Lemonade, the startup peer-to-peer insurance carrier that has raised $13 million in initial funding, announced a line-up of global reinsurance partners, including Berkshire Hathaway and leading Lloyd’s of London syndicates.
Lemonade set records with its initial funding by Sequoia and Aleph, followed by its announcement that four senior insurance executives from ACE and American International Group (AIG) had joined its ranks.
Daniel Schreiber, CEO and co-founder of the P2P insurer, said that with Berkshire Hathaway’s National Indemnity and Lloyd’s of London backing Lemonade, the stage is now set for Lemonade’s consumer launch in the coming months.
“For insurance to provide true peace of mind you want to know your insurer is both willing and able to pay your claims,” said Schreiber. “Lemonade is the only insurer that doesn’t make money by denying claims – so no one is more willing than us. With the backing of the world’s foremost reinsurance names, no one is more able either.”
In addition to Berkshire Hathaway’s National Indemnity, the P2P insurer said its reinsurance line-up includes Everest, Hiscox, Munich, Transatlantic and XL Catlin.
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