Lemonade Releases Financial Data Following News of Shelved IPO

Following reports of its shelved initial public offering plans, online insurance company Lemonade Inc. revealed on Thursday some of its financial data in a blog post. In the post, co-founder Daniel Schreiber said Lemonade’s annual recurring revenue (ARR) currently stands at $104.4 million. For the second quarter of 2017, the company reported an ARR of $10 million ARR.

Schreiber also said that in the third quarter of 2019, Lemonade’s loss ratio was 78%, compared to the 368% loss ratio it reported for the first quarter of 2017 when the company launched its service.

Founded in 2015 by Schreiber and fellow Israel-born entrepreneur Shai Wininger, Lemonade offers customizable property and casualty insurance policies at a flat monthly rate in the U.S. Earlier this year, Lemonade raised $300 million in a round led by SoftBank, bringing its total funding to date to $480 million.