Lemonade posted a GAAP net loss of $43.4 million in the quarter, little changed from a year earlier, as revenue rose 79% to $294.4 million.
Net earned premium more than doubled to $252 million, while loss and loss adjustment expense climbed 99% to $154 million on a reduced reinsurance cession rate.
Gross loss ratio improved 7 percentage points to 60%, while customers increased 23% to 3,308,666 and in force premium rose to $1.43 billion.
Reinsurance financing agreement
Hannover Re agreed to provide up to $250 million to finance sales and marketing growth, replacing new financing under General Catalyst from Jan. 1, 2027.
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