On September 14, September 2023. Bradley L. Radoff and Etude Capital LLC issued an open letter to the Hippo Holdings Inc. Board of Directors and stated that only viable path forward is 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. Additionally, the Company should take immediate steps to enhance its financial disclosures so that shareholders can hold the board and management accountable.

Further, Bradley L. Radoff and Etude Capital LLC stated that The Company should cease giving meaningless non-GAAP guidance, like adjusted EBITDA, and focus on metrics that are critical to success as an insurer, such as book value and net income. Taking the right and necessary steps, in our view, could return $15-$20 in per share value. To ensure an objective review is run and to help improve governance going forward, we urge you to elect insurance industry veteran Jay Nichols Jr. as independent Chair of the Board.