Hippo (HIPO) 10-Q 7 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Jul. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,919,809
Entity Central Index Key	0001828105
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Investments:
Fixed maturities available-for-sale, at fair value (amortized cost: $170.6 million and $164.6 million, respectively)	$ 167	$ 161.7
Short-term investments, at fair value (amortized cost: $148.5 million and $187.1 million, respectively)	148.5	187.1
Total investments	315.5	348.8
Cash and cash equivalents	175.9	142.1
Restricted cash	44.3	53
Accounts receivable, net of allowance of $0.5 million and $0.5 million, respectively	167.4	145.2
Reinsurance recoverable on paid and unpaid losses and LAE	290.8	281.3
Prepaid reinsurance premiums	291.3	335.6
Ceding commissions receivable	81.7	73.8
Capitalized internal use software	49.9	48.4
Intangible assets	25	27.3
Other assets	68.5	69.2
Total assets	1,510.3	1,524.7
Liabilities:
Loss and loss adjustment expense reserve	346.9	322.5
Unearned premiums	452.7	419.2
Reinsurance premiums payable	246.6	260.1
Provision for commission	31.3	24.7
Accrued expenses and other liabilities	106.2	113.5
Total liabilities	1,183.7	1,140
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 June 30, 2024 and December 31, 2023, respectively; 24,891,528 and $24,148,308 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	0	0
Additional paid-in capital	1,636.8	1,615.2
Accumulated other comprehensive loss	(3.6)	(2.9)
Accumulated deficit	(1,310.6)	(1,234.4)
Total Hippo stockholders’ equity	322.6	377.9
Noncontrolling interest	4	6.8
Total stockholders’ equity	326.6	384.7
Total liabilities and stockholders’ equity	$ 1,510.3	$ 1,524.7

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Fixed maturities available-for-sale, amortized cost	$ 170.6	$ 164.6
Short-term investments, amortized cost	148.5	187.1
Accounts receivable, allowance	$ 0.5	$ 0.5
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)	24,891,528	24,148,308
Common stock, shares outstanding (in shares)	24,891,528	24,148,308

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
Net earned premium	$ 64.4	$ 22.3	$ 124.9	$ 36.1
Commission income, net	16.1	16.2	32	33.6
Service and fee income	3	3.8	5.8	7
Net investment income	6.1	5.4	12	10.8
Total revenue	89.6	47.7	174.7	87.5
Expenses:
Losses and loss adjustment expenses	60.4	76.7	113	114.4
Insurance related expenses	24.5	18.8	45.3	34.5
Technology and development	7.8	13.1	16.1	24.7
Sales and marketing	13.4	22.6	27.8	45
General and administrative	19.9	21.5	38.2	41.3
Impairment and restructuring charges	0	0	3.6	0
Other (income) expense, net	0.1	0	0	0.5
Total expenses	126.1	152.7	244	260.4
Loss before income taxes	(36.5)	(105)	(69.3)	(172.9)
Income tax expense	0.7	0.2	1	0.5
Net loss	(37.2)	(105.2)	(70.3)	(173.4)
Net income attributable to noncontrolling interests, net of tax	3.3	2.6	5.9	4.3
Net loss attributable to Hippo	(40.5)	(107.8)	(76.2)	(177.7)
Other comprehensive income (loss):
Change in net unrealized gain (loss) on investments, net of tax	(0.2)	(1.1)	(0.7)	0.6
Comprehensive loss attributable to Hippo	(40.7)	(108.9)	(76.9)	(177.1)
Per share data:
Net loss attributable to Hippo - basic	(40.5)	(107.8)	(76.2)	(177.7)
Net loss attributable to Hippo - diluted	$ (40.5)	$ (107.8)	$ (76.2)	$ (177.7)
Weighted-average shares used in computing net loss per share attributable to Hippo - basic (in shares)	24,633,960	23,387,767	24,583,168	23,293,652
Weighted-average shares used in computing net loss per share attributable to Hippo - diluted (in shares)	24,633,960	23,387,767	24,583,168	23,293,652
Net loss per share attributable to Hippo - basic (in dollars per share)	$ (1.64)	$ (4.61)	$ (3.10)	$ (7.63)
Net loss per share attributable to Hippo - diluted (in dollars per share)	$ (1.64)	$ (4.61)	$ (3.10)	$ (7.63)

Condensed Consolidated Statem_2

Condensed 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, 2022			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
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	(173.4)
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
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
Beginning balance (in shares) at Dec. 31, 2023	24,148,308		24,148,308
Beginning balance at Dec. 31, 2023	$ 384.7	377.9	$ 0	1,615.2	(2.9)	(1,234.4)	6.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(33.1)	(35.7)				(35.7)	2.6
Other comprehensive income (loss)	(0.5)	(0.5)			(0.5)
Issuance of common stock from stock plans and contingently issuable shares (in shares)			261,416
Issuance of common stock from stock plans and contingently issuable shares	1.2	1.2		1.2
Shares withheld related to net share settlement	(1.2)	(1.2)		(1.2)
Stock-based compensation expense	9.5	9.5		9.5
Other	(5.8)						(5.8)
Ending balance (in shares) at Mar. 31, 2024			24,409,724
Ending balance at Mar. 31, 2024	$ 354.8	351.2	$ 0	1,624.7	(3.4)	(1,270.1)	3.6
Beginning balance (in shares) at Dec. 31, 2023	24,148,308		24,148,308
Beginning balance at Dec. 31, 2023	$ 384.7	377.9	$ 0	1,615.2	(2.9)	(1,234.4)	6.8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (70.3)
Issuance of common stock from stock plans and contingently issuable shares (in shares)	100,502
Repurchase of common stock (in shares)	0
Ending balance (in shares) at Jun. 30, 2024	24,891,528		24,891,528
Ending balance at Jun. 30, 2024	$ 326.6	322.6	$ 0	1,636.8	(3.6)	(1,310.6)	4
Beginning balance (in shares) at Mar. 31, 2024			24,409,724
Beginning balance at Mar. 31, 2024	354.8	351.2	$ 0	1,624.7	(3.4)	(1,270.1)	3.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(37.2)	(40.5)				(40.5)	3.3
Other comprehensive income (loss)	(0.2)	(0.2)			(0.2)
Issuance of common stock from stock plans and contingently issuable shares (in shares)			481,804
Issuance of common stock from stock plans and contingently issuable shares	1.4	1.4		1.4
Shares withheld related to net share settlement	(2.6)	(2.6)		(2.6)
Stock-based compensation expense	13.3	13.3		13.3
Other	$ (2.9)						(2.9)
Ending balance (in shares) at Jun. 30, 2024	24,891,528		24,891,528
Ending balance at Jun. 30, 2024	$ 326.6	$ 322.6	$ 0	$ 1,636.8	$ (3.6)	$ (1,310.6)	$ 4

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (70.3)	$ (173.4)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	11.5	9.5
Stock–based compensation expense	20.3	32.8
Fair value adjustments	1.9	3.7
Impairment and restructuring charges	3.3	0
Other non-cash items	(4.6)	(4.8)
Changes in assets and liabilities:
Accounts receivable, net	(22.2)	(41)
Reinsurance recoverable on paid and unpaid losses and LAE	(9.5)	(46.7)
Ceding commissions receivable	(7.9)	(24.3)
Prepaid reinsurance premiums	44.3	(65.4)
Other assets	(6.1)	(2.7)
Provision for commission	6.6	7.7
Accrued expenses and other liabilities	(4.5)	8.3
Loss and loss adjustment expense reserves	24.4	73.8
Unearned premiums	33.5	81.8
Reinsurance premiums payable	(13.6)	95.7
Net cash provided by (used in) operating activities	7.1	(45)
Cash flows from investing activities:
Capitalized internal use software costs	(7)	(8.5)
Purchases of property and equipment	(0.2)	(29)
Purchases of fixed maturities	(24)	(22.1)
Maturities of fixed maturities	18.2	4.3
Sales of fixed maturities	1.4	3.2
Purchases of short-term investments	(114.8)	(185.1)
Maturities of short-term investments	156.6	260.1
Sales of short-term investments	0.2	26.8
Other	0	(0.9)
Net cash provided by investing activities	30.4	48.8
Cash flows from financing activities:
Taxes paid related to net share settlement of equity awards	(3.8)	(2.9)
Proceeds from issuance of common stock	2.2	1.9
Share repurchases under program	0	(1.8)
Payments of contingent consideration	(0.5)	(0.7)
Distributions to noncontrolling interests and other	(10.3)	(6.4)
Net cash used in financing activities	(12.4)	(9.9)
Net increase (decrease) in cash, cash equivalents, and restricted cash	25.1	(6.1)
Cash, cash equivalents, and restricted cash at the beginning of the period	195.1	244.5
Cash, cash equivalents, and restricted cash at the end of the period	$ 220.2	$ 238.4

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Summary of Significant Accounting Policies	1. Description of Business and Summary of Significant Accounting Policies Description of Business Hippo Holdings Inc., referred to herein as “Hippo” or the “Company” is an insurance holding company incorporated in Delaware. Hippo has subsidiaries that provide property and casualty insurance products to both individuals and business customers. The Company’s headquarters are located in Palo Alto, California. Basis of Presentation and Consolidation The interim condensed 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 condensed 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 condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Interim results are not necessarily indicative of the results for a full year. Use of Estimates The preparation of the Company’s condensed 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 condensed 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, 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 Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures. The ASU includes requirements that an entity disclose the title of the chief operating decision maker (CODM) and on an interim and annual basis, significant segment expenses and the composition of other segment items for each segment's reported profit. The standard also permits disclosure of additional measures of segment profit. This ASU is effective for public companies with annual periods beginning after December 15, 2023, and interim periods within annual period beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of the ASU on its disclosures. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of the ASU on its disclosures.

Investments

Investments	6 Months Ended
	Jun. 30, 2024
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): June 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed maturities available-for-sale: U.S. government and agencies $ 17.6 $ — $ (0.2) $ 17.4 States and other territories 8.4 — (0.4) 8.0 Corporate securities 100.7 0.5 (1.4) 99.8 Foreign securities 0.9 — — 0.9 Residential mortgage-backed securities 19.7 — (1.6) 18.1 Commercial mortgage-backed securities 7.6 — (0.4) 7.2 Asset backed securities 15.7 — (0.1) 15.6 Total fixed maturities available-for-sale 170.6 0.5 (4.1) 167.0 Short-term investments: U.S. government and agencies 103.8 — — 103.8 Commercial paper 19.4 — — 19.4 Corporate securities 25.3 — — 25.3 Total short-term investments 148.5 — — 148.5 Total $ 319.1 $ 0.5 $ (4.1) $ 315.5 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed maturities available-for-sale: U.S. government and agencies $ 18.6 $ — $ (0.2) $ 18.4 States and other territories 9.3 — (0.4) 8.9 Corporate securities 91.3 1.1 (1.3) 91.1 Foreign securities 0.9 — — 0.9 Residential mortgage-backed securities 20.7 0.1 (1.3) 19.5 Commercial mortgage-backed securities 7.7 — (0.6) 7.1 Asset backed securities 16.1 — (0.3) 15.8 Total fixed maturities available-for-sale 164.6 1.2 (4.1) 161.7 Short-term investments: U.S. government and agencies 137.7 — — 137.7 Commercial paper 34.5 — — 34.5 Corporate securities 14.9 — — 14.9 Total short-term investments 187.1 — — 187.1 Total $ 351.7 $ 1.2 $ (4.1) $ 348.8 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 June 30, 2024, and December 31, 2023 (in millions): June 30, 2024 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 $ 9.0 $ (0.1) $ 5.9 $ (0.1) $ 14.9 $ (0.2) States and other territories 0.2 — 7.5 (0.4) 7.7 (0.4) Corporate securities 46.9 (0.3) 5.9 (1.1) 52.8 (1.4) Foreign securities — — 4.0 — 4.0 — Residential mortgage-backed securities 4.7 (0.1) 10.7 (1.5) 15.4 (1.6) Commercial mortgage-backed securities 0.4 — 5.9 (0.4) 6.3 (0.4) Asset backed securities 1.8 — 7.7 (0.1) 9.5 (0.1) Short-term investments: U.S. government and agencies 5.2 — — — 5.2 — Commercial paper 19.4 — — — 19.4 — Corporate securities 13.2 — — — 13.2 — Total $ 100.8 $ (0.5) $ 47.6 $ (3.6) $ 148.4 $ (4.1) December 31, 2023 Less than 12 months 12 months or more Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fixed maturities available-for-sale: U.S. government and agencies $ 4.3 $ — $ 10.5 $ (0.2) $ 14.8 $ (0.2) States and other territories 1.5 — 7.4 (0.4) 8.9 (0.4) Corporate securities 5.7 — 37.4 (1.3) 43.1 (1.3) Foreign securities — — 0.9 — 0.9 — Residential mortgage-backed securities — — 11.6 (1.3) 11.6 (1.3) Commercial mortgage-backed securities 0.4 — 5.8 (0.6) 6.2 (0.6) Asset backed securities 1.6 — 8.2 (0.3) 9.8 (0.3) Short-term investments: U.S. government and agencies 137.7 — — — 137.7 — Commercial paper 34.5 — — — 34.5 — Corporate securities 14.9 — — — 14.9 — Total $ 200.6 $ — $ 81.8 $ (4.1) $ 282.4 $ (4.1) The Company has determined that unrealized losses as of June 30, 2024 and December 31, 2023 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 June 30, 2024, 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): June 30, 2024 Amortized Cost Fair Value Due to mature: One year or less $ 31.4 $ 31.0 After one year through five years 77.2 75.9 After five years 12.5 12.3 After ten years 6.5 6.9 Residential mortgage-backed securities 19.7 18.1 Commercial mortgage-backed securities 7.6 7.2 Asset backed securities 15.7 15.6 Total fixed maturities available-for-sale $ 170.6 $ 167.0 Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Net realized gains and losses on fixed maturity securities were insignificant for the three and six months ended June 30, 2024 and 2023, respectively. The Company’s net investment income is comprised of the following (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest on cash and cash equivalents $ 2.8 $ 1.3 $ 5.0 $ 2.5 Fixed maturities income 1.9 1.2 3.7 2.6 Short-term investment income 1.5 3.0 3.5 6.0 Total gross investment income 6.2 5.5 12.2 11.1 Investment expenses (0.1) (0.1) (0.2) (0.3) Net investment income $ 6.1 $ 5.4 $ 12.0 $ 10.8 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 condensed consolidated balance sheets. The carrying value of securities on deposit with state regulatory authorities total $13.6 million and $12.9 million as of June 30, 2024 and December 31, 2023, respectively.

