Insurtech Hippo reversed a first quarter net loss of $47.7 million last year and posted net income of about $7.1 million for the first three months of 2026.
Results a year ago included total catastrophe losses of $53.4 million, of which $45 million was from the California wildfires. The San Jose, California-based insurer reported $4.3 million in catastrophe losses for Q1 2026, and said the dramatic change in cat losses more than offset a reduction in fee income after it sold a homebuilder distribution network to The Baldwin Group last year.
Hippo posted a 99.5 combined ratio for Q1, favorably lower than the combined ratio of 159.2 for Q1 2025.
“We got off to a fast start in 2026, significantly advancing our strategies on both growth and operational efficiencies,” Rick McCathron, president and CEO, said in a statement. “The launch of our strategic distribution relationship with Progressive, when—combined with our existing Westwood partnership —creates a truly differentiated distribution network for Hippo’s homeowners product that is both tech-enabled and scaled.
In March, Hippo announced its homeowners insurance products were added to Progressive’s HomeQuote Explorer, available online and through Progressive in-house agents in eight states.
Related: Hippo, Progressive Embark on Strategic Distribution Relationship
Gross written premium of $332 million during Q1 increased 58% compared with the same period a year ago. Hippo said growth was driven by casualty and commercial multiperil lines which were up 193% and 89%, respectively, over last year. In Q1, casualty accounted for 30% of gross written premium, CMP accounted for 29%, and homeowners was 26%.
The renters line of business contracted $26 million versus Q1 a year ago, due to a change in retention rate and unearned premium adjustment.
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