Hippo Holdings Inc.

Previous wording

The following discussion and analysis of our financial condition and results of our operations addresses the consolidated financial condition as of June 30, 2026, compared with December 31, 2025, and consolidated results of operations for the three months and six months ended June 30, 2026 and 2025. This should be read in conjunction with our unaudited interim condensed consolidated financial statements and notes thereto included in Item 1 of this report and also our Management’s Discussion and Analysis of Financial Condition and Results of Operations, the “Risk Factors” section, and the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in the section titled “Risk Factors” in our Annual Report and may be updated from time to time in our other filings with the SEC. Certain percentages herein may not sum or recalculate due to rounding.

Current wording

The following discussion and analysis of our financial condition and results of our operations addresses the consolidated financial condition as of September 30, 2026, compared with December 31, 2025, and consolidated results of operations for the three and nine months ended September 30, 2026 and 2025. This should be read in conjunction with our unaudited interim condensed consolidated financial statements and notes thereto included in Item 1 of this report and also our Management’s Discussion and Analysis of Financial Condition and Results of Operations, the “Risk Factors” section, and the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025. This discussion contains forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in the section titled “Risk Factors” in our Annual Report and may be updated from time to time in our other filings with the SEC. Certain percentages herein may not sum or recalculate due to rounding.

Previous wording

We continue to execute actions to support balanced diversified growth, leveraging both third-party MGAs and our owned MGA to source and underwrite a diversified portfolio of risk across personal and commercial lines. We participate in MGA programs when they align with our risk appetite, and assess performance through disciplined underwriting, selective risk retention, reinsurance, and ongoing portfolio management. Over time, the mix of our written premium base has evolved, and we expect it may continue to evolve, with a lower proportion attributable to homeowners insurance as we further diversify our portfolio across less catastrophe exposed lines of business.

Current wording

We continue to execute actions to support balanced diversified growth, leveraging both third-party MGAs and our owned MGA to source and underwrite a diversified portfolio of risk across personal and commercial lines. We participate in MGA programs when they align with our risk appetite, and assess performance through disciplined underwriting, selective risk retention, reinsurance, and ongoing portfolio management. Over time, the mix of our written premium base has evolved, and we expect it may continue to evolve, with a lower proportion attributable to homeowners insurance as we further diversify our portfolio across less catastrophe exposed lines of business, primarily Commercial Multi-Peril and Casualty lines.

Previous wording

The whole account quota share was a strategic reinsurance program placed on June 1, 2026. The contract covers all lines of business, of which we have a retention of at least equal to the reinsurance participation. This aligns our interests with that of the reinsurer. While the whole account quota share provides some property catastrophe relief below the attachment of the Group Cat, it was mainly placed to increase future growth optionality and manage the business on portfolio basis.

Current wording

The whole account quota share was a strategic reinsurance program placed on June 1, 2026. The contract covers all lines of business, of which we have a retention of at least equal to the reinsurance participation. This aligns our interests with that of the reinsurer. While the whole account quota share provides some property catastrophe relief below the attachment of the Group Cat, it was mainly placed to increase future growth optionality and manage the business on a portfolio basis.

Previous wording

For the three months ended June 30, 2026, net earned premium was $118.7 million, an increase of $24.7 million, or 26% compared to $94.0 million for the three months ended June 30, 2025. The increase was due primarily to the earnings of increased gross written premiums volume and increase in retention across our Commercial Multi-Peril and Casualty lines.

Current wording

For the three months ended September 30, 2026, net earned premium was $128.3 million, an increase of $28.6 million, or 29% compared to $99.7 million for the three months ended September 30, 2025. The increase was due primarily to the earning of increased gross written premium volume in our Commercial Multi-Peril and Casualty lines.

Previous wording

For the six months ended June 30, 2026, commission income was $28.4 million, a decrease of $0.7 million, or 2%, compared to $29.1 million for the six months ended June 30, 2025. The decrease was due primarily to a decrease in agency commissions of $10.3 million due to the sale of our homebuilder distribution network in the third quarter of 2025, partially offset by an increase in fronting fee revenue of $9.8 million earned from third-party MGA program partners driven by growth across our Commercial Multi-Peril and Casualty lines.

