Hippo Holdings has completed the placement of its 2026 reinsurance program, effective 1 June 2026. The renewal marks a structural shift from program-level reinsurance placements toward a consolidated corporate-level catastrophe structure.
The new structure better reflects how Hippo manages its business across a diversified insurance portfolio. Instead of placing protection separately by program, the company has moved toward a group catastrophe framework that protects the wider enterprise.
Rick McCathron, president and CEO of Hippo Holdings, said the renewal reflects how the company is building for a volatile and fast-moving insurance market. He said the group catastrophe structure fits a business that manages risk at portfolio level rather than program level.
“Moving to a group catastrophe structure is the right architecture for a business that manages risk at the portfolio level, not program by program,” McCathron said.
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.
Rick McCathron, president and CEO of Hippo Holdings
Hippo’s 2026 program consolidates catastrophe reinsurance into a corporate-level structure that protects the full enterprise. The approach supports Hippo’s strategy of managing insurance risk across lines of business while improving operational efficiency.
The structure also reduces the number of separate renewal events. That gives the company a cleaner reinsurance framework and helps match protection more closely with its diversified risk profile.
For the first time, Hippo’s move to portfolio-level risk management allowed the company to place a whole account quota share. That arrangement provides coverage across both property and casualty programs and increases growth flexibility for future underwriting activity.
The program also includes the previously disclosed renewal of Hippo’s Mountain Re catastrophe bond for a three-year term. The renewed catastrophe bond expanded this year to include wildfire protection.
Hippo secured a first-event catastrophe coverage limit of $513 mn. The company also placed aggregate reinsurance coverage of $777 mn across the 2026 program.
The company said it obtained coverage at a 15% to 20% rate decrease relative to reinsurers’ risk-adjusted flat pricing. That pricing outcome points to improved reinsurance market conditions and stronger execution for Hippo’s renewal.
Hippo also reduced its net Probable Maximum Loss by 31% to 36% across return periods from 20 years to 100 years. That reduction gives the company greater protection against severe catastrophe losses across multiple stress scenarios.
All reinsurers participating in the program are rated A- Excellent or better by A.M. Best, or are fully collateralised. That strengthens counterparty quality and supports the reliability of recoveries under severe loss conditions.
Hippo operates as a technology-native insurance group. The company uses its carrier platform to diversify risk across personal and commercial lines of business.
Through its homeowners insurance program, Hippo applies underwriting expertise and technology to provide proactive, tailored coverage for homeowners. Its subsidiaries include Hippo Insurance Services, Spinnaker Insurance Company, Spinnaker Specialty Insurance Company, and Wingsail Insurance Company.
Hippo Insurance Services operates as a licensed property and casualty insurance agent. Its products are underwritten by affiliated and unaffiliated insurance companies.
According to Beinsure analysts, Hippo’s 2026 reinsurance placement shows a more mature approach to capital protection. The shift toward corporate-level catastrophe coverage suggests the company wants risk transfer to follow enterprise exposure rather than individual programs.
The whole account quota share also gives Hippo more flexibility as it balances growth, volatility, and capital efficiency.
