Hippo (HIPO) 10-Q 2 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Oct. 24, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		23,887,240
Entity Central Index Key	0001828105
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Common stock, $0.0001 par value per share
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	Sep. 30, 2023	Dec. 31, 2022
Investments:
Fixed maturities available-for-sale, at fair value (amortized cost: $148.5 million and $127.3 million, respectively)	$ 141.5	$ 121.1
Short-term investments, at fair value (amortized cost: $188.6 million and $325.6 million, respectively)	188.5	324.8
Total investments	330	445.9
Cash and cash equivalents	228.4	194.5
Restricted cash	41	50
Accounts receivable, net of allowance of $0.4 million and $0.3 million, respectively	145.4	107.2
Reinsurance recoverable on paid and unpaid losses and LAE	297.3	286.3
Prepaid reinsurance premiums	375.5	309.9
Ceding commissions receivable	79.9	45.8
Capitalized internal use software	46.9	38.8
Intangible assets	23.6	26.9
Other assets	79	63.6
Total assets	1,647	1,568.9
Liabilities:
Loss and loss adjustment expense reserve	359.9	293.8
Unearned premiums	441.8	341.3
Reinsurance premiums payable	291.1	207.1
Provision for commission	18	5
Accrued expenses and other liabilities	124.9	128.2
Total liabilities	1,235.7	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 September 30, 2023 and December 31, 2022, respectively; 23,891,930 and 23,201,434 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	0	0
Additional paid-in capital	1,606.1	1,558
Accumulated other comprehensive loss	(7.1)	(7)
Accumulated deficit	(1,192)	(961.1)
Total Hippo stockholders’ equity	407	589.9
Noncontrolling interest	4.3	3.6
Total stockholders’ equity	411.3	593.5
Total liabilities and stockholders’ equity	$ 1,647	$ 1,568.9

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Fixed maturities, available-for-sale, amortized cost	$ 148.5	$ 127.3
Short-term investments, amortized cost	188.6	325.6
Accounts receivable, allowance	$ 0.4	$ 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)	23,891,930	23,201,434
Common stock, shares outstanding (in shares)	23,891,930	23,201,434

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue:
Net earned premium	$ 32.9	$ 10.7	$ 69	$ 30.9
Commission income, net	14.2	14.3	47.8	38.7
Service and fee income	4.9	3.2	11.9	10.3
Net investment income	5.7	2.5	16.5	4
Total revenue	57.7	30.7	145.2	83.9
Expenses:
Losses and loss adjustment expenses	36.5	23.9	150.9	75.6
Insurance related expenses	20.3	15.6	54.8	46.2
Technology and development	11.9	14.8	36.6	46
Sales and marketing	18.9	29.4	63.9	73.7
General and administrative	20.7	19	62	53.7
Impairment and restructuring charges	0	55.3	0	55.3
Interest and other (income) expense	0	(0.1)	0.5	(1.4)
Total expenses	108.3	157.9	368.7	349.1
Loss before income taxes	(50.6)	(127.2)	(223.5)	(265.2)
Income tax expense (benefit)	(0.3)	0.3	0.2	0.8
Net loss	(50.3)	(127.5)	(223.7)	(266)
Net income attributable to noncontrolling interests, net of tax	2.8	1.7	7.1	4.3
Net loss attributable to Hippo	(53.1)	(129.2)	(230.8)	(270.3)
Other comprehensive income (loss):
Change in net unrealized gain or loss on investments, net of tax	(0.7)	(2.9)	(0.1)	(7.1)
Comprehensive loss attributable to Hippo	(53.8)	(132.1)	(230.9)	(277.4)
Per share data:
Net loss attributable to Hippo - basic	(53.1)	(129.2)	(230.8)	(270.3)
Net loss attributable to Hippo - diluted	$ (53.1)	$ (129.2)	$ (230.8)	$ (270.3)
Weighted-average shares used in computing net loss per share attributable to Hippo - basic (in shares)	23,729,570	22,839,916	23,440,555	22,651,026
Weighted-average shares used in computing net loss per share attributable to Hippo - diluted (in shares)	23,729,570	22,839,916	23,440,555	22,651,026
Net loss per share attributable to Hippo - basic (in dollars per share)	$ (2.24)	$ (5.66)	$ (9.85)	$ (11.93)
Net loss per share attributable to Hippo - diluted (in dollars per share)	$ (2.24)	$ (5.66)	$ (9.85)	$ (11.93)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders’ Equity - USD ($) $ in Millions	Total	Total Hippo Stockholders' Equity	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Non controlling Interests
Beginning balance (in shares) at Dec. 31, 2021			22,601,245
Beginning balance at Dec. 31, 2021	$ 861.7	$ 859.6	$ 0	$ 1,488.3	$ (0.7)	$ (628)	$ 2.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(66.5)	(67.6)				(67.6)	1.1
Other comprehensive income (loss)	(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	805.5	$ 0	1,504.4	(3.3)	(695.6)	3.2
Beginning balance (in shares) at Dec. 31, 2021			22,601,245
Beginning balance at Dec. 31, 2021	861.7	859.6	$ 0	1,488.3	(0.7)	(628)	2.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(266)
Ending balance (in shares) at Sep. 30, 2022			23,061,266
Ending balance at Sep. 30, 2022	639	635	$ 0	1,540.8	(7.8)	(898)	4
Beginning balance (in shares) at Mar. 31, 2022			22,710,161
Beginning balance at Mar. 31, 2022	808.7	805.5	$ 0	1,504.4	(3.3)	(695.6)	3.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(72)	(73.5)				(73.5)	1.5
Other comprehensive income (loss)	(1.6)	(1.6)			(1.6)
Issuance of common stock from stock plans and contingently issuable shares (in shares)			187,934
Issuance of common stock from stock plans and contingently issuable shares	2.3	2.3		2.3
Repurchase of common stock (in shares)			(3,599)
Shares withheld related to net share settlement	(1.7)	(1.7)		(1.7)
Stock-based compensation expense	17.8	17.8		17.8
Other	(2.1)	0.3				0.3	(2.4)
Ending balance (in shares) at Jun. 30, 2022			22,894,496
Ending balance at Jun. 30, 2022	751.4	749.1	$ 0	1,522.8	(4.9)	(768.8)	2.3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(127.5)	(129.2)				(129.2)	1.7
Other comprehensive income (loss)	(2.9)	(2.9)			(2.9)
Issuance of common stock from stock plans and contingently issuable shares (in shares)			166,770
Issuance of common stock from stock plans and contingently issuable shares	0.4	0.4		0.4
Shares withheld related to net share settlement	(0.8)	(0.8)		(0.8)
Stock-based compensation expense	18.4	18.4		18.4
Ending balance (in shares) at Sep. 30, 2022			23,061,266
Ending balance at Sep. 30, 2022	$ 639	635	$ 0	1,540.8	(7.8)	(898)	4
Beginning balance (in shares) at Dec. 31, 2022	23,201,434		23,201,434
Beginning balance at Dec. 31, 2022	$ 593.5	589.9	$ 0	1,558	(7)	(961.1)	3.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(68.1)	(69.8)				(69.8)	1.7
Other comprehensive income (loss)	1.7	1.7			1.7
Issuance of common stock from stock plans and contingently issuable shares (in shares)			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)			(15,472)
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
Ending balance at Mar. 31, 2023	$ 543	538.3	$ 0	1,574.7	(5.3)	(1,031.1)	4.7
Beginning balance (in shares) at Dec. 31, 2022	23,201,434		23,201,434
Beginning balance at Dec. 31, 2022	$ 593.5	589.9	$ 0	1,558	(7)	(961.1)	3.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (223.7)
Issuance of common stock from stock plans and contingently issuable shares (in shares)	103,002
Repurchase of common stock (in shares)	(100,000)
Ending balance (in shares) at Sep. 30, 2023	23,891,930		23,891,930
Ending balance at Sep. 30, 2023	$ 411.3	407	$ 0	1,606.1	(7.1)	(1,192)	4.3
Beginning balance (in shares) at Mar. 31, 2023			23,320,786
Beginning balance at Mar. 31, 2023	543	538.3	$ 0	1,574.7	(5.3)	(1,031.1)	4.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(105.2)	(107.8)				(107.8)	2.6
Other comprehensive income (loss)	(1.1)	(1.1)			(1.1)
Issuance of common stock from stock plans and contingently issuable shares (in shares)			375,844
Issuance of common stock from stock plans and contingently issuable shares	1.8	1.8		1.8
Repurchase of common stock (in shares)			(85,322)
Repurchase of common stock	(1.6)	(1.6)		(1.6)
Shares withheld related to net share settlement	(2)	(2)		(2)
Stock-based compensation expense	18	18		18
Other	(5.9)						(5.9)
Ending balance (in shares) at Jun. 30, 2023			23,611,308
Ending balance at Jun. 30, 2023	447	445.6	$ 0	1,590.9	(6.4)	(1,138.9)	1.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(50.3)	(53.1)				(53.1)	2.8
Other comprehensive income (loss)	(0.7)	(0.7)			(0.7)
Issuance of common stock from stock plans and contingently issuable shares (in shares)			280,622
Issuance of common stock from stock plans and contingently issuable shares	0.6	0.6		0.6
Shares withheld related to net share settlement	(1.1)	(1.1)		(1.1)
Stock-based compensation expense	15.7	15.7		15.7
Other	$ 0.1						0.1
Ending balance (in shares) at Sep. 30, 2023	23,891,930		23,891,930
Ending balance at Sep. 30, 2023	$ 411.3	$ 407	$ 0	$ 1,606.1	$ (7.1)	$ (1,192)	$ 4.3

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (223.7)	$ (266)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	14.4	11.2
Stock–based compensation expense	46.7	46.3
Change in fair value of warrant liability	(0.2)	(2.8)
Change in fair value of contingent consideration liability	4.5	2.6
Impairment charges	0	53.5
Other non-cash items	(6.9)	(0.3)
Changes in assets and liabilities:
Accounts receivable, net	(38.2)	(33.3)
Reinsurance recoverable on paid and unpaid losses and LAE	(11)	(70.4)
Ceding commissions receivable	(34.2)	(14.7)
Prepaid reinsurance premiums	(65.7)	(70)
Other assets	0.1	15.3
Provision for commission	13	1.1
Accrued expenses and other liabilities	6.6	15.5
Loss and loss adjustment expense reserves	66.1	60.7
Unearned premiums	100.6	63.4
Reinsurance premiums payable	84	56.5
Net cash used in operating activities	(43.9)	(131.4)
Cash flows from investing activities:
Capitalized internal use software costs	(13)	(11.4)
Purchases of property and equipment	(29.2)	(4.8)
Purchases of investments	(290.7)	(645.4)
Maturities of investments	383.6	367.4
Sales of investments	29.8	5.5
Other	(0.9)	(2)
Net cash provided by (used in) investing activities	79.6	(290.7)
Cash flows from financing activities:
Taxes paid related to net share settlement of equity awards	(4)	(3.5)
Proceeds from issuances of common stock	2.4	3.4
Share repurchases under program	(1.8)	0
Payments of contingent consideration	(1)	(0.4)
Distributions to noncontrolling interests	(6.5)	(2.2)
Other	0.1	(1)
Net cash used in financing activities	(10.8)	(3.7)
Net increase (decrease) in cash, cash equivalents, and restricted cash	24.9	(425.8)
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	$ 269.4	$ 392.9

