Lemonade Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement
$LMND
Property-Casualty Insurers
Finance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): 6/30/2025
(Exact name of registrant as specified in its charter)
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(844 ) 733-8666
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N/A
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Securities registered pursuant to Section 12(b) of the Act:
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| New York Stock Exchange American | ||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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| Item 1.01 | Entry into a Material Definitive Agreement. | ||||
As of June 30, 2025, Lemonade, Inc. (the “Company”), together with certain of its wholly-owned subsidiaries, agreed to the terms of its reinsurance program, effective July 1, 2025, and expiring June 30, 2026 (the “Reinsurance Program”). The Reinsurance Program includes Whole Account Quota Share Reinsurance Contracts by and among the Company, Lemonade Insurance Company ("LIC"), Metromile Insurance Company (“MIC”) and Lemonade Insurance N.V. (“Lemonade Insurance”) and each of Hannover Ruck SE (“Hannover”) and MAPFRE Re (“MAPFRE”, collectively with Hannover, the “Reinsurers”).
Under the Reinsurance Program, the Company has chosen to reduce the ceded proportion of its quota share reinsurance from approximately 55% to approximately 20%. The variable ceding commission rate related to the quota share agreements is expected to be roughly equivalent to that of the expiring agreements. The Company expects to renew its other ancillary reinsurance programs at terms roughly in line with expiring agreements.
The foregoing description of the contracts underlying the Reinsurance Program, does not purport to be complete and is qualified in its entirety by reference to the full text of those contracts, which the Company expects to file as exhibits to its Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, with certain confidential provisions redacted.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LEMONADE, INC. | ||||||||||||||
| Date: July 2, 2025 | By: | /s/ Tim Bixby | ||||||||||||
| Tim Bixby | ||||||||||||||
| Chief Financial Officer | ||||||||||||||