Lemonade
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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%. -
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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The InsurTechs’ results show the path to profitability remains unclear, even as Lemonade said it expects to be self-funding from here.
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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 executive named cat events and persistent levels of high inflation as two other factors that could “put an unforeseen dent to our loss ratios for the next few quarters”.
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Lemonade said “ballooning costs will remain a topic of concern as long as they persist” while inflation accelerates.
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The all-cash deal was completed following the closure of Metromile’s $500mn acquisition by Lemonade last week.