Cash, Cash Equivalents, and Res

Cash, Cash Equivalents, and Restricted Cash	6 Months Ended
	Jun. 30, 2024
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): June 30, December 31, Cash and cash equivalents: Cash $ 86.9 $ 54.3 Money market funds 79.1 77.8 Commercial paper — 10.0 U.S. government and agencies 9.9 — Total cash and cash equivalents $ 175.9 $ 142.1 Restricted cash: Fiduciary assets 33.6 32.5 Letters of credit and cash on deposit 10.7 20.5 Total restricted cash 44.3 53.0 Total cash, cash equivalents, and restricted cash $ 220.2 $ 195.1

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jun. 30, 2024
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): June 30, 2024 Level 1 Level 2 Level 3 Total Financial assets: Cash, cash equivalents, and restricted cash $ 220.2 $ — $ — $ 220.2 Fixed maturities available-for-sale: U.S. government and agencies 17.4 — — 17.4 States and other territories — 8.0 — 8.0 Corporate securities — 99.8 — 99.8 Foreign securities — 0.9 — 0.9 Residential mortgage-backed securities — 18.1 — 18.1 Commercial mortgage-backed securities — 7.2 — 7.2 Asset backed securities — 15.6 — 15.6 Total fixed maturities available-for-sale 17.4 149.6 — 167.0 Short-term investments U.S. government and agencies 103.8 — — 103.8 Commercial paper — 19.4 — 19.4 Corporate securities — 25.3 — 25.3 Total short-term investments 103.8 44.7 — 148.5 Total financial assets $ 341.4 $ 194.3 $ — $ 535.7 Financial liabilities: Contingent consideration liability $ — $ — $ 13.8 $ 13.8 Public warrants 0.1 — — 0.1 Private placement warrants — 0.1 — 0.1 Total financial liabilities $ 0.1 $ 0.1 $ 13.8 $ 14.0 December 31, 2023 Level 1 Level 2 Level 3 Total Financial assets: Cash, cash equivalents, and restricted cash $ 195.1 $ — $ — $ 195.1 Fixed maturities available-for-sale: U.S. government and agencies 18.4 — — 18.4 States and other territories — 8.9 — 8.9 Corporate securities — 91.1 — 91.1 Foreign securities — 0.9 — 0.9 Residential mortgage-backed securities — 19.5 — 19.5 Commercial mortgage-backed securities — 7.1 — 7.1 Asset backed securities — 15.8 — 15.8 Total fixed maturities available-for-sale 18.4 143.3 — 161.7 Short-term investments U.S. government and agencies 137.7 — — 137.7 Commercial paper — 34.5 — 34.5 Corporate securities — 14.9 — 14.9 Total short-term investments 137.7 49.4 — 187.1 Total financial assets $ 351.2 $ 192.7 $ — $ 543.9 Financial liabilities: Contingent consideration liability $ — $ — $ 13.6 $ 13.6 Public warrants 0.1 — — 0.1 Private placement warrants — 0.1 — 0.1 Total financial liabilities $ 0.1 $ 0.1 $ 13.6 $ 13.8 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 six months ended June 30, 2024. 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): 2024 2023 Balance as of January 1, $ 13.6 $ 11.9 Payments of contingent consideration (1.8) (1.8) Changes in fair value 2.0 3.7 Balance as of June 30, $ 13.8 $ 13.8

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	5. Intangible Assets June 30, 2024 December 31, 2023 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 4.4 $ 13.5 $ (6.0) $ 7.5 $ 13.5 $ (5.1) $ 8.4 State licenses and domain name Indefinite 10.5 — 10.5 10.5 — 10.5 Customer relationships 4.9 18.5 (12.3) 6.2 18.5 (10.9) 7.6 Other 5.4 1.8 (1.0) 0.8 1.7 (0.9) 0.8 Total intangible assets, net $ 44.3 $ (19.3) $ 25.0 $ 44.2 $ (16.9) $ 27.3 Amortization expense related to intangible assets for the three months ended June 30, 2024 and 2023 was $1.2 million and $1.1 million, respectively, and for the six months ended June 30, 2024 and 2023 was $2.4 million and $2.2 million, respectively. The amortization expense is included in sales and marketing expenses for customer relationships, agency and carrier relationships, and other on the condensed consolidated statements of operations and comprehensive loss.

Capitalized Internal Use Softwa

Capitalized Internal Use Software	6 Months Ended
	Jun. 30, 2024
Research and Development [Abstract]
Capitalized Internal Use Software	6. Capitalized Internal Use Software June 30, December 31, (in millions) Capitalized internal use software $ 88.6 $ 79.1 Less: accumulated amortization (38.7) (30.7) Total capitalized internal use software $ 49.9 $ 48.4 Amortization expense related to capitalized internal use software for the three months ended June 30, 2024 and 2023 was $4.1 million and $3.1 million, respectively, and for the six months ended June 30, 2024 and 2023 was $8.0 million and $6.0 million, respectively. The amortization expense is included in insurance related expenses on the condensed consolidated statements of operations and comprehensive loss.

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	7. Other Assets June 30, December 31, (in millions) Property and equipment $ 33.9 $ 34.9 Prepaid expenses 11.7 11.3 Claims receivable 1.6 5.6 Lease right-of-use assets 5.9 10.6 Deferred policy acquisition costs 9.7 — Other 5.7 6.8 Total other assets $ 68.5 $ 69.2

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	8. Accrued Expenses and Other Liabilities June 30, December 31, (in millions) Claim payments outstanding $ 27.3 $ 26.3 Lease liability 12.3 14.8 Advances from customers 11.3 9.8 Deferred revenue 0.1 3.8 Employee related accruals 5.8 7.3 Premium refund liability 11.9 12.2 Fiduciary liability 4.4 6.0 Contingent consideration liability 13.8 13.6 Other 19.3 19.7 Total accrued expenses and other liabilities $ 106.2 $ 113.5

Loss and Loss Adjustment Expens

Loss and Loss Adjustment Expense Reserves	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, (in millions): 2024 2023 Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of beginning of the period $ 322.5 $ 293.8 Less: Reinsurance recoverables on unpaid losses and LAE (221.4) (228.8) Reserve for losses and LAE, net of reinsurance recoverables as of beginning of the period 101.1 65.0 Add: Incurred losses and LAE, net of reinsurance, related to: Current year 114.9 116.6 Prior years (1.9) (2.2) Total incurred 113.0 114.4 Deduct: Loss and LAE payments, net of reinsurance, related to: Current year 61.4 45.4 Prior years 33.9 14.7 Total paid 95.3 60.1 Reserve for losses and LAE, net of reinsurance recoverables at end of period 118.8 119.3 Add: Reinsurance recoverables on unpaid losses and LAE at end of period 228.1 248.3 Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of end of the period $ 346.9 $ 367.6 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 $1.9 million and $2.2 million for six months ended June 30, 2024 and 2023, respectively. The prior period development in 2024 of $1.9 million was driven primarily by favorable net loss development relating to the 2023 accident year, resulting in a net release of $1.9 million from catastrophe reserves. These changes are primarily a result of ongoing analysis of claims emergence patterns and loss trends. The prior period development in 2023 of $2.2 million was driven primarily by favorable net loss development relating primarily to the 2022 accident year, resulting in a net release of $1.0 million from catastrophe reserves and $1.2 million from attritional reserves. These changes are primarily a result of ongoing analysis of claims emergence patterns and loss trends.

Reinsurance

Reinsurance	6 Months Ended
	Jun. 30, 2024
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 both proportional and non-proportional reinsurance treaties. The Company also assumes risk from non-affiliated insurance carriers. Proportional Reinsurance Treaties — Hippo Home Insurance Program In 2024, the Company started transitioning from proportional reinsurance to a more traditional excess of loss (XOL) reinsurance structure, retaining nearly all the attritional risk and related premium, and purchasing XOL reinsurance to protect against major catastrophic weather events. For the Company’s primary homeowners reinsurance program for policies with effective dates in 2024, the Company elected not to purchase proportional reinsurance and to retain more of the exposure and associated premium. For business produced through the Company’s builder channel for policies with effective dates in 2024, the Company purchased proportional reinsurance from one third-party reinsurer and expects to retain approximately 85% of the premium and associated risk, before purchasing catastrophic protection. All reinsurance obligations are appropriately collateralized. 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 for policies with effective dates in 2023, the Company secured proportional reinsurance from a diverse panel of six third-party reinsurers. All reinsurers are either rated “A-” Excellent or better by AM Best, or the reinsurance is appropriately collateralized. In 2023, the Company retained approximately 40% of the premium through its insurance company subsidiaries or its captive reinsurance company, RH Solutions Insurance (Cayman) Ltd. (“RHS”), before purchasing catastrophe protection. Effective January 1, 2024, the Company elected to cut off 25% of the reinsurer’s participation on the 2023 proportional reinsurance treaty and retain the remaining exposure and related premiums. For business produced through the Company’s builder channel for policies with effective dates in 2023, 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 retained approximately 58% of the premium produced through the Company’s insurance company subsidiaries or RHS, before purchasing catastrophe protection. For the Company’s primary homeowners reinsurance treaty for policies with effective dates in 2022, the Company secured proportional reinsurance from a diverse panel of eleven third-party reinsurers with AM Best ratings of “A-” Excellent or better. A total of approximately 10% of the premium was retained through the Company’s insurance company subsidiaries, including the Company’s captive reinsurance company, RHS. The Company also seeks to further reduce its risk retention through purchases of non-proportional reinsurance described below. Non-Proportional Reinsurance — Hippo Home Insurance Program The Company purchases non-proportional excess of loss catastrophe coverage (“XOL”) reinsurance which includes traditional reinsurance protection, state subsidized 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, the Company secured new catastrophe protection through a per occurrence XOL 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 the Company 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 which inures to the benefit of the Company’s traditional XOL program described below. Amounts payable under the reinsurance agreement with respect to any covered event cannot exceed the Company’s actual losses from such event. The Company’s XOL program provides protection to the Company from catastrophes that could impact a large number of insurance policies. In 2023, the Company purchased XOL reinsurance so that the probability of losses from a single occurrence exceeding the protection purchase was no more than 0.4%. In 2024, the Company increased its purchase of non-proportional XOL reinsurance, raising the per occurrence XOL limit by 11% and increasing the number of participating reinsurers from 14 to 19. Under this placement, along with other existing catastrophe protections, the Company is protected on the upper layers of risk up to a 1 in 250-year event when considering the Mountain Re per occurrence, described above, corporate catastrophe, and the Florida Hurricane Catastrophe Fund (the “FHCF”) XOL described below under “Other Reinsurance.” The reinsurance protects the Company from all but the most severe catastrophic events. Other Reinsurance Spinnaker Insurance Company (“Spinnaker”) purchases reinsurance for programs written by MGAs other than Hippo through its Insurance-as-a-Service business. The reinsurance treaties are a mix of proportional and XOL in which generally 75% to 100% of the risk, up to the 1 in 250 year return period, is ceded. The reinsurance contracts are subject to variable commission adjustments and loss participation features, including loss caps, which 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 individual programmatic reinsurance programs protecting the property 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 bond, and the FHCFs, described below, inures to the benefit of this contract. This program provides the Company protection from catastrophes that could impact a large number of correlated insurance policies underwritten by the Company and its other MGAs. The Company buys this XOL so that the probability of losses from a single occurrence across the property portfolio 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. Spinnaker also purchases reinsurance from the State Board of Administration in Florida via the FHCF annually for admitted residential hurricane losses in Florida. This coverage is provided and required by the State of Florida and protects business written by Hippo as well as other MGAs that produce admitted residential policies. 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 their reinsurers. As a result, 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 six months ended June 30, 2024, and 2023 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 condensed consolidated statements of operations and comprehensive loss for reinsurance as of and for the three and six months ended June 30, 2024, and 2023 (in millions). For the Three Months Ended June 30, 2024 2023 Written premiums Earned premiums Loss and LAE incurred Written premiums Earned premiums Loss and LAE incurred Direct $ 255.0 $ 208.3 $ 119.2 $ 240.2 $ 185.4 $ 196.0 Assumed 2.6 3.9 4.0 4.6 1.9 4.0 Gross 257.6 212.2 123.2 244.8 187.3 200.0 Ceded (163.8) (147.8) (62.8) (213.6) (165.0) (123.3) Net $ 93.8 $ 64.4 $ 60.4 $ 31.2 $ 22.3 $ 76.7 For the Six Months Ended June 30, 2024 2023 Written premiums Earned premiums Loss and LAE incurred Written premiums Earned premiums Loss and LAE incurred Direct $ 443.6 $ 410.8 $ 236.5 $ 425.9 $ 349.5 $ 320.7 Assumed 8.8 8.1 7.9 8.3 2.8 5.6 Gross 452.4 418.9 244.4 434.2 352.3 326.3 Ceded (249.7) (294.0) (131.4) (381.7) (316.2) (211.9) Net $ 202.7 $ 124.9 $ 113.0 $ 52.5 $ 36.1 $ 114.4 As of June 30, 2024 and December 31, 2023, a provision for sliding scale commissions of $31.1 million and $23.8 million, respectively, is included in provision for commission on the condensed consolidated balance sheets. As of June 30, 2024 and December 31, 2023, a receivable for sliding scale commissions of $2.5 million and $5.8 million, respectively, is included in ceding commissions receivable on the condensed consolidated balance sheets. As of June 30, 2024 and December 31, 2023, a provision for loss participation features of $42.2 million and $112.8 million, respectively, was recorded as a contra-asset in reinsurance recoverable on the condensed consolidated balance sheets.

