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- **Record Growth**: 33% YoY GWP to $311M, 100% combined ratio.
- **Disciplined Underwriting**: 48% loss ratio (vs. 73% YoY), 63-64% 2025 guidance.
- **New Lines Success**: Casualty 25% of GWP, renters retention 45%.
- **2025 Outlook**: $1.1B GWP, $57M net income, 64% loss ratio.
- **2028 Vision**: $2B GWP with 40% homeowners, 30% commercial, 30% casualty.
- **Westwood Impact**: 3-6 month lag, material 2026+.
- **Talent Expansion**: New data chief, 2 board members added.


**【CEO Opening Remarks】**
- Q3 2025 Results: Adjusted net income of $18 million, 33% year-over-year (YoY) growth in gross written premium (GWP) to $311 million.
- Strategic Shift: Transitioned to a unified carrier platform, reporting by line of business (LOB) instead of segments.
- Portfolio Diversification: Casualty and commercial multi-peril now 46% of GWP vs. 27% historical homeowners.
- Key Initiatives:
  - Westwood partnership: First policies bound, 3-6 month lag to volume.
  - New programs: 6 added, total 36, expanding commercial and casualty risk retention.
  - Talent: New Chief Data Officer and 2 board members added.

**【CFO Financial Commentary】**
- **Topline Growth**: 
  - GWP: $311M (+33% YoY), net written premium $118M (+30% YoY).
  - Casualty: 25% of GWP vs. 14% last year; commercial multi-peril 21% vs. 13%.
  - Renters retention up to 45% vs. 16% YoY.
- **Underwriting Performance**: 
  - Consolidated net loss ratio 48% (vs. 73% YoY), non-cat loss ratio 48% (vs. 50% YoY).
  - Combined ratio 100% (vs. 128% YoY).
- **Financials**: 
  - Net income $98M ($3.77/share) vs. $1M YoY.
  - Adjusted net income $18M ($0.70/share) vs. $1M YoY.
  - Shareholder equity $422M (+14% YoY).
- **Updated Guidance**: 
  - GWP: $1.09-1.11B (prev $1.05B) vs. $825M prior).
  - Net loss ratio: 63-64% (prev 67-69%).
  - Net income: $53-57M (prev $35-39M).
  - Adjusted net income: $10-14M profit (prev -$0-4M).

**【Q&A Highlights】**
1. **Casualty Growth**: 
  - Rick: Start with fully funded programs, scale risk retention post 6-12 months of data.
  - Guy: Writing cyber, commercial GL, and construction liability.

2. **Homeowners Competition**: 
  - Maintaining 10-15% rate adequacy, no repricing needed.
  - Admitted market softening but Hippo prioritizing new construction focus.

3. **2028 Mix Outlook**: 
  - $2B+ GWP with 40% homeowners, 30% commercial, 30% casualty.
  - 50%+ net written premium outside homeowners.

4. **Buybacks**: 
  - Capital for growth and strategic M&A, not share buybacks.


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