On September 14, 2023, Bradley L. Radoff and Etude Capital LLC issued an open letter to Hippo Holdings Inc.?s Board of Directors. In the letter, Bradley L. Radoff and Etude Capital stated that the Company has generated abysmal financial results and operated in an unsustainable manner. Bradley L. Radoff and Etude Capital expressed their view that the Board must immediately embrace its fiduciary duty to preserve shareholder value while navigating a highly regulated industry.

Bradley L. Radoff and Etude Capital contend the only viable path forward is for the Board to immediately announce and run a strategic review process with the goal of preserving and maximizing value from the Company?s capital, Spinnaker Insurance Company and NOLs. Bradley L. Radoff and Etude Capital added that the Company should take immediate steps to enhance its financial disclosures so that shareholders can hold the Board and management accountable. Bradley L. Radoff and Etude Capital also urges the Company to elect insurance industry veteran Jay Nichols as independent Chair of the Board.

Bradley L. Radoff and Etude Capital added that they expect the Board to address their concerns and move quickly to take the right steps and they would seek to hold the Company accountable if no value-enhancing actions are taken.