According to the latest reports, an email, dispatched to an insurance agent, and then sent on to industry media outlets, conveyed Hippo’s immediate suspension of new business operations on a nationwide scale. The communication also outlined Hippo’s intention to closely monitor the performance of its existing portfolio, with the goal of gradually resuming business operations on a state-by-state basis.
In a recent update, CEO Rick McCathron provided the following statement: “As we stated in our Q2 earnings, Hippo is fully committed to near term underwriting profitability. These actions are temporary as we evaluate catastrophic risks, geographical diversification, enhanced underwriting and rate actions for the Hippo Home Insurance Program (HHIP). These changes do not impact our Insurance-as-a-Service or Services segments. We look for continued growth in those areas, outpacing the reduction in our HHIP segment.”
