secwatch.observer — SEC 8-K summary
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Issuer:     Lemonade, Inc. (LMND)
CIK:        0001691421
Form:       8-K
Filed at:   2023-08-02T23:59:59+00:00
Accession:  0001691421-23-000092
Event type: earnings
Sentiment:  positive
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Lemonade Q2 IFP up 50% to $687M, net loss $67.2M; raises FY 2023 guidance
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- Q2 net loss $67.2M ($0.97/share) vs $67.9M prior year; Adj EBITDA loss $52.7M, better than expected despite 4x CAT losses.
- IFP $686.6M (+50% YoY), revenue $104.6M (+109%); gross loss ratio 94% including 21 pts from severe convective storms.
- 55% quota share reinsurance renewed oversubscribed; new 'Synthetic Agents' CAC financing expected to boost capital efficiency.
- California approved 30% homeowners rate hike and 23% pet rate increase; ~50% of new rates yet to earn in.
- Raised full-year guidance: FY 2023 IFP $710-715M, revenue $402-408M, Adj EBITDA loss ($199)-($196)M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1691421/000169142123000092/0001691421-23-000092-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1691421/000169142123000092/lmnd-20230802.htm
  HTML page:      https://secwatch.observer/filing/0001691421-23-000092

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer