Earnings call transcript Q1 2023

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Operator

Hello, everyone, and welcome to the Hippo Q1 2023 Earnings Call. My name is Chach and I'll be the coordinator for this conference. [Operator Instructions]. I would now like to hand over to Cliff Gallant to begin. Please go ahead.

Clifford Gallant

operator. you, Thank and Earnings everybody, for Hippo's joining Good Call. thank Quarter Conference First morning, you Earlier, shareholder issued at Hippo a investors.hippo.com. is results, available which letter announcing its Rick Chief Leading Ellis. Officer be discussions Chief Hippo's today's and Officer, will President, McCathron, Stewart our Financial Executive

prepared will open call questions. up remarks, we management's the Following to

date are remind as begin, statements about information and to our this based management's will expectations you of that current on we the Before like contain discussion of other our that I'd predictions, forward-looking presentation. business expectations,

Forward-looking but or not conditions to, predictions outlook. limited of and and competitive statements performance are include, Hippo's financial expectations and and industry business

statements Forward-looking including forth in to to results differ other and materially filed Hippo's from Form those factors set X-K and/or uncertainties today. forecast, that are historical cause our actual subject could our results risks, from

refer Risk discussed factors in For the more in the in information, Factors. section filings, Hippo's please and risks, particular, uncertainties other entitled to SEC

are to make cautionary All statements appear. we they whenever applicable statements any forward-looking

should forward-looking SEC filings. a risks You any updating otherwise Hippo's forward-looking place expressly reliance undue under required obligation discussed not of statements future any law. as and altering by and other or on factors information, otherwise, for no carefully revising events disclaims uncertainties Hippo Do statements, in is and whether responsibility the as result or consider new except as

will to adjusted financial non-GAAP refer measures we total also EBITDA. and call, generated as conference premium this During such

I'll and to Rick call in and the reconciliation to letter first on McCathron, and shareholder the GAAP results quarter our Our GAAP furnished with over our website. found has And available the financial description of the SEC been President that, our which to with CEO. turn non-GAAP can be measures full XXXX

Richard McCathron

to our is XXXX strength efficiency, for operating have on hitting confidence. we goals morning, start our Good growing, the with off continue to financial to execute plans Hippo. and excellent We're for an everyone.

adjusted EBITDA for profitability and strides of have XXXX. remain by towards significant on end profitability made the achieving track We

simple on long-term quarter I X call, things. our to down As Hippo's mentioned fourth success comes

to make Hippo we best a First, experience around. the being of the need customer

One of consumer is our agency most significant in a building differentiated business. XXXX projects

Our a more substantially they insurance superior a of through the home than to policy customers, product buying product our aim Currently, over buying are time. agency, we and offer this of Hippo our grow all of one Hippo whether from just or our percentage carriers. is to customers over XX% to partner Hippo the are expect one experience

as yet they not the partner goal for score, a new their our delight with download Android score. even all Hippo customer. app for a app the their Our to Hippo how is by Apple to maintenance and can if happy protecting of activities through homeowner U.S. is of now are app, strategy Care this Home improve their simple in on homeowners to DIY Care receive along health and instructions checklist a Hippo Through homes. stores service. Home One proactively our tangible Home that their expectations example report our exceeding customers I'm both Care available is

should try. a You give it

The second at of technology to is long-term high key a our continuing the fundamentals insurance. and component success use of operational financial to level, execute

home our insurance our loss priority for improving previously, ratio top discussed is we've As the Hippo program.

weather California, state. industry In winter our atmospheric activity, second including the largest impacted high in the quarter, home insurance U.S. XX by was rivers

geographical generation primary XX%. attracting diversification success continued is gross bad rate improvement was accident our the this beginning. our ratio, year XXXX comparable and better were cats our drivers improvement and actions the loss PCS And pricing, just of current weather, The looking defined a our recent in this of versus QX beyond in substantial However, XX%, customers. excluding improved

volume, premium of the first our XX of just premiums. approval, our XXXX, those is receiving covering this submitted half quarter. already impacting In our all of filings And of products XX% of with we've XX managed regulatory covering

our We X rating XX over expect variables continue these data-driven to years. and into accuracy. improving we new last Cumulatively, plans momentum, filings rating These the further our our segmentation have introduced rate us variables to plan continue home our financial path incentive to the to of differentiated make provides improvements. and move down customers with a on partners creating a that risks pricing their customers

essentially prior also for expenses, percentage of flat quarter, platform benefit to falling loss year XX% year excluding we to as quarter. expense, from Operating allows versus XX% technology as us TGP scale. this our adjustment loss leverage the from and operating a Finally, were last