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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. The Company was incorporated in October 2020 under the name Reinvent Technology Partners Z (“RTPZ”) as a Cayman Islands exempted company for the purpose of effecting a business combination. On August 2, 2021, RTPZ domesticated as a Delaware corporation, changed its name to “Hippo Holdings Inc.” and consummated a series of mergers to acquire Hippo Enterprises Inc., a Delaware corporation (“Old Hippo”), with the Company ultimately surviving (such mergers, the “Business Combination”). The Business Combination was completed pursuant to the Agreement and Plan of Merger, dated as of March 3, 2021, by and among RTPZ, RTPZ Merger Sub Inc. and Old Hippo. 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 (“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 reports three operating segments based on how the Company’s chief operating decision maker assesses the Company’s performance and allocates resources. See Note 17 “Segments”. 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	9 Months Ended
	Sep. 30, 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): September 30, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed maturities available-for-sale: U.S. government and agencies $ 22.5 $ — $ (0.4) $ 22.1 States and other territories 10.1 — (0.6) 9.5 Corporate securities 71.9 0.1 (2.6) 69.4 Foreign securities 0.9 — — 0.9 Residential mortgage-backed securities 21.2 — (2.3) 18.9 Commercial mortgage-backed securities 7.7 — (0.7) 7.0 Asset backed securities 14.2 — (0.5) 13.7 Total fixed maturities available-for-sale 148.5 0.1 (7.1) 141.5 Short-term investments: U.S. government and agencies 123.4 — (0.1) 123.3 Commercial paper 47.6 — — 47.6 Corporate securities 17.6 — — 17.6 Total short-term investments 188.6 — (0.1) 188.5 Total $ 337.1 $ 0.1 $ (7.2) $ 330.0 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 September 30, 2023, and December 31, 2022 (in millions): September 30, 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 $ 10.2 $ (0.1) $ 11.9 $ (0.3) $ 22.1 $ (0.4) States and other territories 1.4 — 8.0 (0.6) 9.4 (0.6) Corporate securities 36.4 (0.5) 37.8 (2.1) 74.2 (2.6) Foreign securities 0.9 — 0.9 — Residential mortgage-backed securities 7.6 (0.3) 11.4 (2.0) 19.0 (2.3) Commercial mortgage-backed securities 1.3 — 5.8 (0.7) 7.1 (0.7) Asset backed securities 5.6 (0.1) 8.2 (0.4) 13.8 (0.5) Short-term investments: U.S. government and agencies 123.4 (0.1) — — 123.4 (0.1) Commercial paper 47.5 — — — 47.5 — Corporate securities 17.6 — — — 17.6 — Total $ 251.0 $ (1.1) $ 84.0 $ (6.1) $ 335.0 $ (7.2) 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 September 30, 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 September 30, 2023, none of the Company’s fixed maturity portfolio was unrated or rated below investment grade. The amortized cost and fair value of fixed maturities securities by contractual maturity are as follows (in millions): September 30, 2023 Amortized Cost Fair Value Due to mature: One year or less $ 25.2 $ 24.9 After one year through five years 76.5 73.5 After five years 3.6 3.5 Residential mortgage-backed securities 21.2 18.9 Commercial mortgage-backed securities 7.7 7.0 Asset backed securities 14.2 13.7 Total fixed maturities available-for-sale $ 148.5 $ 141.5 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 and nine months ended September 30, 2023 and 2022, respectively. The Company’s net investment income is comprised of the following (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest on cash and cash equivalents $ 2.2 $ 1.2 $ 4.7 $ 1.4 Fixed maturities income 1.5 0.6 4.1 1.1 Short-term investment income 2.1 0.8 8.1 1.7 Total gross investment income 5.8 2.6 16.9 4.2 Investment expenses (0.1) (0.1) (0.4) (0.2) Net investment income $ 5.7 $ 2.5 $ 16.5 $ 4.0 Pursuant to certain regulatory requirements, the Company is required to hold assets on deposit with various state insurance departments for the benefit of policyholders. These special deposits are included in cash and cash equivalents, fixed maturities, or short-term investments on the consolidated balance sheets. The carrying value of securities on deposit with state regulatory authorities total $12.7 million and $12.6 million as of September 30, 2023 and December 31, 2022, respectively.

Cash, Cash Equivalents, and Res

Cash, Cash Equivalents, and Restricted Cash	9 Months Ended
	Sep. 30, 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): September 30, December 31, Cash and cash equivalents: Cash $ 69.8 $ 65.7 Money market funds 148.7 87.1 Commercial paper — 26.8 U.S. government and agencies 9.9 14.9 Total cash and cash equivalents $ 228.4 $ 194.5 Restricted cash: Fiduciary assets 32.4 30.6 Letters of credit and cash on deposit 8.6 19.4 Total restricted cash 41.0 50.0 Total cash, cash equivalents, and restricted cash $ 269.4 $ 244.5

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Sep. 30, 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): September 30, 2023 Level 1 Level 2 Level 3 Total Financial assets: Cash, cash equivalents, and restricted cash $ 269.4 $ — $ — $ 269.4 Fixed maturities available-for-sale: U.S. government and agencies 22.1 — — 22.1 States and other territories — 9.5 — 9.5 Corporate securities — 69.4 — 69.4 Foreign securities — 0.9 — 0.9 Residential mortgage-backed securities — 18.9 — 18.9 Commercial mortgage-backed securities — 7.0 — 7.0 Asset backed securities — 13.7 — 13.7 Total fixed maturities available-for-sale 22.1 119.4 — 141.5 Short-term investments U.S. government and agencies 123.3 — — 123.3 Commercial paper — 47.6 — 47.6 Corporate securities — 17.6 — 17.6 Total short-term investments 123.3 65.2 — 188.5 Total financial assets $ 414.8 $ 184.6 $ — $ 599.4 Financial liabilities: Contingent consideration liability $ — $ — $ 13.5 $ 13.5 Public warrants 0.1 — — 0.1 Private placement warrants — 0.1 — 0.1 Total financial liabilities $ 0.1 $ 0.1 $ 13.5 $ 13.7 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 nine months ended September 30, 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 (2.9) (2.4) Changes in fair value 4.5 2.6 Balance as of September 30, $ 13.5 $ 11.8

Intangible Assets and Goodwill

Intangible Assets and Goodwill	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets and Goodwill	5. Intangible Assets and Goodwill September 30, 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 5.2 $ 13.5 $ (4.7) $ 8.8 $ 13.5 $ (3.4) $ 10.1 State licenses and domain name Indefinite 10.5 — 10.5 10.5 — 10.5 Customer relationships 1.6 13.7 (10.3) 3.4 13.7 (8.5) 5.2 Other 5.8 1.7 (0.8) 0.9 1.7 (0.6) 1.1 Total intangible assets, net $ 39.4 $ (15.8) $ 23.6 $ 39.4 $ (12.5) $ 26.9 Amortization expense related to intangible assets for the three months ended September 30, 2023 and 2022 was $1.1 million and $1.1 million, respectively, and for the nine months ended September 30, 2023 and 2022 was $3.3 million and $4.2 million, respectively. 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. For the three months ended September 30, 2022, management identified quantitative and qualitative factors that indicated a triggering event to test goodwill for impairment, mainly due to the sustained decrease in stock price and continued deterioration of general macroeconomic conditions. The Company performed a valuation at the reporting unit level using the income-based approach. These forecasts and assumptions were highly subjective. Given the results of the Company’s quantitative assessment, the Company determined that all the reporting units’ goodwill were impaired and the Company recorded impairment charges of $53.5 million, which are included in impairment and restructuring charges in the accompanying consolidated statements of operations and comprehensive loss.

Capitalized Internal Use Softwa

Capitalized Internal Use Software	9 Months Ended
	Sep. 30, 2023
Research and Development [Abstract]
Capitalized Internal Use Software	6. Capitalized Internal Use Software September 30, December 31, (in millions) Capitalized internal use software $ 73.9 $ 56.4 Less: accumulated amortization (27.0) (17.6) Total capitalized internal use software $ 46.9 $ 38.8 Amortization expense related to capitalized internal use software for the three months ended September 30, 2023 and 2022 was $3.4 million and $2.4 million, respectively, and for the nine months ended September 30, 2023 and 2022 was $9.4 million and $6.3 million, respectively. The amortization expense is included in insurance related expenses on the consolidated statements of operations and comprehensive loss.

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	7. Other Assets September 30, December 31, (in millions) Prepaid expenses $ 11.5 $ 17.4 Claims receivable 11.2 9.0 Lease right-of-use assets 14.6 27.6 Property and equipment 35.1 5.4 Other 6.6 4.2 Total other assets $ 79.0 $ 63.6

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	8. Accrued Expenses and Other Liabilities September 30, December 31, (in millions) Claim payments outstanding $ 30.6 $ 27.7 Lease liability 15.9 28.9 Advances from customers 13.4 10.2 Deferred revenue 2.2 11.0 Employee related accruals 8.5 6.2 Premium refund liability 11.4 8.2 Fiduciary liability 4.7 6.6 Contingent consideration liability 13.5 11.9 Other 24.7 17.5 Total accrued expenses and other liabilities $ 124.9 $ 128.2

Loss and Loss Adjustment Expens

Loss and Loss Adjustment Expense Reserves	9 Months Ended
	Sep. 30, 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 (“LAE”), net of reinsurance is summarized as follows for the nine months ended September 30, (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 153.0 84.9 Prior years (2.1) (9.3) Total incurred 150.9 75.6 Deduct: Loss and LAE payments, net of reinsurance, related to: Current year 89.8 45.9 Prior years 15.7 15.7 Total paid 105.5 61.6 Reserve for losses and LAE, net of reinsurance recoverables at end of period 110.4 57.8 Add: Reinsurance recoverables on unpaid losses and LAE at end of period 249.5 263.7 Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of end of the period $ 359.9 $ 321.5 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 $2.1 million and $9.3 million for the nine months ended September 30, 2023 and 2022, respectively. The favorable development of $2.1 million was driven primarily by the 2022 accident year, resulting in a net release of $1.0 million from catastrophe reserves, and $1.1 million from attritional reserves, which were recorded in the first six months of 2023. These changes are a result of ongoing analysis of claims emergence patterns and loss trends. The prior period’s favorable development of $ 9.3 million was driven primarily by the 2021 accident year, resulting in a net release of $5.0 million from attritional reserves and $4.3 million from catastrophe reserves. These changes are a result of ongoing analysis of claims emergence patterns and loss trends.