Current wording

For the three months ended September 30, 2026, commission income, net was $15.6 million, an increase of $5.1 million, or 49%, compared to $10.5 million for the three months ended September 30, 2025. The increase was due primarily to an increase in fronting fee revenue of $4.9 million earned from third-party MGA program partners, driven by growth across our Commercial Multi-Peril and Casualty lines.

Previous wording

For the three months ended June 30, 2026, service and fee income was $3.7 million, an increase of $0.8 million, or 28%, compared to $2.9 million for the three months ended June 30, 2025. The increase was due primarily to an increase in service fees of $0.5 million.

Current wording

For the three months ended September 30, 2026, service and fee income was $4.1 million, an increase of $1.0 million, or 32%, compared to $3.1 million for the three months ended September 30, 2025. The increase was due primarily to an increase in service fees of $0.8 million.

Previous wording

For the three months ended June 30, 2026, net investment income was $6.6 million, an increase of $0.9 million, or 16%, compared to $5.7 million for the three months ended June 30, 2025. The increase was due primarily to higher average balance in cash and investments during the period. The Company’s investment portfolio is primarily comprised of securities issued by the U.S. government and agencies, money market accounts, high-grade corporate securities, asset backed securities, and residential and commercial mortgage-backed securities.

Current wording

For the three months ended September 30, 2026, net investment income was $8.0 million, an increase of $0.7 million, or 10%, compared to $7.3 million for the three months ended September 30, 2025. The increase was due primarily to higher average balance in cash and investments during the period. The Company’s investment portfolio is primarily comprised of securities issued by the U.S. government and agencies, money market accounts, high-grade corporate securities, asset backed securities, and residential and commercial mortgage-backed securities.

Previous wording

For the three months ended June 30, 2026, losses and loss adjustment expenses were $59.8 million, an increase of $15.3 million, or 34%, compared to $44.5 million for the three months ended June 30, 2025. The increase was due primarily to an increase in non-catastrophe losses related to premium growth on Commercial Multi-Peril and Casualty lines. Losses and loss adjustment expenses consisted of the following elements during the respective periods:

Current wording

For the three months ended September 30, 2026, losses and loss adjustment expenses were $72.7 million, an increase of $25.2 million, or 53%, compared to $47.5 million for the three months ended September 30, 2025. The increase was due primarily to an increase in non-catastrophe losses related to premium growth and a shift in business mix towards our Commercial Multi-Peril and Casualty lines of business as well as an increase in catastrophe losses due primarily to an immaterial amount of catastrophe losses in the prior year period. Losses and loss adjustment expenses consisted of the following elements during the respective periods:

Previous wording

Catastrophe loss activityfor the three months ended June 30, 2026 and 2025 was primarily related to convective storm and weather activity.

Current wording

Catastrophe losses for the three months ended September 30, 2026 were primarily related to convective storm, weather, and wildfire activity as compared to an immaterial activity for the three months ended September 30, 2025.

Previous wording

Included in our catastrophe loss ratio for the three months ended June 30, 2026 and 2025 was a benefit of 1 percentage point and a benefit of 2 percentage points related to prior year developments, respectively.

Current wording

There was an immaterial impact related to prior year developments included in our catastrophe loss ratio for the three months ended September 30, 2026 as compared to a benefit of 1 percentage point for the three months ended September 30, 2025.

Previous wording

For the six months ended June 30, 2026, insurance related expenses were $73.6 million, an increase of $10.6 million, or 17%, compared to $63.0 million for the six months ended June 30, 2025. The increase was due primarily to an increase in net acquisition expenses of $8.6 million due to increased premium.

Current wording

For the three months ended September 30, 2026, insurance related expenses were $39.3 million, an increase of $6.4 million, or 19%, compared to $32.9 million for the three months ended September 30, 2025. The increase was due primarily to an increase in net acquisition expenses of $7.1 million due to increased premium, partially offset by a decrease in other insurance related costs.

Previous wording

For the three months ended June 30, 2026, technology and development expenses were $10.1 million, an increase of $2.0 million, or 25%, compared to $8.1 million for the three months ended June 30, 2025. The increase was due primarily to the transfer of headcount into technology and development related to an internal reorganization as well as an increase in headcount to support a transition services agreement with associated service fee income.

Current wording

For the three months ended September 30, 2026, technology and development expenses were $11.0 million, an increase of $3.0 million, or 38%, compared to $8.0 million for the three months ended September 30, 2025. The increase was due primarily to higher headcount, including an increase in headcount to support a transition services agreement with associated service fee income.

