Hippo Appoints Richard McCathron as Chief Executive Officer
07 June 2022 - 6:01AM
Business Wire
Founder Assaf Wand to Serve as Executive
Chairman
Hippo (NYSE: HIPO), the home insurance group focused on
proactive home protection, today appointed Richard McCathron as
Chief Executive Officer. McCathron has served on Hippo’s board of
directors and as the company’s President since February 2017. Assaf
Wand, Founder and prior CEO, has become Executive Chairman of the
Board to focus on long-term strategic initiatives.
“Rick has been my partner every step of the way, from the
creation of Hippo’s strategic vision, to growing our strong stable
of partnerships, to driving the company forward every day,” said
Wand. “In this next phase of Hippo’s growth, it’s a natural
progression for Rick to step into the CEO role so I can focus on
longer term strategic initiatives. Rick’s extensive insurance
expertise, combined with his proven ability to drive growth, set
him up perfectly to lead Hippo into the future.”
“I want to thank the Board for their confidence in my leadership
and Assaf for his ongoing support,” said McCathron. “I am honored
and energized to work with our talented teams and partners to make
Hippo’s proactive approach to home protection a transformational
force in the insurance industry.”
Before joining Hippo’s executive team and board, McCathron held
senior executive positions at multiple insurance companies
including First Connect Insurance as its President & Chief
Executive Officer from 2012 to 2017, Superior Access Insurance as
its President & Chief Executive Officer from 2007 to 2010 and
Mercury Insurance Group as its Regional Vice President from 2004 to
2007.
In his role as President of Hippo, McCathron was responsible for
all day-to-day operations of the company, enabling him to develop a
deep understanding of Hippo’s customers, partners, and unique
technology capabilities.
About Hippo
Hippo Insurance Services offers a different kind of home
insurance, built from the ground up to provide a new standard of
care and protection for homeowners. Our goal is to make homes safer
and better protected so customers spend less time worrying about
the burdens of homeownership and more time enjoying their homes and
the life within. Harnessing real-time data, smart home technology,
and a growing suite of home services, we are creating the first
integrated home protection platform. Hippo is headquartered in Palo
Alto, California with offices in Austin, Dallas, Oakland and New
Jersey, and insurance products available to more than 88 percent of
U.S. homeowners in 38 states. Hippo Insurance Services is a
licensed property casualty insurance agent with products
underwritten by various insurance companies. For more information,
including licensing information, visit http://www.hippo.com.
Forward-looking statement safe harbor
Certain statements included in this press release that are not
historical facts are forward-looking statements for purposes of the
safe harbor provisions under the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally
are accompanied by words such as “believe,” “may,” “will,”
“estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,”
“would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,”
“outlook,” and similar expressions that predict or indicate future
events or trends or that are not statements of historical matters.
These forward-looking statements include, but are not limited to,
statements regarding estimates and forecasts of financial results
and other operating and performance metrics, our business strategy,
the quality of our products and services, and the potential growth
of our business. These statements are based on the current
expectations of Hippo’s management and are not predictions of
actual performance. Actual events and circumstances are difficult
or impossible to predict and will differ from assumptions, and many
actual events and circumstances are beyond the control of Hippo.
These forward-looking statements are subject to a number of risks
and uncertainties, including our ability to achieve or maintain
profitability in the future; our ability to retain and expand our
customer base and grow our business, including our builder network;
our ability to manage growth effectively; risks relating to Hippo’s
brand and brand reputation; denial of claims or our failure to
accurately and timely pay claims; the effects of intense
competition in the segments of the insurance industry in which we
operate; the availability and adequacy of reinsurance, including at
current coverage, limits or pricing; our ability to underwrite
risks accurately and charge competitive yet profitable rates to our
customers, and the sufficiency of the analytical models we use to
assess and predict exposure to catastrophe losses; risks related to
our proprietary technology and our digital platform; outages or
interruptions or delays in services provided by our third party
providers, including our data vendor; risks related to our
intellectual property; the seasonal and cyclical nature of our
business; the effects of severe weather events and other natural or
man-made catastrophes, including the effects of climate change,
global pandemics, and terrorism; continued disruptions from the
COVID-19 pandemic; any overall decline in economic activity; and
the effects of existing or new legal or regulatory requirements on
our business, including with respect to maintenance of risk-based
capital and financial strength ratings, data privacy and
cybersecurity, and the insurance industry generally. If any of
these risks materialize or our assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. There may be additional risks that
Hippo does not presently know, or that Hippo currently believes are
immaterial, that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect Hippo’s expectations, plans, or
forecasts of future events and views as of the date of this press
release. Hippo anticipates that subsequent events and developments
will cause Hippo’s assessments to change. However, while Hippo may
elect to update these forward-looking statements at some point in
the future, Hippo specifically disclaims any obligation to do so.
These forward-looking statements should not be relied upon as
representing Hippo’s assessments of any date subsequent to the date
of this press release. Accordingly, undue reliance should not be
placed upon the forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220606005171/en/
Investors: Cliff Gallant, VP of Investor Relations
investors@hippo.com Press: Mark Olson press@hippo.com
Hippo (NYSE:HIPO)
Historical Stock Chart
From Apr 2024 to May 2024
Hippo (NYSE:HIPO)
Historical Stock Chart
From May 2023 to May 2024