Hippo announces $50 million stock repurchase program

Home insurer Hippo announced that its board of directors has authorized a stock repurchase program for up to $50 million of its common stock, effective immediately.

Hippo has raised a total of $1.3 billion in funding over 10 rounds. Their latest funding was raised on Aug 3, 2021 from a Post-IPO Equity round.

The company went public on March 4, 2021, raising $230 million, and today has a market cap of $331 million, which is lower than its $5 billion valuation when it first listed on the stock exchange.

Hippo Holdings Inc.’s operating subsidiaries include Hippo Insurance Services, Hippo Home Care, First Connect Insurance Services, Spinnaker Insurance Company, Spinnaker Specialty Insurance Company, and Mainsail Insurance Company. Hippo Insurance Services is a licensed property casualty insurance agent with products underwritten by various affiliated and unaffiliated insurance companies.