NEW YORK, August 23, 2016 /PRNewswire/ --
Lemonade, set to be the world's first peer to peer insurance company, today announced that XL Innovate has made a significant investment in Lemonade, and its Managing Partner, Tom Hutton, has joined the board.
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," said Daniel Schreiber, co-founder and CEO at Lemonade. "For a full-stack P&C insurtech company like Lemonade, his expertise is uniquely valuable."
"We track the insurance space very closely, and have analyzed virtually every insurtech initiative in recent years," said Tom Hutton, Managing Partner, XL Innovate. "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."
Lemonade is gearing up for its New York launch. Earlier this year, the company announced it received pending B-Corp status, hired a cadre of senior insurance executives and world-renowned behavioral economist Professor Dan Ariely, and had set records with its Sequoia and Aleph VC funding.
Lemonade is the world's first peer to peer insurance company. 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. Stay in touch at http://www.lemonade.com, @lemonade_inc or http://www.facebook.com/lemonade
About XL Innovate
XL Innovate is a venture capital fund focused on investing in companies that address the world's most complex risks with new technologies and products for the insurance industry. XL Innovate provides companies with equity capital, unparalleled experience in building new ventures in this specific space, and access to XL Catlin's global insurance expertise and underwriting. To learn more, visit http://www.xlinnovate.com.