Hippo Holdings Inc. Fair Value Disclosure
| December 31, 2025 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||
| Financial assets: | |||||||||||||||||||||||
| Cash, cash equivalents, and restricted cash | $ | 250.1 | $ | — | $ | — | $ | 250.1 | |||||||||||||||
| Fixed maturities available-for-sale: | |||||||||||||||||||||||
| U.S. government and agencies | 75.7 | — | — | 75.7 | |||||||||||||||||||
| States and other territories | — | 8.2 | — | 8.2 | |||||||||||||||||||
| Corporate securities | — | 146.4 | — | 146.4 | |||||||||||||||||||
| Residential mortgage-backed securities | — | 37.7 | — | 37.7 | |||||||||||||||||||
| Commercial mortgage-backed securities | — | 5.0 | — | 5.0 | |||||||||||||||||||
| Asset backed securities | — | 20.4 | — | 20.4 | |||||||||||||||||||
| Total fixed maturities available-for-sale | 75.7 | 217.7 | — | 293.4 | |||||||||||||||||||
| Short-term investments | |||||||||||||||||||||||
| U.S. government and agencies | 103.5 | — | — | 103.5 | |||||||||||||||||||
| Corporate securities | — | 49.0 | — | 49.0 | |||||||||||||||||||
| Total short-term investments | 103.5 | 49.0 | — | 152.5 | |||||||||||||||||||
| Total financial assets | $ | 429.3 | $ | 266.7 | $ | — | $ | 696.0 | |||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||
| Financial assets: | |||||||||||||||||||||||
| Cash, cash equivalents, and restricted cash | $ | 232.8 | $ | — | $ | — | $ | 232.8 | |||||||||||||||
| Fixed maturities available-for-sale: | |||||||||||||||||||||||
| U.S. government and agencies | 24.6 | — | — | 24.6 | |||||||||||||||||||
| States and other territories | — | 10.9 | — | 10.9 | |||||||||||||||||||
| Corporate securities | — | 131.5 | — | 131.5 | |||||||||||||||||||
| Foreign securities | — | — | — | — | |||||||||||||||||||
| Residential mortgage-backed securities | — | 20.0 | — | 20.0 | |||||||||||||||||||
| Commercial mortgage-backed securities | — | 6.9 | — | 6.9 | |||||||||||||||||||
| Asset backed securities | — | 11.8 | — | 11.8 | |||||||||||||||||||
| Total fixed maturities available-for-sale | 24.6 | 181.1 | — | 205.7 | |||||||||||||||||||
| Short-term investments | |||||||||||||||||||||||
| U.S. government and agencies | 118.5 | — | — | 118.5 | |||||||||||||||||||
| Commercial paper | — | 17.5 | — | 17.5 | |||||||||||||||||||
| Corporate securities | — | 31.6 | — | 31.6 | |||||||||||||||||||
| Total short-term investments | 118.5 | 49.1 | — | 167.6 | |||||||||||||||||||
| Total financial assets | $ | 375.9 | $ | 230.2 | $ | — | $ | 606.1 | |||||||||||||||
| Financial liabilities: | |||||||||||||||||||||||
| Contingent consideration liability | $ | — | $ | — | $ | 11.7 | $ | 11.7 | |||||||||||||||
| Total financial liabilities | $ | — | $ | — | $ | 11.7 | $ | 11.7 | |||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 5, 2026 | Showing above |
| 2024 | Mar 6, 2025 | |
| 2023 | Mar 6, 2024 | |
| 2022 | Mar 2, 2023 | |
| 2021 | Mar 14, 2022 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.