Hippo is a U.S. property and casualty insurance holding company that operates both as a homeowners insurer and as a fronting carrier platform for third-party MGAs. Hippo's business has two core components. First, its Hippo Home Insurance Program (HHIP) is a branded homeowners MGA that targets newly constructed homes, primarily through partnerships with homebuilders — currently working with 50+ builders via a partnership with Westwood Insurance Agency. Hippo argues it differentiates HHIP through technology-driven underwriting and proactive loss prevention tools like IoT devices. Second, its Spinnaker Insurance subsidiary acts as a licensed admitted and E&S carrier that provides insurance paper, regulatory licenses, and reinsurance access to third-party MGAs and program administrators across homeowners, renters, casualty, commercial multi-peril, and other lines. Spinnaker earns fronting fees and ceding commissions on these partner programs, with relatively stable fee income regardless of underwriting outcomes. Hippo typically starts new programs fully fronted with minimal risk retention, then increases retention as programs build track records. Today, Hippo retains roughly 38-40% of GWP on a net basis. The portfolio has diversified rapidly — homeowners represented 47% of GWP in 2024 but fell to 34% in 2025 as casualty and CMP grew to nearly 50% combined. Hippo's longer-term targets include $2B+ in GWP and 18%+ adjusted ROE by 2028, driven by organic growth in existing programs, new fronting partnerships, and HHIP expansion.