much past, behind the of platform period costs in growth. you. of Thank a towards our development we're said profitable rapidly we've of moving the are heavy As and us. sustainable,

over the our turn Ellis. Stewart call I'll Now to CFO,

Stewart Ellis

good Rick, and you, everyone. Thank morning,

We have to execution TGP and growth and year our momentum revenue Top great last in continued growing are from XX% start off remained a line with strong XX%, year-over-year. and respectively, XXXX. at

with in are expected core ratios expenses coming insurance year-over-year flat while Hippo ratio we operating from improve and over program XX%, achieving the improvement to point comparable continue an at in We roughly as operational year efficiency with the home loss scale underlying And ago. loss growing XX-percentage increases figure TGP revenue. our a we

$X.X prior that year was during $XX.X on the by higher-than-normal and impact PCS had quarter. losses driven $XX.X weather a catastrophic non-cat EBITDA of adjusted P&L net our in million Our million quarter, versus negative weather million negative excess the

while begin with As insurance to Hippo policy program in the our the significant we profitability. managing our we're financials business In we progress X are last discussed segment, path the quarter, of how segments expand continued we home our XXXX. align in portfolio to on making excited to reporting size to

up revenue quickly quarter, and grew XX%, XX% in and respectively, the TGP year-over-year.

to other expect business, be quarter, focus pace of XXXX to this relative we restrained our growth continue our said TGP we the ratio. we As as on of last loss to improving in segment parts

the benefit expect loss gross investment Hippo XXX%, reinsurance ratio of realized insurance For we PCS strong treaty percentage higher of our points catastrophic remainder defined The XXXX, home including drives our weather losses. yields volumes revenue, the was premium on as earned program-specific for as XX we of higher growth portfolio. XXXX

of in market. was actions the our loss quarter prior XX-percentage heavy pricing and parts the core year of The we underwriting took and reflecting an XX% quarter largest versus gross California, included unusually benefits XXXX. the point of ratio that improvement non-cat snow second rain in The

actions We time to expect as significant continued improvement earn have these our more results. financial into

XXXX rating to our XX and calibrate continuing to of are plans managed impact already We volume. of products, that and our platform covering leverage nimble submitted fine-tune our technology have in filings XX% our premium

of expect to ratio our As loss we the by XXXX. mid-XX% stated, have reach range gross we the previously end

have percentage of excluding expenses, as and versus prior a to XX% XX% adjustment the expense, improved Our quarter. materially loss losses year operating TGP segment in

technology are and on and costs We continue grow. showing to spend focus and improvements development marketing sales discipline flattening lower as we we and expect expense a in as ongoing

$XX.X loss program million due quarter Our quarter. an weather in versus excess of million adjusted EBITDA year reported in a ago, primarily the the insurance Hippo homeowners $XX.X to the catastrophic

quarter XX% Services our Home our up year was Hippo TGP our which prior Care million, to over and Connect, business, agency, includes Hippo First XX% $X.X In revenue the segment, delivered million. up of while we $XX.X

fast-growing, and fee LTV are oriented businesses Services characteristics. high Our with

customers businesses. aggressively invest our to across We our to for all differentiated in our provide services continue platforms

about Within through homebuilder for of our small we're are and the agency. agency, our launch builder insurance homebuilders partnerships Hippo driving new recently launched both renewal the program excited business, and

to carriers we Connect, and sign First access platform to of and over new to now At XX insurers for up the agencies agents. thousands continue support insurers and independent

quarter. nationwide Care Home quarter, mentioned favorable Care app ago million for EBITDA Home by as all reflecting continued adjusted improvement launched XX our The the was As Hippo recently during loss earlier, a year points revenue. in Services also the brand technology $XX.X advertising demonstrated an in leverage our EBITDA Rick operating expenses U.S. but the homeowners. investments percentage Hippo loss million operating of from $XX.X adjusted and declined

positive Service a diversified the programs. leverage had and rates provide the capital This up we through MGAs, underwriting growth our EBITDA. fully also fees, a ago. generated income by year strong creating contribution and income. versus driven XX% record million, to $XX.X million at as year with were premiums Insurance $X.X great and Revenue our up licenses growth of carrier XXX%, a to segment owned insurance was to both investment existing a start and to $XXX third-party million, Total In Spinnaker adjusted profits capacity new segment,

strong to Turning balance our sheet.