Geographical Breakdown of Gross

Geographical Breakdown of Gross Written Premium	6 Months Ended
	Jun. 30, 2024
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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Amount % of GWP Amount % of GWP Amount % of GWP Amount % of GWP State California $ 60.0 23.3 % $ 43.2 17.7 % $ 100.5 22.2 % $ 76.0 17.5 % Texas 36.7 14.2 % 44.2 18.2 % 64.4 14.2 % 83.8 19.3 % Florida 37.1 14.4 % 38.0 15.5 % 62.7 13.9 % 59.5 13.7 % Illinois 8.9 3.5 % 7.3 3.0 % 14.9 3.3 % 12.4 2.9 % Georgia 6.3 2.4 % 13.0 5.3 % 13.6 3.0 % 22.2 5.1 % South Carolina 8.9 3.5 % 5.7 2.3 % 13.3 2.9 % 9.2 2.1 % New York 6.9 2.7 % 5.7 2.3 % 12.6 2.8 % 9.4 2.2 % Colorado 5.1 2.0 % 6.7 2.7 % 9.2 2.0 % 12.5 2.9 % New Jersey 4.5 1.7 % 4.0 1.6 % 9.1 2.0 % 8.3 1.9 % Ohio 4.4 1.7 % 4.2 1.7 % 9.0 2.0 % 7.9 1.8 % Other 78.8 30.6 % 72.8 29.7 % 143.1 31.7 % 133.0 30.6 % Total $ 257.6 100.0 % $ 244.8 100 % $ 452.4 100 % $ 434.2 100.0 %

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
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. The Company records a liability for litigation if an unfavorable outcome is probable and the amount of loss or range of loss can be reasonably estimated. If an unfavorable outcome is probable and a reasonable estimate of the loss is a range, the Company accrues the best estimate within the range. If no amount within the range is a better estimate than any other amount, the Company accrues the minimum amount within the range. If an unfavorable outcome is probable but the amount of the loss cannot be reasonably estimated, the Company discloses the nature of the litigation and indicates that an estimate of the loss or range of loss cannot be made. If an unfavorable outcome is reasonably possible and the estimated loss is material, the Company discloses the nature and estimate of the possible loss of the litigation. The Company does not disclose information with respect to litigation where an unfavorable outcome is considered to be remote or where the estimated loss would not be material. Based on current expectations, such matters, both individually and in the aggregate, are not expected to have a material adverse effect on the Company’s liquidity, results of operations, business, or financial condition On November 19, 2021, Hippo and Assaf Wand were named in a civil action in San Francisco Superior Court brought by Eyal Navon. Mr. Navon alleged six claims 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 filed a Fourth Amended Complaint on February 2, 2024, in which he alleged 19 claims for relief and sought treble damages in connection with certain of the claims. Hippo has engaged counsel to defend both Hippo and Mr. Wand. On February 16, 2024, Hippo and Mr. Wand filed an answer to the Fourth Amended Complaint, and filed a cross-complaint against Mr. Navon for fraud, negligent misrepresentation, fraudulent inducement, and breach of contract. Additionally, on February 16, 2024, Innovius also filed an amended cross-complaint naming Mr. Navon, Hippo, and Mr. Wand as cross-defendants.  Innovius alleged that Hippo and Mr. Wand aided and abetted Mr. Navon’s fraud against Innovius. The cross-complaint also included a breach of contract claim. Hippo and Mr. Wand have filed a Motion for Summary Judgment against each of the claims filed by Mr. Navon and Innovius, and Mr. Navon filed a Motion for Summary Judgment on Hippo’s cross complaint against him. A hearing on the Motions for Summary Judgment was held on June 7, 2024, and a final order on the motion was issued by the court on July 1, 2024. The court granted in part and denied in part Hippo’s and Mr. Wand’s motions. Specifically, the court (i) dismissed all of Mr. Navon’s claims against Hippo such that none of Mr. Navon’s claims against Hippo remain; (ii) dismissed all of Mr. Navon’s claims against Mr. Wand, with the exception of the promissory estoppel claim; (iii) dismissed all of Innovius’ claims against Hippo and Mr. Wand, with the exception of one claim of breach of contract against Hippo; and (iv) denied Mr. Navon’s Motion for Summary Judgment on Hippo and Mr. Wand’s claims against Mr. Navon, such that all of those claims survive. Although the court had set a trial date of September 9, 2024, on July 23, 2024, Mr. Navon filed a petition for a writ of mandate, seeking appellate review of the court’s orders on the Motion for Summary Judgment and requesting that the September 9, 2024 trial date be stayed. The court rescheduled the trial date to February 10, 2025, and required the parties to mediate the claim prior to the trial. Any potential losses associated with the ongoing dispute with Mr. Navon cannot be estimated at this time.

Stockholders_ Equity

Stockholders’ Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Stockholders’ Equity	13. Stockholders’ Equity Common Stock The Company’s common stock and warrants trade on the New York Stock Exchange (“NYSE”) under the ticker symbols “HIPO” and “HIPO.WS,” respectively. Pursuant to its Certificate of Incorporation, the Company is authorized to issue 80 million shares of common stock, with a par value of $0.0001 per share. Each share of common stock is entitled to one vote. The holders of the common stock are also entitled to receive dividends whenever funds are legally available and when declared by the board of directors. No dividends have been declared or paid since inception. Stock 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, 2023 1,589,529 $ 16.13 6.8 $ 0.2 Granted — — Exercised (100,502) 13.27 Cancelled/Expired (69,472) 15.49 Outstanding as of June 30, 2024 1,419,555 16.37 6.4 $ 2.4 Vested and exercisable as of June 30, 2024 1,346,313 $ 16.39 6.3 $ 2.3 The aggregate intrinsic value of options exercised during the six months ended June 30, 2024 and 2023 was $0.5 million and $0.5 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 six months ended June 30, 2024 and 2023. Total unrecognized compensation cost of $1.6 million as of June 30, 2024 is expected to be recognized over a weighted-average period of 1.1 years. 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 the grant date. To estimate the fair value of PRSUs containing a market condition, the Company used the Monte Carlo valuation model. The fair value of all other awards is based on the closing price of the Company’s common stock as reported on the NYSE on the date of grant. The RSUs generally vest over a period of 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. The following table summarizes the RSU and PRSU activity for the six months ended June 30, 2024: Number of Shares Weighted Average Grant-Date Fair Value per Share Unvested and outstanding as of December 31, 2023 2,534,683 $ 28.28 Granted 1,263,148 19.52 Released (788,735) 25.61 Canceled and forfeited (296,673) 28.09 Unvested and outstanding as of June 30, 2024 2,712,423 $ 25.01 Total unrecognized compensation cost related to unvested RSUs and PRSUs is $45.8 million as of June 30, 2024, and it is expected to be recognized over a weighted-average period of 1.5 years. 2021 Employee Stock Purchase Plan The Company adopted the 2021 Employee Stock Purchase Plan (the “2021 ESPP”), which is designed to allow eligible employees of the Company to purchase shares of the Company’s common stock with their accumulated payroll deductions at a price equal to 85% of the lesser of the fair market value on the first business day of the offering period or on the designated purchase date of the offering period, up to a maximum purchase amount of $25,000 during the calendar year. The 2021 ESPP offers a six-month look-back feature as well as an automatic reset feature that provides for an offering period to be reset to a new lower-priced offering if the offering price of the new offering period is less than that of the current offering period. During the six months ended June 30, 2023, 80,990 shares have been issued under the 2021 ESPP for $1.0 million. During the six months ended June 30, 2024, 104,384 shares have been issued under the 2021 ESPP for $0.8 million. In addition, the number of shares available for issuance under the 2021 ESPP is increased annually on January 1 of each calendar year ending in 2031, by an amount equal to the lesser of (i) one percent of the shares outstanding (on a converted basis) on the last day of the immediately preceding fiscal year and (ii) such number of shares as may be determined by the board of directors. Stock-Based Compensation Total stock-based compensation expense, classified in the accompanying condensed consolidated statements of operations and comprehensive loss was as follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Losses and loss adjustment expenses $ 0.3 $ 0.1 $ 0.5 $ 0.6 Insurance related expenses 1.6 1.4 2.0 2.6 Technology and development 1.9 3.9 3.6 7.3 Sales and marketing 2.7 3.6 4.6 7.9 General and administrative 5.4 7.7 9.6 14.4 Total stock-based compensation expense $ 11.9 $ 16.7 $ 20.3 $ 32.8 Stock Repurchases In March 2023, the Board 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 time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its common stock under this authorization. This program does not obligate the Company to acquire any particular amount of its common stock, and may be modified, suspended or terminated at any time at the Company’s discretion. No share repurchases were made under this program during the six months ended June 30, 2024. As of June 30, 2024, $48.2 million of common stock remains available for repurchase. Shares repurchased by the Company are accounted for when the transaction is settled. As of June 30, 2024, there were no unsettled share repurchases. Direct costs incurred to acquire the shares are included in the total cost of the shares.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	14. Income Taxes The consolidated effective tax rate was (1.3)% and (0.3)% for the six months ended June 30, 2024 and 2023, respectively. The difference between the rate for the three months ended June 30, 2024 and 2023 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 June 30, 2024 and 2023, the Company has $5.8 million and $3.8 million of unrecognized tax benefits, respectively, fully offset by a valuation allowance. No material interest or penalties were incurred during the six months ended June 30, 2024 and 2023.

