The Company maintains a comprehensive reinsurance program to manage risk exposure, reduce earnings volatility, and safeguard capital. By ceding a portion of its underwriting risk to highly rated reinsurers and alternative capital providers, the Company limits the financial impact of catastrophe events and large loss activity. Nevertheless, the Company remains ultimately responsible for policyholder claims should a reinsurer fail to perform.

The Company’s reinsurance strategy includes a mix of quota share and excess of loss (“XOL”) structures, alongside collateralized protection through catastrophe bonds. The Company works with reinsurers rated “A-” (Excellent) or better by A.M. Best or require appropriate collateral. Contracts often include provisions allowing for replacement of reinsurers whose financial condition deteriorates.

The Company’s catastrophe reinsurance program supports property risks underwritten by the Company on behalf of the Company’s MGA and third-party MGAs. These risks are protected mainly by a corporate level group catastrophe XOL (the “Group Cat”) and in some cases by program-specific XOL treaties, catastrophe bonds, and quota share reinsurance. The Company is also protected by participation in the Florida Hurricane Catastrophe Fund (“FHCF”). This catastrophe reinsurance structure is designed to provide protection against severe loss events across the portfolio. Effective June 1, 2026, the catastrophe reinsurance program has an occurrence limit of $512.9 million and an aggregate limit of $776.9 million.

Hippo’s 2026 program, established in the second quarter of 2026, reflects a shift in the way the Company purchases catastrophe reinsurance. The Company consolidated multiple program level XOL contracts into a single Group Cat structure. The new structure also incorporates the previous corporate catastrophe cover. The Group Cat covers all catastrophe exposed business written by the Company and attaches after inuring any program specific reinsurance, the FHCF, and the catastrophe bonds.

The change to portfolio level management of the Company’s reinsurance program allowed the Company to place a whole account quota share that provides coverage for both property and casualty programs.

The whole account quota share was a strategic reinsurance program placed June 1, 2026. The contract covers all lines of business, including both property as well as casualty, for which the Company has a retention at least equal to the reinsurance participation. This aligns the Company’s interests with that of the reinsurer. While the whole account quota share provides some property catastrophe relief below the attachment of the Group Cat, it was mainly placed to increase future growth optionality and manage the business on a portfolio basis.

For business written by the Company’s MGA, the Company strategically retains a significant level of risk, reflecting the Company’s confidence in the portfolio’s underwriting performance. The business written by the Company’s MGA is primarily covered by catastrophe XOL protection.

The Company also utilizes collateralized reinsurance through Mountain Re Ltd., a Bermuda-based special purpose insurer. The catastrophe bonds issued through Mountain Re Ltd. provide multi-year per occurrence coverage for a range of perils, including hurricane and wildfire, for business written through the Company’s MGA.

The following tables reflect amounts affecting the unaudited interim condensed consolidated statements of operations and comprehensive income (loss) for reinsurance as of and for the three and nine months ended September 30, 2026, and 2025.


	For the Three Months Ended September 30,
	2026						2025
	Written premiums		Earned premiums		Loss and LAE incurred		Written premiums		Earned premiums		Loss and LAE incurred
	(in millions)
Direct	$	487.3	$	368.0	$	215.7	$	310.0	$	252.0	$	99.8
Assumed	10.8		3.2		1.5		1.2		1.0		0.8
Gross	498.1		371.2		217.2		311.2		253.0		100.6
Ceded	(349.0)		(242.9)		(144.5)		(193.3)		(153.3)		(53.1)
Net	$	149.1	$	128.3	$	72.7	$	117.9	$	99.7	$	47.5


	For the Nine Months Ended September 30,
	2026						2025
	Written premiums		Earned premiums		Loss and LAE incurred		Written premiums		Earned premiums		Loss and LAE incurred
	(in millions)
Direct	$	1,297.7	$	1,019.0	$	553.5	$	817.3	$	710.4	$	397.5
Assumed	15.0		5.5		2.6		3.4		3.9		2.7
Gross	1,312.7		1,024.5		556.1		820.7		714.3		400.2
Ceded	(879.0)		(678.6)		(376.1)		(495.6)		(433.3)		(215.8)
Net	$	433.7	$	345.9	$	180.0	$	325.1	$	281.0	$	184.4

As of September 30, 2026 and December 31, 2025, a provision for sliding scale commissions of $50.3 million and $36.0 million, respectively, is included in provision for commission on the unaudited interim condensed consolidated balance sheets.

As of September 30, 2026 and December 31, 2025, a receivable for sliding scale commissions of $70.0 million and $37.6 million, respectively, is included in ceding commissions receivable on the unaudited interim condensed consolidated balance sheets.

As of September 30, 2026 and December 31, 2025, a provision for loss participation features of $16.1 million and $17.4 million, respectively, was recorded as a contra-asset in reinsurance recoverable on the unaudited interim condensed consolidated balance sheets.