Hippo Holdings Inc.

Good afternoon. Thank you for attending today's HIPPO fourth quarter 2021 earnings call. My name is Hannah, and I will be your moderator for today's call.

All lines will be muted during the presentation portion of the call. With an opportunity for questions, if you have a question, please press star F1 on your telephone keypad. I would now like to pass the conference over to our host, HIPPO. Please go ahead.

Thank you, Andrea. Good afternoon, everybody, and thank you for joining HIPPO's Fourth Quarter 2021 Earnings Conference Call. Earlier today, HIPPO issued a shareholder letter announcing its fourth quarter results, which is also available at investors.hippo.com. Meeting today's discussion will be HIPPO's Chief Executive Officer, Scott Vaughan, President, Richard Kaepernick, and Chief Financial Officer, Stuart Ellis. Following management's prepared remarks, we will open up the call to questions. Before we begin, I'd like to remind you that our discussion will contain predictions, expectations, forward-looking statements, and other information about our business that is based on NASA's current expectations as of the date of this presentation. Forward-looking statements include, but are not limited to, both expectations or predictions of financial and business performance and conditions, competitive and industry outlook. Forward-looking statements are subject to risk, uncertainties, and other factors that will cause our actual results to differ materially from historical results and or from our core tests, including those set forth in HIPAA's Form 8-K file today. For more information, please refer to the risk, uncertainty, and other factors discussed in HIPAA's entity filing. All cautionary statements that we make during this call are applicable to any forward-looking statements we make whenever they appear. You should carefully consider the risks and uncertainties and other factors discussed in TIPO's SEC filing. Do not place undue reliance on forward-looking statements, as TIPO is under no obligation and expressly disclaims any responsibility for updating, altering, or otherwise revising any forward-looking statements, whether as a result of new information, future events, or otherwise, except as revised by law. During the conference call, you will also refer to non-GAAP financial measures, such as total generated premiums and adjusted EBITDA. Our GAAP results and description of our non-GAAP financial measures with a full reconciliation to GAAP can be found in the fourth quarter 2021 shareholder letter, which has been furnished to the FTC and available on our website. And with that, I'll turn the call over to Asaf Huan, co-founder and CEO of FIBRA. Asaf Huan Thank you, Philippe. Good afternoon, everybody. 2021 was a year of milestones for Vipo, including the public listing of Vipo shares and annual total generated premiums costing $600 million. Some of these successes were tempered by headwinds, such as a sell-off in the equity markets for many tech growth-oriented companies, catastrophe losses in our major geographic markets, and heightened loss cost pressures for home retailers. However, people ended the year operationally and financially strong in a position to patiently weather the volatility of financial markets and a laser focus on executing against our long-term vision of protecting the joy of homeownership. We believe we are transforming the home insurance industry with our proactive and holistic approach to home protection. Our 2021 growth in total generated premium of 80%, supported by an 88% EPO-01 of premium retention rate, has validated that belief, so we are broadening our reach in 2022. In the coming months, we plan to extend our geographic presence from 37 states by adding major states in the Northeast, as well as extend within our existing footprint with new borders. We will also continue to grow through our key partnerships, Through major U.S. home builders such as Lenard and Soul Brothers, we are sourcing some of our best customers, newly built tech-enabled homes with owners who want to use technology to improve their homeownership experience. Through our partnership with major financial service companies, we're able to reach potential homeowners at the critical moment when home protection is at a forefront on their minds. I am pleased by the strong progress we are making to improve our loss ratio. Our Q4 gross loss ratio of 89% was the best quarter of the year, in part benefiting from seasonality and also starting points of reserve releases from prior periods. We are improving our loss ratio as we mature by using our technology to better calibrate pricing to risk, increasing our geographic diversity, and entering new markets. We view our progress in this area as particularly encouraging given the many pressures on loss costs. We also have successful reinsurance renewals in January. Despite the ardent reinsurance market in which prices, trends, and conditions were under pressure, People was able to renew its main treaty with a panel of 11 A- or higher rated reinsurers. This is up from a panel of nine in 2021. Our reinsurance partners are able to closely examine our underlying practices, and we are grateful to have their continued support and confidence in our future resource. Technology remains a key differentiator for e-commerce. First, we leverage technology to help customers rest easy in their homes through preventative maintenance and home sales. Through our own inspection process, either in person or through live video, we can inspect a customer's home, often leading us to facilitating preventative home repair measures. We also offer discounts to customers who partner with us to use technology like leak sensors or home security to help prevent losses. What customers might not see is that we're also leveraging our technology to build a modern insurance company. Actuaries, underwriters, claim adjusters, insurance and customer support agents all leverage our modern tech stack to turbocharge their productivity and scale their daily operations with consistency and reliability. Recognizing the all-encompassing role of technology at EPO, we are elevating one of our long-serving EPOs, Mr. Ran Arpad, to the newly created position of COO. Ran will maintain his current responsibilities as Chief Technology Officer and will also oversee our end-to-end customer experience from product inception all the way through customer support. Another major accomplishment for the year was that despite a very difficult hiring environment, we expanded the EPO team to 621 people, attracting top talent across a range of expertise. Starting our first day in 2022, we're particularly excited to welcome Ms. Grace Hanson, formerly with ISFOS, to our EPO course to become our first Chief Plains Officer. While we prefer to help our customers prevent claims, when unfortunate events do happen, we prioritize supporting our customers and gracefully be working to enhance our capabilities in chain service. While we are unsatisfied with the share price performance since our August 2021 listing, we have more confidence than ever in HEPA's long-term prospects and ability to modernize home insurance and protect the joy of homeownership. Now, to talk a little bit more about our insurance operation, I hand the call over to our President, Rick McCafflin.