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders	15. Net Loss Per Share Attributable to Common Stockholders Net loss per share attributable to common stockholders was computed as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Numerator: Net loss attributable to Hippo – basic and diluted (in millions) $ (40.5) $ (107.8) $ (76.2) $ (177.7) Denominator: Weighted-average shares used in computing net loss per share attributable to Hippo — basic and diluted 24,633,960 23,387,767 24,583,168 23,293,652 Net loss per share attributable to Hippo — basic and diluted $ (1.64) $ (4.61) $ (3.10) $ (7.63) 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: June 30, 2024 2023 Outstanding options 1,419,555 1,710,915 Common stock from outstanding warrants 360,000 360,000 Common stock subject to repurchase 13,020 39,096 RSU and PRSUs 2,712,423 3,168,631 Total 4,504,998 5,278,642

Segments

Segments	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segments	16. Segments The Company 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 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). Three Months Ended June 30, 2024 Services Insurance-as-a-Service Hippo Home Insurance Program Intersegment Eliminations (1) Total Revenue: Net earned premium $ — $ 15.6 $ 48.8 $ — $ 64.4 Commission income, net 12.1 5.9 1.2 (3.1) 16.1 Service and fee income — — 3.0 — 3.0 Net investment income — 2.9 3.2 — 6.1 Total revenue 12.1 24.4 56.2 (3.1) 89.6 Adjusted Operating Expenses: Loss and loss adjustment expense — 5.2 54.9 — 60.1 Insurance related expense — 8.8 12.7 (2.6) 18.9 Sales and marketing 8.1 — 1.6 (0.4) 9.3 Technology and development 2.5 0.1 3.2 — 5.8 General and administrative 2.7 1.7 6.6 — 11.0 Other expenses — — — — — Total adjusted operating expenses 13.3 15.8 79.0 (3.0) 105.1 Less: Net investment income — (2.9) (3.2) — (6.1) Less: Noncontrolling interest (3.3) — — — (3.3) Adjusted operating income (loss) (4.5) 5.7 (26.0) (0.1) (24.9) Net investment income 6.1 Depreciation and amortization (5.9) Stock-based compensation (11.9) Fair value adjustments (0.4) Other one-off transactions (2.8) Income tax expense (0.7) Net loss attributable to Hippo $ (40.5) Income tax expense 0.7 Noncontrolling interest 3.3 Loss before income taxes $ (36.5) (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 June 30, 2023 Services Insurance-as-a-Service Hippo Home Insurance Program Intersegment Eliminations (1) Total Revenue: Net earned premium $ — $ 9.9 $ 12.4 $ — $ 22.3 Commission income, net 11.3 4.8 2.7 (2.6) 16.2 Service and fee income 0.2 — 3.6 — 3.8 Net investment income — 1.5 3.9 — 5.4 Total revenue 11.5 16.2 22.6 (2.6) 47.7 Adjusted Operating Expenses: Loss and loss adjustment expense — 3.8 72.8 — 76.6 Insurance related expense — 4.7 10.2 (0.8) 14.1 Sales and marketing 11.1 — 5.2 (1.2) 15.1 Technology and development 4.1 0.2 4.8 — 9.1 General and administrative 3.1 1.3 7.9 — 12.3 Other expenses 0.2 — — — 0.2 Total adjusted operating expenses 18.5 10.0 100.9 (2.0) 127.4 Less: Net investment income — (1.5) (3.9) — (5.4) Less: Noncontrolling interest (2.6) — — — (2.6) Adjusted operating income (loss) (9.6) 4.7 (82.2) (0.6) (87.7) Net investment income 5.4 Depreciation and amortization (5.2) Stock-based compensation (16.7) Fair value adjustments (2.7) Other one-off transactions (0.7) Income tax expense (0.2) Net loss attributable to Hippo $ (107.8) Income tax expense 0.2 Noncontrolling interest 2.6 Loss before income taxes $ (105.0) (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). Six Months Ended June 30, 2024 Services Insurance-as-a-Service Hippo Home Insurance Program Intersegment Eliminations (1) Total Revenue: Net earned premium $ — $ 28.0 $ 96.9 $ — $ 124.9 Commission income, net 23.4 11.4 2.1 (4.9) 32.0 Service and fee income 0.1 — 5.7 — 5.8 Net investment income — 5.4 6.6 — 12.0 Total revenue 23.5 44.8 111.3 (4.9) 174.7 Adjusted Operating Expenses: Loss and loss adjustment expense — 9.7 102.8 — 112.5 Insurance related expense — 15.7 24.9 (5.2) 35.4 Sales and marketing 16.5 — 3.2 (0.6) 19.1 Technology and development 5.4 0.1 6.9 — 12.4 General and administrative 5.5 3.5 13.1 — 22.1 Other expenses — — — — — Total adjusted operating expenses 27.4 29.0 150.9 (5.8) 201.5 Less: Net investment income — (5.4) (6.6) — (12.0) Less: Noncontrolling interest (5.9) — — — (5.9) Adjusted operating income (loss) (9.8) 10.4 (46.2) 0.9 (44.7) Net investment income 12.0 Depreciation and amortization (11.5) Stock-based compensation (20.3) Fair value adjustments (1.9) Other one-off transactions (5.2) Income tax expense (1.0) Impairment and restructuring charges (3.6) Net loss attributable to Hippo $ (76.2) Income tax expense 1.0 Noncontrolling interest 5.9 Loss before income taxes $ (69.3) (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). Six Months Ended June 30, 2023 Services Insurance-as-a-Service Hippo Home Insurance Program Intersegment Eliminations (1) Total Revenue: Net earned premium $ — $ 17.5 $ 18.6 $ — $ 36.1 Commission income, net 20.9 8.7 9.0 (5.0) 33.6 Service and fee income 0.3 — 6.7 — 7.0 Net investment income — 3.0 7.8 — 10.8 Total Revenue 21.2 29.2 42.1 (5.0) 87.5 Adjusted Operating Expenses: Loss and loss adjustment expense — 6.5 107.2 — 113.7 Insurance related expense — 8.9 18.5 (1.6) 25.8 Sales and marketing 23.3 — 10.1 (2.4) 31.0 Technology and development 7.8 0.3 9.3 — 17.4 General and administrative 6.0 2.6 15.4 — 24.0 Other expenses 0.4 — — — 0.4 Total adjusted operating expenses 37.5 18.3 160.5 (4.0) 212.3 Less: Net investment income — (3.0) (7.8) — (10.8) Less: Noncontrolling interest (4.3) — — — (4.3) Adjusted operating income (loss) (20.6) 7.9 (126.2) (1.0) (139.9) Net investment income 10.8 Depreciation and amortization (9.5) Stock-based compensation (32.8) Fair value adjustments (3.7) Other one-off transactions (2.1) Income tax expense (0.5) Net loss attributable to Hippo $ (177.7) Income tax expense 0.5 Noncontrolling interest 4.3 Loss before income taxes $ (172.9) (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).

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (40.5)	$ (107.8)	$ (76.2)	$ (177.7)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Anirudh Badia [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		From time to time, our officers (as defined in Rule 16a-1(f)) and directors may enter into Rule 10b5-1 or non-Rule 10b5-1 trading arrangements (as each such term is defined in Item 408 of Regulation S-K). During the three months ended June 30, 2024, our officers and directors took the following actions with respect to trading arrangements that are intended to satisfy the affirmative defense conditions of Rule 10b5-1(c): Trading Arrangement Name and Position Action Date Rule 10b5-01 Non- Rule 10b5-01 Total Shares to be Sold Expiration Date Anirudh Badia (Chief Accounting Officer) Adopt 6/14/2024 X — 84,969 7/11/2025
Name	Anirudh Badia
Title	Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	6/14/2024
Expiration Date	7/11/2025
Arrangement Duration	392 days
Aggregate Available	84,969	84,969

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The interim condensed 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 condensed 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 condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Interim results are not necessarily indicative of the results for a full year.
Use of Estimates	Use of Estimates The preparation of the Company’s condensed 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 condensed 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, 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 Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures. The ASU includes requirements that an entity disclose the title of the chief operating decision maker (CODM) and on an interim and annual basis, significant segment expenses and the composition of other segment items for each segment's reported profit. The standard also permits disclosure of additional measures of segment profit. This ASU is effective for public companies with annual periods beginning after December 15, 2023, and interim periods within annual period beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of the ASU on its disclosures. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. This ASU is effective for public companies with annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of the ASU on its disclosures.

Investments (Tables)

Investments (Tables)	6 Months Ended
	Jun. 30, 2024
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): June 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed maturities available-for-sale: U.S. government and agencies $ 17.6 $ — $ (0.2) $ 17.4 States and other territories 8.4 — (0.4) 8.0 Corporate securities 100.7 0.5 (1.4) 99.8 Foreign securities 0.9 — — 0.9 Residential mortgage-backed securities 19.7 — (1.6) 18.1 Commercial mortgage-backed securities 7.6 — (0.4) 7.2 Asset backed securities 15.7 — (0.1) 15.6 Total fixed maturities available-for-sale 170.6 0.5 (4.1) 167.0 Short-term investments: U.S. government and agencies 103.8 — — 103.8 Commercial paper 19.4 — — 19.4 Corporate securities 25.3 — — 25.3 Total short-term investments 148.5 — — 148.5 Total $ 319.1 $ 0.5 $ (4.1) $ 315.5 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Fixed maturities available-for-sale: U.S. government and agencies $ 18.6 $ — $ (0.2) $ 18.4 States and other territories 9.3 — (0.4) 8.9 Corporate securities 91.3 1.1 (1.3) 91.1 Foreign securities 0.9 — — 0.9 Residential mortgage-backed securities 20.7 0.1 (1.3) 19.5 Commercial mortgage-backed securities 7.7 — (0.6) 7.1 Asset backed securities 16.1 — (0.3) 15.8 Total fixed maturities available-for-sale 164.6 1.2 (4.1) 161.7 Short-term investments: U.S. government and agencies 137.7 — — 137.7 Commercial paper 34.5 — — 34.5 Corporate securities 14.9 — — 14.9 Total short-term investments 187.1 — — 187.1 Total $ 351.7 $ 1.2 $ (4.1) $ 348.8
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 June 30, 2024, and December 31, 2023 (in millions): June 30, 2024 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 $ 9.0 $ (0.1) $ 5.9 $ (0.1) $ 14.9 $ (0.2) States and other territories 0.2 — 7.5 (0.4) 7.7 (0.4) Corporate securities 46.9 (0.3) 5.9 (1.1) 52.8 (1.4) Foreign securities — — 4.0 — 4.0 — Residential mortgage-backed securities 4.7 (0.1) 10.7 (1.5) 15.4 (1.6) Commercial mortgage-backed securities 0.4 — 5.9 (0.4) 6.3 (0.4) Asset backed securities 1.8 — 7.7 (0.1) 9.5 (0.1) Short-term investments: U.S. government and agencies 5.2 — — — 5.2 — Commercial paper 19.4 — — — 19.4 — Corporate securities 13.2 — — — 13.2 — Total $ 100.8 $ (0.5) $ 47.6 $ (3.6) $ 148.4 $ (4.1) December 31, 2023 Less than 12 months 12 months or more Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fixed maturities available-for-sale: U.S. government and agencies $ 4.3 $ — $ 10.5 $ (0.2) $ 14.8 $ (0.2) States and other territories 1.5 — 7.4 (0.4) 8.9 (0.4) Corporate securities 5.7 — 37.4 (1.3) 43.1 (1.3) Foreign securities — — 0.9 — 0.9 — Residential mortgage-backed securities — — 11.6 (1.3) 11.6 (1.3) Commercial mortgage-backed securities 0.4 — 5.8 (0.6) 6.2 (0.6) Asset backed securities 1.6 — 8.2 (0.3) 9.8 (0.3) Short-term investments: U.S. government and agencies 137.7 — — — 137.7 — Commercial paper 34.5 — — — 34.5 — Corporate securities 14.9 — — — 14.9 — Total $ 200.6 $ — $ 81.8 $ (4.1) $ 282.4 $ (4.1)
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): June 30, 2024 Amortized Cost Fair Value Due to mature: One year or less $ 31.4 $ 31.0 After one year through five years 77.2 75.9 After five years 12.5 12.3 After ten years 6.5 6.9 Residential mortgage-backed securities 19.7 18.1 Commercial mortgage-backed securities 7.6 7.2 Asset backed securities 15.7 15.6 Total fixed maturities available-for-sale $ 170.6 $ 167.0
Summary of Investment Income	The Company’s net investment income is comprised of the following (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Interest on cash and cash equivalents $ 2.8 $ 1.3 $ 5.0 $ 2.5 Fixed maturities income 1.9 1.2 3.7 2.6 Short-term investment income 1.5 3.0 3.5 6.0 Total gross investment income 6.2 5.5 12.2 11.1 Investment expenses (0.1) (0.1) (0.2) (0.3) Net investment income $ 6.1 $ 5.4 $ 12.0 $ 10.8