Previous wording

For the three months ended June 30, 2026, sales and marketing expenses were $6.3 million, a decrease of $2.9 million, or 32%, compared to $9.2 million for the three months ended June 30, 2025. The decrease was due primarily to a $1.9 million reduction in employee-related costs resulting from lower headcount due to the sale of our homebuilder distribution network in the third quarter of 2025.

Current wording

For the three months ended September 30, 2026, sales and marketing expenses were $5.9 million, a decrease of $2.1 million, or 26%, compared to $8.0 million for the three months ended September 30, 2025. The decrease was due primarily to a $1.4 million reduction in employee-related costs resulting from lower headcount as well as a decrease in consulting costs.

Previous wording

For the three months ended June 30, 2026, general and administrative expenses were $18.2 million, an increase of $0.8 million, or 5%, compared to $17.4 million for the three months ended June 30, 2025. The increase was due primarily to an increase in employee-related expenses of $0.7 million due to an increase in headcount.

Current wording

For the three months ended September 30, 2026, general and administrative expenses were $17.0 million, an increase of $0.5 million, or 3%, compared to $16.5 million for the three months ended September 30, 2025. The increase was due primarily to an increase in employee-related expenses of $0.4 million due to an increase in headcount.

Previous wording

For the six months ended June 30, 2026, we incurred no impairment and restructuring charges, compared to $1.2 million for the six months ended June 30, 2025 which resulted from the impairment of a lease right-of-use asset due to termination of leased office space.

Current wording

For the three months ended September 30, 2026, we incurred no impairment and restructuring charges, compared to $3.8 million for the three months ended September 30, 2025 which resulted from the impairment of capitalized software which had been determined to have no future useful life due to the sale of our homebuilder distribution network.

Previous wording

For the three months ended June 30, 2026, interest and other expense, net was $0.6 million, an increase of $0.5 million, compared to interest and other expense, net of $0.1 million for the three months ended June 30, 2025. The current period reflects interest expense of $1.2 million on our surplus note issued in June 2025, partially offset by a $0.6 million gain from litigation settlement.

Current wording

For the three months ended September 30, 2026, interest and other expense, net was $1.2 million, an increase of $0.4 million, compared to interest and other expense, net of $0.8 million for the three months ended September 30, 2025. The increase was due primarily to $0.4 million of income from a transition services agreement recorded in the prior-year period, which did not recur in the current period. Both periods include $1.2 million of interest expense on our surplus note issued in June 2025.

Previous wording

For the three months ended June 30, 2026 and 2025, income tax expense was $0.9 million and $0.1 million, respectively. The increase was due primarily to an increase in current expense for state income taxes.

Current wording

For the three months ended September 30, 2026 and 2025, income tax expense was $0.1 million and $0.0 million, respectively.

Previous wording

For the three months ended June 30, 2026, net income attributable to Hippo was $10.1 million, a change of $8.8 million compared to a net income attributable to Hippo of $1.3 million for the three months ended June 30, 2025 due to the factors described above.

Current wording

For the three months ended September 30, 2026, net income attributable to Hippo was $8.8 million, a decrease of $89.3 million compared to a net income attributable to Hippo of $98.1 million for the three months ended September 30, 2025 due to the factors described above.

Previous wording

The following table summarizes net income (loss) for the periods presented:

Current wording

The following table summarizes net income for the periods presented:

Previous wording

For the six months ended June 30, 2026, net earned premium was $217.6 million, an increase of $36.3 million, or 20% compared to $181.3 million for the six months ended June 30, 2025. The increase was due primarily to the earnings of increased gross written premiums volume across our Commercial Multi-Peril and Casualty lines.

Current wording

For the nine months ended September 30, 2026, net earned premium was $345.9 million, an increase of $64.9 million, or 23% compared to $281.0 million for the nine months ended September 30, 2025. The increase was due primarily to the earning of increased gross written premium volume across our Commercial Multi-Peril and Casualty lines.

Previous wording

For the three months ended June 30, 2026, commission income was $15.7 million, an increase of $1.0 million, or 7%, compared to $14.7 million for the three months ended June 30, 2025. The increase was due primarily to an increase in fronting fee revenue of $5.6 million earned from third-party MGA program partners, driven by growth across our Commercial Multi-Peril and Casualty lines, partially offset by a decrease in agency commissions of $4.9 million due to the sale of our homebuilder distribution network in the third quarter of 2025.

