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Last November, Lemonade struck a deal to buy the Californian InsurTech in an all-stock transaction, implying a diluted equity value of $500mn, or $200mn net of cash.
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Lemonade in November agreed to buy the Californian InsurTech in an all-stock transaction, implying a diluted equity value of $500mn, or $200mn net of cash.
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The industry veteran of 21 years is the San Francisco-based InsurTech brokerage’s first independent director.
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The announcement comes only weeks after the company announced it is expanding its product offerings into Maine, as a part of its national expansion strategy in 2022.
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The policy is the start-up’s first backed by Aspen’s capacity after the two struck a deal in May.
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The InsurTech’s announcement follows a notice from the exchange regarding its common stock falling below the $1.00 threshold over a 30-day period.
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The raise comes amid a difficult fundraising environment for InsurTechs, with valuations well down on 2021 peaks.
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The new company aims to use the funds to expand by building a new platform and acquiring agencies.
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Inside P&C’s news team runs you through the key highlights of the week.
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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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Names such as Next Insurance, Policygenius and Root have all announced layoffs to rein in expenses in worsening economic conditions.
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The firm has been actively building out its team with industry expertise in 2022.