Andrew Andersen

Thomas Mcjoynt-Griffith

Randy Binner

Yaron Kinar

- Hippo Holdings (HIPO) projects significant growth, aiming to nearly **double gross written premium to over $2 billion** by 2028 and quadruple adjusted net income to **more than $125 million** by 2028, with high-teens return on equity.  **[1828105_2146394_1]**  For the last 12 months, the company reported **$950 million** in gross written premium and **$425 million** in revenue, achieving net income positive from net operating activities for the first time.  **[1828105_2146394_1]** 
- Key growth drivers include organic expansion with existing programs, adding new programs (projecting **$100-150 million** in new gross written premium annually), and a strategic partnership with The Baldwin Group, which provides access to **3x more new homes**.  **[1828105_2146394_2]** **[1828105_2146394_6]**  This partnership also involved selling HIPO's builder agencies for **$100 million**.  **[1828105_2146394_6]** 
- The company emphasizes underwriting discipline, evidenced by a rigorous selection process for new programs (only 4 out of 140+ opportunities cleared in 2024) and re-underwriting legacy homeowners' business, resulting in a cumulative rate increase of **over 80%**.  **[1828105_2146394_2]** **[1828105_2146394_3]**  The net loss ratio peaked at **47%** in Q2 2025, with a guided target of **60-65%** for 2028.  **[1828105_2146394_3]** 
- HIPO operates as a "program carrier," participating in risk (10-50%) rather than solely renting its balance sheet, a model that has seen its associated business grow from **$100 million to over $800 million** by 2025 while maintaining strong underwriting performance (net loss ratio in the low 40s).  **[1828105_2146394_8]**