Hippo will resume writing new business next week
Hippo CEO Rick McCathron shared today during the KBW Insurance Conference that the company will resume writing new business next week “in a very selective way” and in areas where its coverage is priced adequately. “We’ll start it as a trickle and continue to turn it on as each day/week goes by,” McCathron said, adding that the company will monitor the situation to make sure it doesn’t spring any other leaks.
McCathron also shared that Hippo will not open up states where it has concentration risk. “Our view of those states is that we need to cut exposure, not add exposure.”
Hippo’s decision to pause new business was first covered by Coverager in mid-August.
McCathron claims that during the pause the company initiated non-renewals, changed agents’ commission structures in problematic areas, increased deductibles in select markets, and began cancelling and moving business over to other carriers using its in-house agency.