Reinsurance

Reinsurance	9 Months Ended
	Sep. 30, 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 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 retains 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, the Company 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 is retaining 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 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 increased the amount of losses retained by its insurance company subsidiaries in excess of the Company’s pro rata participation in both the 2022 and 2023 fiscal years. For the Company’s primary homeowners reinsurance treaty that commenced in 2021, the Company secured proportional reinsurance from a diverse panel of third-party reinsurers with AM Best ratings of “A-” Excellent or better. A total of approximately 12% of the premium was retained either by Spinnaker or RHS, which aligns the Company’s interests with third-party reinsurers. Two of the reinsurers, representing approximately one-third of the programs, provided three-year agreements. The Company also seeks to further reduce its risk retention through purchases of non-proportional reinsurance described below. Non-Proportional Reinsurance — Hippo The Company also purchases non-proportional excess of loss catastrophe coverage (“XOL”) reinsurance which includes traditional reinsurance protection, catastrophe bonds, and industry loss warranty products. 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. In May 2023, Spinnaker secured new catastrophe protection through a per occurrence excess of loss reinsurance agreement with Mountain Re Ltd. (“Mountain Re”), an independent Bermuda company, licensed as a Special Purpose Insurer. The reinsurance agreement meets the requirements to be accounted for as reinsurance in accordance with the guidance for reinsurance contracts. In connection with the reinsurance agreement, Mountain Re issued notes (generally referred to as “catastrophe bonds”) to investors, consistent with the amount of coverage provided under the reinsurance agreement. The reinsurance agreement provides the Company with coverage through June 2026, and pursuant to the agreement, Mountain Re provides XOL reinsurance coverage to Spinnaker for losses from a variety of perils, including named storms, fire following an earthquake, severe thunderstorms, and winter storms on business produced through the Hippo MGA. Under the terms of the reinsurance agreement, the Company is obligated to pay annual reinsurance premiums to Mountain Re for the reinsurance coverage. Amounts payable under the reinsurance agreement with respect to any covered event cannot exceed the Company’s actual losses from such event. In June 2023, the Company’s captive reinsurance company, RHS, entered into an Industry Loss Warranty (ILW) with a third party under which loss payments are triggered by reference to the level of losses incurred by the insurance industry as whole for pre-defined events, rather than by losses incurred by the Company. RHS entered into the ILW in order to hedge the risk of the Company experiencing a catastrophic hurricane loss on business assumed. 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 when considered with the corporate catastrophe XOL described below under “Other Reinsurance”. This reinsurance protects the Company from all but the most severe catastrophic events. Other Reinsurance Spinnaker also 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 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. The catastrophe bonds described above inures to the benefit of this contract. 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. The Company also purchases reinsurance from the State Board of Administration in Florida via the Florida Hurricane Catastrophe Fund (the “FHCF”) and the Reinsurance to Assist Policyholders (the “RAP”) program for residential hurricane losses in the State of Florida. This coverage is provided and required by the State of Florida. The Company currently purchases reimbursement protection at the maximum level (90%) of mandatory coverage offered by the FHCF. 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 and nine months ended September 30, 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 and nine months ended September 30, 2023, and 2022 (in millions). For the Three Months Ended September 30, 2023 2022 Written premiums Earned premiums Loss and LAE incurred Written premiums Earned premiums Loss and LAE incurred Direct $ 225.9 $ 207.7 $ 120.7 $ 173.0 $ 139.7 $ 155.3 Assumed 3.6 3.0 3.8 0.3 0.1 (1.6) Gross 229.5 210.7 124.5 173.3 139.8 153.7 Ceded (178.0) (177.8) (88.0) (167.3) (129.1) (129.8) Net $ 51.5 $ 32.9 $ 36.5 $ 6.0 $ 10.7 $ 23.9 For the Nine Months Ended September 30, 2023 2022 Written premiums Earned premiums Loss and LAE incurred Written premiums Earned premiums Loss and LAE incurred Direct $ 651.8 $ 557.3 $ 441.4 $ 451.8 $ 388.5 $ 345.2 Assumed 11.8 5.7 9.5 0.4 0.2 0.7 Gross 663.6 563.0 450.9 452.2 388.7 345.9 Ceded (559.8) (494.0) (300.0) (430.9) (357.8) (270.3) Net $ 103.8 $ 69.0 $ 150.9 $ 21.3 $ 30.9 $ 75.6 As of September 30, 2023 and December 31, 2022, a provision for sliding scale commissions of $15.6 million and $3.5 million, respectively, is included in provision for commission on the consolidated balance sheets. As of September 30, 2023 and December 31, 2022, a receivable for sliding scale commissions of $5.4 million and $4.5 million, respectively, is included in ceding commissions receivable on the consolidated balance sheets. As of September 30, 2023 and December 31, 2022, a provision for loss participation features of $106.0 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	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Amount % of GWP Amount % of GWP Amount % of GWP Amount % of GWP State Texas $ 42.5 18.5 % $ 38.2 22.0 % $ 126.3 19.0 % $ 115.2 25.5 % California 40.6 17.7 % 32.8 18.9 % 116.6 17.7 % 86.1 19.0 % Florida 29.9 13.0 % 15.1 8.7 % 89.4 13.5 % 37.8 8.4 % Georgia 8.5 3.7 % 7.3 4.2 % 30.7 4.6 % 20.9 4.6 % Colorado 5.6 2.4 % 5.5 3.2 % 18.1 2.7 % 12.7 2.8 % Arizona 5.0 2.2 % 3.9 2.4 % 14.1 2.1 % 10.3 2.3 % Illinois 7.5 3.3 % 6.6 3.8 % 19.9 3.0 % 16.0 3.5 % New Jersey 4.5 2.0 % 4.7 2.7 % 12.8 1.9 % 9.2 2.0 % Ohio 3.3 1.4 % 3.9 2.4 % 11.2 1.7 % 10.3 2.3 % Missouri 5.1 2.2 % 4.7 2.7 % 12.6 1.9 % 11.3 2.5 % Other 77.0 33.6 % 50.6 29.2 % 211.9 31.9 % 122.4 27.1 % Total $ 229.5 100 % $ 173.3 100 % $ 663.6 100 % $ 452.2 100 %

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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. All claims asserted are based on alleged conduct that occurred prior to Hippo becoming a publicly traded company. Hippo engaged counsel to defend both Hippo and Mr. Wand, and Hippo and Mr. Wand have denied all claims. As a result of the new allegations in the Third Amended Complaint, Hippo moved to have the court designate the case as complex. The court granted this motion, took the previously scheduled trial date off the calendar, and trial is now expected to take place in late 2024. The parties are engaged in fact discovery, and Hippo intends to move for summary judgment against the claims alleged in the amended complaint.

Stockholders_ Equity

Stockholders’ Equity	9 Months Ended
	Sep. 30, 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 The Company’s 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 The Company’s 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 (103,002) 11.89 Cancelled/Expired (257,719) 25.30 Outstanding as of September 30, 2023 1,626,257 16.12 7.1 $ 0.1 Vested and exercisable as of September 30, 2023 1,273,336 $ 16.09 6.9 $ 0.1 The aggregate intrinsic value of options exercised during the nine months ended September 30, 2023 and 2022 was $0.5 million and $3.5 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 September 30, 2023 and 2022. Total unrecognized compensation cost of $6.8 million as of September 30, 2023 is expected to be recognized over a weighted-average period of 1.1 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 2020 and 2021, certain employees early exercised stock options with cash. On September 30, 2023 and December 31, 2022, the Company had $0.9 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 0.0 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 the Company’s 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 the Company’s 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 the Company’s equity compensation plans. The Company measures RSU and PRSU expense for awards granted based on the estimated fair value of those awards at 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, and 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 nine months ended September 30, 2023 and 2022, 1.4 million and 2.3 million PRSUs were granted. The following table summarizes the RSU and PRSU activity for the nine months ended September 30, 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 1,372,585 17.97 Released (861,292) 40.81 Canceled and forfeited (414,068) 39.29 Unvested and outstanding as of September 30, 2023 2,979,209 $ 30.79 Total unrecognized compensation cost related to unvested RSUs and PRSUs is $65.8 million as of September 30, 2023, and it is expected to be recognized over a weighted-average period of 1.8 years. 2021 Employee Stock Purchase Plan The Company’s 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 the Company’s common stock with their accumulated payroll deductions at a price equal to 85% of the lesser of the fair market value on the first business day of the offering period or on the designated purchase date of the offering period up to $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 nine months ended September 30, 2023, 80,990 shares have been issued under the 2021 ESPP for $1.0 million. During the nine months ended September 30, 2022, 46,000 shares have been issued under the 2021 ESPP for $1.6 million . 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 Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Losses and loss adjustment expenses $ 0.4 $ 0.7 $ 1.0 $ 1.9 Insurance related expenses 1.1 1.4 3.7 3.9 Technology and development 2.8 5.1 10.1 15.9 Sales and marketing 3.3 4.0 11.2 9.3 General and administrative 6.4 5.8 20.8 15.3 Total stock-based compensation expense $ 14.0 $ 17.0 $ 46.8 $ 46.3 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

Restructuring

Restructuring	9 Months Ended
	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring	14. Restructuring On August 31, 2022, the Company instituted an organizational realignment, including a workforce reduction impacting approximately 10% of the Company’s headcount. This strategic reduction of existing workforce was intended to drive efficiency and increase focus on strategic priorities. As a result, approximately 70 employees in various departments and locations were terminated. Each employee terminated as part of the reduction was offered severance, benefits and related costs. The Company recognized charges of $1.8 million for severance, benefits and related costs as a result of these actions for the three and nine months ended September 30, 2022, respectively. The charges are included in impairment and restructuring charges in the accompanying consolidated statements of operations and comprehensive income (loss). The Company did not incur any additional charges associated with the restructuring, and the cash payments associated with this restructuring were substantially complete as of September 30, 2022. There were no restructuring charges for the nine months ended September 30, 2023. Refer to Note 18 of the accompanying consolidated financial statements for additional information on restructuring.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	15. Income Taxes The consolidated effective tax rate was (0.1)% and (0.3)% for the nine months ended September 30, 2023 and 2022, respectively. The difference between the rate for the three months ended September 30, 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 September 30, 2023 and 2022, the Company has $4.1 million and $2.2 million of unrecognized tax benefits, respectively, fully offset by a valuation allowance. No material interest or penalties were incurred during the nine months ended September 30, 2023 and 2022.

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders	16. Net Loss Per Share Attributable to Common Stockholders Net loss per share attributable to common stockholders was computed as follows: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Numerator: Net loss attributable to Hippo – basic and diluted (in millions) $ (53.1) $ (129.2) $ (230.8) $ (270.3) Denominator: Weighted-average shares used in computing net loss per share attributable to Hippo — basic and diluted 23,729,570 22,839,916 23,440,555 22,651,026 Net loss per share attributable to Hippo — basic and diluted $ (2.24) $ (5.66) $ (9.85) $ (11.93) 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: September 30, 2023 2022 Outstanding options 1,626,257 2,215,726 Common stock from outstanding warrants 360,000 360,000 Common stock subject to repurchase 32,577 106,308 RSU and PRSUs 2,979,526 2,642,416 Total 4,998,360 5,324,450

