Lemonade
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Fourth-quarter results saw larger profits, but 2024 guidance was subdued.
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The company reported 24% top line growth in Q4 2023.
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The agreement has been extended an additional year through December 2025, and an incremental $140mn will be made available to Lemonade.
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The decision is based on the belief that the clarity provided under the old structure outweighs the benefits of the co-CEO structure that was put in place two years ago.
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Following its earnings report on Wednesday, Lemonade’s stock hit $14.80 per share on Thursday morning, nearly 35% higher than the previous close and the highest since mid-August.
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The Inside P&C news team runs you through the earnings results for the day.
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On the surface, InsurTech results were better than the noise from incumbents, but caution is needed to ascertain the quality of new business coming in during a time when even industry leaders stumble.
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The InsurTech formed a new Cayman Island-domiciled risk bearing entity Lemonade Re, where it plans to hold some of the retained risk.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The Inside P&C news team runs you through the earnings results for the day.
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“Tomorrow will be a better day.” “Next year will be a better year.” “The coming decade will be when this industry realizes its true potential.” We hear the same for most public enterprises.
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The programme was "oversubscribed on all dimensions”, the company said.
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