Hippo Closes $100M Mountain Re Cat Bond, Expanding Multi-Peril Coverage to Include Wildfire

SAN JOSE, Calif., May 19, 2026 /PRNewswire/ -- Hippo Holdings Inc. (NYSE: HIPO) today announced the closing of Mountain Re Ltd. (Series 2026-1), a $100 million catastrophe bond sponsored by Spinnaker Insurance Company, a wholly owned subsidiary of Hippo, providing multi-year collateralized reinsurance protection against a broad range of U.S. perils. The offering was oversubscribed at rates below the initial range, reflecting strong capital markets demand and Spinnaker's growing track record as a repeat cat bond sponsor.

"Our ability to return to the capital markets and execute at favorable terms is a direct reflection of the strength of our carrier platform," said Rick McCathron, President and CEO of Hippo Holdings. "Our capital structure is designed to grow intelligently — retaining more risk when market conditions reward it and accessing strategic long-term capacity when it creates value. This transaction does exactly that."

Mountain Re 2026-1: Structure and Coverage

Mountain Re Ltd. (Series 2026-1) issued a $100 million tranche of Class A Notes, providing fully collateralized reinsurance on a per-occurrence, indemnity trigger basis across a three-year term expiring June 7, 2029.

Coverage extends across five U.S. perils: named storm, earthquake, severe thunderstorm, winter storm, and fire. The addition of fire — primarily California wildfire exposure — is new to this issuance and reflects Hippo's commitment to maintaining reinsurance protection that is responsive to the evolving risk landscape.

Hippo was advised by Howden Capital Markets and Advisory (HCMA).

"Hippo's distinctive, industry-leading approach to underwriting, exposure management, and claims handling was rewarded by investors through both pricing and capacity support," said Mitchell Rosenberg, Managing Director, Co-Head Global ILS at HCMA. "It was a pleasure to advise Hippo on its second catastrophe bond and help expand its reinsurance protection to include wildfire — a critical coverage in today's environment."

The transaction marks Hippo's second catastrophe bond issuance, following its $110 million debut offering in 2023, and reinforces the company's strategy of diversifying its reinsurance capital sources through direct access to institutional investors.

About Hippo

Hippo is a technology-native insurance group that uses its carrier platform to diversify risk across both personal and commercial lines. Through the Hippo Homeowners Insurance Program, the company applies deep industry expertise and advanced underwriting to deliver proactive, tailored coverage for homeowners. Hippo Holdings Inc. subsidiaries include Hippo Insurance Services, Spinnaker Insurance Company, Spinnaker Specialty Insurance Company, and Wingsail Insurance Company. Hippo Insurance Services is a licensed property casualty insurance agent with products underwritten by various affiliated and unaffiliated insurance companies. For more information, please visit http://www.hippo.com. 

Contacts

Investors:
Charles Sebaski
[email protected]

Press:
Mark Olson
[email protected]

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SOURCE Hippo Holdings Inc.