Segments

Segments	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segments	17. 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 the Company’s subsidiary Spinnaker and is a platform to support third party MGAs. The Company rents its capital, 50 state licenses and the strong financial rating of Spinnaker (rated “A-” Excellent 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 operating income or (loss) as the profitability measure. Items outside of adjusted operating income or (loss) 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 September 30, 2022 has been revised to conform with the current year presentation. Three Months Ended September 30, 2023 Services Insurance-as-a-Service Hippo Home Insurance Program Intersegment Eliminations (1) Total Revenue: Net earned premium $ — $ 12.2 $ 20.7 $ — $ 32.9 Commission income, net 11.5 5.4 (0.5) (2.2) 14.2 Service and fee income 0.1 — 4.8 — 4.9 Net investment income — 1.8 3.9 — 5.7 Total Revenue 11.6 19.4 28.9 (2.2) 57.7 Adjusted Operating Expenses: Loss and loss adjustment expense — 5.2 31.0 — 36.2 Insurance related expense — 7.1 9.4 (0.7) 15.8 Sales and marketing 10.6 — 4.3 (0.9) 14.0 Technology and development 4.5 0.2 4.3 — 9.0 General and administrative 3.3 1.5 7.7 — 12.5 Other expenses 0.1 — — — 0.1 Total adjusted operating expenses 18.5 14.0 56.7 (1.6) 87.6 Less: Net investment income — (1.8) (3.9) — (5.7) Less: Noncontrolling interest (2.8) — — — (2.8) Adjusted operating income (loss) (9.7) 3.6 (31.7) (0.6) (38.4) Net investment income 5.7 Depreciation and amortization (4.9) Stock-based compensation (14.0) Fair value adjustments 0.2 Contingent consideration charge (0.8) Other one-off transactions (1.2) Income tax benefit 0.3 Net loss attributable to Hippo $ (53.1) (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 September 30, 2022 Services Insurance-as-a-Service Hippo Home Insurance Program Intersegment Eliminations (1) Total Revenue: Net earned premium $ — $ 6.2 $ 4.5 $ — $ 10.7 Commission income, net 9.4 3.1 6.9 (5.1) 14.3 Service and fee income 0.1 — 3.1 — 3.2 Net investment income — 0.7 1.8 — 2.5 Total Revenue 9.5 10.0 16.3 (5.1) 30.7 Adjusted Operating Expenses: Loss and loss adjustment expense — 6.0 17.4 — 23.4 Insurance related expense — 0.2 16.7 (5.1) 11.8 Sales and marketing 19.8 — 4.1 — 23.9 Technology and development 1.8 — 7.6 — 9.4 General and administrative 2.2 1.1 9.5 — 12.8 Other expenses — — — — — Total adjusted operating expenses 23.8 7.3 55.3 (5.1) 81.3 Less: Net investment income — (0.7) (1.8) — (2.5) Less: Noncontrolling interest (1.7) — — — (1.7) Adjusted operating loss (16.0) 2.0 (40.8) — (54.8) Net investment income 2.5 Depreciation and amortization (3.8) Stock-based compensation (17.0) Fair value adjustments 0.2 Contingent consideration charge (0.2) Other one-off transactions (0.5) Income tax expense (0.3) Restructuring charges (1.8) Goodwill impairment charge (53.5) Net loss attributable to Hippo $ (129.2) (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). Nine Months Ended September 30, 2023 Services Insurance-as-a-Service Hippo Home Insurance Program Intersegment Eliminations (1) Total Revenue: Net earned premium $ — $ 29.7 $ 39.3 $ — $ 69.0 Commission income, net 32.4 14.1 8.5 (7.2) 47.8 Service and fee income 0.4 — 11.5 — 11.9 Net investment income — 4.8 11.7 — 16.5 Total Revenue 32.8 48.6 71.0 (7.2) 145.2 Adjusted Operating Expenses: Loss and loss adjustment expense — 11.7 138.2 — 149.9 Insurance related expense — 16.0 27.9 (2.3) 41.6 Sales and marketing 33.9 — 14.4 (3.3) 45.0 Technology and development 12.3 0.5 13.6 — 26.4 General and administrative 9.3 4.1 23.1 — 36.5 Other expenses 0.5 — — — 0.5 Total adjusted operating expenses 56.0 32.3 217.2 (5.6) 299.9 Less: Net investment income — (4.8) (11.7) — (16.5) Less: Noncontrolling interest (7.1) — — — (7.1) Adjusted operating income (loss) (30.3) 11.5 (157.9) (1.6) (178.3) Net investment income 16.5 Depreciation and amortization (14.4) Stock-based compensation (46.8) Fair value adjustments 0.2 Contingent consideration charge (4.5) Other one-off transactions (3.3) Income tax expense (0.2) Net loss attributable to Hippo $ (230.8) (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). Nine Months Ended September 30, 2022 Services Insurance-as-a-Service Hippo Home Insurance Program Intersegment Eliminations (1) Total Revenue: Net earned premium $ — $ 15.6 $ 15.3 $ — $ 30.9 Commission income, net 25.0 8.1 18.1 (12.5) 38.7 Service and fee income 0.8 — 9.5 — 10.3 Net investment income — 1.3 2.7 — 4.0 Total Revenue 25.8 25.0 45.6 (12.5) 83.9 Adjusted Operating Expenses: Loss and loss adjustment expense — 9.9 63.9 — 73.8 Insurance related expense — 6.5 41.9 (12.5) 35.9 Sales and marketing 44.5 0.2 13.8 — 58.5 Technology and development 5.3 — 23.1 — 28.4 General and administrative 6.8 3.3 27.5 — 37.6 Other expenses 0.5 — — — 0.5 Total adjusted operating expenses 57.1 19.9 170.2 (12.5) 234.7 Less: Net investment income — (1.3) (2.7) — (4.0) Less: Noncontrolling interest (4.3) — — — (4.3) Adjusted operating income (loss) (35.6) 3.8 (127.3) — (159.1) Net investment income 4.0 Depreciation and amortization (11.2) Stock-based compensation (46.3) Fair value adjustments 2.8 Contingent consideration charge (2.6) Other one-off transactions (1.8) Income tax expense (0.8) Restructuring charges (1.8) Goodwill impairment charge (53.5) Net loss attributable to Hippo $ (270.3) (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).

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent Events On October 26, 2023, the Company initiated an organizational realignment, including an involuntary workforce reduction affecting up to approximately 120 employees, which represents approximately 20% of the Company’s worldwide workforce. This strategic reduction of existing workforce is intended to drive efficiency and increase focus on strategic priorities. The Company notified the majority of the affected employees on October 26, 2023, with most job eliminations effective on November 1, 2023. In the fourth quarter of 2023, the Company

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	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 (“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 reports three operating segments based on how the Company’s chief operating decision maker assesses the Company’s performance and allocates resources. See Note 17 “Segments”. The Company has three reportable segments: Services, Insurance-as-a-Service, and Hippo Home Insurance Program.
Use of Estimates	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	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)	9 Months Ended
	Sep. 30, 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): September 30, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed maturities available-for-sale: U.S. government and agencies $ 22.5 $ — $ (0.4) $ 22.1 States and other territories 10.1 — (0.6) 9.5 Corporate securities 71.9 0.1 (2.6) 69.4 Foreign securities 0.9 — — 0.9 Residential mortgage-backed securities 21.2 — (2.3) 18.9 Commercial mortgage-backed securities 7.7 — (0.7) 7.0 Asset backed securities 14.2 — (0.5) 13.7 Total fixed maturities available-for-sale 148.5 0.1 (7.1) 141.5 Short-term investments: U.S. government and agencies 123.4 — (0.1) 123.3 Commercial paper 47.6 — — 47.6 Corporate securities 17.6 — — 17.6 Total short-term investments 188.6 — (0.1) 188.5 Total $ 337.1 $ 0.1 $ (7.2) $ 330.0 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 September 30, 2023, and December 31, 2022 (in millions): September 30, 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 $ 10.2 $ (0.1) $ 11.9 $ (0.3) $ 22.1 $ (0.4) States and other territories 1.4 — 8.0 (0.6) 9.4 (0.6) Corporate securities 36.4 (0.5) 37.8 (2.1) 74.2 (2.6) Foreign securities 0.9 — 0.9 — Residential mortgage-backed securities 7.6 (0.3) 11.4 (2.0) 19.0 (2.3) Commercial mortgage-backed securities 1.3 — 5.8 (0.7) 7.1 (0.7) Asset backed securities 5.6 (0.1) 8.2 (0.4) 13.8 (0.5) Short-term investments: U.S. government and agencies 123.4 (0.1) — — 123.4 (0.1) Commercial paper 47.5 — — — 47.5 — Corporate securities 17.6 — — — 17.6 — Total $ 251.0 $ (1.1) $ 84.0 $ (6.1) $ 335.0 $ (7.2) 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): September 30, 2023 Amortized Cost Fair Value Due to mature: One year or less $ 25.2 $ 24.9 After one year through five years 76.5 73.5 After five years 3.6 3.5 Residential mortgage-backed securities 21.2 18.9 Commercial mortgage-backed securities 7.7 7.0 Asset backed securities 14.2 13.7 Total fixed maturities available-for-sale $ 148.5 $ 141.5
Summary of Investment Income	The Company’s net investment income is comprised of the following (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Interest on cash and cash equivalents $ 2.2 $ 1.2 $ 4.7 $ 1.4 Fixed maturities income 1.5 0.6 4.1 1.1 Short-term investment income 2.1 0.8 8.1 1.7 Total gross investment income 5.8 2.6 16.9 4.2 Investment expenses (0.1) (0.1) (0.4) (0.2) Net investment income $ 5.7 $ 2.5 $ 16.5 $ 4.0

Cash, Cash Equivalents, and R_2

Cash, Cash Equivalents, and Restricted Cash (Tables)	9 Months Ended
	Sep. 30, 2023
Cash and Cash Equivalents [Abstract]
Summary of Cash and Cash Equivalents	The following table sets forth the cash, cash equivalents, and restricted cash (in millions): September 30, December 31, Cash and cash equivalents: Cash $ 69.8 $ 65.7 Money market funds 148.7 87.1 Commercial paper — 26.8 U.S. government and agencies 9.9 14.9 Total cash and cash equivalents $ 228.4 $ 194.5 Restricted cash: Fiduciary assets 32.4 30.6 Letters of credit and cash on deposit 8.6 19.4 Total restricted cash 41.0 50.0 Total cash, cash equivalents, and restricted cash $ 269.4 $ 244.5
Summary of Restrictions on Cash and Cash Equivalents	The following table sets forth the cash, cash equivalents, and restricted cash (in millions): September 30, December 31, Cash and cash equivalents: Cash $ 69.8 $ 65.7 Money market funds 148.7 87.1 Commercial paper — 26.8 U.S. government and agencies 9.9 14.9 Total cash and cash equivalents $ 228.4 $ 194.5 Restricted cash: Fiduciary assets 32.4 30.6 Letters of credit and cash on deposit 8.6 19.4 Total restricted cash 41.0 50.0 Total cash, cash equivalents, and restricted cash $ 269.4 $ 244.5

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 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): September 30, 2023 Level 1 Level 2 Level 3 Total Financial assets: Cash, cash equivalents, and restricted cash $ 269.4 $ — $ — $ 269.4 Fixed maturities available-for-sale: U.S. government and agencies 22.1 — — 22.1 States and other territories — 9.5 — 9.5 Corporate securities — 69.4 — 69.4 Foreign securities — 0.9 — 0.9 Residential mortgage-backed securities — 18.9 — 18.9 Commercial mortgage-backed securities — 7.0 — 7.0 Asset backed securities — 13.7 — 13.7 Total fixed maturities available-for-sale 22.1 119.4 — 141.5 Short-term investments U.S. government and agencies 123.3 — — 123.3 Commercial paper — 47.6 — 47.6 Corporate securities — 17.6 — 17.6 Total short-term investments 123.3 65.2 — 188.5 Total financial assets $ 414.8 $ 184.6 $ — $ 599.4 Financial liabilities: Contingent consideration liability $ — $ — $ 13.5 $ 13.5 Public warrants 0.1 — — 0.1 Private placement warrants — 0.1 — 0.1 Total financial liabilities $ 0.1 $ 0.1 $ 13.5 $ 13.7 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 (2.9) (2.4) Changes in fair value 4.5 2.6 Balance as of September 30, $ 13.5 $ 11.8

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Indefinite-Lived Intangible Assets	September 30, 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 5.2 $ 13.5 $ (4.7) $ 8.8 $ 13.5 $ (3.4) $ 10.1 State licenses and domain name Indefinite 10.5 — 10.5 10.5 — 10.5 Customer relationships 1.6 13.7 (10.3) 3.4 13.7 (8.5) 5.2 Other 5.8 1.7 (0.8) 0.9 1.7 (0.6) 1.1 Total intangible assets, net $ 39.4 $ (15.8) $ 23.6 $ 39.4 $ (12.5) $ 26.9
Summary of Finite-Lived Intangible Assets	September 30, 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 5.2 $ 13.5 $ (4.7) $ 8.8 $ 13.5 $ (3.4) $ 10.1 State licenses and domain name Indefinite 10.5 — 10.5 10.5 — 10.5 Customer relationships 1.6 13.7 (10.3) 3.4 13.7 (8.5) 5.2 Other 5.8 1.7 (0.8) 0.9 1.7 (0.6) 1.1 Total intangible assets, net $ 39.4 $ (15.8) $ 23.6 $ 39.4 $ (12.5) $ 26.9

Capitalized Internal Use Soft_2

Capitalized Internal Use Software (Tables)	9 Months Ended
	Sep. 30, 2023
Research and Development [Abstract]
Summary of Capitalized Computer Software	September 30, December 31, (in millions) Capitalized internal use software $ 73.9 $ 56.4 Less: accumulated amortization (27.0) (17.6) Total capitalized internal use software $ 46.9 $ 38.8

