Hippo
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Full-stack carriers fail to outclass incumbents with no clear platform differentiation. -
CEO Rick McCathron also said the company is seeking to diversify its portfolio.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The deal triples Hippo’s new homeowner leads and extends Baldwin’s MGA capacity.
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Hippo will also provide capacity for existing and future MSI programs.
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Shares were down as much as 20% after Hippo posted a $48mn loss.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Consolidation options include fronts merging, competition, larger fronts becoming carriers and fronts being acquired by carriers.
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Hippo estimated its pre-tax cat loss from the LA wildfires at $42mn.
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The Insurance Insider US news team runs you through the earnings results for the day.
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The Bain-backed fronting carrier acquired Spinnaker’s shell subsidiary earlier this year.
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Following the closing of the deal, Aviad Pinkovezky will be named First Connect CEO.
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The carrier filed a separation agreement with the SEC on Wednesday.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Hippo shares were up 20%, while Root’s shares dropped over 20%.
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The InsurTech’s cat weather loss ratio improved by 83%
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The Insurance Insider US news team runs you through the earnings results for the day.
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The InsurTech’s quarterly revenue increased 80.2% to $64.5mn.
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The InsurTech will push for its services segments as main growth drivers.
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The company also increased participating reinsurers to 19 from 14.
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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 Inside P&C news team runs you through the earnings results for the day.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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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.
