)
Total incurred	37.7	22.5
Deduct: Loss and LAE payments, net of reinsurance, related to:
Current year	6.5	8.8
Prior years	14.8	10.4
Total paid	21.3	19.2
Reserve for losses and LAE, net of reinsurance recoverables at end of period	81.4	47.1
Add: Reinsurance recoverables on unpaid losses and LAE at end of period	223.8	235.3
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of end of the period	305.2	$ 282.4
Attritional reserves release	0.1
Catastrophe reserves release	$ 0.2

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) reinsurer	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) reinsurer	Dec. 31, 2021 reinsurer
Effects of Reinsurance [Line Items]
Loss on uncollectible accounts in period	$ 0	$ 0
Provision for sliding scale commission	6,200,000		$ 3,500,000
Receivable for sliding scale commission	4,000,000		4,500,000
Provision for loss participation feature	$ 70,500,000		$ 51,300,000
Reinsurance Policy, Type [Axis]: Non-Proportional Reinsurance
Effects of Reinsurance [Line Items]
Excess retention, year return period, ratio	0.004
Reinsurance Policy, Type [Axis]: Non-Proportional Reinsurance | Maximum
Effects of Reinsurance [Line Items]
Excess retention, percentage	0.40%
Reinsurance Policy, Type [Axis]: Other Reinsurance - Corporate Catastrophe Excess of Loss Catastrophe Coverage
Effects of Reinsurance [Line Items]
Excess retention, year return period, ratio	0.004
Reinsurance Policy, Type [Axis]: Other Reinsurance - Corporate Catastrophe Excess of Loss Catastrophe Coverage | Maximum
Effects of Reinsurance [Line Items]
Excess retention, percentage	0.40%
Reinsurance Policy, Type [Axis]: Other Reinsurance - Proportional and Excess of Loss Catastrophe Coverage | Minimum
Effects of Reinsurance [Line Items]
Ceded risk, percentage	75%
Reinsurance Policy, Type [Axis]: Other Reinsurance - Proportional and Excess of Loss Catastrophe Coverage | Maximum
Effects of Reinsurance [Line Items]
Ceded risk, percentage	100%
Reinsurance Policy, Type [Axis]: Proportional Reinsurance Treaties
Effects of Reinsurance [Line Items]
Reinsurance, number of third-party reinsurers | reinsurer	6		11	9
Reinsured risk, percentage	40%		10%	12%
Number of reinsurers | reinsurer				2
Percentage attributable to program				33%
Agreement term				3 years
Reinsurance Policy, Type [Axis]: Proportional Reinsurance Treaties, Business Channel
Effects of Reinsurance [Line Items]
Reinsurance, number of third-party reinsurers | reinsurer	3
Reinsured risk, percentage	58%

Reinsurance - Ceded Reinsurance

Reinsurance - Ceded Reinsurance (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Written premiums
Direct	$ 185.7	$ 117
Assumed	3.8	0.1
Gross	189.5	117.1
Ceded	(168.2)	(116.5)
Net	21.3	0.6
Earned premiums
Direct	164.1	120.1
Assumed	0.9	0
Gross	165	120.1
Ceded	(151.2)	(111.1)
Net	13.8	9
Loss and LAE incurred
Direct	124.6	90.9
Assumed	1.6	0.3
Gross	126.2	91.2
Ceded	(88.5)	(68.7)
Net	$ 37.7	$ 22.5