end Our from million of cash $X the investments the were and quarter, the the end end of the Spinnaker statutory $XX at And end million quarter, up $XXX from $XXX December. million of at million down December. surplus was of the

program repurchasing million In of end $XX in a XX,XXX repurchase able over shares. of month additional announced XX,XXX were share repurchase quarter. little also continued to and April, we the March late the program shares the through a the almost We

of year are investment to And exceed to year our to adjusted of XXXX. QX Finally, billion. we the our TGP up billion for expect increasing over comfortable XXXX statement our our the $X We of I'd for behind guidance. XX% like to guidance review previous now expect XXXX to now year. in nearing be With We us, revenues versus I'd I'll you, prior guidance full end definitionally and EBITDA TGP expect by loss for $XXX excludes like versus continue finally, of note expectation of Thank And turning our an of XXXX. XX%. reiterate over we EBITDA which the positive income adjusted million the everyone. $X

happy Now take questions. we'd to be your

Operator

Instructions]. [Operator

Thomas from from KBW. comes Our first McJoynt question today

Thomas McJoynt-Griffith

for first is that to you you this in actions rate between just rating get that assumptions kind on that loss implemented, terms one, are stand mid-XXs you trend filed If think do sort that of whatever The with environment, inflationary of you of have other outside progress? actions of as towards you goal. keep the and guys of the distinguish where win ongoing inflationary pace meant filed your versus could that

Richard McCathron

we By the thanks, took the answer think approved way, of from from go of It's on I'll half we're a but Based Tommy. last ahead our been year view work here. more current bit to actions that adequacy, year. It's that we into Yes. this themselves regulatory the book perspective. do and actions really loaded and No, my year, has than a rate of the question, Rick taking this perspective. a our actions continue it

said, think we on pace of to hit profitability. really never what So current our also is are sort believe done. target we exactly adequate of things our That and plan view, we being think guidance both that our, rate we that on to based

of we our rating as as the get sources Our view additional we get refine view with data we a changes as on further what's going algorithms weather.

So significant that in market to it it's that gives ongoing Hippo is tech of advantages has current competitive advantage frankly. to process, ability a quickly stack and us And an versus bring ever-changing our take think our world. others and the one we view an very

that we changing our quickly. actuarial sources, that have we new everything new for and So the underwriting mean, I the we track currently planned, doing underlying sources, things are what think to environment. combination bring rate. is we're new on data in the we'll team view as what actions we're of continues both but of view inflation It for take

Thomas McJoynt-Griffith

then And of and operating Thanks. income on here? statement. from walk it. more the pieces are looking flat which we through think pieces more you which are Got variable at lines that Could as there line expense the should --

Stewart Ellis

both and the Thanks, related underlying quarter Sure. Rick volume for be our variable distribution most loss Obviously, our going of the to take question loss has within is to and underwriting I'll bit adjustment add. saw the join be which than California. is related. things happy volume will That weather as he to line, the normal in to higher and well This if in try also due to Tommy. one have to as as expense, some Stewart. reflects expenses that's the costs. expense a business this weather, in your was Insurance-related we

a excuse very marketing over as there second the or higher bit expense little of relative -- discipline rest past efficiencies onetime year. and more but G&A. have see to which majority focused repricing progress in going a are of and to through be Those was sales that we'll the me, We the of year expense the remaining will stock-based over fixed. but did and Sales that The quarter. options, grow in we've compensation the first on we item, drove think I sales to development, so marketing. And marketing the related higher or been time the and others, quarter, in SG&A G&A

increase. ongoing is an as that at item. look wouldn't I also So not cash it And a

Operator

on question the Sachs. next Scott from line of is The Alex Goldman

Alexander Scott

at there's not have metric, and same it. lot a I we're But First time, for the one you I been of loss issues on is at net it's looking know ratio. a perfect it's high. the

the that's or direction. to to the of changes you this expected anything ratio. loss the quarter that I next why it's aligned will see where down program, this in. like trajectory that something I And if But takes and I go earn seem just the to to -- to think gross a think few more understand quarter happened with a handful quarters opposite trend could under new if few over reinsurance the us about wanted go of it quarters? help it quarters