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Other Assets	September 30, December 31, (in millions) Prepaid expenses $ 11.5 $ 17.4 Claims receivable 11.2 9.0 Lease right-of-use assets 14.6 27.6 Property and equipment 35.1 5.4 Other 6.6 4.2 Total other assets $ 79.0 $ 63.6

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Payables and Accruals [Abstract]
Summary of Accrued Expenses and Other Liabilities	September 30, December 31, (in millions) Claim payments outstanding $ 30.6 $ 27.7 Lease liability 15.9 28.9 Advances from customers 13.4 10.2 Deferred revenue 2.2 11.0 Employee related accruals 8.5 6.2 Premium refund liability 11.4 8.2 Fiduciary liability 4.7 6.6 Contingent consideration liability 13.5 11.9 Other 24.7 17.5 Total accrued expenses and other liabilities $ 124.9 $ 128.2

Loss and Loss Adjustment Expe_2

Loss and Loss Adjustment Expense Reserves (Tables)	9 Months Ended
	Sep. 30, 2023
Insurance [Abstract]
Summary of Liability for Unpaid Claims and Claims Adjustment Expense	The reconciliation of the beginning and ending reserve balances for losses and loss adjustment expenses (“LAE”), net of reinsurance is summarized as follows for the nine months ended September 30, (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 153.0 84.9 Prior years (2.1) (9.3) Total incurred 150.9 75.6 Deduct: Loss and LAE payments, net of reinsurance, related to: Current year 89.8 45.9 Prior years 15.7 15.7 Total paid 105.5 61.6 Reserve for losses and LAE, net of reinsurance recoverables at end of period 110.4 57.8 Add: Reinsurance recoverables on unpaid losses and LAE at end of period 249.5 263.7 Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of end of the period $ 359.9 $ 321.5

Reinsurance (Tables)

Reinsurance (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2023, and 2022 (in millions). For the Three Months Ended September 30, 2023 2022 Written premiums Earned premiums Loss and LAE incurred Written premiums Earned premiums Loss and LAE incurred Direct $ 225.9 $ 207.7 $ 120.7 $ 173.0 $ 139.7 $ 155.3 Assumed 3.6 3.0 3.8 0.3 0.1 (1.6) Gross 229.5 210.7 124.5 173.3 139.8 153.7 Ceded (178.0) (177.8) (88.0) (167.3) (129.1) (129.8) Net $ 51.5 $ 32.9 $ 36.5 $ 6.0 $ 10.7 $ 23.9 For the Nine Months Ended September 30, 2023 2022 Written premiums Earned premiums Loss and LAE incurred Written premiums Earned premiums Loss and LAE incurred Direct $ 651.8 $ 557.3 $ 441.4 $ 451.8 $ 388.5 $ 345.2 Assumed 11.8 5.7 9.5 0.4 0.2 0.7 Gross 663.6 563.0 450.9 452.2 388.7 345.9 Ceded (559.8) (494.0) (300.0) (430.9) (357.8) (270.3) Net $ 103.8 $ 69.0 $ 150.9 $ 21.3 $ 30.9 $ 75.6

Geographical Breakdown of Gro_2

Geographical Breakdown of Gross Written Premium (Tables)	9 Months Ended
	Sep. 30, 2023
Insurance [Abstract]
Summary of Gross Written Premium by Geographical Areas	Gross written premium by state is as follows (in millions): Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Amount % of GWP Amount % of GWP Amount % of GWP Amount % of GWP State Texas $ 42.5 18.5 % $ 38.2 22.0 % $ 126.3 19.0 % $ 115.2 25.5 % California 40.6 17.7 % 32.8 18.9 % 116.6 17.7 % 86.1 19.0 % Florida 29.9 13.0 % 15.1 8.7 % 89.4 13.5 % 37.8 8.4 % Georgia 8.5 3.7 % 7.3 4.2 % 30.7 4.6 % 20.9 4.6 % Colorado 5.6 2.4 % 5.5 3.2 % 18.1 2.7 % 12.7 2.8 % Arizona 5.0 2.2 % 3.9 2.4 % 14.1 2.1 % 10.3 2.3 % Illinois 7.5 3.3 % 6.6 3.8 % 19.9 3.0 % 16.0 3.5 % New Jersey 4.5 2.0 % 4.7 2.7 % 12.8 1.9 % 9.2 2.0 % Ohio 3.3 1.4 % 3.9 2.4 % 11.2 1.7 % 10.3 2.3 % Missouri 5.1 2.2 % 4.7 2.7 % 12.6 1.9 % 11.3 2.5 % Other 77.0 33.6 % 50.6 29.2 % 211.9 31.9 % 122.4 27.1 % Total $ 229.5 100 % $ 173.3 100 % $ 663.6 100 % $ 452.2 100 %

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	9 Months Ended
	Sep. 30, 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 (103,002) 11.89 Cancelled/Expired (257,719) 25.30 Outstanding as of September 30, 2023 1,626,257 16.12 7.1 $ 0.1 Vested and exercisable as of September 30, 2023 1,273,336 $ 16.09 6.9 $ 0.1
Summary of Unvested Restricted Stock Units Roll Forward	The following table summarizes the RSU and PRSU activity for the nine months ended September 30, 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 1,372,585 17.97 Released (861,292) 40.81 Canceled and forfeited (414,068) 39.29 Unvested and outstanding as of September 30, 2023 2,979,209 $ 30.79
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 Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Losses and loss adjustment expenses $ 0.4 $ 0.7 $ 1.0 $ 1.9 Insurance related expenses 1.1 1.4 3.7 3.9 Technology and development 2.8 5.1 10.1 15.9 Sales and marketing 3.3 4.0 11.2 9.3 General and administrative 6.4 5.8 20.8 15.3 Total stock-based compensation expense $ 14.0 $ 17.0 $ 46.8 $ 46.3

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Summary of Net Loss Per Share Attributable to Common Stockholders	Net loss per share attributable to common stockholders was computed as follows: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Numerator: Net loss attributable to Hippo – basic and diluted (in millions) $ (53.1) $ (129.2) $ (230.8) $ (270.3) Denominator: Weighted-average shares used in computing net loss per share attributable to Hippo — basic and diluted 23,729,570 22,839,916 23,440,555 22,651,026 Net loss per share attributable to Hippo — basic and diluted $ (2.24) $ (5.66) $ (9.85) $ (11.93)
Summary of Computation of Diluted Net Loss Per Share Attributable to Common Stockholders	The potential shares of common stock that were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive are as follows: September 30, 2023 2022 Outstanding options 1,626,257 2,215,726 Common stock from outstanding warrants 360,000 360,000 Common stock subject to repurchase 32,577 106,308 RSU and PRSUs 2,979,526 2,642,416 Total 4,998,360 5,324,450

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Summary of Segment Reporting Information, by Segment	Financial information for the period ended September 30, 2022 has been revised to conform with the current year presentation. Three Months Ended September 30, 2023 Services Insurance-as-a-Service Hippo Home Insurance Program Intersegment Eliminations (1) Total Revenue: Net earned premium $ — $ 12.2 $ 20.7 $ — $ 32.9 Commission income, net 11.5 5.4 (0.5) (2.2) 14.2 Service and fee income 0.1 — 4.8 — 4.9 Net investment income — 1.8 3.9 — 5.7 Total Revenue 11.6 19.4 28.9 (2.2) 57.7 Adjusted Operating Expenses: Loss and loss adjustment expense — 5.2 31.0 — 36.2 Insurance related expense — 7.1 9.4 (0.7) 15.8 Sales and marketing 10.6 — 4.3 (0.9) 14.0 Technology and development 4.5 0.2 4.3 — 9.0 General and administrative 3.3 1.5 7.7 — 12.5 Other expenses 0.1 — — — 0.1 Total adjusted operating expenses 18.5 14.0 56.7 (1.6) 87.6 Less: Net investment income — (1.8) (3.9) — (5.7) Less: Noncontrolling interest (2.8) — — — (2.8) Adjusted operating income (loss) (9.7) 3.6 (31.7) (0.6) (38.4) Net investment income 5.7 Depreciation and amortization (4.9) Stock-based compensation (14.0) Fair value adjustments 0.2 Contingent consideration charge (0.8) Other one-off transactions (1.2) Income tax benefit 0.3 Net loss attributable to Hippo $ (53.1) (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 September 30, 2022 Services Insurance-as-a-Service Hippo Home Insurance Program Intersegment Eliminations (1) Total Revenue: Net earned premium $ — $ 6.2 $ 4.5 $ — $ 10.7 Commission income, net 9.4 3.1 6.9 (5.1) 14.3 Service and fee income 0.1 — 3.1 — 3.2 Net investment income — 0.7 1.8 — 2.5 Total Revenue 9.5 10.0 16.3 (5.1) 30.7 Adjusted Operating Expenses: Loss and loss adjustment expense — 6.0 17.4 — 23.4 Insurance related expense — 0.2 16.7 (5.1) 11.8 Sales and marketing 19.8 — 4.1 — 23.9 Technology and development 1.8 — 7.6 — 9.4 General and administrative 2.2 1.1 9.5 — 12.8 Other expenses — — — — — Total adjusted operating expenses 23.8 7.3 55.3 (5.1) 81.3 Less: Net investment income — (0.7) (1.8) — (2.5) Less: Noncontrolling interest (1.7) — — — (1.7) Adjusted operating loss (16.0) 2.0 (40.8) — (54.8) Net investment income 2.5 Depreciation and amortization (3.8) Stock-based compensation (17.0) Fair value adjustments 0.2 Contingent consideration charge (0.2) Other one-off transactions (0.5) Income tax expense (0.3) Restructuring charges (1.8) Goodwill impairment charge (53.5) Net loss attributable to Hippo $ (129.2) (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). Nine Months Ended September 30, 2023 Services Insurance-as-a-Service Hippo Home Insurance Program Intersegment Eliminations (1) Total Revenue: Net earned premium $ — $ 29.7 $ 39.3 $ — $ 69.0 Commission income, net 32.4 14.1 8.5 (7.2) 47.8 Service and fee income 0.4 — 11.5 — 11.9 Net investment income — 4.8 11.7 — 16.5 Total Revenue 32.8 48.6 71.0 (7.2) 145.2 Adjusted Operating Expenses: Loss and loss adjustment expense — 11.7 138.2 — 149.9 Insurance related expense — 16.0 27.9 (2.3) 41.6 Sales and marketing 33.9 — 14.4 (3.3) 45.0 Technology and development 12.3 0.5 13.6 — 26.4 General and administrative 9.3 4.1 23.1 — 36.5 Other expenses 0.5 — — — 0.5 Total adjusted operating expenses 56.0 32.3 217.2 (5.6) 299.9 Less: Net investment income — (4.8) (11.7) — (16.5) Less: Noncontrolling interest (7.1) — — — (7.1) Adjusted operating income (loss) (30.3) 11.5 (157.9) (1.6) (178.3) Net investment income 16.5 Depreciation and amortization (14.4) Stock-based compensation (46.8) Fair value adjustments 0.2 Contingent consideration charge (4.5) Other one-off transactions (3.3) Income tax expense (0.2) Net loss attributable to Hippo $ (230.8) (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). Nine Months Ended September 30, 2022 Services Insurance-as-a-Service Hippo Home Insurance Program Intersegment Eliminations (1) Total Revenue: Net earned premium $ — $ 15.6 $ 15.3 $ — $ 30.9 Commission income, net 25.0 8.1 18.1 (12.5) 38.7 Service and fee income 0.8 — 9.5 — 10.3 Net investment income — 1.3 2.7 — 4.0 Total Revenue 25.8 25.0 45.6 (12.5) 83.9 Adjusted Operating Expenses: Loss and loss adjustment expense — 9.9 63.9 — 73.8 Insurance related expense — 6.5 41.9 (12.5) 35.9 Sales and marketing 44.5 0.2 13.8 — 58.5 Technology and development 5.3 — 23.1 — 28.4 General and administrative 6.8 3.3 27.5 — 37.6 Other expenses 0.5 — — — 0.5 Total adjusted operating expenses 57.1 19.9 170.2 (12.5) 234.7 Less: Net investment income — (1.3) (2.7) — (4.0) Less: Noncontrolling interest (4.3) — — — (4.3) Adjusted operating income (loss) (35.6) 3.8 (127.3) — (159.1) Net investment income 4.0 Depreciation and amortization (11.2) Stock-based compensation (46.3) Fair value adjustments 2.8 Contingent consideration charge (2.6) Other one-off transactions (1.8) Income tax expense (0.8) Restructuring charges (1.8) Goodwill impairment charge (53.5) Net loss attributable to Hippo $ (270.3) (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).