Current wording

For the nine months ended September 30, 2026, commission income, net was $44.0 million, an increase of $4.4 million, or 11%, compared to $39.6 million for the nine months ended September 30, 2025. The increase was due primarily to an increase in fronting fee revenue of $15.1 million earned from third-party MGA program partners driven by growth across our Commercial Multi-Peril and Casualty lines, partially offset by a decrease in agency commissions of $10.3 million due to the sale of our homebuilder distribution network in the third quarter of 2025.

Previous wording

For the six months ended June 30, 2026, service and fee income was $6.9 million, an increase of $1.2 million, or 21%, compared to $5.7 million for the six months ended June 30, 2025. The increase is due primarily to an increase in service fees of $0.8 million.

Current wording

For the nine months ended September 30, 2026, service and fee income was $11.0 million, an increase of $2.2 million, or 25%, compared to $8.8 million for the nine months ended September 30, 2025. The increase is due primarily to an increase in service fees of $1.7 million.

Previous wording

For the six months ended June 30, 2026, net investment income was $13.3 million, an increase of $1.8 million, or 16%, compared to $11.5 million for the six months ended June 30, 2025. The increase was due primarily to higher average balance in cash and investments during the period. The Company’s investment portfolio is primarily comprised of securities issued by the U.S. government and agencies, money market accounts, high-grade corporate securities, asset backed securities, and residential and commercial mortgage-backed securities.

Current wording

For the nine months ended September 30, 2026, net investment income was $21.3 million, an increase of $2.5 million, or 13%, compared to $18.8 million for the nine months ended September 30, 2025. The increase was due primarily to higher average balance in cash and investments during the period. The Company’s investment portfolio is primarily comprised of securities issued by the U.S. government and agencies, money market accounts, high-grade corporate securities, asset backed securities, and residential and commercial mortgage-backed securities.

Previous wording

For the six months ended June 30, 2026, losses and loss adjustment expenses were $107.3 million, a decrease of $29.6 million, or 22%, compared to $136.9 million for the six months ended June 30, 2025. The decrease was due primarily to losses from a series of destructive wildfires affecting Los Angeles, California (the “LA Wildfires”) in January 2025. These were partially offset by an increase in non-catastrophe losses due primarily to premium growth on Commercial Multi-Peril and Casualty lines. Losses and loss adjustment expenses consisted of the following elements during the respective periods:

Current wording

For the nine months ended September 30, 2026, losses and loss adjustment expenses were $180.0 million, a decrease of $4.4 million, or 2%, compared to $184.4 million for the nine months ended September 30, 2025. The decrease was due primarily to lower catastrophe losses, as the prior year period included losses from a series of destructive wildfires affecting Los Angeles, California (the “LA Wildfires”) in January 2025. These were partially offset by an increase in non-catastrophe losses due primarily to premium growth and a shift in business mix towards our Commercial Multi-Peril and Casualty lines. Losses and loss adjustment expenses consisted of the following elements during the respective periods:

Previous wording

Catastrophe loss activity for the six months ended June 30, 2026 was primarily related to convective storm and weather activity while catastrophe loss activity for the six months ended June 30, 2025 was due primarily to the LA Wildfires.

Current wording

Catastrophe loss activity for the nine months ended September 30, 2026 was primarily related to convective storm, weather, and wildfire activity while catastrophe loss activity for the nine months ended September 30, 2025 was due primarily to the LA Wildfires.

Previous wording

Included in our catastrophe loss ratio for the six months ended June 30, 2026 and 2025 is a benefit of 1 percentage point related to prior year developments in both periods.

Current wording

Included in our catastrophe loss ratio for the nine months ended September 30, 2026 and 2025 was a benefit of 1 percentage point related to prior year developments in both periods.

Previous wording

The non-catastrophe loss ratio increased 4.7 percentage points to 43.7% for the three months ended June 30, 2026 compared to 39.0% for the three months ended June 30, 2025, due primarily to lower prior year favorable developments.

Current wording

Non-catastrophe loss ratio increased due primarily to lower prior year favorable developments.

Previous wording

Included in our non-catastrophe loss ratio for the six months ended June 30, 2026, is an immaterial impact related to prior year developments and a net benefit of 1 percentage point related to a gain from a reinsurance commutation, whereas for the six months ended June 30, 2025, there was a benefit of 4 percentage points related to prior year developments.

