Hippo Holdings Inc.

Hello, everyone. Thank you for joining us and welcome to HIPPO first quarter 2026 financial results. After today's prepared remarks, we will host a question and answer session. If you'd like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Charles Sabaski, head of investor relations. Please go ahead.

Thank you, operator. Good morning, and thank you for joining HIPPO's first quarter 2026 earnings call. Earlier today, HIPPO issued an earnings release announcing its Q1 results and financial results presentation, which will be webcast during today's call, both of which are available at investors.hippo.com. Leading today's discussion will be HIPPO President and Chief Executive Officer Rick McCatherin and Chief Financial Officer Guy Seltzer. Following management's prepared remarks, we will open up the call for 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, HIPAA'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 HIPAA's Form 10-Q. 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 and 10-K. 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 net income. Our graph results and description of our non-GAAP financial measures with full reconciliation to GAAP can be found in the first quarter 2026 earnings release, 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.

Thank you chuck and good morning, everyone, thank you for joining us hippo kicked off 2026 with strong momentum accelerating the top line growth of our business in the first quarter, while announcing initiatives to support our technology driven insurance platform. and delivering a fourth consecutive quarter of profitability on both a stated and adjusted basis with 7 million of net income and 17 million of adjusted net income in the quarter. In the quarter we generated over 332 million of gross written premium up 58% over last year, driven by our commercial lines business capitalizing on recent market opportunities and a return to growth in homeowners. This growth was coupled with a continued focus on underwriting discipline and sustainable profitability. For the quarter, we generated an underwriting profit with a 99.5 combined ratio and improvement of 60 percentage points year over year. These results and our continued momentum highlight the strength of our model and the progress we've made as an organization over the past several years. We expect to build on this progress as we continue advancing the core drivers of our technology-native insurance platforms. We continue to make progress towards our 2028 targets of over 2 billion in gross written premium, 125 million of adjusted net income, and an 18% adjusted return on equity driven by our focus to drive long-term profitable growth. This quarter, we made several advancements across our key value drivers. First, we supported our long-term growth and diversification goals by announcing our strategic distribution partnership with Progressive. We have now created a truly differentiated distribution platform for our homeowners product by combining Progressive with our existing Westwood partnership. With the two partnerships complementary to each other, and most importantly, supportive of profitable growth. Progressive provides a scaled high volume platform that allows us to efficiently identify and target our ideal customer segments, while Westwood offers direct access to home builders and new home buyers at the point of purchase. Second, improving operating leverage at scale requires a technology driven approach, and our platform was purpose built for this moment, reinforcing the value of continued investment in our technology, which has long been a source of strength for HIPPO. As such, we are able to quickly apply new AI capabilities without the need to replatform fragmented legacy systems. I now want to talk about three areas where we have been investing and implementing AI to support growth and drive operational efficiencies. First, we are fundamentally changing how claims are handled at HIPPO. By embedding agentic AI directly into our claims workflow, Our adjusters are operating at roughly 30% higher efficiency, and we believe that improvement is sustainable, not as a one-time gain. Claims expense is one of our largest controllable costs. Historically, efficiency gains require either more people or outsourcing. Instead, we are scaling intelligence. Over time, we expect more than 70% of our first notice of loss to be filed digitally, improving the customer experience and quality of data captured for claims processing. This technology also enables a rapid increase in claims handling capacity following catastrophic events, enhancing the customer experience at a time of great need. And claims is just the beginning. Second, services. Later this year, we will announce a transformation of the customer experience through agentic AI designed to redefine service with a fully AI powered first line support that reduces costs, improves the net expense ratio, and resolves a significant share of inquiries without human intervention. This is enabled by our modern AI ready tech stack. Our AI service voice agent is already live for 100% of inbound calls and after-hour support. It handles authentication, triages, attempts to resolve, then seamlessly escalates calls to the relevant agent or creates follow-up tickets as needed. Over the next one to two years, we expect Agentic AI to resolve 50 plus percent of customer producer support requests across email, chat, and voice. Early indications following our Q1 launch is that we are already seeing a 10% improvement in average handle time, accelerating customer outcomes while significantly reducing outsourced call center expenses. Third, underwriting. We've begun deploying AI in our homeowner's business to assist our underwriters and accelerate their ability to review new business, supporting rapid growth from our Progressive and Westwood partnerships without adding headcount. This AI-driven underwriting platform will enable continuous risk evaluation from submission through renewal, empowering underwriters to manage every policy and program, all enabled by our roots as a technology native carrier. Our continued multi-year investment in technology is expected to improve the customer experience, increase profitability, enable us to scale efficiently as we grow towards $2 billion in premium and beyond. We'll share additional updates throughout the year as we achieve key milestones. I'll now provide some updates on core lines of business. First, in homeowners. For the quarter, we wrote $87 million of gross written premium up slightly as we turned the corner on growth as we had previously indicated. Recent initiatives and partnerships more than offset continued pressure in the E&S market. Our homeowners book remains rate adequate. Rate increases average roughly 10% this quarter, though we expect that momentum to moderate in the quarters ahead. Turning to our renters business, which produced 41 million gross written premium for the quarter, a 17% increase over the prior year quarter. This remains a book we view very favorably and are pleased to support despite the lower retention this year, which Guy will discuss in more detail shortly. Now turning to our diversified commercial lines business. Commercial multi-parallel delivered a strong quarter of growth, increasing 89% over last year to $96 million of gross written premium, now similarly sized to both the casualty and homeowners books. Fundamental to our program strategy It's supporting programs we know well and or have long track records of performance, and our growth originated largely from existing program partners focused on commercial property and business owners' policies. Our casualty business experienced even faster growth, increasing 193% to end the quarter with $101 million of gross written premium. Importantly, This growth came from a well diversified group of programs and the book overall maintains relatively modest limit profiles. As we outlined last quarter, our intention was to start increasing our retention rates in the casualty business and this quarter we launched a new program with a long term operator, who we are very familiar with and have taken the opportunity to retain increased portion of the risk. This was a strong start to 2026. both in our quarterly results and, more importantly, in the progress we have made towards achieving our longer-term aspirations. Now, I'll turn the call over to our Chief Financial Officer, Guy Seltzer, to walk through the highlights of our first quarter, and then we'll open it up for questions. Guy?