SCHEDULE: Lennar Affiliates Update Hippo Holdings Stake Following $14.5 Million Share Repurchase

Lennar Corporation and its affiliates have updated their beneficial ownership in Hippo Holdings Inc. after Hippo repurchased 514,309 shares from LEN FW Investor, LLC for approximately $14.5 million.

Summary

• Lennar Corporation, Len X, LLC, and LEN FW Investor, LLC filed an Amendment No. 3 to their Schedule 13D concerning their ownership in Hippo Holdings Inc.
• As of the amendment date, Lennar Corporation and Len X, LLC beneficially own 2,476,418 shares of Hippo Holdings Inc. Common Stock, representing approximately 9.9% of the outstanding shares.
• LEN FW Investor, LLC beneficially owns 2,492,888 shares, also constituting approximately 9.9% of the outstanding shares.
• LEN FW Investor, LLC holds an irrevocable proxy to vote an additional 16,470 shares, but the reporting persons deny beneficial ownership of these shares to the extent they would increase a reporting person's voting interest above 9.99%.
• The ownership percentage is calculated based on 25,528,641 outstanding shares of Common Stock as of June 11, 2025, adjusted for repurchased shares.
• On June 11, 2025, LEN FW Investor, LLC entered into a Share Repurchase Agreement with Hippo Holdings Inc.
• Under this agreement, Hippo Holdings Inc. repurchased 514,309 shares of its Common Stock from LEN FW Investor, LLC at a price of $28.17 per share.
• The total aggregate purchase price for the repurchase was approximately $14.5 million.
• The repurchase closed on July 1, 2025, and was conducted under Hippo's existing share repurchase program.

Sentiment

Score: 7

Explanation: The document reports a share repurchase, which is generally viewed positively as it can enhance shareholder value by reducing share count. There are no negative disclosures or risks mentioned.

Positives

• Hippo Holdings Inc. executed a share repurchase, which can reduce the number of outstanding shares and potentially increase earnings per share for remaining shareholders.
• The repurchase was part of an existing share repurchase program, indicating a planned capital allocation strategy.

Future Outlook

The document does not provide specific forward-looking statements or guidance beyond the completion of the share repurchase.

Industry Context

This filing primarily details a specific share repurchase transaction and an update to beneficial ownership, which is a company-specific capital allocation and ownership event rather than a broad industry trend. Share repurchases are common across various industries as a method of returning capital to shareholders or managing share count.

Comparison to Industry Standards

• The document does not provide sufficient information to compare the share repurchase or ownership structure to specific industry benchmarks or comparable companies. Share repurchase programs are a standard corporate finance tool, but the specific terms and impact would require more detailed financial context of Hippo Holdings Inc. and its peers in the InsurTech or insurance sector.

Corporate Governance

Related Party Transactions

• Hippo Holdings Inc. repurchased 514,309 shares of its Common Stock from LEN FW Investor, LLC, which is one of the reporting persons and thus a related party.

Stakeholder Impact

• Shareholders: The share repurchase reduces the number of outstanding shares, which could potentially increase earnings per share and the value of remaining shares for other shareholders. LEN FW Investor, LLC, as the selling shareholder, received approximately $14.5 million in proceeds.

Key Dates

Recommendation

Keywords

Hippo Holdings Inc., Lennar Corporation, Schedule 13D, Share Repurchase, Common Stock, Beneficial Ownership, SEC Filing, Corporate Governance, Investment, Public Company