Home insurtech Hippo Holdings Inc. has completed the placement of its 2026 reinsurance program, effective June 1st, 2026, securing a meaningful $777 million of total aggregate reinsurance limit, and $513 million of first-event coverage limit.
“Moving to a group catastrophe structure is the right architecture for a business that manages risk at the portfolio level, not program by program. We’ve secured meaningful protection, improved our capital efficiency, and brought in new tools like the whole account quota share that give us flexibility as we grow.”
As mentioned, Hippo’s catastrophe protection program provides a first-event coverage limit of $513 million and an aggregate reinsurance coverage limit of $777 million.
The company secured the coverage at a 15%–20% rate decrease relative to reinsurers’ risk-adjusted flat pricing, while reducing its net Probable Maximum Loss (PML) by between 31% and 36% across Hippo Holdings’ return periods from the 20-year to the 100-year event.
Hippo noted that all participating reinsurers are rated A- (Excellent) or better by AM Best, or are fully collateralized.
Hippo went on to explain that the 2026 program reflects a “significant structural evolution”, consolidating catastrophe reinsurance into a corporate-level group structure that protects the full enterprise.
“This approach directly supports Hippo’s strategy of managing risk as a diversified portfolio across lines of business, while also improving operational efficiency by reducing the number of separate renewal events. This evolution to portfolio level management, for the first time, allowed Hippo to place a whole account quota share that provides coverage for both property and casualty programs which increases future growth optionality,” the company explained.
The program also includes the renewal of Hippo’s wholly owned subsidiary Spinnaker Insurance Company’s second catastrophe bond, the $100 million Mountain Re Ltd. (Series 2026-1) issuance, that was secured in May.
As we’ve explained before, the cat bond provides Spinnaker Insurance with reinsurance protection across a three-year term against losses from a range of US perils, being US named storm, earthquake, severe thunderstorm, winter storm, and wildfire, with the latter being the new peril that was introduced to the deal.
Read all of our reinsurance renewal news coverage.
