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

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

Summary

• Lennar Corporation, Len X, LLC, and LEN FW Investor, LLC have filed Amendment No. 5 to their Schedule 13D, signifying their exit as beneficial owners of more than five percent of Hippo Holdings Inc. common stock.
• This amendment serves as the final filing for the Reporting Persons regarding their holdings in Hippo Holdings Inc.
• 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 the same date, Len X, LLC contributed 4,000 shares of Common Stock to The Lennar Foundation, Inc. for no consideration.
• As of the amendment date, one Reporting Person holds an irrevocable proxy to vote 16,470 shares of Hippo's Common Stock, representing less than one percent (0.1%) 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, as reported in Hippo's Quarterly Report on 10-Q filed on November 5, 2025.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event for Hippo Holdings Inc. from a regulatory perspective, as it simply reflects a change in a major investor's reporting status due to a reduction in their stake. The philanthropic nature of the share transfer to a foundation for no consideration suggests a non-market-driven divestment.

Positives

• The divestment of shares to The Lennar Foundation, Inc. for no consideration indicates a philanthropic action by the reporting persons.

Negatives

• Lennar Corporation and its affiliates are no longer significant beneficial owners, which could be interpreted as a reduced strategic interest in Hippo Holdings Inc. from a major investor.

Risks

• The reduction in ownership by a significant institutional investor like Lennar Corporation could potentially be perceived negatively by the market, although the filing does not explicitly state this as a risk.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding Hippo Holdings Inc.'s future operations or financial performance, focusing solely on the change in beneficial ownership by the reporting persons.

Industry Context

StockSavvy.ai notes that the exit of a significant investor like Lennar Corporation from Hippo Holdings Inc. could be viewed in the broader context of strategic portfolio adjustments by large conglomerates. While not explicitly stated, such a move might reflect a re-evaluation of investment priorities or a shift away from the insurtech sector, or simply a philanthropic distribution of assets.

Comparison to Industry Standards

• NA

Related Party Transactions

• LEN FW Investor, LLC and Len X, LLC contributed shares of Common Stock to The Lennar Foundation, Inc., a private 501(c)(3) foundation, for no consideration. This could be considered a related party transaction given the Lennar affiliation.

Stakeholder Impact

• Shareholders of Hippo Holdings Inc. may observe a change in the composition of major investors, with Lennar Corporation and its affiliates no longer being a 5%+ beneficial owner.
• The Lennar Foundation, Inc. becomes a new holder of Hippo shares, though not at a 5%+ reporting threshold.

Next Steps

• The filing states that this Amendment No. 5 is the final amendment to the Schedule 13D and constitutes an exit filing for the Reporting Persons, meaning no further Schedule 13D filings are expected from them regarding Hippo Holdings Inc. unless their beneficial ownership again exceeds 5%.

Key Dates

Recommendation

This filing is an administrative update regarding a change in beneficial ownership by a former major investor, Lennar Corporation, due to a philanthropic transfer of shares. It does not provide new information about Hippo Holdings Inc.'s operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. Therefore, a 'hold' recommendation is appropriate as the core investment thesis for Hippo remains unchanged by this specific filing.

Keywords

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