Cash, Cash Equivalents, and R_2

Cash, Cash Equivalents, and Restricted Cash (Tables)	6 Months Ended
	Jun. 30, 2024
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): June 30, December 31, Cash and cash equivalents: Cash $ 86.9 $ 54.3 Money market funds 79.1 77.8 Commercial paper — 10.0 U.S. government and agencies 9.9 — Total cash and cash equivalents $ 175.9 $ 142.1 Restricted cash: Fiduciary assets 33.6 32.5 Letters of credit and cash on deposit 10.7 20.5 Total restricted cash 44.3 53.0 Total cash, cash equivalents, and restricted cash $ 220.2 $ 195.1
Summary of Restrictions on Cash and Cash Equivalents	The following table sets forth the cash, cash equivalents, and restricted cash (in millions): June 30, December 31, Cash and cash equivalents: Cash $ 86.9 $ 54.3 Money market funds 79.1 77.8 Commercial paper — 10.0 U.S. government and agencies 9.9 — Total cash and cash equivalents $ 175.9 $ 142.1 Restricted cash: Fiduciary assets 33.6 32.5 Letters of credit and cash on deposit 10.7 20.5 Total restricted cash 44.3 53.0 Total cash, cash equivalents, and restricted cash $ 220.2 $ 195.1

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2024
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): June 30, 2024 Level 1 Level 2 Level 3 Total Financial assets: Cash, cash equivalents, and restricted cash $ 220.2 $ — $ — $ 220.2 Fixed maturities available-for-sale: U.S. government and agencies 17.4 — — 17.4 States and other territories — 8.0 — 8.0 Corporate securities — 99.8 — 99.8 Foreign securities — 0.9 — 0.9 Residential mortgage-backed securities — 18.1 — 18.1 Commercial mortgage-backed securities — 7.2 — 7.2 Asset backed securities — 15.6 — 15.6 Total fixed maturities available-for-sale 17.4 149.6 — 167.0 Short-term investments U.S. government and agencies 103.8 — — 103.8 Commercial paper — 19.4 — 19.4 Corporate securities — 25.3 — 25.3 Total short-term investments 103.8 44.7 — 148.5 Total financial assets $ 341.4 $ 194.3 $ — $ 535.7 Financial liabilities: Contingent consideration liability $ — $ — $ 13.8 $ 13.8 Public warrants 0.1 — — 0.1 Private placement warrants — 0.1 — 0.1 Total financial liabilities $ 0.1 $ 0.1 $ 13.8 $ 14.0 December 31, 2023 Level 1 Level 2 Level 3 Total Financial assets: Cash, cash equivalents, and restricted cash $ 195.1 $ — $ — $ 195.1 Fixed maturities available-for-sale: U.S. government and agencies 18.4 — — 18.4 States and other territories — 8.9 — 8.9 Corporate securities — 91.1 — 91.1 Foreign securities — 0.9 — 0.9 Residential mortgage-backed securities — 19.5 — 19.5 Commercial mortgage-backed securities — 7.1 — 7.1 Asset backed securities — 15.8 — 15.8 Total fixed maturities available-for-sale 18.4 143.3 — 161.7 Short-term investments U.S. government and agencies 137.7 — — 137.7 Commercial paper — 34.5 — 34.5 Corporate securities — 14.9 — 14.9 Total short-term investments 137.7 49.4 — 187.1 Total financial assets $ 351.2 $ 192.7 $ — $ 543.9 Financial liabilities: Contingent consideration liability $ — $ — $ 13.6 $ 13.6 Public warrants 0.1 — — 0.1 Private placement warrants — 0.1 — 0.1 Total financial liabilities $ 0.1 $ 0.1 $ 13.6 $ 13.8
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): 2024 2023 Balance as of January 1, $ 13.6 $ 11.9 Payments of contingent consideration (1.8) (1.8) Changes in fair value 2.0 3.7 Balance as of June 30, $ 13.8 $ 13.8

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Indefinite-Lived Intangible Assets	June 30, 2024 December 31, 2023 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 4.4 $ 13.5 $ (6.0) $ 7.5 $ 13.5 $ (5.1) $ 8.4 State licenses and domain name Indefinite 10.5 — 10.5 10.5 — 10.5 Customer relationships 4.9 18.5 (12.3) 6.2 18.5 (10.9) 7.6 Other 5.4 1.8 (1.0) 0.8 1.7 (0.9) 0.8 Total intangible assets, net $ 44.3 $ (19.3) $ 25.0 $ 44.2 $ (16.9) $ 27.3
Summary of Finite-Lived Intangible Assets	June 30, 2024 December 31, 2023 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 4.4 $ 13.5 $ (6.0) $ 7.5 $ 13.5 $ (5.1) $ 8.4 State licenses and domain name Indefinite 10.5 — 10.5 10.5 — 10.5 Customer relationships 4.9 18.5 (12.3) 6.2 18.5 (10.9) 7.6 Other 5.4 1.8 (1.0) 0.8 1.7 (0.9) 0.8 Total intangible assets, net $ 44.3 $ (19.3) $ 25.0 $ 44.2 $ (16.9) $ 27.3

Capitalized Internal Use Soft_2

Capitalized Internal Use Software (Tables)	6 Months Ended
	Jun. 30, 2024
Research and Development [Abstract]
Summary of Capitalized Computer Software	June 30, December 31, (in millions) Capitalized internal use software $ 88.6 $ 79.1 Less: accumulated amortization (38.7) (30.7) Total capitalized internal use software $ 49.9 $ 48.4

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Other Assets	June 30, December 31, (in millions) Property and equipment $ 33.9 $ 34.9 Prepaid expenses 11.7 11.3 Claims receivable 1.6 5.6 Lease right-of-use assets 5.9 10.6 Deferred policy acquisition costs 9.7 — Other 5.7 6.8 Total other assets $ 68.5 $ 69.2

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Summary of Accrued Expenses and Other Liabilities	June 30, December 31, (in millions) Claim payments outstanding $ 27.3 $ 26.3 Lease liability 12.3 14.8 Advances from customers 11.3 9.8 Deferred revenue 0.1 3.8 Employee related accruals 5.8 7.3 Premium refund liability 11.9 12.2 Fiduciary liability 4.4 6.0 Contingent consideration liability 13.8 13.6 Other 19.3 19.7 Total accrued expenses and other liabilities $ 106.2 $ 113.5

Loss and Loss Adjustment Expe_2

Loss and Loss Adjustment Expense Reserves (Tables)	6 Months Ended
	Jun. 30, 2024
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 six months ended June 30, (in millions): 2024 2023 Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of beginning of the period $ 322.5 $ 293.8 Less: Reinsurance recoverables on unpaid losses and LAE (221.4) (228.8) Reserve for losses and LAE, net of reinsurance recoverables as of beginning of the period 101.1 65.0 Add: Incurred losses and LAE, net of reinsurance, related to: Current year 114.9 116.6 Prior years (1.9) (2.2) Total incurred 113.0 114.4 Deduct: Loss and LAE payments, net of reinsurance, related to: Current year 61.4 45.4 Prior years 33.9 14.7 Total paid 95.3 60.1 Reserve for losses and LAE, net of reinsurance recoverables at end of period 118.8 119.3 Add: Reinsurance recoverables on unpaid losses and LAE at end of period 228.1 248.3 Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of end of the period $ 346.9 $ 367.6

Reinsurance (Tables)

Reinsurance (Tables)	6 Months Ended
	Jun. 30, 2024
Insurance [Abstract]
Summary of Effects of Reinsurance	The following tables reflect amounts affecting the condensed consolidated statements of operations and comprehensive loss for reinsurance as of and for the three and six months ended June 30, 2024, and 2023 (in millions). For the Three Months Ended June 30, 2024 2023 Written premiums Earned premiums Loss and LAE incurred Written premiums Earned premiums Loss and LAE incurred Direct $ 255.0 $ 208.3 $ 119.2 $ 240.2 $ 185.4 $ 196.0 Assumed 2.6 3.9 4.0 4.6 1.9 4.0 Gross 257.6 212.2 123.2 244.8 187.3 200.0 Ceded (163.8) (147.8) (62.8) (213.6) (165.0) (123.3) Net $ 93.8 $ 64.4 $ 60.4 $ 31.2 $ 22.3 $ 76.7 For the Six Months Ended June 30, 2024 2023 Written premiums Earned premiums Loss and LAE incurred Written premiums Earned premiums Loss and LAE incurred Direct $ 443.6 $ 410.8 $ 236.5 $ 425.9 $ 349.5 $ 320.7 Assumed 8.8 8.1 7.9 8.3 2.8 5.6 Gross 452.4 418.9 244.4 434.2 352.3 326.3 Ceded (249.7) (294.0) (131.4) (381.7) (316.2) (211.9) Net $ 202.7 $ 124.9 $ 113.0 $ 52.5 $ 36.1 $ 114.4

Geographical Breakdown of Gro_2

Geographical Breakdown of Gross Written Premium (Tables)	6 Months Ended
	Jun. 30, 2024
Insurance [Abstract]
Summary of Gross Written Premium by Geographical Areas	Gross written premium by state is as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Amount % of GWP Amount % of GWP Amount % of GWP Amount % of GWP State California $ 60.0 23.3 % $ 43.2 17.7 % $ 100.5 22.2 % $ 76.0 17.5 % Texas 36.7 14.2 % 44.2 18.2 % 64.4 14.2 % 83.8 19.3 % Florida 37.1 14.4 % 38.0 15.5 % 62.7 13.9 % 59.5 13.7 % Illinois 8.9 3.5 % 7.3 3.0 % 14.9 3.3 % 12.4 2.9 % Georgia 6.3 2.4 % 13.0 5.3 % 13.6 3.0 % 22.2 5.1 % South Carolina 8.9 3.5 % 5.7 2.3 % 13.3 2.9 % 9.2 2.1 % New York 6.9 2.7 % 5.7 2.3 % 12.6 2.8 % 9.4 2.2 % Colorado 5.1 2.0 % 6.7 2.7 % 9.2 2.0 % 12.5 2.9 % New Jersey 4.5 1.7 % 4.0 1.6 % 9.1 2.0 % 8.3 1.9 % Ohio 4.4 1.7 % 4.2 1.7 % 9.0 2.0 % 7.9 1.8 % Other 78.8 30.6 % 72.8 29.7 % 143.1 31.7 % 133.0 30.6 % Total $ 257.6 100.0 % $ 244.8 100 % $ 452.4 100 % $ 434.2 100.0 %

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2023 1,589,529 $ 16.13 6.8 $ 0.2 Granted — — Exercised (100,502) 13.27 Cancelled/Expired (69,472) 15.49 Outstanding as of June 30, 2024 1,419,555 16.37 6.4 $ 2.4 Vested and exercisable as of June 30, 2024 1,346,313 $ 16.39 6.3 $ 2.3
Summary of Unvested Restricted Stock Units Roll Forward	The following table summarizes the RSU and PRSU activity for the six months ended June 30, 2024: Number of Shares Weighted Average Grant-Date Fair Value per Share Unvested and outstanding as of December 31, 2023 2,534,683 $ 28.28 Granted 1,263,148 19.52 Released (788,735) 25.61 Canceled and forfeited (296,673) 28.09 Unvested and outstanding as of June 30, 2024 2,712,423 $ 25.01
Summary of Share-based Payment Arrangement, Expensed and Capitalized, Amount	Total stock-based compensation expense, classified in the accompanying condensed consolidated statements of operations and comprehensive loss was as follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Losses and loss adjustment expenses $ 0.3 $ 0.1 $ 0.5 $ 0.6 Insurance related expenses 1.6 1.4 2.0 2.6 Technology and development 1.9 3.9 3.6 7.3 Sales and marketing 2.7 3.6 4.6 7.9 General and administrative 5.4 7.7 9.6 14.4 Total stock-based compensation expense $ 11.9 $ 16.7 $ 20.3 $ 32.8

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Jun. 30, 2024
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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Numerator: Net loss attributable to Hippo – basic and diluted (in millions) $ (40.5) $ (107.8) $ (76.2) $ (177.7) Denominator: Weighted-average shares used in computing net loss per share attributable to Hippo — basic and diluted 24,633,960 23,387,767 24,583,168 23,293,652 Net loss per share attributable to Hippo — basic and diluted $ (1.64) $ (4.61) $ (3.10) $ (7.63)
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: June 30, 2024 2023 Outstanding options 1,419,555 1,710,915 Common stock from outstanding warrants 360,000 360,000 Common stock subject to repurchase 13,020 39,096 RSU and PRSUs 2,712,423 3,168,631 Total 4,504,998 5,278,642

