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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The firm’s net loss ratio improved one point to 97% as the personal lines sector is affected by rising inflation and higher frequency and severity in auto.
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2022 marked a reversal from last year’s unprecedented levels of global investment in InsurTech as the macroeconomic scenario flipped and investors put lossmaking companies under a magnifying glass.
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The state is the second largest in the US for the number of licensed drivers, according to the InsurTech.
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InsurTechs’ mounting losses and continuing cash burn combined with reinsurance market hardening could spell trouble for the sector.
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Our Trump/Biden note from yesterday discussed the rotation from growth stocks to value stocks playing out over 2022. Unfortunately, insurance technology stocks have had it the worst, with Lemonade stock down 49%, but still doing relatively better than Root (down 86%) and Hippo (down 80%).
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The InsurTech reported that its Q3 net loss jumped 37.7% YoY to $91.4mnm, as its net loss ratio jumped 24 points to 105%.
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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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Acquisition costs for auto InsurTech Metromile and losses from Hurricane Ian expanded net loss by 37.7% YoY to $91.4mn.
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The InsurTech has launched in the UK after previously setting up shop in France, Germany and the Netherlands.
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As ITC Vegas begins, the Inside P&C Research team explores the discussions needed among InsurTechs to address questions around capital, partnerships, and profitability prospects.
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Odyssey Group’s cyber chief Robert O’Connell is looking to raise up to $1bn of capital for a monoline cyber reinsurer.
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