Geographical Breakdown of Gro_3

Geographical Breakdown of Gross Written Premium (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Gross Written Premium [Line Items]
Amount	$ 189.5	$ 117.1
Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage	100%	100%
Texas
Gross Written Premium [Line Items]
Amount	$ 39.6	$ 33.9
Texas | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage	20.90%	28.90%
California
Gross Written Premium [Line Items]
Amount	$ 32.8	$ 22.1
California | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage	17.30%	18.90%
Florida
Gross Written Premium [Line Items]
Amount	$ 21.5	$ 6.8
Florida | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage	11.30%	5.80%
Georgia
Gross Written Premium [Line Items]
Amount	$ 9.2	$ 6.1
Georgia | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage	4.90%	5.20%
Colorado
Gross Written Premium [Line Items]
Amount	$ 5.8	$ 3.5
Colorado | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage	3.10%	3%
Arizona
Gross Written Premium [Line Items]
Amount	$ 4.5	$ 3.2
Arizona | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage	2.40%	2.70%
Illinois
Gross Written Premium [Line Items]
Amount	$ 5.1	$ 3
Illinois | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage	2.70%	2.60%
New Jersey
Gross Written Premium [Line Items]
Amount	$ 4.3	$ 3.1
New Jersey | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage	2.30%	2.60%
Ohio
Gross Written Premium [Line Items]
Amount	$ 3.7	$ 2.6
Ohio | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage	2%	2.20%
Missouri
Gross Written Premium [Line Items]
Amount	$ 3.6	$ 2.6
Missouri | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage	1.90%	2.20%
Other
Gross Written Premium [Line Items]
Amount	$ 59.4	$ 30.2
Other | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage	31.30%	25.80%

Commitments and Contingencies (

Commitments and Contingencies (Details) - Pending Litigation	Feb. 28, 2023 claim	Nov. 19, 2021 cause
Litigation, Hippo and Chief Executive Officer Named Defendants
Loss Contingencies [Line Items]
Loss contingency, pending causes/claims of action, number | cause		6
Litigation, Hippo Named Defendant Only
Loss Contingencies [Line Items]
Loss contingency, pending causes/claims of action, number | claim	18

Stockholders_ Equity - Narrativ

Stockholders’ Equity - Narrative (Details)		1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 01, 2023 USD ($)	Jun. 30, 2022	Mar. 31, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) shares	Dec. 31, 2019 USD ($) shares	Dec. 31, 2022 USD ($) $ / shares shares	Aug. 02, 2021 vote $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares) | shares			80,000,000			80,000,000	80,000,000
Common stock, par value (in dollars per share) | $ / shares			$ 0.0001			$ 0.0001	$ 0.0001
Common stock, number of voting rights | vote							1
Aggregate intrinsic value of options exercised			$ 300,000	$ 2,500,000
Granted (in shares) | shares			0	0
Exercises in period, forgiveness (in shares) | shares					400,000
Exercises in period, forgiveness, intrinsic value					$ 94,000,000
Early exercise of stock options liability for unvested awards			$ 1,200,000			$ 1,400,000
Number of shares subject to repurchase related to early exercise of stock option (in shares) | shares			100,000			100,000
Stock repurchase authorized amount			$ 50,000,000
Repurchase of common stock (in shares) | shares			15,500
Share repurchases under program			$ 200,000	$ 0
Remaining repurchase amount			$ 49,800,000
The 2019 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price of common stock, percent			100%
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized for issuance (in shares) | shares							3,100,000
Percentage of issued and outstanding stock, maximum			5%
2021 Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			2 years
2021 Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost			$ 17,100,000
Unrecognized compensation cost, period for recognition			1 year 2 months 12 days
Term			10 years
Incremental share-based compensation charge, closing price multiplier	2
Incremental share-based compensation charge	$ 3,600,000
Incremental share-based compensation charge, recognized on repricing date	1,400,000
Incremental share-based compensation charge, recognized through remaining term	$ 2,200,000
Options | The 2019 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term period			10 years
Vesting period			4 years
RSU and PRSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost			$ 81,400,000
Unrecognized compensation cost, period for recognition			2 years 1 month 6 days
Granted (in shares) | shares			34,782
RSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			2 years
RSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
RSUs | The 2019 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
PRSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares			0	0
PRSU | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			1 year
Vesting, percentage of granted amount		0%
PRSU | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			4 years
Vesting, percentage of granted amount		100%
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price of common stock, percent			85%
Number of shares authorized for issuance (in shares) | shares			500,000
Percentage of issued and outstanding stock, maximum			1%
Maximum employee subscription amount			$ 25,000
Look back feature			6 months
Issued (in shares) | shares			0	0

