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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InsurTechs are still the most heavily shorted among P&C names, though they likely have been beneficiaries of a short squeeze for most of 2023.
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InsurTech carriers pivot to profitability vs growth.
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The company’s reinsurance structure is “almost entirely renewing at 1 July”, Bixby said.
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The InsurTech slimmed its net loss to $65.8mn during the quarter, compared to $74.8mn in Q1 2022, as it grew both GWP and premium per customer.
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Recent data shows an increase in InsurTech short interest and a slight uptick for brokers and P&C insurers as a result of economic uncertainty following the banking crisis.
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The company added that it currently has less than $7,000 in cash at SVB.
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The InsurTech filed its 2022 annual report with the SEC one day after it said it needed additional time to address the accounting in its Metromile takeover.
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The New York-based InsurTech expects to complete the necessary work to file its annual report within the extension period provided by SEC rules.
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Lemonade and Root both reported strong Q4 results, but will need to execute plans to near-perfection to turn things around.
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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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Inside P&C’s news team runs you through the key highlights of the week.
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Lemonade will lean more into growing its renter's book in 2023 than it has in the past while it waits to see the rate impacts in other books.
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