Lemonade Launches Homeowners Insurance in France

Expanding on Lemonade’s existing partnership with BNP Paribas Cardif, fully digital, AI-powered Homeowners insurance is now available

Lemonade, the digital insurance company powered by AI and social impact, today announced the launch of Homeowners insurance in France in partnership with BNP Paribas Cardif. Millions of occupying homeowners can now purchase extensive coverage for their home and belongings, featuring the same seamless Lemonade experience customers have come to know and love.

Today’s launch builds on Lemonade’s entrance into France in December 2020, offering AI-powered renters insurance to protect residents’ belongings. With Lemonade’s European business making significant strides in 2023, the launch of Homeowners insurance throughout France will support the company’s continued growth as it expands globally.

“The European market was our fastest growing business last year,” said Daniel Schreiber, Lemonade CEO and co-founder. “We're now graduating from being a monoline to a multi-line insurer in Europe. Combined with our thriving partnership with a trusted, prestigious brand like BNP Paribas Cardif, we're excited for this next chapter for our European business.”

Since partnering over a year ago, BNP Paribas Cardif and Lemonade have seen increasing success in offering renters insurance throughout France. The partnership, bringing together BNP Paribas Cardif’s proven advisory expertise and Lemonade’s innovative approach, will evolve with an offer that is now aimed at homeowners. BNP Paribas Cardif France will be able to propose this fully-digital home insurance to its distribution partners, and Lemonade will benefit from the deep experience of an insurer with a widely recognized brand that has been operating in the French market for 50 years.

Lemonade’s Homeowners insurance is specifically crafted for customers in France, with the ability to get instantly covered through the Lemonade app, starting from 10 euros per month. On top of the industry base coverage (fire, water damage, reconstruction costs, civil liability, etc.), the policy also provides a suite of add-ons to provide full-scope coverage and flexibility, including:

• School Insurance: extended coverage to children up to 18 years old, to provide coverage during school and extracurricular activities should an accident occur.
• Legal Protection: helping customers in case of disputes with a third party for a wide range of day-to-day situations (property, retail, work-related, and online reputation).
• Theft Outside the Home: providing protection should someone steal a customer’s belongings while on the go.

Lemonade is licensed and supervised by the Dutch Central Bank (DNB) and operates in France under the European Freedom of Services regime, Lemonade European headquarters are located in Amsterdam. Risks are covered by both BNP Paribas Cardif and Lemonade Insurance N.V., who act as co-insurers for this offer. Residents of France can now buy a new policy through the Lemonade App, lemonade.com/fr, or through BNP Paribas Cardif at cardif.fr.

About Lemonade

Lemonade offers renters, homeowners, car, pet, and life insurance. Powered by artificial intelligence and social impact, Lemonade’s full stack insurance carriers in the US and the EU replace brokers and bureaucracy with bots and machine learning, aiming for zero paperwork and instant everything. A Certified B-Corp, Lemonade gives unused premiums to nonprofits selected by its community, during its annual Giveback. Lemonade is currently available in the United States, Germany, the Netherlands, France, and the UK, and continues to expand globally.

Follow @lemonade_inc on Twitter for updates.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to, statements regarding any future growth and the success of the partnership.

These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, product offerings, pricing or achievements to be materially different from any future results, performance, product offerings, pricing or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our history of losses and that we may not achieve or maintain profitability in the future; our success and ability to retain and expand our customer base; the "Lemonade" brand may not become as widely known as incumbents' brands or the brand may become tarnished; the denial of claims or our failure to accurately and timely pay claims; our ability to attain greater value from each user; availability of reinsurance at current levels and prices; our exposure to counterparty risks; our limited operating history; our ability to manage our growth effectively; our proprietary artificial intelligence algorithms may not operate properly or as expected; the intense competition in the segments of the insurance industry in which we operate; our ability to maintain our risk-based capital at the required levels; our ability to expand our product offerings; the novelty of our business model and its unpredictable efficacy and susceptibility to unintended consequences; the possibility that we could be forced to modify or eliminate our Giveback; regulatory risks, related to the operation, development, and implementation of our proprietary artificial intelligence algorithms and telematics based pricing model; legislation or legal requirements that may affect how we communicate with customers; the cyclical nature of the insurance industry; our reliance on artificial intelligence, telematics, mobile technology, and our digital platforms to collect data that we utilize in our business; our ability to obtain additional capital to the extent required to grow our business, which may not be available on terms acceptable to us or at all; our actual or perceived failure to protect customer information and other data as a result of security incidents or real or perceived errors, failures or bugs in our systems, website or app, respect customers’ privacy, or comply with data privacy and security laws and regulations; periodic examinations by state insurance regulators; underwriting risks accurately and charging competitive yet profitable rates to customers; our ability to underwrite risks accurately and charge competitive yet profitable rates to our customers; potentially significant expenses incurred in connection with any new products before generating revenue from such products; risks associated with any costs incurred and other risks as we expand our business in the U.S. and internationally; our ability to comply with extensive insurance industry regulations; our ability to comply with insurance regulators and additional reporting requirements on insurance holding companies; our ability to predict the impacts of severe weather events and catastrophes, including the effects of climate change and global pandemics, on our business and the global economy generally; increasing scrutiny, actions, and changing expectations on environmental, social, and governance matters; our agreement with General Catalyst as a synthetic agent may not function as expected; fluctuations of our results of operations on a quarterly and annual basis; our utilization of customer and third party data in underwriting our policies; limitations in the analytical models used to assess and predict our exposure to catastrophe losses; potential losses could be greater than our loss and loss adjustment expense reserves; the minimum capital and surplus requirements our insurance subsidiaries are required to have; assessments and other surcharges from state guaranty funds; our status and obligations as a public benefit corporation; our operations in Israel and the current political, economic, and military instability, including the evolving conflict in Israel and surrounding region.

These and other important factors are discussed under the caption “Risk Factors” in our Form 10-K filed with the SEC on February 28, 2024, and in our other and subsequent filings with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management’s beliefs as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

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