Stockholders_ Equity - Stock Op

Stockholders’ Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Options Outstanding
Outstanding, beginning balance (in shares)	1,986,978
Granted (in shares)	0	0
Exercised (in shares)	(24,724)
Cancelled/Expired (in shares)	(98,037)
Outstanding, ending balance (in shares)	1,864,217		1,986,978
Vested and exercisable (in shares)	1,092,833
Weighted Average Exercise Price
Outstanding, beginning balance (in dollar per share)	$ 36.54
Granted (in dollars per share)	0
Exercised (in dollars per share)	5.85
Cancelled/Expired (in dollars per share)	36.37
Outstanding, ending balance (in dollar per share)	16.21		$ 36.54
Vested and exercisable (in dollars per share)	$ 16.06
Additional Disclosures
Outstanding, weighted-average remaining, contract term (in years)	7 years 7 months 6 days		7 years 9 months 18 days
Outstanding, aggregate intrinsic value	$ 2.1		$ 1.3
Aggregate intrinsic value of options exercised	$ 0.3	$ 2.5
Vested and exercisable, weighted-average remaining, contract term (in years)	7 years 2 months 12 days
Vested and exercisable, aggregate intrinsic value	$ 1.7

Stockholders_ Equity - Restrict

Stockholders’ Equity - Restricted Stock Units and Performance Restricted Stock Units Activity (Details) - RSU and PRSU	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of Shares
Unvested and outstanding, beginning balance (in shares) | shares	2,881,984
Granted (in shares) | shares	34,782
Released (in shares) | shares	(158,346)
Canceled and forfeited (in shares) | shares	(155,827)
Unvested and outstanding, ending balance (in shares) | shares	2,602,593
Weighted Average Grant-Date Fair Value per Share
Unvested and outstanding, beginning balance (in dollars per share) | $ / shares	$ 41.15
Granted (in dollars per share) | $ / shares	14.28
Vested (in dollars per share) | $ / shares	60.86
Canceled and forfeited (in dollars per share) | $ / shares	42.71
Unvested and outstanding, ending balance (in dollars per share) | $ / shares	$ 39.45

Stockholders_ Equity - Share-ba

Stockholders’ Equity - Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 16.1	$ 13.4
Losses and loss adjustment expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0.5	0.7
Insurance related expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1.2	1.3
Technology and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	3.4	5.2
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	4.3	2.4
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 6.7	$ 3.8

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	(0.40%)	(0.30%)
Unrecognized tax benefits	$ 3,500,000	$ 1,100,000
Income tax interest or penalties incurred	$ 0	$ 0

Net Loss Per Share Attributab_3

Net Loss Per Share Attributable to Common Stockholders - Computation (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net loss attributable to Hippo - basic	$ (69.8)	$ (67.6)
Net loss attributable to Hippo - diluted	$ (69.8)	$ (67.6)
Weighted-average shares used in computing net loss per share attributable to Hippo - basic (in shares)	23,198,491	22,464,802
Weighted-average shares used in computing net loss per share attributable to Hippo - diluted (in shares)	23,198,491	22,464,802
Net loss per share attributable to Hippo - basic (in dollars per share)	$ (3.01)	$ (3.01)
Net loss per share attributable to Hippo - diluted (in dollars per share)	$ (3.01)	$ (3.01)

Net Loss Per Share Attributab_4

Net Loss Per Share Attributable to Common Stockholders - Antidilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,878,944	3,499,717
Outstanding options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,864,217	1,777,976
Common stock from outstanding warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	360,000	360,000
Common stock subject to repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	52,134	170,056
RSU and PRSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	2,602,593	1,191,684

Segments - Narrative (Details)

Segments - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 segment stateLicense
Segment Reporting [Abstract]
Reportable segments | segment	3
Number of state licenses | stateLicense	50