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Summary of Segment Reporting Information, by Segment	The tables below present segment information reconciled to total Net Loss attributable to Hippo, for the periods indicated (in millions). Three Months Ended June 30, 2024 Services Insurance-as-a-Service Hippo Home Insurance Program Intersegment Eliminations (1) Total Revenue: Net earned premium $ — $ 15.6 $ 48.8 $ — $ 64.4 Commission income, net 12.1 5.9 1.2 (3.1) 16.1 Service and fee income — — 3.0 — 3.0 Net investment income — 2.9 3.2 — 6.1 Total revenue 12.1 24.4 56.2 (3.1) 89.6 Adjusted Operating Expenses: Loss and loss adjustment expense — 5.2 54.9 — 60.1 Insurance related expense — 8.8 12.7 (2.6) 18.9 Sales and marketing 8.1 — 1.6 (0.4) 9.3 Technology and development 2.5 0.1 3.2 — 5.8 General and administrative 2.7 1.7 6.6 — 11.0 Other expenses — — — — — Total adjusted operating expenses 13.3 15.8 79.0 (3.0) 105.1 Less: Net investment income — (2.9) (3.2) — (6.1) Less: Noncontrolling interest (3.3) — — — (3.3) Adjusted operating income (loss) (4.5) 5.7 (26.0) (0.1) (24.9) Net investment income 6.1 Depreciation and amortization (5.9) Stock-based compensation (11.9) Fair value adjustments (0.4) Other one-off transactions (2.8) Income tax expense (0.7) Net loss attributable to Hippo $ (40.5) Income tax expense 0.7 Noncontrolling interest 3.3 Loss before income taxes $ (36.5) (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 June 30, 2023 Services Insurance-as-a-Service Hippo Home Insurance Program Intersegment Eliminations (1) Total Revenue: Net earned premium $ — $ 9.9 $ 12.4 $ — $ 22.3 Commission income, net 11.3 4.8 2.7 (2.6) 16.2 Service and fee income 0.2 — 3.6 — 3.8 Net investment income — 1.5 3.9 — 5.4 Total revenue 11.5 16.2 22.6 (2.6) 47.7 Adjusted Operating Expenses: Loss and loss adjustment expense — 3.8 72.8 — 76.6 Insurance related expense — 4.7 10.2 (0.8) 14.1 Sales and marketing 11.1 — 5.2 (1.2) 15.1 Technology and development 4.1 0.2 4.8 — 9.1 General and administrative 3.1 1.3 7.9 — 12.3 Other expenses 0.2 — — — 0.2 Total adjusted operating expenses 18.5 10.0 100.9 (2.0) 127.4 Less: Net investment income — (1.5) (3.9) — (5.4) Less: Noncontrolling interest (2.6) — — — (2.6) Adjusted operating income (loss) (9.6) 4.7 (82.2) (0.6) (87.7) Net investment income 5.4 Depreciation and amortization (5.2) Stock-based compensation (16.7) Fair value adjustments (2.7) Other one-off transactions (0.7) Income tax expense (0.2) Net loss attributable to Hippo $ (107.8) Income tax expense 0.2 Noncontrolling interest 2.6 Loss before income taxes $ (105.0) (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). Six Months Ended June 30, 2024 Services Insurance-as-a-Service Hippo Home Insurance Program Intersegment Eliminations (1) Total Revenue: Net earned premium $ — $ 28.0 $ 96.9 $ — $ 124.9 Commission income, net 23.4 11.4 2.1 (4.9) 32.0 Service and fee income 0.1 — 5.7 — 5.8 Net investment income — 5.4 6.6 — 12.0 Total revenue 23.5 44.8 111.3 (4.9) 174.7 Adjusted Operating Expenses: Loss and loss adjustment expense — 9.7 102.8 — 112.5 Insurance related expense — 15.7 24.9 (5.2) 35.4 Sales and marketing 16.5 — 3.2 (0.6) 19.1 Technology and development 5.4 0.1 6.9 — 12.4 General and administrative 5.5 3.5 13.1 — 22.1 Other expenses — — — — — Total adjusted operating expenses 27.4 29.0 150.9 (5.8) 201.5 Less: Net investment income — (5.4) (6.6) — (12.0) Less: Noncontrolling interest (5.9) — — — (5.9) Adjusted operating income (loss) (9.8) 10.4 (46.2) 0.9 (44.7) Net investment income 12.0 Depreciation and amortization (11.5) Stock-based compensation (20.3) Fair value adjustments (1.9) Other one-off transactions (5.2) Income tax expense (1.0) Impairment and restructuring charges (3.6) Net loss attributable to Hippo $ (76.2) Income tax expense 1.0 Noncontrolling interest 5.9 Loss before income taxes $ (69.3) (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). Six Months Ended June 30, 2023 Services Insurance-as-a-Service Hippo Home Insurance Program Intersegment Eliminations (1) Total Revenue: Net earned premium $ — $ 17.5 $ 18.6 $ — $ 36.1 Commission income, net 20.9 8.7 9.0 (5.0) 33.6 Service and fee income 0.3 — 6.7 — 7.0 Net investment income — 3.0 7.8 — 10.8 Total Revenue 21.2 29.2 42.1 (5.0) 87.5 Adjusted Operating Expenses: Loss and loss adjustment expense — 6.5 107.2 — 113.7 Insurance related expense — 8.9 18.5 (1.6) 25.8 Sales and marketing 23.3 — 10.1 (2.4) 31.0 Technology and development 7.8 0.3 9.3 — 17.4 General and administrative 6.0 2.6 15.4 — 24.0 Other expenses 0.4 — — — 0.4 Total adjusted operating expenses 37.5 18.3 160.5 (4.0) 212.3 Less: Net investment income — (3.0) (7.8) — (10.8) Less: Noncontrolling interest (4.3) — — — (4.3) Adjusted operating income (loss) (20.6) 7.9 (126.2) (1.0) (139.9) Net investment income 10.8 Depreciation and amortization (9.5) Stock-based compensation (32.8) Fair value adjustments (3.7) Other one-off transactions (2.1) Income tax expense (0.5) Net loss attributable to Hippo $ (177.7) Income tax expense 0.5 Noncontrolling interest 4.3 Loss before income taxes $ (172.9) (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).

Investments - Fixed Maturities

Investments - Fixed Maturities Securities and Short-term Investments (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Amortized Cost
Amortized Cost	$ 170.6	$ 164.6
Amortized Cost	148.5	187.1
Amortized Cost	319.1	351.7
Gross Unrealized Gains
Gross Unrealized Gains	0.5	1.2
Gross Unrealized Gains	0	0
Gross Unrealized Gains	0.5	1.2
Gross Unrealized Losses
Gross Unrealized Losses	(4.1)	(4.1)
Gross Unrealized Losses	0	0
Gross Unrealized Losses	(4.1)	(4.1)
Fair Value
Fair Value	167	161.7
Fair Value	148.5	187.1
Total investments	315.5	348.8
U.S. government and agencies
Amortized Cost
Amortized Cost	17.6	18.6
Amortized Cost	103.8	137.7
Gross Unrealized Gains
Gross Unrealized Gains	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses
Gross Unrealized Losses	(0.2)	(0.2)
Gross Unrealized Losses	0	0
Fair Value
Fair Value	17.4	18.4
Fair Value	103.8	137.7
States and other territories
Amortized Cost
Amortized Cost	8.4	9.3
Gross Unrealized Gains
Gross Unrealized Gains	0	0
Gross Unrealized Losses
Gross Unrealized Losses	(0.4)	(0.4)
Fair Value
Fair Value	8	8.9
Corporate securities
Amortized Cost
Amortized Cost	100.7	91.3
Amortized Cost	25.3	14.9
Gross Unrealized Gains
Gross Unrealized Gains	0.5	1.1
Gross Unrealized Gains	0	0
Gross Unrealized Losses
Gross Unrealized Losses	(1.4)	(1.3)
Gross Unrealized Losses	0	0
Fair Value
Fair Value	99.8	91.1
Fair Value	25.3	14.9
Foreign securities
Amortized Cost
Amortized Cost	0.9	0.9
Gross Unrealized Gains
Gross Unrealized Gains	0	0
Gross Unrealized Losses
Gross Unrealized Losses	0	0
Fair Value
Fair Value	0.9	0.9
Residential mortgage-backed securities
Amortized Cost
Amortized Cost	19.7	20.7
Gross Unrealized Gains
Gross Unrealized Gains	0	0.1
Gross Unrealized Losses
Gross Unrealized Losses	(1.6)	(1.3)
Fair Value
Fair Value	18.1	19.5
Commercial mortgage-backed securities
Amortized Cost
Amortized Cost	7.6	7.7
Gross Unrealized Gains
Gross Unrealized Gains	0	0
Gross Unrealized Losses
Gross Unrealized Losses	(0.4)	(0.6)
Fair Value
Fair Value	7.2	7.1
Asset backed securities
Amortized Cost
Amortized Cost	15.7	16.1
Gross Unrealized Gains
Gross Unrealized Gains	0	0
Gross Unrealized Losses
Gross Unrealized Losses	(0.1)	(0.3)
Fair Value
Fair Value	15.6	15.8
Commercial paper
Amortized Cost
Amortized Cost	19.4	34.5
Gross Unrealized Gains
Gross Unrealized Gains	0	0
Gross Unrealized Losses
Gross Unrealized Losses	0	0
Fair Value
Fair Value	$ 19.4	$ 34.5

Investments - Continuous Loss P

Investments - Continuous Loss Position (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Less than 12 months
Fair Value	$ 100.8	$ 200.6
Gross Unrealized Losses	(0.5)	0
12 months or more
Fair Value	47.6	81.8
Gross Unrealized Losses	(3.6)	(4.1)
Total
Fair Value	148.4	282.4
Gross Unrealized Losses	(4.1)	(4.1)
U.S. government and agencies
Less than 12 months
Fair Value	9	4.3
Gross Unrealized Losses	(0.1)	0
12 months or more
Fair Value	5.9	10.5
Gross Unrealized Losses	(0.1)	(0.2)
Total
Fair Value	14.9	14.8
Gross Unrealized Losses	(0.2)	(0.2)
States and other territories
Less than 12 months
Fair Value	0.2	1.5
Gross Unrealized Losses	0	0
12 months or more
Fair Value	7.5	7.4
Gross Unrealized Losses	(0.4)	(0.4)
Total
Fair Value	7.7	8.9
Gross Unrealized Losses	(0.4)	(0.4)
Corporate securities
Less than 12 months
Fair Value	46.9	5.7
Gross Unrealized Losses	(0.3)	0
12 months or more
Fair Value	5.9	37.4
Gross Unrealized Losses	(1.1)	(1.3)
Total
Fair Value	52.8	43.1
Gross Unrealized Losses	(1.4)	(1.3)
Foreign securities
Less than 12 months
Fair Value	0	0
Gross Unrealized Losses	0	0
12 months or more
Fair Value	4	0.9
Gross Unrealized Losses	0	0
Total
Fair Value	4	0.9
Gross Unrealized Losses	0	0
Residential mortgage-backed securities
Less than 12 months
Fair Value	4.7	0
Gross Unrealized Losses	(0.1)	0
12 months or more
Fair Value	10.7	11.6
Gross Unrealized Losses	(1.5)	(1.3)
Total
Fair Value	15.4	11.6
Gross Unrealized Losses	(1.6)	(1.3)
Commercial mortgage-backed securities
Less than 12 months
Fair Value	0.4	0.4
Gross Unrealized Losses	0	0
12 months or more
Fair Value	5.9	5.8
Gross Unrealized Losses	(0.4)	(0.6)
Total
Fair Value	6.3	6.2
Gross Unrealized Losses	(0.4)	(0.6)
Asset backed securities
Less than 12 months
Fair Value	1.8	1.6
Gross Unrealized Losses	0	0
12 months or more
Fair Value	7.7	8.2
Gross Unrealized Losses	(0.1)	(0.3)
Total
Fair Value	9.5	9.8
Gross Unrealized Losses	(0.1)	(0.3)
U.S. government and agencies
Less than 12 months
Fair Value	5.2	137.7
Gross Unrealized Losses	0	0
12 months or more
Fair Value	0	0
Gross Unrealized Losses	0	0
Total
Fair Value	5.2	137.7
Gross Unrealized Losses	0	0
Commercial paper
Less than 12 months
Fair Value	19.4	34.5
Gross Unrealized Losses	0	0
12 months or more
Fair Value	0	0
Gross Unrealized Losses	0	0
Total
Fair Value	19.4	34.5
Gross Unrealized Losses	0	0
Corporate securities
Less than 12 months
Fair Value	13.2	14.9
Gross Unrealized Losses	0	0
12 months or more
Fair Value	0	0
Gross Unrealized Losses	0	0
Total
Fair Value	13.2	14.9
Gross Unrealized Losses	$ 0	$ 0

Investments - Contractual Matur

Investments - Contractual Maturity (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Amortized Cost
One year or less	$ 31.4
After one year through five years	77.2
After five years	12.5
After ten years	6.5
Amortized Cost	170.6	$ 164.6
Fair Value
One year or less	31
After one year through five years	75.9
After five years	12.3
After ten years	6.9
Fair Value	167	161.7
Residential mortgage-backed securities
Amortized Cost
Securities	19.7
Amortized Cost	19.7	20.7
Fair Value
Securities	18.1
Fair Value	18.1	19.5
Commercial mortgage-backed securities
Amortized Cost
Securities	7.6
Amortized Cost	7.6	7.7
Fair Value
Securities	7.2
Fair Value	7.2	7.1
Asset backed securities
Amortized Cost
Securities	15.7
Amortized Cost	15.7	16.1
Fair Value
Securities	15.6
Fair Value	$ 15.6	$ 15.8

