SCHEDULE: Lennar Exits Hippo Holdings, Reduces Stake Below 5%

Lennar Corporation and its affiliates have filed an exit amendment to their Schedule 13D, indicating they are no longer beneficial owners of more than five percent of Hippo Holdings Inc. common stock.

Summary

• This document is Amendment No. 5 to the Schedule 13D for Hippo Holdings Inc.
• Lennar Corporation, Len X, LLC, and LEN FW Investor, LLC are the reporting persons.
• The reporting persons have determined they are no longer beneficial owners of more than five percent of Hippo Holdings Inc.'s securities as of February 17, 2026.
• This filing represents the final amendment to the Schedule 13D and constitutes an exit filing for the reporting persons.
• On February 17, 2026, LEN FW Investor, LLC contributed 2,067,997 shares of Common Stock to The Lennar Foundation, Inc. for no consideration.
• On February 17, 2026, Len X, LLC contributed 4,000 shares of Common Stock to The Lennar Foundation, Inc. for no consideration.
• As of the date of this Amendment, one reporting person holds an irrevocable proxy to vote 16,470 shares of the Issuer's Common Stock, constituting less than one percent of the Issuer's outstanding Common Stock.
• The percentage of ownership was calculated based on 25,335,179 outstanding shares of Common Stock as of October 29, 2025.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event for Hippo Holdings Inc. While a major investor reducing its stake might be perceived negatively, the shares were contributed to a foundation, not sold on the open market, which mitigates direct selling pressure. It primarily reflects a change in Lennar's investment strategy rather than a direct commentary on Hippo's operational performance.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that a significant institutional investor reducing its stake below the 5% threshold can sometimes signal a shift in investment strategy or a re-evaluation of the investment's long-term prospects. This move by Lennar, a major homebuilder, to divest its substantial stake in an insurtech company like Hippo, could reflect a broader trend of large conglomerates streamlining their non-core investments or a specific assessment of the insurtech sector's current valuation and growth trajectory.

Related Party Transactions

• LEN FW Investor, LLC contributed 2,067,997 shares of Common Stock to The Lennar Foundation, Inc., a private 501(c)(3) foundation, for no consideration.
• Len X, LLC contributed 4,000 shares of Common Stock to The Lennar Foundation, Inc. for no consideration.

Stakeholder Impact

• Shareholders: The reduction of Lennar's stake below 5% means Lennar will no longer be required to file Schedule 13D amendments, reducing transparency regarding their future holdings. The contribution to a foundation, rather than an open market sale, avoids immediate selling pressure on the stock.
• Hippo Holdings Inc.: The company loses a significant institutional investor with a substantial stake, which could be seen as a loss of a strategic partner or a vote of confidence, though the shares were not sold for cash.

Key Dates

Recommendation

The filing indicates a significant institutional investor, Lennar Corporation and its affiliates, has reduced its beneficial ownership in Hippo Holdings Inc. below the 5% threshold, making this an exit filing. While the shares were contributed to a foundation rather than sold on the open market, which mitigates immediate selling pressure, the reduction of a major stakeholder's position warrants a 'hold' recommendation. Investors should monitor Hippo's future performance and other institutional ownership changes to assess the long-term implications of this shift in its shareholder base.

Keywords

Hippo Holdings Inc., Lennar Corporation, Schedule 13D, Beneficial Ownership, Exit Filing, Common Stock, Institutional Investor, Divestment, Equity Stake