Core Insights - Hippo reported strong premium growth and improved underwriting results, achieving over $1.1 billion in gross written premium (GWP) for 2025, a 24% increase year-over-year [2][4][6] - The company aims for GWP of $1.4 to $1.5 billion in 2026, reflecting a growth rate of 27% to 36% [5][23] - Hippo's strategic focus includes diversification across personal and commercial lines, technology-driven market expansion, and risk management optimization [14] Financial Performance - In Q4 2025, GWP rose 40% year-over-year to $288 million, while full-year GWP increased to over $1.1 billion [2][4] - Net written premium (NWP) grew 23% year-over-year in Q4 to $97 million, totaling $422 million for the full year [6] - The company achieved a net income of $58 million for 2025, a significant improvement from the previous year [4][12] Underwriting and Profitability - Hippo returned to GAAP profitability with a combined ratio improvement of 25 percentage points, reaching 113% for the full year [4][9] - The net loss ratio improved by 17 points to 60% for 2025, with a notable 11-point improvement in the non-catastrophe loss ratio [9][21] - The fourth-quarter net expense ratio increased to 53.5%, attributed to the sale of the home builder distribution network [8] Business Mix and Growth Drivers - The homeowners segment accounted for 34% of GWP in 2025, down from 47% in 2024, while commercial multi-peril GWP rose 75% year-over-year [1][6] - Casualty and commercial multi-peril lines each represent approximately 24% of GWP, with casualty GWP increasing by 169% in Q4 [6][16] - The company expects the homeowners business to return to growth in 2026, supported by strategic retooling and improved profitability [15][18] Future Guidance - Management reiterated ambitious targets for 2028, including over $2 billion in GWP and $125 million in adjusted net income [3][5] - For 2026, adjusted net income is projected to be between $45 million and $55 million, compared to $18 million in 2025 [25] - The company anticipates a net combined ratio improvement to 103% to 105% in 2026, driven by operational scalability [24]

Core Insights - Corgi Insurance has raised $108 million in funding and received regulatory approval to operate as the first AI-native, full-stack insurance carrier focused on start-ups [1][5] - The company aims to provide comprehensive insurance solutions for start-ups, emphasizing speed, coverage quality, and price [2][3] Funding and Backers - The funding round included participation from various investors such as Contrary, Glade Brook Capital Partners, Kindred Ventures, and Y Combinator, among others [1] - The capital raised will be utilized to expand insurance offerings and enhance product development [2] Business Model and Technology - Corgi operates as a full-stack carrier, managing the design and administration of insurance products internally, allowing for flexible policy adjustments as clients evolve [3] - The company leverages AI technology for underwriting, claims processing, and policy management, enabling instant quotations and adaptable coverage options [4] Market Focus and Offerings - Corgi's insurance portfolio targets venture-backed and fast-moving companies, offering coverage options such as AI liability, directors and officers liability, and cyber insurance [4] - Since receiving full regulatory approval in July 2025, the company has reported annual recurring revenue exceeding $40 million, indicating strong demand for its innovative insurance products [5]