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Interest on cash and cash equivalents	$ 2.8	$ 1.3	$ 5	$ 2.5
Fixed maturities income	1.9	1.2	3.7	2.6
Short-term investment income	1.5	3	3.5	6
Total gross investment income	6.2	5.5	12.2	11.1
Investment expenses	(0.1)	(0.1)	(0.2)	(0.3)
Net investment income	$ 6.1	$ 5.4	$ 12	$ 10.8

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Securities on deposit with state regulatory authorities	$ 13.6	$ 12.9

Cash, Cash Equivalents, and R_3

Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 175.9	$ 142.1
Restricted cash	44.3	53
Total cash, cash equivalents, and restricted cash	220.2	195.1	$ 238.4	$ 244.5
Cash
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	86.9	54.3
Money market funds
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	79.1	77.8
Commercial paper
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	0	10
U.S. government and agencies
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	9.9	0
Fiduciary assets
Cash and Cash Equivalents [Line Items]
Restricted cash	33.6	32.5
Letters of credit and cash on deposit
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 10.7	$ 20.5

Fair Value Measurement - Assets

Fair Value Measurement - Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Financial assets:
Cash, cash equivalents, and restricted cash	$ 220.2	$ 195.1	$ 238.4	$ 244.5
Fixed maturities available-for-sale	167	161.7
Short-term investments	148.5	187.1
Total financial assets	535.7	543.9
Financial liabilities:
Contingent consideration liability	13.8	13.6
Total financial liabilities	14	13.8
Public warrants
Financial liabilities:
Warrants liabilities	0.1	0.1
Private placement warrants
Financial liabilities:
Warrants liabilities	0.1	0.1
U.S. government and agencies
Financial assets:
Fixed maturities available-for-sale	17.4	18.4
Short-term investments	103.8	137.7
States and other territories
Financial assets:
Fixed maturities available-for-sale	8	8.9
Corporate securities
Financial assets:
Fixed maturities available-for-sale	99.8	91.1
Short-term investments	25.3	14.9
Foreign securities
Financial assets:
Fixed maturities available-for-sale	0.9	0.9
Residential mortgage-backed securities
Financial assets:
Fixed maturities available-for-sale	18.1	19.5
Commercial mortgage-backed securities
Financial assets:
Fixed maturities available-for-sale	7.2	7.1
Asset backed securities
Financial assets:
Fixed maturities available-for-sale	15.6	15.8
Commercial paper
Financial assets:
Short-term investments	19.4	34.5
Level 1
Financial assets:
Cash, cash equivalents, and restricted cash	220.2	195.1
Fixed maturities available-for-sale	17.4	18.4
Short-term investments	103.8	137.7
Total financial assets	341.4	351.2
Financial liabilities:
Contingent consideration liability	0	0
Total financial liabilities	0.1	0.1
Level 1 | Public warrants
Financial liabilities:
Warrants liabilities	0.1	0.1
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	17.4	18.4
Short-term investments	103.8	137.7
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	149.6	143.3
Short-term investments	44.7	49.4
Total financial assets	194.3	192.7
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	8	8.9
Level 2 | Corporate securities
Financial assets:
Fixed maturities available-for-sale	99.8	91.1
Short-term investments	25.3	14.9
Level 2 | Foreign securities
Financial assets:
Fixed maturities available-for-sale	0.9	0.9
Level 2 | Residential mortgage-backed securities
Financial assets:
Fixed maturities available-for-sale	18.1	19.5
Level 2 | Commercial mortgage-backed securities
Financial assets:
Fixed maturities available-for-sale	7.2	7.1
Level 2 | Asset backed securities
Financial assets:
Fixed maturities available-for-sale	15.6	15.8
Level 2 | Commercial paper
Financial assets:
Short-term investments	19.4	34.5
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	13.8	13.6
Total financial liabilities	13.8	13.6
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	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Liability, beginning balance	$ 13.6	$ 11.9
Payments of contingent consideration	(1.8)	(1.8)
Changes in fair value	2	3.7
Liability, ending balance	$ 13.8	$ 13.8

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	$ (19.3)		$ (19.3)		$ (16.9)
Indefinite-lived Intangible Assets [Line Items]
Gross Carrying Amount	44.3		44.3		44.2
Accumulated Amortization	(19.3)		(19.3)		(16.9)
Net Carrying Amount	25		25		27.3
Amortization expense related to intangible assets	1.2	$ 1.1	2.4	$ 2.2
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)	4 years 4 months 24 days		4 years 4 months 24 days
Gross Carrying Amount	$ 13.5		$ 13.5		13.5
Accumulated Amortization	(6)		(6)		(5.1)
Net Carrying Amount	7.5		7.5		8.4
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (6)		$ (6)		(5.1)
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Life Remaining (in years)	4 years 10 months 24 days		4 years 10 months 24 days
Gross Carrying Amount	$ 18.5		$ 18.5		18.5
Accumulated Amortization	(12.3)		(12.3)		(10.9)
Net Carrying Amount	6.2		6.2		7.6
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (12.3)		$ (12.3)		(10.9)
Other
Finite-Lived Intangible Assets [Line Items]
Weighted- Average Useful Life Remaining (in years)	5 years 4 months 24 days		5 years 4 months 24 days
Gross Carrying Amount	$ 1.8		$ 1.8		1.7
Accumulated Amortization	(1)		(1)		(0.9)
Net Carrying Amount	0.8		0.8		0.8
Indefinite-lived Intangible Assets [Line Items]
Accumulated Amortization	$ (1)		$ (1)		$ (0.9)

Capitalized Internal Use Soft_3

Capitalized Internal Use Software (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Research and Development [Abstract]
Capitalized internal use software	$ 88.6		$ 88.6		$ 79.1
Less: accumulated amortization	(38.7)		(38.7)		(30.7)
Total capitalized internal use software	49.9		49.9		$ 48.4
Amortization expense	$ 4.1	$ 3.1	$ 8	$ 6

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Property and equipment	$ 33.9	$ 34.9
Prepaid expenses	11.7	11.3
Claims receivable	1.6	5.6
Lease right-of-use assets	5.9	10.6
Deferred policy acquisition costs	9.7	0
Other	5.7	6.8
Total other assets	$ 68.5	$ 69.2

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Claim payments outstanding	$ 27.3	$ 26.3
Lease liability	12.3	14.8
Advances from customers	11.3	9.8
Deferred revenue	0.1	3.8
Employee related accruals	5.8	7.3
Premium refund liability	11.9	12.2
Fiduciary liability	4.4	6
Contingent consideration liability	13.8	13.6
Other	19.3	19.7
Total accrued expenses and other liabilities	$ 106.2	$ 113.5

Loss and Loss Adjustment Expe_3

Loss and Loss Adjustment Expense Reserves (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of beginning of the period			$ 322.5	$ 293.8
Less: Reinsurance recoverables on unpaid losses and LAE			(221.4)	(228.8)
Reserve for losses and LAE, net of reinsurance recoverables as of beginning of the period			101.1	65
Add: Incurred losses and LAE, net of reinsurance, related to:
Current year			114.9	116.6
Prior years			(1.9)	(2.2)
Total incurred	$ 60.4	$ 76.7	113	114.4
Deduct: Loss and LAE payments, net of reinsurance, related to:
Current year			61.4	45.4
Prior years			33.9	14.7
Total paid			95.3	60.1
Reserve for losses and LAE, net of reinsurance recoverables at end of period	118.8	119.3	118.8	119.3
Add: Reinsurance recoverables on unpaid losses and LAE at end of period	228.1	248.3	228.1	248.3
Reserve for losses and LAE gross of reinsurance recoverables on unpaid losses and LAE as of end of the period	$ 346.9	$ 367.6	$ 346.9	$ 367.6
Catastrophe reserves release					$ 1.9	$ 1
Attritional reserves release						$ 1.2

Reinsurance - Narrative (Detail

Reinsurance - Narrative (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) reinsurer	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) reinsurer	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) reinsurer	Dec. 31, 2022 reinsurer	Jan. 01, 2024
Effects of Reinsurance [Line Items]
Loss on uncollectible accounts in period	$ 0	$ 0	$ 0	$ 0
Provision for sliding scale commission	31,100,000		31,100,000		$ 23,800,000
Receivable for sliding scale commission	2,500,000		2,500,000		5,800,000
Provision for loss participation feature	$ 42,200,000		$ 42,200,000		$ 112,800,000
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 — Hippo Home Insurance Program
Effects of Reinsurance [Line Items]
Reinsurance, number of participating reinsurers | reinsurer	19		19		14
Excess retention, year return period, ratio	0.004		0.004
Reinsurance Policy, Type [Axis]: Non-Proportional Reinsurance — Hippo Home Insurance Program | Maximum
Effects of Reinsurance [Line Items]
Excess retention, percentage (as a percent)			11%		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 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 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 — Hippo Home Insurance Program
Effects of Reinsurance [Line Items]
Reinsurance, number of third-party reinsurers | reinsurer					6	11
Reinsured risk, percentage (as a percent)					40%	10%
Reinsured risk, cut off percentage (as a percent)							25%
Reinsurance Policy, Type [Axis]: Proportional Reinsurance Treaties — Hippo Home Insurance Program, Business Channel
Effects of Reinsurance [Line Items]
Reinsurance, number of third-party reinsurers | reinsurer	1		1		3
Reinsured risk, percentage (as a percent)			85%		58%

Reinsurance - Summary of Effect

Reinsurance - Summary of Effects of Reinsurance (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Written premiums
Direct	$ 255	$ 240.2	$ 443.6	$ 425.9
Assumed	2.6	4.6	8.8	8.3
Gross	257.6	244.8	452.4	434.2
Ceded	(163.8)	(213.6)	(249.7)	(381.7)
Net	93.8	31.2	202.7	52.5
Earned premiums
Direct	208.3	185.4	410.8	349.5
Assumed	3.9	1.9	8.1	2.8
Gross	212.2	187.3	418.9	352.3
Ceded	(147.8)	(165)	(294)	(316.2)
Net	64.4	22.3	124.9	36.1
Loss and LAE incurred
Direct	119.2	196	236.5	320.7
Assumed	4	4	7.9	5.6
Gross	123.2	200	244.4	326.3
Ceded	(62.8)	(123.3)	(131.4)	(211.9)
Net	$ 60.4	$ 76.7	$ 113	$ 114.4

Geographical Breakdown of Gro_3

Geographical Breakdown of Gross Written Premium (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Gross Written Premium [Line Items]
Amount	$ 257.6	$ 244.8	$ 452.4	$ 434.2
Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage (as a percent)	100%	100%	100%	100%
California
Gross Written Premium [Line Items]
Amount	$ 60	$ 43.2	$ 100.5	$ 76
California | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage (as a percent)	23.30%	17.70%	22.20%	17.50%
Texas
Gross Written Premium [Line Items]
Amount	$ 36.7	$ 44.2	$ 64.4	$ 83.8
Texas | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage (as a percent)	14.20%	18.20%	14.20%	19.30%
Florida
Gross Written Premium [Line Items]
Amount	$ 37.1	$ 38	$ 62.7	$ 59.5
Florida | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage (as a percent)	14.40%	15.50%	13.90%	13.70%
Illinois
Gross Written Premium [Line Items]
Amount	$ 8.9	$ 7.3	$ 14.9	$ 12.4
Illinois | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage (as a percent)	3.50%	3%	3.30%	2.90%
Georgia
Gross Written Premium [Line Items]
Amount	$ 6.3	$ 13	$ 13.6	$ 22.2
Georgia | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage (as a percent)	2.40%	5.30%	3%	5.10%
South Carolina
Gross Written Premium [Line Items]
Amount	$ 8.9	$ 5.7	$ 13.3	$ 9.2
South Carolina | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage (as a percent)	3.50%	2.30%	2.90%	2.10%
New York
Gross Written Premium [Line Items]
Amount	$ 6.9	$ 5.7	$ 12.6	$ 9.4
New York | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage (as a percent)	2.70%	2.30%	2.80%	2.20%
Colorado
Gross Written Premium [Line Items]
Amount	$ 5.1	$ 6.7	$ 9.2	$ 12.5
Colorado | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage (as a percent)	2%	2.70%	2%	2.90%
New Jersey
Gross Written Premium [Line Items]
Amount	$ 4.5	$ 4	$ 9.1	$ 8.3
New Jersey | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage (as a percent)	1.70%	1.60%	2%	1.90%
Ohio
Gross Written Premium [Line Items]
Amount	$ 4.4	$ 4.2	$ 9	$ 7.9
Ohio | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage (as a percent)	1.70%	1.70%	2%	1.80%
Other
Gross Written Premium [Line Items]
Amount	$ 78.8	$ 72.8	$ 143.1	$ 133
Other | Geographic Concentration Risk | Gross written premium
Gross Written Premium [Line Items]
Concentration risk, percentage (as a percent)	30.60%	29.70%	31.70%	30.60%

