Hippo Holdings Inc.

Good afternoon. Thank you for attending the HIPPO first quarter 2025 holdings call. My name is Cameron and I'll be your moderator for today. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end. If you would like to ask a question, please press star one on your telephone keypad. And I would now like to pass the conference over to your host, Mark Olson, director of communications. You may proceed.

Thank you, operator. Good afternoon and thank you for joining HIPPO's 2025 first quarter earnings call. Earlier today, HIPPO issued a shareholder letter announcing its Q1 2025 results, which is available at investors.hippo.com. Leading today's discussion will be HIPPO President and Chief Executive Officer Rick McCatherin, Chief Financial Officer Guy Zelzer, and Stuart Ellis, Chief Strategy Officer. Following management's prepared remarks, we will open up the call to questions. Before we begin, we'd like to remind you that our discussion will contain predictions, expectations, forward-looking statements, and other information about our business, that are based on management's current expectations as of the date of this presentation. Forward-looking statements include, but are not limited to, HIPPO's expectations or predictions of financial and business performance and conditions and competitive and industry outlook. Forward-looking statements are subject to risks, uncertainties, and other factors that could cause our actual results to differ materially from historical results and or from our forecast, including those set forth in HIPPO's Form 10-Q filed today. For more information, please refer to the risks, uncertainties, and other factors discussed in HIPAA's SEC filings, in particular in the section entitled Risk Factors in our Form 10-Q. All cautionary statements 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 HIPAA's SEC filings. Do not place undue reliance on forward-looking statements as HIPAA is under no obligation and expressly disclaims any responsibility for updating, offering, or otherwise revising any forward-looking statements, whether as a result of new information, future events, or otherwise except as required by law. During this conference call, we will also refer to non-GAAP financial measures, such as adjusted EBITDA. Our GAAP results and description of our non-GAAP financial measures with full reconciliation to GAAP can be found in the first quarter 2025 shareholder letter, which has been furnished to the SEC and is available on our website. And with that, I'll turn the call over to Rick McCatherin, our president and CEO.

Thanks, Mark, and good afternoon, everyone. Thank you for joining us. During Q1, we delivered on two of our most important objectives as a company. We proactively supported our customers in the aftermath of the Los Angeles wildfires, as we do in all catastrophic events, and further advanced the key drivers of long-term value in our business. As we discussed last quarter, HIPAA's financial results were impacted by the fires in Los Angeles that affected the broader homeowners insurance industry. However, when we look beyond the short-term impact of these fires, Our Q1 results reveal remarkable progress in our business, and we remain on track to generate net profit by the end of the year. Our HIPAA homeowners insurance program saw a 35% year-over-year increase in gross written premium from our home builder partners. New homes are built to modern codes, making them more resilient and better equipped to withstand catastrophic events, which is why this channel has had such compelling underwriting results. These homes, which have accounted for most of the new business we have been writing in California over the past few years, were not impacted by the fires. We continue to reduce HHIP written premium from existing homes in cap prone areas versus prior year to help reduce weather related volatility in the portfolio. And I'm happy to report that these efforts are now largely complete. With greater confidence in our geographic footprint, rate adequacy, and improved deductible structure, we are now preparing to expand new business in this program. We will share more detail about the plans for growth in HHIP at next month's Investor Day. Written premium outside of HHIP increased 21% year over year. We view these other lines of business, which are available to us because of the quality of our Spinnaker platform, as an important source of diversification going forward. They are additive to our underwriting profit while lowering the volatility of that profit, a true win-win. Spinnaker has proven its ability to build relationships with quality underwriters over the past 10 years, and the consistent profitability of this portion of our business is a testament to its value. We believe so strongly in the value of this platform that we decided to raise additional risk-based capital to further support its growth and signed an agreement to raise a $50 million surplus note in April pending regulatory approval. This incremental capital will support further growth in these diversifying product lines without diluting our consolidated equity base, another win-win. Finally, we continue to gain operating leverage during the quarter by reducing fixed expenses through further investments in our infrastructure and automation while boosting our top-line revenue. These investments will support continued operating leverage improvements in future quarters. I'm extremely proud of the progress we made this quarter and excited to share our three-year roadmap and long-term financial targets at our upcoming Investor Day on June 12, 2025, in New York City. The team's hard work preparing the company for sustainable growth positions us well for continued and accelerated success in 2025 and beyond. Now, I'd like to turn the call over to our Chief Financial Officer, Guy Zeltser, to walk through the highlights of our first quarter 2025 financial results, as well as our expectations for the remainder of 2025.