Lemonade, which aims to be the world's first peer-to-peer insurance company, has secured an investment from XL Innovate, with managing partner Tom Hutton joining the Lemonade 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 programme.
"Tom is the only person I've met who speaks both insurance and tech like a native," says 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 analysed virtually every insurtech initiative in recent years," says 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."
