InsurTech

The Inside P&C news team runs you through the earnings results for the day.

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.

“We're certainly not banking on inflation abating at this moment in time,” Alex Timm told analysts.

The beleaguered firm claims its creditors are unsympathetic around delays due to the Israel-Hamas conflict.

Increased private investments by (re)insurers have been a “theme of the year” according to Johnston, who described the year as “one of consistency.”

The InsurTech announced a strategic partnership with Allstate to combine the companies' expertise in small business insurance, and a stronger reinsurance relationship with Allianz.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

There is a “confluence of factors” making the current raising environment more challenging for companies, the CEO said.

In a motion filed Friday, the trustee requested to convert Vesttoo’s Chapter 11 case to Chapter 7 so that “an independent fiduciary can wind down the debtor’s affairs and avoid significant administrative costs”.

Will this year be a repeat of a shift from “growth at all costs” to “flight to quality”, or will we see the InsurTech space bounce back in the direction of 2021 optimism?

The decision is expected to incur charges of approximately $2.2mn to $2.7mn for severance, benefits and related costs in cash expenditures during Q4 2023, the company wrote in a regulatory filing.

The round was co-led by existing investors Craft Ventures and Valor Ventures.