Current wording

Included in our non-catastrophe loss ratio for the nine months ended September 30, 2026, is an immaterial impact related to prior year developments and a net benefit of 1 percentage point related to a gain from a reinsurance commutation, whereas for the nine months ended September 30, 2025, there was a benefit of 3 percentage points related to prior year developments.

Previous wording

For the three months ended June 30, 2026, insurance related expenses were $38.7 million, an increase of $5.9 million, or 18%, compared to $32.8 million for the three months ended June 30, 2025. The increase was due primarily to an increase in net acquisition expenses of $3.8 million due to increased premium.

Current wording

For the nine months ended September 30, 2026, insurance related expenses were $112.9 million, an increase of $17.0 million, or 18%, compared to $95.9 million for the nine months ended September 30, 2025. The increase was due primarily to an increase in net acquisition expenses of $15.6 million due to increased premium.

Previous wording

For the six months ended June 30, 2026, technology and development expenses were $19.5 million, an increase of $3.3 million, or 20%, compared to $16.2 million for the six months ended June 30, 2025. The increase was due primarily to the transfer of headcount into technology and development related to an internal reorganization as well as an increase in headcount to support a transition services agreement with associated service fee income.

Current wording

For the nine months ended September 30, 2026, technology and development expenses were $30.5 million, an increase of $6.3 million, or 26%, compared to $24.2 million for the nine months ended September 30, 2025. The increase was due primarily to higher headcount, including an increase in headcount to support a transition services agreement with associated service fee income.

Previous wording

For the six months ended June 30, 2026, sales and marketing expenses were $12.6 million, a decrease of $5.5 million, or 30%, compared to $18.1 million for the six months ended June 30, 2025. The decrease was due primarily to a $3.8 million reduction in employee-related costs resulting from lower headcount due to the sale of our homebuilder distribution network in the third quarter of 2025. The decrease also reflects the elimination of $0.8 million in amortization of intangible assets acquired in connection with our homebuilder distribution network, which was sold in the third quarter of 2025.

Current wording

For the nine months ended September 30, 2026, sales and marketing expenses were $18.5 million, a decrease of $7.6 million, or 29%, compared to $26.1 million for the nine months ended September 30, 2025. The decrease was due primarily to a $5.2 million reduction in employee-related costs resulting from lower headcount due to the sale of our homebuilder distribution network in the third quarter of 2025. The decrease also reflects the elimination of $0.8 million in amortization of intangible assets acquired in connection with our homebuilder distribution network, which was sold in the third quarter of 2025.

Previous wording

For the six months ended June 30, 2026, general and administrative expenses were $34.4 million, an increase of $0.5 million, or 1%, compared to $33.9 million for the six months ended June 30, 2025. The increase was due primarily to an increase in employee-related expenses of $0.4 million due to an increase in headcount.

Current wording

For the nine months ended September 30, 2026, general and administrative expenses were $51.4 million, an increase of $1.0 million, or 2%, compared to $50.4 million for the nine months ended September 30, 2025. The increase was due primarily to an increase in employee-related expenses of $0.8 million due to an increase in headcount.

Previous wording

For the three months ended June 30, 2026, we incurred no impairment and restructuring charges, compared to $1.2 million for the three months ended June 30, 2025 which resulted from the impairment of a lease right-of-use asset due to termination of leased office space.

Current wording

For the nine months ended September 30, 2026, we incurred no impairment and restructuring charges, compared to $5.0 million for the nine months ended September 30, 2025 which resulted from the impairment of capitalized software which had been determined to have no future useful life due to the sale of our homebuilder distribution network, and the impairment of a lease right-of-use asset due to termination of leased office space.

Previous wording

For the six months ended June 30, 2026, interest and other expense, net were $0.6 million, an increase of $0.7 million, compared to interest and other income, net of $0.1 million for the six months ended June 30, 2025. The increase was due primarily to an increase in interest expense of $2.0 million on our surplus note issued in June 2025, partially offset by $1.1 million of earnout consideration received in connection with a prior divestiture and a $0.6 million gain from litigation settlement.