Description of Business and S_3

Description of Business and Summary of Significant Accounting Policies (Details)		9 Months Ended
	Sep. 29, 2022	Sep. 30, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating segments		3
Reportable segments		3
Reverse stock split ratio	0.04

Investments - Fixed Maturities

Investments - Fixed Maturities Securities and Short-term Investments (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 148.5	$ 127.3
Gross Unrealized Gains	0.1	0.2
Gross Unrealized Losses	(7.1)	(6.4)
Fair Value	141.5	121.1
Amortized Cost	188.6	325.6
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(0.1)	(0.8)
Fair Value	188.5	324.8
Amortized Cost	337.1	452.9
Gross Unrealized Gains	0.1	0.2
Gross Unrealized Losses	(7.2)	(7.2)
Total investments	330	445.9
U.S. government and agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	22.5	21.6
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(0.4)	(0.5)
Fair Value	22.1	21.1
Amortized Cost	123.4	129.1
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(0.1)	(0.2)
Fair Value	123.3	128.9
States and other territories
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10.1	8.9
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(0.6)	(0.6)
Fair Value	9.5	8.3
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	71.9	54.8
Gross Unrealized Gains	0.1	0.1
Gross Unrealized Losses	(2.6)	(2.4)
Fair Value	69.4	52.5
Amortized Cost	17.6	49.4
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	17.6	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	21.2	20.4
Gross Unrealized Gains	0	0.1
Gross Unrealized Losses	(2.3)	(1.6)
Fair Value	18.9	18.9
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7.7	6.5
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(0.7)	(0.7)
Fair Value	7	5.8
Asset backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	14.2	14.2
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(0.5)	(0.5)
Fair Value	13.7	13.7
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	47.6	147.1
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	(0.6)
Fair Value	$ 47.6	$ 146.5

Investments - Continuous Loss P

Investments - Continuous Loss Position (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	$ 251	$ 341.9
Less than 12 months, Gross Unrealized Losses	(1.1)	(3.3)
12 months or more, Fair Value	84	32.8
12 months or more, Gross Unrealized Losses	(6.1)	(3.9)
Total, Fair Value	335	374.7
Total, Gross Unrealized Losses	(7.2)	(7.2)
U.S. government and agencies
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	10.2	17.9
Less than 12 months, Gross Unrealized Losses	(0.1)	(0.4)
12 months or more, Fair Value	11.9	1.1
12 months or more, Gross Unrealized Losses	(0.3)	(0.1)
Total, Fair Value	22.1	19
Total, Gross Unrealized Losses	(0.4)	(0.5)
States and other territories
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	1.4	3.6
Less than 12 months, Gross Unrealized Losses	0	(0.1)
12 months or more, Fair Value	8	4.6
12 months or more, Gross Unrealized Losses	(0.6)	(0.5)
Total, Fair Value	9.4	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	36.4	30.5
Less than 12 months, Gross Unrealized Losses	(0.5)	(1.5)
12 months or more, Fair Value	37.8	11.1
12 months or more, Gross Unrealized Losses	(2.1)	(0.9)
Total, Fair Value	74.2	41.6
Total, Gross Unrealized Losses	(2.6)	(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	0.9	0.8
12 months or more, Gross Unrealized Losses	0	(0.1)
Total, Fair Value	0.9	0.8
Total, Gross Unrealized Losses	0	(0.1)
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	7.6	6.3
Less than 12 months, Gross Unrealized Losses	(0.3)	(0.3)
12 months or more, Fair Value	11.4	7.6
12 months or more, Gross Unrealized Losses	(2)	(1.3)
Total, Fair Value	19	13.9
Total, Gross Unrealized Losses	(2.3)	(1.6)
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	1.3	1.9
Less than 12 months, Gross Unrealized Losses	0	0
12 months or more, Fair Value	5.8	3.9
12 months or more, Gross Unrealized Losses	(0.7)	(0.7)
Total, Fair Value	7.1	5.8
Total, Gross Unrealized Losses	(0.7)	(0.7)
Asset backed securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	5.6	5.5
Less than 12 months, Gross Unrealized Losses	(0.1)	(0.2)
12 months or more, Fair Value	8.2	3.7
12 months or more, Gross Unrealized Losses	(0.4)	(0.3)
Total, Fair Value	13.8	9.2
Total, Gross Unrealized Losses	(0.5)	(0.5)
U.S. government and agencies
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	123.4	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	123.4	129.1
Total, Gross Unrealized Losses	(0.1)	(0.2)
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	47.5	147.1
Less than 12 months, Gross Unrealized Losses	0	(0.6)
12 months or more, Fair Value	0	0
12 months or more, Gross Unrealized Losses	0	0
Total, Fair Value	47.5	147.1
Total, Gross Unrealized Losses	0	$ (0.6)
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Less than 12 months, Fair Value	17.6
Less than 12 months, Gross Unrealized Losses	0
12 months or more, Fair Value	0
12 months or more, Gross Unrealized Losses	0
Total, Fair Value	17.6
Total, Gross Unrealized Losses	$ 0

Investments - Contractual Matur

Investments - Contractual Maturity (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Amortized Cost
One year or less	$ 25.2
After one year through five years	76.5
After five years	3.6
Amortized Cost	148.5	$ 127.3
Fair Value
One year or less	24.9
After one year through five years	73.5
After five years	3.5
Fair Value	141.5	121.1
Residential mortgage-backed securities
Amortized Cost
Securities	21.2
Amortized Cost	21.2	20.4
Fair Value
Securities	18.9
Fair Value	18.9	18.9
Commercial mortgage-backed securities
Amortized Cost
Securities	7.7
Amortized Cost	7.7	6.5
Fair Value
Securities	7
Fair Value	7	5.8
Asset backed securities
Amortized Cost
Securities	14.2
Amortized Cost	14.2	14.2
Fair Value
Securities	13.7
Fair Value	$ 13.7	$ 13.7

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Interest on cash and cash equivalents	$ 2.2	$ 1.2	$ 4.7	$ 1.4
Fixed maturities income	1.5	0.6	4.1	1.1
Short-term investment income	2.1	0.8	8.1	1.7
Total gross investment income	5.8	2.6	16.9	4.2
Investment expenses	(0.1)	(0.1)	(0.4)	(0.2)
Net investment income	$ 5.7	$ 2.5	$ 16.5	$ 4

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Securities on deposit with state regulatory authorities	$ 12.7	$ 12.6

Cash, Cash Equivalents, and R_3

Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 228.4	$ 194.5
Restricted cash	41	50
Total cash, cash equivalents, and restricted cash	269.4	244.5	$ 392.9	$ 818.7
Cash
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	69.8	65.7
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	148.7	87.1
Commercial paper
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	0	26.8
U.S. government and agencies
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	9.9	14.9
Fiduciary assets
Cash and Cash Equivalents [Line Items]
Restricted cash	32.4	30.6
Letters of credit and cash on deposit
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 8.6	$ 19.4

Fair Value Measurement - Assets

Fair Value Measurement - Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Financial assets:
Cash, cash equivalents, and restricted cash	$ 269.4	$ 244.5	$ 392.9	$ 818.7
Fixed maturities available-for-sale	141.5	121.1
Short-term investments	188.5	324.8
Total financial assets	599.4	690.4
Financial liabilities:
Contingent consideration liability	13.5	11.9
Total financial liabilities	13.7	12.2
Public warrants
Financial liabilities:
Warrants liabilities	0.1	0.2
Private placement warrants
Financial liabilities:
Warrants liabilities	0.1	0.1
U.S. government and agencies
Financial assets:
Fixed maturities available-for-sale	22.1	21.1
Short-term investments	123.3	128.9
States and other territories
Financial assets:
Fixed maturities available-for-sale	9.5	8.3
Corporate securities
Financial assets:
Fixed maturities available-for-sale	69.4	52.5
Short-term investments	17.6	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	18.9	18.9
Commercial mortgage-backed securities
Financial assets:
Fixed maturities available-for-sale	7	5.8
Asset backed securities
Financial assets:
Fixed maturities available-for-sale	13.7	13.7
Commercial paper
Financial assets:
Short-term investments	47.6	146.5
Level 1
Financial assets:
Cash, cash equivalents, and restricted cash	269.4	244.5
Fixed maturities available-for-sale	22.1	21.1
Short-term investments	123.3	128.9
Total financial assets	414.8	394.5
Financial liabilities:
Contingent consideration liability	0	0
Total financial liabilities	0.1	0.2
Level 1 | Public warrants
Financial liabilities:
Warrants liabilities	0.1	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	22.1	21.1
Short-term investments	123.3	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	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	0	0
Level 2
Financial assets:
Cash, cash equivalents, and restricted cash	0	0
Fixed maturities available-for-sale	119.4	100
Short-term investments	65.2	195.9
Total financial assets	184.6	295.9
Financial liabilities:
Contingent consideration liability	0	0
Total financial liabilities	0.1	0.1
Level 2 | Public warrants
Financial liabilities:
Warrants liabilities	0	0
Level 2 | Private placement warrants
Financial liabilities:
Warrants liabilities	0.1	0.1
Level 2 | U.S. government and agencies
Financial assets:
Fixed maturities available-for-sale	0	0
Short-term investments	0	0
Level 2 | States and other territories
Financial assets:
Fixed maturities available-for-sale	9.5	8.3
Level 2 | Corporate securities
Financial assets:
Fixed maturities available-for-sale	69.4	52.5
Short-term investments	17.6	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	18.9	18.9
Level 2 | Commercial mortgage-backed securities
Financial assets:
Fixed maturities available-for-sale	7	5.8
Level 2 | Asset backed securities
Financial assets:
Fixed maturities available-for-sale	13.7	13.7
Level 2 | Commercial paper
Financial assets:
Short-term investments	47.6	146.5
Level 3
Financial assets:
Cash, cash equivalents, and restricted cash	0	0
Fixed maturities available-for-sale	0	0
Short-term investments	0	0
Total financial assets	0	0
Financial liabilities:
Contingent consideration liability	13.5	11.9
Total financial liabilities	13.5	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	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	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	$ 0	$ 0

Fair Value Measurement - Change

Fair Value Measurement - Changes in Fair Value (Details) - Contingent Consideration - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 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	(2.9)	(2.4)
Changes in fair value	4.5	2.6
Liability, ending balance	$ 13.5	$ 11.8

