Lemonade Announces New Funding from XL Innovate

XL innovate has made a significant investment in the company, and that Tom Hutton, managing partner of the firm, has joined Lemonade’s board.

(Image credit: Adobe Stock.) 

Lemonade (New York), which describes itself as the soon-to-be world’s first peer insurance company, has announced that XL Innovate (Menlo Park, Calif.) has made a significant investment in the company, and that Tom Hutton, managing partner of the firm, has joined Lemonade’s board.

Daniel Schreiber, CEO, Lemonade.

Daniel Schreiber, CEO, Lemonade.

XL Innovate is a venture capital firm focused on technology-driven innovation for insurance. XL Catlin, the main investor behind XL Innovate, led Lemonade’s reinsurance program.

“Tom is the only person I’ve met who speaks both insurance and tech like a native,” comments Daniel Schreiber, co-founder and CEO, Lemonade. “For a full-stack P&C InsurTech company like Lemonade, his expertise is uniquely valuable.”

A Standout by Any Measure

“We track the insurance space very closely, and have analyzed virtually every InsurTech initiative in recent years,” comments Hutton. “Lemonade is a standout by any measure.  Its team and technology is matched only by its ambition, and I have every confidence that it will continue to lead the InsurTech field.”

With its latest announcement, Lemonade describes itself as gearing up for its New York launch. The company earlier reported that it would open its doors in the second quarter of 2016. A Lemonade statement says that, “By replacing brokers and bureaucracy with bots and machine learning, Lemonade promises zero paperwork and instant everything.  And as a B-Corp, Lemonade is remaking insurance as a social good, rather than a necessary evil.”

Lemonade Announces Reinsurance Support from Lloyds, Berkshire Hathaway’s National Indemnity

P2P Insurer Lemonade Names Ty Sagalow Chief Insurance Officer

Lemonade P2P Insurance Startup Names Dan Ariely Chief Behavioral Officer

 

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at [email protected] or (503) 936-2803.

Leave a Comment

(required)