Latest news with #HIPO
Business Insider
11 hours ago
- Business
- Business Insider
Hippo buys back $14.5M in common stock held by Lennar
On June 11, 2025, Hippo Holdings (HIPO) entered into an agreement with certain entities affiliated with LEN FW Investor, LLC whereby the Company agreed to repurchase 514,309 shares of its common stock, par value $0.0001 per share, beneficially owned by Lennar in a private transaction at a price per Share of $28.17, for an aggregate purchase price of $14.5 million. The repurchase of the Shares pursuant to the Share Repurchase Agreement will be made under the Company's existing share repurchase program. As of June 16, 2025, after giving effect to the repurchase of the Shares pursuant to the Share Repurchase Agreement, approximately $18.1 million of authorization remains available under the share repurchase program. The Share Repurchase Agreement contains customary representations, warranties, and covenants of the parties. The transaction is expected to close in the third quarter of 2025. Confident Investing Starts Here:
Yahoo
5 days ago
- Business
- Yahoo
Hippo Insurance pitches big comeback by 2028, CEO explains
Property insurance company Hippo Holdings (HIPO) hosted its 2025 investor day on Thursday. Coming off the event, Hippo CEO and President Rick McCathron sits down with Julie Hyman to speak more about the company's path to profitability and its fronting partnership with the Baldwin Insurance Group (BWIN). To watch more expert insights and analysis on the latest market action, check out more Asking for a Trend here. Hippo insurance, hosting its 2025 investor day today in New York City. Yahoo Finance's Julie Hyman is sitting down now with Hippo CEO and President Rick McCathron. Indeed, I'm out here with Rick McCathron and you guys were just talking about stocks that are outperforming the broader market this year. Hippo happens to be one of them. It's up about 10% and actually rose about 9% today in the wake of the investor day you guys were having. So thanks for being here, Rick. No, thank you so much, Julie, for having me. So you guys came out with some new targets today. They're targets that are pretty far out for 2028. Um I guess I would ask, and of course, a lot of companies do out-year planning, but why did you want investors to sort of have that further out roadmap that you gave them today? Yeah, a couple, couple of reasons for that. First of all, the last investor day we had was three years ago and we put three-year targets in place at that time. And one of the things we wanted to do today was to show everybody how we compared with the targets that we gave three years ago, and we were pleased to report that we beat all of the financial targets that we put forth. Insurance is the type of industry that sometimes takes a longer view to understand the trains, the changes, the trends and what you're doing. So we wanted to put the same type of three-year targets out and put those stakes in the ground, and we're the type of company when we put stakes in the ground, we do everything we can to hit them. Um, we haven't had a chance to catch up with Hippo in a while. So for folks who are watching, um I should mention first of all, you guys are not yet profitable. You hope to be going out to 2028 is my understanding on net income basis. Correct. Um, so and you are effectively an insurance startup. What makes Hippo different from the big insurance companies of the world? What's, you know, what is in that startup DNA? Yeah, and I think there's two different components in that startup DNA. And so what we have guided for 2025 is net income profitability this year. So we, in our fourth quarter. So we're driving towards that. What makes Hippo unique is two different aspects of our business and we shared this strategy during our investor day. The first aspect is our homeowners insurance program. Hippo has a modern approach to homeowners insurance, focusing on customers that are buying new homes and customers that want a partner to protect their home. And this is something that we focused on through the use of lots of technology, easy interfaces, both for the home builder, the home buyer and the customer. That's one aspect of our business. The second aspect of our business is insurance works well when you have diversified exposure. You spread that risk across different geographies and different product lines. And one of the portions of our business that we're most excited about is our fronting carrier. And a fronting carrier is an insurance company that partners with other smaller insurance organizations to bring all different types of products to market, and that creates a diversified portfolio to go alongside our homeowners insurance offering. Gotcha. And you announced a new partnership, right, today on the fronting front. Um so what is, what's the significance of that partnership? It's a really good partnership. It is with Baldwin Group, which is also a public company. Um what the partnership essentially allows both companies to do is for each of us to do what we do well. So there is a, a component of our business as I mentioned which is new homes. Baldwin has a subsidiary called Westwood that is the preeminent provider of new home insurance to consumers buying from the largest home builders in the country. We had a smaller version of that at Hippo, and what we decided to do collectively is to partner and say, you guys are great at working with builders, you should do that. We are great at building new insurance products for the modern consumer and we will do that portion of it. So now, between the two of us, we have access to 20 of the top 25 home builders and dozens of other home builders beyond that, and Baldwin is focusing on distribution, we are focusing on the underwriting. It has tripled our funnel for new home business. Gotcha. I want to take a step back for a minute because you guys went public through a de-SPAC in the go-go days of the SPAC and IPO boom, right? And so like so many companies, you saw the stock sort of spike and since then it's had, you know, it's come back to Earth so to speak. So what message do you want to sort of give to longer-term investors about what they can expect sort of growth-wise from a company like Hippo? Yeah, I appreciate the question. And the main message that we wanted to share is insurance generally is longer term. So the guidance that we gave today for three years is to double our written premium to over $2 billion, to 4X our adjusted net income to $125 million, and to create a return on equity of 18% or better. This type of financial performance shows the discipline of the earlier stage company, really hitting its stride on those positive financial aspects to benefit our investors. Okay, Rick, thanks so much for being here. Appreciate it. Thank you so much. Appreciate it. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 days ago
- Business
- Yahoo
Hippo Insurance pitches big comeback by 2028, CEO explains
Property insurance company Hippo Holdings (HIPO) hosted its 2025 investor day on Thursday. Coming off the event, Hippo CEO and President Rick McCathron sits down with Julie Hyman to speak more about the company's path to profitability and its fronting partnership with the Baldwin Insurance Group (BWIN). To watch more expert insights and analysis on the latest market action, check out more Asking for a Trend here.
