What is Hippo Holdings's surplus notes?

Hippo Holdings (HIPO) reported surplus notes of $47.9M in Q1 2026.

What does surplus notes mean?

Surplus notes are long-term debt instruments issued by insurance companies that are subordinate to policyholder claims and other creditors, often treated as capital for regulatory purposes. These notes provide a mechanism for the company to raise capital while maintaining regulatory solvency margins. Investors analyze this metric to understand the company's leverage profile and its reliance on subordinated debt for capital structure management.

Hippo Holdings HIPO Surplus Notes

Surplus Notes at other companies

Hippo HoldingsHIPO

$47.9M—

PrimericaPRI

$1.13B-12.0%

KemperKMPR

$36M+3,500%

U-Haul HoldingUHAL

$36.9M-0.5%

HCI GroupHCI

$2.68M+223%

Kayne Anderson BDCKBDC

$273.82M+265%

Other financials

Income statement

See full

Revenue$121.5M+10.2%

Operating income-$561.6K—

Net income$7.1M+115%

EPS (diluted)$0.27+114%

Balance sheet

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Cash & equivalents$304.8M+69.1%

Total debt$3.6M-59.6%

Total equity$448.7M+39.0%

Total assets$2.1B+33.9%

Cash flow

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Operating cash flow$8.5M+124%

CapEx$100.0K0.0%

Free cash flow$8.4M+124%

Valuation

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Market cap$673.55M-6.1%

Enterprise value$372.35M-31.8%

P/E6×—

P/S1.4×-0.4×

Profitability

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Net margin23.4%—

FCF margin11.1%—

Returns & leverage

See full

Return on equity29.2%—

Debt / equity0×0.0×

Current ratio0.7×—

Where this comes from

Reported directly by Hippo Holdings in its filing.

Tagged under the XBRL concept us-gaap:SurplusNotes.

The official record: Hippo Holdings’s 10-Q, filed April 30, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Hippo Holdings's surplus notes?: Hippo Holdings (HIPO) reported surplus notes of $47.9M in Q1 2026.
What does surplus notes mean?: Surplus notes are long-term debt instruments issued by insurance companies that are subordinate to policyholder claims and other creditors, often treated as capital for regulatory purposes. These notes provide a mechanism for the company to raise capital while maintaining regulatory solvency margins. Investors analyze this metric to understand the company's leverage profile and its reliance on subordinated debt for capital structure management.