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Hippo Holdings Inc. plans to lay off 120 employees amidst a company restructuring, the insurtech said last week.
The Palo Alto, California-based insurer is one of several insurance industry companies that announced layoffs recently.
Hippo has “initiated an organizational realignment, including an involuntary workforce reduction affecting up to approximately 120 employees, which represents approximately 20% of the company’s worldwide workforce,” the company said in a Thursday filing with The U.S. Securities and Exchange Commission.
The move will “further drive efficiency and increase focus on the strategic priorities” of the company, with most job eliminations effective on Nov 1, the filing stated.
Hippo will take a fourth-quarter charge of approximately $2.2 million to $2.7 million for severance, benefits and related costs, the filing stated.
Hippo also said in the filing that it is “unable to estimate any additional restructuring costs or charges at this time” as it continues to review the potential impact of the reduction, including facility lease exits and additional employee-related costs. The company did not rule out further actions.