Lemonade

The programme was "oversubscribed on all dimensions”, the company said.

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.

InsurTech carriers pivot to profitability vs growth.

The company’s reinsurance structure is “almost entirely renewing at 1 July”, Bixby said.

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.

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.

The company added that it currently has less than $7,000 in cash at SVB.

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.

The New York-based InsurTech expects to complete the necessary work to file its annual report within the extension period provided by SEC rules.

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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