Hippo

The company also increased participating reinsurers to 19 from 14.

The decision to pull back from some business in the meantime will cause “additional [total gross premium] declines in 2024,” the executive said.

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The decision is expected to incur charges of approximately $2.2mn to $2.7mn for severance, benefits and related costs in cash expenditures during Q4 2023, the company wrote in a regulatory filing.

In August 2022, the company announced plans to cut around 10% of its staff in a bid to improve efficiencies amid challenging market conditions for InsurTechs.

Sources said the fronting company has drawn the interest of private equity firms, including Summit Partners.

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Worsening results in key states and belated rate action weigh against a shifting business model, making the path to profitability unclear.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Inside P&C’s morning summary of the key stories to get you up to speed fast.