Stewart Ellis

Yes. take is that this Happy Stewart. to one. Alex,

premium comment rain XXXX. to So you're on off XXXX. will the to the go It And that, exactly a first catastrophic model XXXX broader primarily up of than a in mean is business to That's exactly by the ceding weather lot are did I in XXXX from function snow. California of due point. due excess is right. a in year-over-year we It more be quarter. we in the the the bit But change and

we're reinsurers. The the addresses just way is the MGA the got and the gross a off so denominator come small into the course that as we're we risk the ceding loss as of from as at this, the as at earns you're a at I with problem is really that economics, think, in. look to about year, if years when itself of looking an And earned underlying that looking will that over ratio number much think in you've the as very line in new down X to treaty commission premium are XXXX getting business

treaty. Since we and expense the loss in XXXX business we don't participate on a bit loss adjustment in that retain the

of those look that at that of together. will course need things effect XXXX. over easier But the dramatically and You lessen to will to get both understand,

Alexander Scott

Got it.

through opposed what combination? to think to that we what's I attritional the the has commissions take as Should moment on look and that information Or like it how net last losses some from that you've do is guess loss to most to the comment us new catastrophe the Okay. more to so at to given year attritional of affected understand with forth. ratio the take things treaty. under losses? trying would ratio Just with loss

Stewart Ellis

a it's question. Yes, great

in of XX attritional program underlying this segment, in XX In weather. loss loss is as you ratio the losses ratio which first core in of in out, improvement home improvement we've an despite the think went every bit I little year, than pointed more treaty that especially the points the our XXXX treaties treaty, earning the or Hippo had or the year-over-year strong insurance quarter, for the the improvement loss year-over-year. down up in the points the the net is specifically, ratio XXXX first one reason quarter a And other weather-related XXXX year. in us in primary is penalizes the

XXXX last year primarily First treat. the of quarter is

became of treaty XXXX rest over more become the XXXX. prominent course will treat this over more XXXX The prominent year. of the So the of the course

I as the end should and that we see ratio before, year. come by be dramatically So under down loss said the XXX% of net

Richard McCathron

still Yes, would in forecast, Weather quarter Stewart, Alex. attritional it. has than thing fully ratio agree our is was quarterly One come to thanks really but for add the down. forecast. the The and that with with more core annual I for loss identifying line

we from consistent believe and rains our we And on what best loads Despite time still try our at will when way. heavy weather. the annual in We be of month for So historical in very the it pick detailed will we what very and patterns cat a to so we do what with look our year. weather or stand pick whether impact. California, match it quarter then

pit the It was our come, we calendar months for the annual quarter about necessarily. what fact check they're of see storms that or good a in before feel weather. matter still simple what very to they don't they're But

Operator

the question next JMP. from on Matt from line Carletti The is

Matthew Carletti

are just little in a X? our out balancing profitability quarter was particularly Maybe hoping, bit loss the could about how improvement? of and line zoom you Balancing bit alongside growth those and you where about kind I for very ratio, loss think top a a or talk ratio good. opportunity both

Stewart Ellis

year I take to And that the good that growth think of we do of in in to what growth what our was one. ratio. improvement business how think beginning don't excess example I than the our see all. happy at at it higher the always we loss a results. balance that isn't Yes, think the I case QX relative expecting to growth of and expecting were financial loss compromises really we case, or trying ratio were In

I few that factors think that is because there's play. a

to are economics economics or pieces of there business In related have the meaningful only a we and it's driver unrelated First, ratio loss we primary to ratio no then of the either the but in the Insurance loss the business. exposure is wholly of economics. ratio in business, loss the tail, loosely our at business business, Service Services where exposure the have to of not the the all as

In our as loss our long-term converge home as goal program is expected the we target can. insurance Hippo quickly to ratio segment, to

So ratio. grow we ratio loss But make in compromises loss to we in around our we of advantages are more to business, growing areas is beneficial where order one area many have the don't that actually quickly. of of are that the the long-term

quickly. the And better ratio have more business with strong more market. loss the builder the we becomes part the partnerships builder our of So write, we

that and is QX And feel so But in that improving we're of bringing talked to the very But do down, already ability of committed that the we sacrifice the I'll the exception our loss a while we we good grow more do to going confident ratio. reiterate with can about. to weather -- are not we think example loss we we've quickly. ratio both. to that grow

Richard McCathron

just that to focuses as our a reiterate company. we I Matt, want -- Yes, X primary have

first to The as possible focus primary goal. our our is long-term loss as quickly ratio getting

is QX XXXX. commitment profitability second Our to getting by EBITDA

those of with are we those bit one neither we're drive on So to and great confidence. wavering to continuing

Operator

question Jefferies. from Kinar line Yaron on next from the The is

Andrew Andersen

customer. strong for level, is about we But retention customer pricing Yaron. been initiatives pretty there's us has the perhaps Andrew the customer pricing But keep just and strong on offset think of This despite if retention retention in it from a given on some assume here. of I the about to pretty increases? the there you count premium some the can think help kind retention strong Premium