Current wording

For the nine months ended September 30, 2026, interest and other expense, net were $1.8 million, an increase of $1.1 million, compared to interest and other expense, net of $0.7 million for the nine months ended September 30, 2025. The increase was due primarily to an increase in interest expense of $2.0 million on our surplus note issued in June 2025, partially offset by $1.1 million of earnout consideration received in connection with a prior divestiture.

Previous wording

For the six months ended June 30, 2026 and 2025, income tax expense was $1.0 million and benefit of $0.1 million, respectively. The increase was due primarily to an increase in current expense for state income taxes.

Current wording

For the nine months ended September 30, 2026 and 2025, income tax expense was $1.1 million and benefit of $0.1 million, respectively. The increase was due primarily to an increase in current expense for state income taxes.

Previous wording

For the six months ended June 30, 2026, there is no net income attributable to noncontrolling interest, compared to $4.9 million for the six months ended June 30, 2025. The decrease was due to the elimination of the remaining noncontrolling interests related to the sale of our homebuilder distribution network.

Current wording

For the nine months ended September 30, 2026, there is no net income attributable to noncontrolling interest, compared to $4.9 million for the nine months ended September 30, 2025. The decrease was due to the elimination of the remaining noncontrolling interests related to the sale of our homebuilder distribution network.

Previous wording

For the six months ended June 30, 2026, net income attributable to Hippo was $17.2 million, a change of $63.6 million compared to a net loss attributable to Hippo of $46.4 million for the six months ended June 30, 2025 due to the factors described above.

Current wording

For the nine months ended September 30, 2026, net income attributable to Hippo was $26.0 million, a decrease of $25.7 million compared to a net income attributable to Hippo of $51.7 million for the nine months ended September 30, 2025 due to the factors described above.

Previous wording

Certain metrics discussed below are non-GAAP financial measures. Management uses non-GAAP measures to evaluate operating performance and trends that may not be apparent from GAAP results alone. Non-GAAP measures should be considered supplemental to, and not a substitute for, the most directly comparable GAAP measures, and may not be comparable to similarly titled measures used by other companies. Reconciliations of the non-GAAP measures to the most directly comparable GAAP measures are provided below. For certain non-GAAP financial measures that are expressed as ratios or per-share amounts, the reconciliation to the most directly comparable GAAP financial measure is provided through the calculation of the measure using GAAP components, as presented below.

Current wording

We regularly review the following operating and financial metrics to evaluate our business, measure our performance, identify trends in our business, prepare forecasts, and make capital allocation and strategic decisions. Certain metrics discussed below are non-GAAP financial measures. Management uses non-GAAP measures to evaluate operating performance and trends that may not be apparent from GAAP results alone. Non-GAAP measures should be considered supplemental to, and not a substitute for, the most directly comparable GAAP measures, and may not be comparable to similarly titled measures used by other companies. Reconciliations of the non-GAAP measures to the most directly comparable GAAP measures are provided below. For certain non-GAAP financial measures that are expressed as ratios or per-share amounts, the reconciliation to the most directly comparable GAAP financial measure is provided through the calculation of the measure using GAAP components, as presented below.

Previous wording

For the three months ended June 30, 2026, gross written premium was $482.2 million, an increase of $183.6 million, or 61%, compared to $298.6 million for the three months ended June 30, 2025. The increase was primarily driven by growth in our Casualty and Commercial Multi-Peril lines of business. This growth was supported by growth of our business and expansion into new program relationships.

Current wording

For the three months ended September 30, 2026, gross written premium was $498.1 million, an increase of $186.9 million, or 60%, compared to $311.2 million for the three months ended September 30, 2025. The increase was primarily driven by growth in our Casualty and Commercial Multi-Peril lines of business. This growth was supported by increased volume from existing program relationships and expansion into new program relationships.

Previous wording

For the six months ended June 30, 2026, gross written premium was $814.6 million, an increase of $305.1 million, or 60%, compared to $509.5 million for the six months ended June 30, 2025. The increase was primarily driven by growth in our Casualty and Commercial Multi-Peril lines of business. This growth was supported by growth of our business and expansion into new program relationships.

Current wording

For the nine months ended September 30, 2026, gross written premium was $1,312.7 million, an increase of $492.0 million, or 60%, compared to $820.7 million for the nine months ended September 30, 2025. The increase was primarily driven by growth in our Casualty and Commercial Multi-Peril lines of business. This growth was supported by increased volume from existing program relationships and expansion into new program relationships.