Hippo, a home insurance group focused on proactive home protection, has authorised a stock repurchase programme for up to $50m of its common stock.
The stock repurchase programme was authorised by Hippo’s board of directors and is effective immediately.
Hippo is a property & casualty (P&C) insurance agent with commercial and personal lines products underwritten by various insurance companies.
The company goal is to make homes safer and better protected so customers spend less time worrying about the burdens of homeownership.
Repurchases under the programme may be made in the open market, in privately negotiated transactions or otherwise, with the amount and timing of repurchases to be determined at Hippo’s discretion depending on market conditions and corporate needs.
Hippo said that open market repurchases will be structured to occur in accordance with applicable federal securities laws.
Hippo may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization. This program does not obligate Hippo to acquire any particular amount of its common stock, and may be modified, suspended or terminated at any time at Hippo’s discretion.
Earlier this year, Hippo expanded its channel with the launch of the Hippo Builder Insurance Agency (HBIA). The new agency leverages Hippo’s proprietary technology to allow builders of any size to partner with HBIA and generate a predictable revenue stream.
Hippo Insurance Services also recently teamed up with Ring to offer home insurance products in North Carolina designed to protect homes against water damage, fire, and break-ins.
The programme, Hippo said, brings together the benefits of Ring Alarm and its own home insurance products. New customers who opt in to receive the complimentary alarm security kit from ring receive a smart home discount on their insurance premium with Hippo.
The offering means Hippo has expanded its footprint to reach 92% of the US population In 39 states.
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