Stewart Ellis

Yes. Happy to Rick then start more. that, on add can and Andrew,

building think customers, customer premium We are make a customers whether they're we're differentiated our and and of them experience. experience, our are that agency, a services program are we customers that customers to or better proactive industry. customer Hippo their in to anyone in protect help else the approach retention with priority unlike whether partnering about around -- we first retention, customer the is offer The maintain home. our we to the more agency of as and taking sure high-quality, broadly, think the they We're

insurance be we'll for play, we use. insurance and hope customers product when into their to their also a our insurance the are times other need. we like come have we that auto there in them that do better to of Generally, needs. But never meet lines agency products to as third-party broader an order is offering spectrum want need to And we and of

that strategy noninsurance where offering, to offering customer we're I so products with relationship is while it's a third-party think And here the to our services through continue the appropriate. build broader

Richard McCathron

unit changing. add addition a policy. Home that Hippo of other few the of sort customer the a was taking Andrew, around the products And the of and Yes, to components Care. atomic is, Hippo the Hippo is we're customer, of view We're more historically, that I particular cross-sell much a would of things adding

from opposed simple. view with of a kind customers mindset how to those needs We a more want a as to revenue maximize we're getting Stewart to the for shift of said, particular revenue much Hippo per So policy a sort as very and our customer. starting really of particular is user

started continue just to time. and components, that cross-sell surface will have we the We that, on scratch these over think real we're traction, and gaining

Andrew Andersen

for adjusted the rest And seeing I the there's progress, control, help yet expense EBITDA. yet us we're -- it lot line the Great. you it of the the sounds for about not Can really but we're seeing seeing in in and year? and of perhaps think it like not we're why next look a that materialize in bottom could

Stewart Ellis

Andrew. to Yes, Happy that. take

weather, year-over-year. would plan, first would over component kind into think have the of and already have adjusted we about I rate absent this talked we've quarter-over-quarter we excess built the improved EBITDA weather the the what

the of The treaties the reinsurance other course factors our year. at play, out way though, are the individual earn over

by when so back-end did annual to And in the and as guidance, said, is factors. EBITDA improvement loaded, we going be X driven we the that's

by driven had action into fact certainly, rate financials. taken the yet year not way and It's to rate we chance last that of year the took a so the its has action far the earn this a that lot that we've

XXXX And is financials. time one to treaty, has worse treaty, economics that earn secondly, reinsurance the the XXXX are the the fully out had than of hasn't that reinsurance which

year the due we've the to of the of taken the rate going books. And ratio to into course is the you're see rest earn loss so pricing improving actions what over and

same year. earning will loss reinsurance underlying -- as the the get work the XXXX improvements more the as at two course show becomes in economics together half things into adjusted we the treaty. treaty second While of improve of EBITDA Those over time, into dominant meaningful to year the the the the

half. So see the dramatically step you can it down in second

Andrew Andersen

products and XX year-to-date? of the Great. for rate And XX% did you of taken share level premium those

Stewart Ellis

Yes.

and said coverage underlying And be that a rate earlier before about independent talked in other I rebuilding high increases think increases of level things. we're kind year. we planning for teens or the of of would costs that that publicly in we've this

in rebuilding filings automatically renew factored One as we the policy. estimate, the have of rerun every is cost our the way we Those a we time are work. advantages

on And taking. rate inflation-related current most be that we're but than more so beyond items, we is that should the

Richard McCathron

to earlier combination improve that Yes, and underlying the sort Tommy's our need we of of that trends of quoted to results. take question is what Stewart a back to high inflationary continue view teens to

Operator

is Instructions]. from [Operator The from question Pablo next JPMorgan. Singzon

Pablo Singzon

Stewart, Hippo and just ratio. incorporating commissions net evaluating ceding about comment wanted loss to your on up follow

think disclosed And that and ratio, I in number that's compare again you and number at 'XX. this fair that that you annually. you X% I'm Is pieces quarter a about if a to 'XX looking earned, ceded subsequent periods?

Stewart Ellis

Pablo, I'm sorry, hearing beginning I your me? repeat for trouble had a of it little you the Could question.