Segments - Schedule of Financia

Segments - Schedule of Financial Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue:
Net earned premium	$ 13.8	$ 9
Commission income, net	17.4	11.5
Service and fee income	3.2	3.6
Net investment income	5.4	0.4
Total revenue	39.8	24.5
Operating Expenses:
Loss and loss adjustment expense	37.7	22.5
Insurance related expenses	15.8	13.2
Sales and marketing	22.4	24.9
Technology and development	11.6	14.7
General and administrative	19.8	16.5
Other expenses	0.3	(1)
Less: Noncontrolling interest	68.1	66.5
Adjusted EBITDA	(52.1)	(48.5)
Depreciation and amortization	(4.3)	(3.9)
Stock–based compensation expense	(16.1)	(13.4)
Fair value adjustments	(0.2)	1.2
Contingent consideration liability	(0.8)	(3.2)
Other one-off transactions	(1.4)	0
Income tax expense	(0.3)	(0.2)
Net loss attributable to Hippo	(69.8)	(67.6)
Non-GAAP
Revenue:
Net investment income	5.4	0.4
Operating Expenses:
Loss and loss adjustment expense	37.2	21.9
Insurance related expenses	11.6	10.1
Sales and marketing	15.8	18.5
Technology and development	8.2	8.9
General and administrative	11.7	12
Other expenses	0.3	0.1
Total operating expenses	84.8	71.5
Less: Noncontrolling interest	(1.7)	(1.1)
Intersegment Eliminations
Revenue:
Net earned premium	0	0
Commission income, net	(2.2)	(2.9)
Service and fee income	0	0
Net investment income	0	0
Total revenue	(2.2)	(2.9)
Operating Expenses:
Adjusted EBITDA	(0.2)	0
Intersegment Eliminations | Non-GAAP
Revenue:
Net investment income	0	0
Operating Expenses:
Loss and loss adjustment expense	0	0
Insurance related expenses	(0.8)	(2.9)
Sales and marketing	(1.2)	0
Technology and development	0	0
General and administrative	0	0
Other expenses	0	0
Total operating expenses	(2)	(2.9)
Less: Noncontrolling interest	0	0
Services | Operating Segments
Revenue:
Net earned premium	0	0
Commission income, net	9.6	7
Service and fee income	0.2	0.4
Net investment income	0	0
Total revenue	9.8	7.4
Operating Expenses:
Adjusted EBITDA	(10.8)	(11.4)
Services | Operating Segments | Non-GAAP
Revenue:
Net investment income	0	0
Operating Expenses:
Loss and loss adjustment expense	0	0
Insurance related expenses	0	0
Sales and marketing	12.1	13.2
Technology and development	3.7	2
General and administrative	2.9	2.4
Other expenses	0.2	0.1
Total operating expenses	18.9	17.7
Less: Noncontrolling interest	(1.7)	(1.1)
Insurance-as-a-Service | Operating Segments
Revenue:
Net earned premium	7.6	4.4
Commission income, net	3.8	2.4
Service and fee income	0	0
Net investment income	1.5	0.2
Total revenue	12.9	7
Operating Expenses:
Adjusted EBITDA	3.2	2.6
Insurance-as-a-Service | Operating Segments | Non-GAAP
Revenue:
Net investment income	1.5	0.2
Operating Expenses:
Loss and loss adjustment expense	2.7	1
Insurance related expenses	4.2	2
Sales and marketing	0	0.1
Technology and development	0	0
General and administrative	1.3	1.1
Other expenses	0	0
Total operating expenses	8.2	4.2
Less: Noncontrolling interest	0	0
Hippo Home Insurance Program | Operating Segments
Revenue:
Net earned premium	6.2	4.6
Commission income, net	6.2	5
Service and fee income	3	3.2
Net investment income	3.9	0.2
Total revenue	19.3	13
Operating Expenses:
Adjusted EBITDA	(44.3)	(39.7)
Hippo Home Insurance Program | Operating Segments | Non-GAAP
Revenue:
Net investment income	3.9	0.2
Operating Expenses:
Loss and loss adjustment expense	34.5	20.9
Insurance related expenses	8.2	11
Sales and marketing	4.9	5.2
Technology and development	4.5	6.9
General and administrative	7.5	8.5
Other expenses	0.1	0
Total operating expenses	59.7	52.5
Less: Noncontrolling interest	$ 0	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions		3 Months Ended
	Apr. 18, 2023	Mar. 31, 2023	Mar. 31, 2022
Subsequent Event [Line Items]
Purchases of property and equipment		$ 0	$ 2.4
Subsequent Event | Spinnaker Insurance Company | Elevate Sabine Investors LP
Subsequent Event [Line Items]
Purchases of property and equipment	$ 26