Commitments and Contingencies (

Commitments and Contingencies (Details) - claim	Jul. 01, 2024	Feb. 02, 2024	Nov. 19, 2021
Litigation, Hippo and Chief Executive Officer Named Defendants | Pending Litigation
Loss Contingencies [Line Items]
Loss contingency, pending causes of action, number			6
Litigation, Hippo and Chief Executive Officer Named Defendants | Settled Litigation | Subsequent Event
Loss Contingencies [Line Items]
Loss contingency, pending causes of action, number	0
Litigation, Hippo, Chief Executive Officer and Innovius Capital Canopus I, L.P. | Pending Litigation
Loss Contingencies [Line Items]
Loss contingency, pending causes of action, number		19
Litigation, Hippo, Chief Executive Officer and Innovius Capital Canopus I, L.P. | Pending Litigation | Subsequent Event
Loss Contingencies [Line Items]
Loss contingency, pending causes of action, number	1

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) vote $ / shares shares	Jun. 30, 2023 USD ($) shares	Dec. 31, 2023 $ / shares shares	Mar. 31, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized (in shares) | shares	80,000,000		80,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001		$ 0.0001
Common stock, number of voting rights | vote	1
Aggregate intrinsic value of options exercised	$ 500	$ 500
Granted (in shares) | shares	0	0
Stock repurchase authorized amount				$ 50,000
Repurchase of common stock (in shares) | shares	0
Remaining repurchase amount	$ 48,200
Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 1,600
Unrecognized compensation cost, period for recognition (in years)	1 year 1 month 6 days
RSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	2 years
RSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
PRSU | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	1 year
PRSU | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
RSU and PRSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 45,800
Unrecognized compensation cost, period for recognition (in years)	1 year 6 months
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Purchase price of common stock, percent (as a percent)	85%
Maximum employee subscription amount	$ 25
Look back feature (in months)	6 months
Issued (in shares) | shares	104,384	80,990
Issued	$ 800	$ 1,000
Percentage of issued and outstanding stock, maximum (as a percent)	1%

Stockholders_ Equity - Stock Op

Stockholders’ Equity - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Options Outstanding
Outstanding, beginning balance (in shares)	1,589,529
Granted (in shares)	0	0
Exercised (in shares)	(100,502)
Cancelled/Expired (in shares)	(69,472)
Outstanding, ending balance (in shares)	1,419,555		1,589,529
Vested and exercisable (in shares)	1,346,313
Weighted Average Exercise Price
Outstanding, beginning balance (in dollar per share)	$ 16.13
Granted (in dollars per share)	0
Exercised (in dollars per share)	13.27
Cancelled/Expired (in dollars per share)	15.49
Outstanding, ending balance (in dollar per share)	16.37		$ 16.13
Vested and exercisable (in dollars per share)	$ 16.39
Additional Disclosures
Outstanding, weighted-average remaining, contract term (in years)	6 years 4 months 24 days		6 years 9 months 18 days
Outstanding, aggregate intrinsic value	$ 2.4		$ 0.2
Vested and exercisable, weighted-average remaining, contract term (in years)	6 years 3 months 18 days
Vested and exercisable, aggregate intrinsic value	$ 2.3

Stockholders_ Equity - Restrict

Stockholders’ Equity - Restricted Stock Units and Performance Restricted Stock Units Activity (Details) - RSU and PRSU	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of Shares
Unvested and outstanding, beginning balance (in shares) | shares	2,534,683
Granted (in shares) | shares	1,263,148
Released (in shares) | shares	(788,735)
Canceled and forfeited (in shares) | shares	(296,673)
Unvested and outstanding, ending balance (in shares) | shares	2,712,423
Weighted Average Grant-Date Fair Value per Share
Unvested and outstanding, beginning balance (in dollars per share) | $ / shares	$ 28.28
Granted (in dollars per share) | $ / shares	19.52
Vested (in dollars per share) | $ / shares	25.61
Canceled and forfeited (in dollars per share) | $ / shares	28.09
Unvested and outstanding, ending balance (in dollars per share) | $ / shares	$ 25.01

Stockholders_ Equity - Share-ba

Stockholders’ Equity - Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 11.9	$ 16.7	$ 20.3	$ 32.8
Losses and loss adjustment expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	0.3	0.1	0.5	0.6
Insurance related expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1.6	1.4	2	2.6
Technology and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	1.9	3.9	3.6	7.3
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	2.7	3.6	4.6	7.9
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 5.4	$ 7.7	$ 9.6	$ 14.4

Income Taxes (Details)

Income Taxes (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent (as a percent)	(1.30%)	(0.30%)
Unrecognized tax benefits	$ 5,800,000	$ 3,800,000
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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net loss attributable to Hippo - basic	$ (40.5)	$ (107.8)	$ (76.2)	$ (177.7)
Net loss attributable to Hippo - diluted	$ (40.5)	$ (107.8)	$ (76.2)	$ (177.7)
Weighted-average shares used in computing net loss per share attributable to Hippo - basic (in shares)	24,633,960	23,387,767	24,583,168	23,293,652
Weighted-average shares used in computing net loss per share attributable to Hippo - diluted (in shares)	24,633,960	23,387,767	24,583,168	23,293,652
Net loss per share attributable to Hippo - basic (in dollars per share)	$ (1.64)	$ (4.61)	$ (3.10)	$ (7.63)
Net loss per share attributable to Hippo - diluted (in dollars per share)	$ (1.64)	$ (4.61)	$ (3.10)	$ (7.63)

Net Loss Per Share Attributab_4

Net Loss Per Share Attributable to Common Stockholders - Antidilutive Securities (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4,504,998	5,278,642
Outstanding options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,419,555	1,710,915
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)	13,020	39,096
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)	2,712,423	3,168,631

Segments - Narrative (Details)

Segments - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 segment state
Segment Reporting [Abstract]
Number of reportable segments | segment	3
Number of state licenses | state	50

Segments - Summary of Financial

Segments - Summary of Financial Information (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue:
Net earned premium	$ 64.4		$ 22.3		$ 124.9	$ 36.1
Commission income, net	16.1		16.2		32	33.6
Service and fee income	3		3.8		5.8	7
Net investment income	(6.1)		(5.4)		(12)	(10.8)
Total revenue	89.6		47.7		174.7	87.5
Expenses:
Losses and loss adjustment expenses	60.4		76.7		113	114.4
Insurance related expenses	24.5		18.8		45.3	34.5
Sales and marketing	13.4		22.6		27.8	45
Technology and development	7.8		13.1		16.1	24.7
General and administrative	19.9		21.5		38.2	41.3
Net investment income	6.1		5.4		12	10.8
Less: Noncontrolling interest	37.2	$ 33.1	105.2	$ 68.1	70.3	173.4
Adjusted operating income (loss)	(24.9)		(87.7)		(44.7)	(139.9)
Depreciation and amortization	(5.9)		(5.2)		(11.5)	(9.5)
Stock-based compensation	(11.9)		(16.7)		(20.3)	(32.8)
Fair value adjustments	(0.4)		(2.7)		(1.9)	(3.7)
Other one-off transactions	(2.8)		(0.7)		(5.2)	(2.1)
Income tax expense	(0.7)		(0.2)		(1)	(0.5)
Impairment and restructuring charges	0		0		(3.6)	0
Net loss attributable to Hippo	(40.5)		(107.8)		(76.2)	(177.7)
Noncontrolling interest	3.3		2.6		5.9	4.3
Loss before income taxes	(36.5)		(105)		(69.3)	(172.9)
Non-GAAP
Revenue:
Net investment income	(6.1)		(5.4)		(12)	(10.8)
Expenses:
Losses and loss adjustment expenses	60.1		76.6		112.5	113.7
Insurance related expenses	18.9		14.1		35.4	25.8
Sales and marketing	9.3		15.1		19.1	31
Technology and development	5.8		9.1		12.4	17.4
General and administrative	11		12.3		22.1	24
Other (income) expense, net	0		0.2		0	0.4
Total adjusted operating expenses	105.1		127.4		201.5	212.3
Net investment income	6.1		5.4		12	10.8
Less: Noncontrolling interest	(3.3)		(2.6)		(5.9)	(4.3)
Intersegment Eliminations
Revenue:
Net earned premium	0		0		0	0
Commission income, net	(3.1)		(2.6)		(4.9)	(5)
Service and fee income	0		0		0	0
Net investment income	0		0		0	0
Total revenue	(3.1)		(2.6)		(4.9)	(5)
Expenses:
Net investment income	0		0		0	0
Adjusted operating income (loss)	(0.1)		(0.6)		0.9	(1)
Intersegment Eliminations | Non-GAAP
Revenue:
Net investment income	0		0		0	0
Expenses:
Losses and loss adjustment expenses	0		0		0	0
Insurance related expenses	(2.6)		(0.8)		(5.2)	(1.6)
Sales and marketing	(0.4)		(1.2)		(0.6)	(2.4)
Technology and development	0		0		0	0
General and administrative	0		0		0	0
Other (income) expense, net	0		0		0	0
Total adjusted operating expenses	(3)		(2)		(5.8)	(4)
Net investment income	0		0		0	0
Less: Noncontrolling interest	0		0		0	0
Services | Operating Segments
Revenue:
Net earned premium	0		0		0	0
Commission income, net	12.1		11.3		23.4	20.9
Service and fee income	0		0.2		0.1	0.3
Net investment income	0		0		0	0
Total revenue	12.1		11.5		23.5	21.2
Expenses:
Net investment income	0		0		0	0
Adjusted operating income (loss)	(4.5)		(9.6)		(9.8)	(20.6)
Services | Operating Segments | Non-GAAP
Revenue:
Net investment income	0		0		0	0
Expenses:
Losses and loss adjustment expenses	0		0		0	0
Insurance related expenses	0		0		0	0
Sales and marketing	8.1		11.1		16.5	23.3
Technology and development	2.5		4.1		5.4	7.8
General and administrative	2.7		3.1		5.5	6
Other (income) expense, net	0		0.2		0	0.4
Total adjusted operating expenses	13.3		18.5		27.4	37.5
Net investment income	0		0		0	0
Less: Noncontrolling interest	(3.3)		(2.6)		(5.9)	(4.3)
Insurance-as-a-Service | Operating Segments
Revenue:
Net earned premium	15.6		9.9		28	17.5
Commission income, net	5.9		4.8		11.4	8.7
Service and fee income	0		0		0	0
Net investment income	(2.9)		(1.5)		(5.4)	(3)
Total revenue	24.4		16.2		44.8	29.2
Expenses:
Net investment income	2.9		1.5		5.4	3
Adjusted operating income (loss)	5.7		4.7		10.4	7.9
Insurance-as-a-Service | Operating Segments | Non-GAAP
Revenue:
Net investment income	(2.9)		(1.5)		(5.4)	(3)
Expenses:
Losses and loss adjustment expenses	5.2		3.8		9.7	6.5
Insurance related expenses	8.8		4.7		15.7	8.9
Sales and marketing	0		0		0	0
Technology and development	0.1		0.2		0.1	0.3
General and administrative	1.7		1.3		3.5	2.6
Other (income) expense, net	0		0		0	0
Total adjusted operating expenses	15.8		10		29	18.3
Net investment income	2.9		1.5		5.4	3
Less: Noncontrolling interest	0		0		0	0
Hippo Home Insurance Program | Operating Segments
Revenue:
Net earned premium	48.8		12.4		96.9	18.6
Commission income, net	1.2		2.7		2.1	9
Service and fee income	3		3.6		5.7	6.7
Net investment income	(3.2)		(3.9)		(6.6)	(7.8)
Total revenue	56.2		22.6		111.3	42.1
Expenses:
Net investment income	3.2		3.9		6.6	7.8
Adjusted operating income (loss)	(26)		(82.2)		(46.2)	(126.2)
Hippo Home Insurance Program | Operating Segments | Non-GAAP
Revenue:
Net investment income	(3.2)		(3.9)		(6.6)	(7.8)
Expenses:
Losses and loss adjustment expenses	54.9		72.8		102.8	107.2
Insurance related expenses	12.7		10.2		24.9	18.5
Sales and marketing	1.6		5.2		3.2	10.1
Technology and development	3.2		4.8		6.9	9.3
General and administrative	6.6		7.9		13.1	15.4
Other (income) expense, net	0		0		0	0
Total adjusted operating expenses	79		100.9		150.9	160.5
Net investment income	3.2		3.9		6.6	7.8
Less: Noncontrolling interest	$ 0		$ 0		$ 0	$ 0