Pablo Singzon

Yes.

that. about Sorry

incorporating So a compare I'm on about Hippo annually in think just regarding X% ratio, commissions math loss And following correct. ceding that to commissions, the up evaluating you comment that's commissions I'm And net my going earned see K. your ceding ratio. if disclosed they're and those doing premiums, you if I

So that is, subsequent guess in a question periods? to I is the fair ease quarter and number this

Stewart Ellis

Yes.

be similar ceded the question relationship earned premium and between to more the generally the that the ceded will So is premium commission. your relationship I about because written think ceding the

around XOL over to XX% of the on In so the of the the risk top what in seated of being retained to treaty, treaty, So XX% percentage each off we the the best we year. XX%, course and the policies think program. treaties the that's this XXXX way of are think is to closer about I the of prior about structure on the XXXX cat

no the treaty. be XXXX of X% policies on the on X, January would So --

are something an into of the X% quarter, end not by the all on get January like written you -- because X. policies As

off-line. written of just can by And you it we And end need over more new premium see so retained and it course you transition the in renewal that should the to plus the think if probably you year business see we at level. that XXXX detail, book premium the of that I to the that higher the progressively the should with if higher in converge year. look XXXX we level balance take have But of the

Pablo Singzon

gap Spinnaker on just explained new I talk was just insurance loss Spinnaker. is you consolidated major if question programs? presume and the other wondering second types other insurance for programs disclosure the call out? by my then of that can yes, the And and ratios you program or is what program. can if about X through was non-Hippo in the Hippo your or I Hippo X home gap programs And other home Okay. from are that there that

Stewart Ellis

that. to happy Yes, take

think you're delta and the loss consolidated ratio program that is relates by home to between Hippo programs. written The on a right. ratio to the insurance business non-Hippo gross I loss Spinnaker

As more fee-based financial results we retain some they past, as than higher X% bit of our that. it's the in are into economics a other said in the cases, because to those actual cases, programs flow we really little fronting the don't economics we -- in risk

out of results. on that to buy But volatility robust top the top we do reinsurance cat buy catastrophic corporate on cat the -- excuse corporate me, of

fronting So fee as level. net a the service a target at insurance we

associated ratio risk. not going little retain a while around those we and the of program is So on underwriting policies loss the at programs, which individual things why based see so we're that, with the move are on you'll that individual

write not financial consolidated kinds segment Service sure go results. bit economics a as we're about level a we of platform. talk a through. the I'm on But of the driver Insurance our at as of I'm so meaningful sure that happy little that And to programs Rick that's can or

Richard McCathron

a we about Yes. and One to understands, we as when we've sure Insurance talk about thing to Service, talked little but just exposed a really about add and I bit to everybody there. -- not overly this, we're make talk is would risk underlying

underlying not but exposure risk. a as exposed have We some to carrier,

you of I understand to think that have sort transpires. how

risk. Stewart as carrier. many programs, the It's -- merely all, a take of fronting of first So said, we no we're

Some of the panel, program-to-program own its handle but also we risk, reinsurance take each program to has programs, it. some

get we the spin the Hippo loss programs, of occur have into all do the basis, over situation programs. all net from ratio addition program a that, as the for a an impacts it over various inclusive In also if to of cat where Spinnaker umbrella we corporate

program, particular the a we generally overall take cat mechanism purchase it portfolio at, a a diversify by to create decide we does we from when So can perspective. which look

So not -- program as be to impacted, we've not I many But of the a impacted should is those programs. overly We are and disclosed loss know individual the I I'd again, performance. specifically programs the hesitant say, individual don't property-related programs. that very Insurance Service without minimally so or to permission of do

Stewart Ellis

Yes.

operate Just some the quickly track as changing. we as We at relates conditions records. support, to larger can raise can programs to MGAs programs can where that great E&S they market is, support what and we it they're I say that it's generally, rates to that think respond scale have

have some on book. are strategic support then non-correlated programs alignment not our Hippo. we that And to startups insurtech other try some also partners with some the and We property best that have exposure

additional that the to get you sheet the when that we say that -- an for But are it, -- a risk the and fee think me, premium, income extent we have we economics retain. So from us, then today. in the I'd the there, it's about primary earned to written it's the way monetize drivers limited balance excuse the that

Operator

the further to team management no I'd conclude. to questions. have to back We hand like

Richard McCathron

made in the could of of that we've each time, appreciate expect you not to a with the we continue. progress we and we morning, us that such progress period more -- be Well, joining and thrilled this in short

our in sharing QX Thank months. to you, everybody. forward results looking coming the we're So

Operator

today's concludes call. This

and Thank lines, the rest enjoy you. now disconnect your may of your You day.

Hippo (HIPO) 9 May 232023 Q1 Earnings call transcript