Hippo

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.

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The shareholders are among the company’s top 10 largest and hold nearly 2.5% of outstanding shares.

The executive said the company will likely start with builders’ policies and then gradually continue to other segments.

Sources added that the company will continue to monitor portfolio performance to reopen business on a state-by-state basis.

On the surface, InsurTech results were better than the noise from incumbents, but caution is needed to ascertain the quality of new business coming in during a time when even industry leaders stumble.

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