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (15.8)		$ (15.8)		$ (12.5)
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	39.4		39.4		39.4
Accumulated Amortization	(15.8)		(15.8)		(12.5)
Net Carrying Amount	23.6		23.6		26.9
Amortization expense related to intangible assets	1.1	$ 1.1	3.3	$ 4.2
Goodwill impairment charge	1.2	$ 53.5		$ 53.5
State licenses and domain name
Indefinite-lived Intangible Assets [Line Items]
Net Carrying Amount	$ 10.5		$ 10.5		10.5
Agency and carrier relationships
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Life Remaining (in years)	5 years 2 months 12 days		5 years 2 months 12 days
Gross Carrying Amount	$ 13.5		$ 13.5		13.5
Accumulated Amortization	(4.7)		(4.7)		(3.4)
Net Carrying Amount	8.8		8.8		10.1
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (4.7)		$ (4.7)		(3.4)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Life Remaining (in years)	1 year 7 months 6 days		1 year 7 months 6 days
Gross Carrying Amount	$ 13.7		$ 13.7		13.7
Accumulated Amortization	(10.3)		(10.3)		(8.5)
Net Carrying Amount	3.4		3.4		5.2
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (10.3)		$ (10.3)		(8.5)
Other
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Life Remaining (in years)	5 years 9 months 18 days		5 years 9 months 18 days
Gross Carrying Amount	$ 1.7		$ 1.7		1.7
Accumulated Amortization	(0.8)		(0.8)		(0.6)
Net Carrying Amount	0.9		0.9		1.1
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (0.8)		$ (0.8)		$ (0.6)

Capitalized Internal Use Soft_3

Capitalized Internal Use Software (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Research and Development [Abstract]
Capitalized internal use software	$ 73.9		$ 73.9		$ 56.4
Less: accumulated amortization	(27)		(27)		(17.6)
Total capitalized internal use software	46.9		46.9		$ 38.8
Amortization expense	$ 3.4	$ 2.4	$ 9.4	$ 6.3

Other Assets - Summary of Other

Other Assets - Summary of Other Assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 11.5	$ 17.4
Claims receivable	11.2	9
Lease right-of-use assets	14.6	27.6
Property and equipment	35.1	5.4
Other	6.6	4.2
Total other assets	$ 79	$ 63.6

Other Assets - Narrative (Detai

Other Assets - Narrative (Details) - USD ($) $ in Millions		9 Months Ended
	Apr. 18, 2023	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Line Items]
Purchases of property and equipment		$ 29.2	$ 4.8
Office building
Property, Plant and Equipment [Line Items]
Purchases of property and equipment	$ 30.5
Property, plant and equipment, useful life	39 years

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Claim payments outstanding	$ 30.6	$ 27.7
Lease liability	15.9	28.9
Advances from customers	13.4	10.2
Deferred revenue	2.2	11
Employee related accruals	8.5	6.2
Premium refund liability	11.4	8.2
Fiduciary liability	4.7	6.6
Contingent consideration liability	13.5	11.9
Other	24.7	17.5
Total accrued expenses and other liabilities	$ 124.9	$ 128.2

Loss and Loss Adjustment Expe_3

Loss and Loss Adjustment Expense Reserves (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
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			153	84.9
Prior years			(2.1)	(9.3)
Total incurred	$ 36.5	$ 23.9	150.9	75.6
Deduct: Loss and LAE payments, net of reinsurance, related to:
Current year			89.8	45.9
Prior years			15.7	15.7
Total paid			105.5	61.6
Reserve for losses and LAE, net of reinsurance recoverables at end of period	110.4	57.8	110.4	57.8
Add: Reinsurance recoverables on unpaid losses and LAE at end of period	249.5	263.7	249.5	263.7
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of end of the period	$ 359.9	321.5	$ 359.9	321.5
Attritional reserves release		5		5	$ 1.1
Catastrophe reserves release		$ 4.3		$ 4.3	$ 1

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($) reinsurer	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) reinsurer	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 reinsurer
Effects of Reinsurance [Line Items]
Loss on uncollectible accounts in period	$ 0	$ 0	$ 0	$ 0
Provision for sliding scale commission	15,600,000		15,600,000		$ 3,500,000
Receivable for sliding scale commission	5,400,000		5,400,000		4,500,000
Provision for loss participation feature	$ 106,000,000		$ 106,000,000		$ 51,300,000
Maximum | Florida Hurricane Catastrophe Fund | Florida
Effects of Reinsurance [Line Items]
Reimbursement protection, percentage (as a percent)	90%		90%
Reinsurance Policy, Type [Axis]: Non-Proportional Reinsurance
Effects of Reinsurance [Line Items]
Excess retention, year return period, ratio	0.004		0.004
Reinsurance Policy, Type [Axis]: Non-Proportional Reinsurance | Maximum
Effects of Reinsurance [Line Items]
Excess retention, percentage (as a percent)			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		0.004
Reinsurance Policy, Type [Axis]: Other Reinsurance - Corporate Catastrophe Excess of Loss Catastrophe Coverage | Maximum
Effects of Reinsurance [Line Items]
Excess retention, percentage (as a percent)			0.40%
Reinsurance Policy, Type [Axis]: Other Reinsurance - Proportional and Excess of Loss Catastrophe Coverage | Maximum
Effects of Reinsurance [Line Items]
Ceded risk, percentage (as a percent)			100%
Reinsurance Policy, Type [Axis]: Other Reinsurance - Proportional and Excess of Loss Catastrophe Coverage | Minimum
Effects of Reinsurance [Line Items]
Ceded risk, percentage (as a percent)			75%
Reinsurance Policy, Type [Axis]: Proportional Reinsurance Treaties
Effects of Reinsurance [Line Items]
Reinsured risk, percentage (as a percent)			40%		10%	12%
Number of reinsurers | reinsurer						2
Percentage attributable to program (as a percent)						33%
Agreement term (in years)						3 years
Reinsurance Policy, Type [Axis]: Proportional Reinsurance Treaties, Business Channel
Effects of Reinsurance [Line Items]
Reinsured risk, percentage (as a percent)			58%
Reinsurance, number of third-party reinsurers | reinsurer	3		3

Reinsurance - Summary of Effect

Reinsurance - Summary of Effects of Reinsurance (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Written premiums
Direct	$ 225.9	$ 173	$ 651.8	$ 451.8
Assumed	3.6	0.3	11.8	0.4
Gross	229.5	173.3	663.6	452.2
Ceded	(178)	(167.3)	(559.8)	(430.9)
Net	51.5	6	103.8	21.3
Earned premiums
Direct	207.7	139.7	557.3	388.5
Assumed	3	0.1	5.7	0.2
Gross	210.7	139.8	563	388.7
Ceded	(177.8)	(129.1)	(494)	(357.8)
Net	32.9	10.7	69	30.9
Loss and LAE incurred
Direct	120.7	155.3	441.4	345.2
Assumed	3.8	(1.6)	9.5	0.7
Gross	124.5	153.7	450.9	345.9
Ceded	(88)	(129.8)	(300)	(270.3)
Net	$ 36.5	$ 23.9	$ 150.9	$ 75.6

Geographical Breakdown of Gro_3

Geographical Breakdown of Gross Written Premium (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Gross Written Premium [Line Items]
Amount	$ 229.5	$ 173.3	$ 663.6	$ 452.2
Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage (as a percent)	100%	100%	100%	100%
Texas
Gross Written Premium [Line Items]
Amount	$ 42.5	$ 38.2	$ 126.3	$ 115.2
Texas | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage (as a percent)	18.50%	22%	19%	25.50%
California
Gross Written Premium [Line Items]
Amount	$ 40.6	$ 32.8	$ 116.6	$ 86.1
California | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage (as a percent)	17.70%	18.90%	17.70%	19%
Florida
Gross Written Premium [Line Items]
Amount	$ 29.9	$ 15.1	$ 89.4	$ 37.8
Florida | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage (as a percent)	13%	8.70%	13.50%	8.40%
Georgia
Gross Written Premium [Line Items]
Amount	$ 8.5	$ 7.3	$ 30.7	$ 20.9
Georgia | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage (as a percent)	3.70%	4.20%	4.60%	4.60%
Colorado
Gross Written Premium [Line Items]
Amount	$ 5.6	$ 5.5	$ 18.1	$ 12.7
Colorado | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage (as a percent)	2.40%	3.20%	2.70%	2.80%
Arizona
Gross Written Premium [Line Items]
Amount	$ 5	$ 3.9	$ 14.1	$ 10.3
Arizona | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage (as a percent)	2.20%	2.40%	2.10%	2.30%
Illinois
Gross Written Premium [Line Items]
Amount	$ 7.5	$ 6.6	$ 19.9	$ 16
Illinois | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage (as a percent)	3.30%	3.80%	3%	3.50%
New Jersey
Gross Written Premium [Line Items]
Amount	$ 4.5	$ 4.7	$ 12.8	$ 9.2
New Jersey | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage (as a percent)	2%	2.70%	1.90%	2%
Ohio
Gross Written Premium [Line Items]
Amount	$ 3.3	$ 3.9	$ 11.2	$ 10.3
Ohio | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage (as a percent)	1.40%	2.40%	1.70%	2.30%
Missouri
Gross Written Premium [Line Items]
Amount	$ 5.1	$ 4.7	$ 12.6	$ 11.3
Missouri | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage (as a percent)	2.20%	2.70%	1.90%	2.50%
Other
Gross Written Premium [Line Items]
Amount	$ 77	$ 50.6	$ 211.9	$ 122.4
Other | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage (as a percent)	33.60%	29.20%	31.90%	27.10%

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		9 Months Ended
	Mar. 01, 2023 USD ($)	Jun. 30, 2022	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 shares	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) shares	Mar. 31, 2023 USD ($)	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	80,000,000
Common stock, par value (in dollars per share) | $ / shares			$ 0.0001		$ 0.0001			$ 0.0001	$ 0.0001
Common stock, number of voting rights | vote									1
Aggregate intrinsic value of options exercised					$ 500,000	$ 3,500,000
Granted (in shares) | shares			0	0	0
Early exercise of stock options liability for unvested awards			$ 900,000		$ 900,000			$ 1,400,000
Number of shares subject to repurchase related to early exercise of stock option (in shares) | shares			0		0			100,000
Stock repurchase authorized amount							$ 50,000,000
Repurchase of common stock (in shares) | shares					100,000
Share repurchases under program					$ 1,800,000	$ 0
Remaining repurchase amount			$ 48,200,000		$ 48,200,000
The 2019 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price of common stock, percent (as a 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		3,100,000
Percentage of issued and outstanding stock, maximum (as a percent)					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			$ 6,800,000		$ 6,800,000
Unrecognized compensation cost, period for recognition					1 year 1 month 6 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			$ 65,800,000		$ 65,800,000
Unrecognized compensation cost, period for recognition					1 year 9 months 18 days
Granted (in shares) | shares					1,372,585
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					1,400,000	2,300,000
PRSU | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					1 year
Vesting, percentage of granted amount (as a percent)		0%
PRSU | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					4 years
Vesting, percentage of granted amount (as a percent)		100%
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price of common stock, percent (as a percent)					85%
Number of shares authorized for issuance (in shares) | shares			500,000		500,000
Percentage of issued and outstanding stock, maximum (as a percent)					1%
Maximum employee subscription amount					$ 25,000
Look back feature					6 months
Issued (in shares) | shares					80,990	46,000
Issued					$ 1,000,000	$ 1,600,000

Stockholders_ Equity - Stock Op

Stockholders’ Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Dec. 31, 2022
Options Outstanding
Outstanding, beginning balance (in shares)			1,986,978
Granted (in shares)	0	0	0
Exercised (in shares)			(103,002)
Cancelled/Expired (in shares)			(257,719)
Outstanding, ending balance (in shares)	1,626,257		1,626,257	1,986,978
Vested and exercisable (in shares)	1,273,336		1,273,336
Weighted Average Exercise Price
Outstanding, beginning balance (in dollar per share)			$ 36.54
Granted (in dollars per share)			0
Exercised (in dollars per share)			11.89
Cancelled/Expired (in dollars per share)			25.30
Outstanding, ending balance (in dollar per share)	$ 16.12		16.12	$ 36.54
Vested and exercisable (in dollars per share)	$ 16.09		$ 16.09
Additional Disclosures
Outstanding, weighted-average remaining, contract term (in years)			7 years 1 month 6 days	7 years 9 months 18 days
Outstanding, aggregate intrinsic value	$ 0.1		$ 0.1	$ 1.3
Vested and exercisable, weighted-average remaining, contract term (in years)			6 years 10 months 24 days
Vested and exercisable, aggregate intrinsic value	$ 0.1		$ 0.1