Zawya
29-01-2025
- Business
- Zawya
Emirates Development Bank receives prestigious Great Place to Work certification
First local bank in the UAE to achieve this milestone Abu Dhabi, UAE – Emirates Development Bank ("EDB"), the key financial engine of economic development and industrial advancement in the UAE, announced its certification as a 'Great Place to Work®.' This prestigious recognition, awarded by Great Place to Work® Middle East, makes EDB the first local bank in the UAE to receive this certification, celebrating its dedication to fostering a high-performance workplace culture and empowering its employees to thrive. H.E. Ahmed Mohamed Al Naqbi, CEO of EDB, remarked: 'This certification underscores our commitment to building a world-class workforce that drives sustainable economic growth and supports the UAE's ambitions for economic diversification. Our core values—impact, respect, collaboration, innovation, and ambition—are embedded in our culture, shaping our employees' experiences and enabling them to contribute meaningfully to the nation's transformation.' Mohammed Al Shair, Executive Chairman of Great Place to Work® Middle East, said: 'We are thrilled to celebrate Emirates Development Bank for being Great Place to Work® Middle East certified. The pride their employees feel in their contributions to both the bank and the wider community is a testament to their exceptional leadership and dedication. Since April 2021, EDB has experienced exponential growth, expanding its team from 135 to over 350 employees— a remarkable 159% increase—mirroring the bank's ongoing commitment to delivering innovative solutions and fostering employee development. Key initiatives include the High Potentials Program (HIPO) and an organizational AI Wave Program, equipping team members with leadership and technological skills essential for the future. Additionally, wellness programs focused on mental health, fitness, and work-life balance underline EDB's holistic approach to employee well-being. Dr. Abeer Al Sumaiti, Chief Human Resources Officer, commented: 'Being recognized as a Great Place to Work® is a testament to our people-first culture, where innovation and growth are central to everything we do. Our employees' trust and dedication fuel our success, enabling us to continuously raise the bar and set new benchmarks for workplace excellence in the UAE banking sector.' EDB's workplace achievements align with its broader mission of advancing key sectors vital to the UAE's future, including manufacturing, advanced technology, food security, healthcare, and renewable energy. The bank's values—driving economic impact over profit, excelling through partnerships, delivering innovative excellence, inspiring others with ambition, and living a culture of respect—serve as the foundation for this recognition, ensuring employees feel empowered to make a difference. About Emirates Development Bank: Emirates Development Bank [EDB], the UAE's development bank, is a key financial engine for the UAE's economic development and industrial advancement. EDB provides financial and non-financial support to businesses of all sizes from start-ups, SMEs to corporates driving economic competitiveness across five strategic priority sectors: advanced technology, food security, healthcare, renewables, and manufacturing. EDB was established under Federal Law by Decree No. 07 of 2011 issued by the late Sheikh Khalifa bin Zayed Al Nahyan and became operational in June 2015. About Great Place to Work®: Great Place To Work® ( is the global authority on high-trust, high-performance workplace cultures. Great Place To Work® also supports companies in all scales in constructing the perfect workplaces and improving them with its offices in 5 continents and 60+ countries using its Trust Index Survey™ and Culture Management platform Emprising™
