Hippo Insurance

Hippo Insurance laid off 120 employees representing approximately 20% of its workforce on 2023-10-26.

Hippo Insurance, a U.S.-Israeli insurtech company specializing in home and property insurance, announced layoffs affecting 70 employees, which represents 10% of its workforce. The cuts, effective immediately in August 2022, are part of a restructuring effort amid significant stock decline and leadership changes, including the recent replacement of its founder as CEO. The company reported a severance package totaling approximately $4 million for the affected employees. This move follows a lowered revenue forecast and missed analyst expectations, reflecting broader challenges in adjusting its growth trajectory and operational costs.