During Q1, we delivered on two of our most important objectives as a company. We proactively supported our customers in the aftermath of the Los Angeles wildfires, as we do in all catastrophic events, and further advanced the key drivers of long-term value in our business.

Our Hippo Homeowners Insurance Program (HHIP) saw a 35% year-over-year increase in gross written premium from our homebuilder partners. New homes are built to modern codes, making them more resilient and better equipped to withstand catastrophic events, which is why this channel has had such compelling underwriting results. These homes, which have accounted for most of the new business we have been writing in California over the past few years, were not impacted by the fires.

We continued to reduce HHIP written premium for existing homes in cat prone areas vs. prior year to help reduce weather-related volatility in the portfolio, and I'm happy to report that these efforts are now largely complete. With greater confidence in our geographic footprint, rate adequacy, and improved deductible structure, we are now preparing to expand new business in this program.

Written premium outside of HHIP increased by 21% year-over-year. We believe so strongly in the value of this platform that we decided to raise additional risk-based capital to further support its growth and signed an agreement to raise a $50 million surplus note in April, pending regulatory approval.

We're now guiding to finish 2025 at an annual run-rate of more than $500 million in revenue and generating net profit.