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The plunge wipes more than $1bn of value off Lemonade’s market cap. -
The InsurTech grew customer count by 6.4% QoQ and said that growth in premiums per customer accelerated for the third straight quarter.
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The InsurTech got thousands of claims in just a few days, with CEO Daniel Schreiber describing it as a black swan event.
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The company launched in 18 states last year and plans to enter 11 new markets in 2021.
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Net earned premiums dropped almost 70% as the company increased its use of reinsurance.
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The carrier is no longer writing the classes of business as part of a push to refine its underwriting strategy.
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The modeller said it is “likely” that the number of claims could exceed the high of Hurricane Harvey in 2017.
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Current levels of premium inflation are well below any metrics seen going back as far as January 1999.
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Blink will offer Chubb-backed consumer insurance products, with personal cyber the first to go live.
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The med-mal specialist’s results served as a memo to the state of the industry facing a plethora of challenges.
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The personal and commercial lines book will be folded into recently-acquired Centauri Insurance.
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Michael Kehoe says the carrier is still anticipating a catch-up period for claims in the future.
