Hippo, a technology-native insurance group, has reported an increase of 60.1% in gross written premiums (GWP) to $498 million for the third quarter of 2026, compared to $311.2 million in the comparative quarter. For the first nine months of 2026, GWP hit $1.3 billion, compared to $820.7 million for 9M’25.
All lines of business contributed to the increase in premiums, led by the continued expansion of casualty and commercial multi-peril (CMP) lines, which were up 146% and 63% year-on-year, to $188 million and $108 million, respectively.
Hippo explained that its overall growth strategy is focused on improving underwriting profitability and reducing volatility through greater portfolio diversification. This is reflected in the portfolio, which continues to become more balanced across perils, with casualty at 38%, CMP at 22%, and homeowners at 23%.
Meanwhile, for the quarter, net written premium (NWP) rose by $31 million, or 26% to $149 million, compared to $117.9 million in Q3’25. For 9M’26, NWP rose to $433.7 million, compared to $325.1 million in 9M’25. The growth lagged, with Hippo explaining that the fast-growing lines, casualty and CMP, are also the lines with the lowest retention levels.
Revenue was up 29% or $121 million to $156 million for the quarter, compared to $120.6 million in Q3’25, driven by higher net earned premium of $128 million, and increases in net investment income, commission income and service and fee income. For 9M’26, revenue was $422.2 million, compared to $348.2 million in 9M’25.
For the quarter, the net loss ratio was 56.7% compared to 47.6% in Q3’25, driven by a more normalised level of catastrophe losses at 6.5%, compared to no cat losses in Q3’25. The prior-year period also benefited from 0.5% of favourable prior-year development. For 9M’26, the same was down to 52.1% compared to 65.6% in 9M’25.
This quarter’s net income was $9 million, while adjusted net income was reported at $20 million. The change was driven primarily by the $91 million net gain on sale of the home builder distribution network last year, which more than offset the improved operating performance. For 9M’26, net income dipped to $26 million, compared to $51.7 million in 9M’25.
The Q3’26 combined ratio improved to 98.4% from 99.6% in Q3’25, as the expense ratio improvement more than offset the more normalised catastrophe losses for the quarter. For 9M’26, CoR was 97.9% compared to 118.3% for 9M’25.
Rick McCathron, President and Chief Executive Officer, Hippo, commented, “Hippo had a strong quarter, delivering a 98% Combined Ratio, a one-point improvement over last year, despite a 7-point headwind from more normalized CAT losses compared to none in the prior-year quarter. This helped generate a 9% increase in Adjusted Net Income over Q3 of last year to $20 million.
“On the top line, Gross Written Premium of $498 million was higher by 60% compared the prior year quarter, with expansion across all four of our main lines of business, Homeowners, Renters, Commercial Multi-peril, and Casualty. Net Written Premium grew 26% over last year to $149 million.”
He continued, “These results reflect the foundation we’ve built: underwriting discipline, a diversified portfolio, and a program platform built for long-term partnerships. Even as the market softens, we’ve been able to grow while improving profitability, and we’ll stay selective, writing more only where we believe the underwriting economics are attractive. That discipline supports our expectation of long-term profitable growth across the MGA and program space.”
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