Hippo, a digital homeowners' and renters' insurance provider, has laid off 12% of its workforce (or 70 employees).

The announcement comes roughly one week prior to its Q3 2023 earnings release date (November 02, 2023).

Analyst QuickTake: The company has faced recent challenges, temporarily halting the underwriting of new business and implementing various changes . These changes include discontinuing certain policies, adjusting agent commissions in struggling markets, increasing deductibles in specific areas, and transferring policies to different insurers through its internal agency. Moreover, it also laid off ~10% of its workforce (70 workers) in September 2022, as part of its organizational restructuring to improve efficiencies and focus on strategic priorities.