Stockholders_ Equity - Restrict

Stockholders’ Equity - Restricted Stock Units and Performance Restricted Stock Units Activity (Details) - RSU and PRSU	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Number of Shares
Unvested and outstanding, beginning balance (in shares) | shares	2,881,984
Granted (in shares) | shares	1,372,585
Released (in shares) | shares	(861,292)
Canceled and forfeited (in shares) | shares	(414,068)
Unvested and outstanding, ending balance (in shares) | shares	2,979,209
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	17.97
Vested (in dollars per share) | $ / shares	40.81
Canceled and forfeited (in dollars per share) | $ / shares	39.29
Unvested and outstanding, ending balance (in dollars per share) | $ / shares	$ 30.79

Stockholders_ Equity - Share-ba

Stockholders’ Equity - Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 14	$ 17	$ 46.8	$ 46.3
Losses and loss adjustment expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0.4	0.7	1	1.9
Insurance related expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1.1	1.4	3.7	3.9
Technology and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	2.8	5.1	10.1	15.9
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	3.3	4	11.2	9.3
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 6.4	$ 5.8	$ 20.8	$ 15.3

Restructuring (Details)

Restructuring (Details)		3 Months Ended	9 Months Ended
	Aug. 31, 2022 employee	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Restructuring and Related Activities [Abstract]
Restructuring and related cost, number of positions eliminated, period percent (as a percent)	10%
Restructuring and related cost, number of positions eliminated | employee	70
Restructuring charges | $		$ 1,800,000	$ 0	$ 1,800,000

Income Taxes (Details)

Income Taxes (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent (as a percent)	(0.10%)	(0.30%)
Unrecognized tax benefits	$ 4,100,000	$ 2,200,000
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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net loss attributable to Hippo - basic	$ (53.1)	$ (129.2)	$ (230.8)	$ (270.3)
Net loss attributable to Hippo - diluted	$ (53.1)	$ (129.2)	$ (230.8)	$ (270.3)
Weighted-average shares used in computing net loss per share attributable to Hippo - basic (in shares)	23,729,570	22,839,916	23,440,555	22,651,026
Weighted-average shares used in computing net loss per share attributable to Hippo - diluted (in shares)	23,729,570	22,839,916	23,440,555	22,651,026
Net loss per share attributable to Hippo - basic (in dollars per share)	$ (2.24)	$ (5.66)	$ (9.85)	$ (11.93)
Net loss per share attributable to Hippo - diluted (in dollars per share)	$ (2.24)	$ (5.66)	$ (9.85)	$ (11.93)

Net Loss Per Share Attributab_4

Net Loss Per Share Attributable to Common Stockholders - Antidilutive Securities (Details) - shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,998,360	5,324,450
Outstanding options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,626,257	2,215,726
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)	32,577	106,308
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)	2,979,526	2,642,416

Segments - Narrative (Details)

Segments - Narrative (Details)	9 Months Ended
	Sep. 30, 2023 stateLicense segment
Segment Reporting [Abstract]
Reportable segments | segment	3
Number of state licenses | stateLicense	50

Segments - Summary of Financial

Segments - Summary of Financial Information (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue:
Net earned premium	$ 32,900,000			$ 10,700,000			$ 69,000,000	$ 30,900,000
Commission income, net	14,200,000			14,300,000			47,800,000	38,700,000
Service and fee income	4,900,000			3,200,000			11,900,000	10,300,000
Net investment income	(5,700,000)			(2,500,000)			(16,500,000)	(4,000,000)
Total revenue	57,700,000			30,700,000			145,200,000	83,900,000
Adjusted Operating Expenses:
Loss and loss adjustment expense	36,500,000			23,900,000			150,900,000	75,600,000
Insurance related expenses	20,300,000			15,600,000			54,800,000	46,200,000
Sales and marketing	18,900,000			29,400,000			63,900,000	73,700,000
Technology and development	11,900,000			14,800,000			36,600,000	46,000,000
General and administrative	20,700,000			19,000,000			62,000,000	53,700,000
Other expenses	0			(100,000)			500,000	(1,400,000)
Less: Noncontrolling interest	50,300,000	$ 105,200,000	$ 68,100,000	127,500,000	$ 72,000,000	$ 66,500,000	223,700,000	266,000,000
Adjusted operating income (loss)	(38,400,000)			(54,800,000)			(178,300,000)	(159,100,000)
Depreciation and amortization	(4,900,000)			(3,800,000)			(14,400,000)	(11,200,000)
Stock-based compensation	(14,000,000)			(17,000,000)			(46,800,000)	(46,300,000)
Fair value adjustments	200,000			200,000			200,000	2,800,000
Contingent consideration charge	(800,000)			(200,000)			(4,500,000)	(2,600,000)
Other one-off transactions				(500,000)			(3,300,000)	(1,800,000)
Income tax expense (benefit)	300,000			(300,000)			(200,000)	(800,000)
Restructuring charges				(1,800,000)			0	(1,800,000)
Goodwill impairment charge	(1,200,000)			(53,500,000)				(53,500,000)
Net loss attributable to Hippo	(53,100,000)			(129,200,000)			(230,800,000)	(270,300,000)
Non-GAAP
Revenue:
Net investment income	(5,700,000)			(2,500,000)			(16,500,000)	(4,000,000)
Adjusted Operating Expenses:
Loss and loss adjustment expense	36,200,000			23,400,000			149,900,000	73,800,000
Insurance related expenses	15,800,000			11,800,000			41,600,000	35,900,000
Sales and marketing	14,000,000			23,900,000			45,000,000	58,500,000
Technology and development	9,000,000			9,400,000			26,400,000	28,400,000
General and administrative	12,500,000			12,800,000			36,500,000	37,600,000
Other expenses	100,000			0			500,000	500,000
Total adjusted operating expenses	87,600,000			81,300,000			299,900,000	234,700,000
Less: Noncontrolling interest	(2,800,000)			(1,700,000)			(7,100,000)	(4,300,000)
Intersegment Eliminations
Revenue:
Net earned premium	0			0			0	0
Commission income, net	(2,200,000)			(5,100,000)			(7,200,000)	(12,500,000)
Service and fee income	0			0			0	0
Net investment income	0			0			0	0
Total revenue	(2,200,000)			(5,100,000)			(7,200,000)	(12,500,000)
Adjusted Operating Expenses:
Adjusted operating income (loss)	(600,000)			0			(1,600,000)	0
Intersegment Eliminations | Non-GAAP
Revenue:
Net investment income	0			0			0	0
Adjusted Operating Expenses:
Loss and loss adjustment expense	0			0			0	0
Insurance related expenses	(700,000)			(5,100,000)			(2,300,000)	(12,500,000)
Sales and marketing	(900,000)			0			(3,300,000)	0
Technology and development	0			0			0	0
General and administrative	0			0			0	0
Other expenses	0			0			0	0
Total adjusted operating expenses	(1,600,000)			(5,100,000)			(5,600,000)	(12,500,000)
Less: Noncontrolling interest	0			0			0	0
Services | Operating Segments
Revenue:
Net earned premium	0			0			0	0
Commission income, net	11,500,000			9,400,000			32,400,000	25,000,000
Service and fee income	100,000			100,000			400,000	800,000
Net investment income	0			0			0	0
Total revenue	11,600,000			9,500,000			32,800,000	25,800,000
Adjusted Operating Expenses:
Adjusted operating income (loss)	(9,700,000)			(16,000,000)			(30,300,000)	(35,600,000)
Services | Operating Segments | Non-GAAP
Revenue:
Net investment income	0			0			0	0
Adjusted Operating Expenses:
Loss and loss adjustment expense	0			0			0	0
Insurance related expenses	0			0			0	0
Sales and marketing	10,600,000			19,800,000			33,900,000	44,500,000
Technology and development	4,500,000			1,800,000			12,300,000	5,300,000
General and administrative	3,300,000			2,200,000			9,300,000	6,800,000
Other expenses	100,000			0			500,000	500,000
Total adjusted operating expenses	18,500,000			23,800,000			56,000,000	57,100,000
Less: Noncontrolling interest	(2,800,000)			(1,700,000)			(7,100,000)	(4,300,000)
Insurance-as-a-Service | Operating Segments
Revenue:
Net earned premium	12,200,000			6,200,000			29,700,000	15,600,000
Commission income, net	5,400,000			3,100,000			14,100,000	8,100,000
Service and fee income	0			0			0	0
Net investment income	(1,800,000)			(700,000)			(4,800,000)	(1,300,000)
Total revenue	19,400,000			10,000,000			48,600,000	25,000,000
Adjusted Operating Expenses:
Adjusted operating income (loss)	3,600,000			2,000,000			11,500,000	3,800,000
Insurance-as-a-Service | Operating Segments | Non-GAAP
Revenue:
Net investment income	(1,800,000)			(700,000)			(4,800,000)	(1,300,000)
Adjusted Operating Expenses:
Loss and loss adjustment expense	5,200,000			6,000,000			11,700,000	9,900,000
Insurance related expenses	7,100,000			200,000			16,000,000	6,500,000
Sales and marketing	0			0			0	200,000
Technology and development	200,000			0			500,000	0
General and administrative	1,500,000			1,100,000			4,100,000	3,300,000
Other expenses	0			0			0	0
Total adjusted operating expenses	14,000,000			7,300,000			32,300,000	19,900,000
Less: Noncontrolling interest	0			0			0	0
Hippo Home Insurance Program | Operating Segments
Revenue:
Net earned premium	20,700,000			4,500,000			39,300,000	15,300,000
Commission income, net	(500,000)			6,900,000			8,500,000	18,100,000
Service and fee income	4,800,000			3,100,000			11,500,000	9,500,000
Net investment income	(3,900,000)			(1,800,000)			(11,700,000)	(2,700,000)
Total revenue	28,900,000			16,300,000			71,000,000	45,600,000
Adjusted Operating Expenses:
Adjusted operating income (loss)	(31,700,000)			(40,800,000)			(157,900,000)	(127,300,000)
Hippo Home Insurance Program | Operating Segments | Non-GAAP
Revenue:
Net investment income	(3,900,000)			(1,800,000)			(11,700,000)	(2,700,000)
Adjusted Operating Expenses:
Loss and loss adjustment expense	31,000,000			17,400,000			138,200,000	63,900,000
Insurance related expenses	9,400,000			16,700,000			27,900,000	41,900,000
Sales and marketing	4,300,000			4,100,000			14,400,000	13,800,000
Technology and development	4,300,000			7,600,000			13,600,000	23,100,000
General and administrative	7,700,000			9,500,000			23,100,000	27,500,000
Other expenses	0			0			0	0
Total adjusted operating expenses	56,700,000			55,300,000			217,200,000	170,200,000
Less: Noncontrolling interest	$ 0			$ 0			$ 0	$ 0

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Oct. 26, 2023 employee	Aug. 31, 2022 employee	Dec. 31, 2023 USD ($)
Subsequent Event [Line Items]
Restructuring and related cost, number of positions eliminated | employee		70
Restructuring and related cost, number of positions eliminated, period percent (as a percent)		10%
Minimum | Forecast
Subsequent Event [Line Items]
Restructuring and related cost, expected cost | $			$ 2.2
Maximum | Forecast
Subsequent Event [Line Items]
Restructuring and related cost, expected cost | $			$ 2.7
Subsequent Event
Subsequent Event [Line Items]
Restructuring and related cost, number of positions eliminated | employee	120
Restructuring and related cost, number of positions eliminated, period percent (as a percent)	20%