Lemonade

Odyssey Group’s cyber chief Robert O’Connell is looking to raise up to $1bn of capital for a monoline cyber reinsurer.

The InsurTechs’ results show the path to profitability remains unclear, even as Lemonade said it expects to be self-funding from here.

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

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”.

Lemonade said “ballooning costs will remain a topic of concern as long as they persist” while inflation accelerates.

The all-cash deal was completed following the closure of Metromile’s $500mn acquisition by Lemonade last week.

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.

Metromile’s Preston and Lemonade co-CEOs Wininger and Schreiber all joined industry stalwarts in this year’s top 10.

The executive discussed InsurTech challenges, his priorities for Branch, fundraising, and his concerns about the capital markets.

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

The sector was hit by a rough first half of 2022, with more to come in the second half of the year.

Embedded insurance can help sidestep some of the challenges faced by InsurTech 1.0.