September 21, 2016
Contact: Richard Loconte, 212-709-1691
DFS GRANTS LICENSE TO NEW INSURANCE COMPANY DOMICILED IN NEW YORK
Maria T. Vullo, Superintendent of Financial Services, today announced that the New York State Department of Financial Services (DFS) has approved the application of Lemonade Insurance Company to sell property/casualty insurance in New York.
"DFS is committed to strengthening and improving the competitiveness of New York’s insurance marketplace by encouraging industry innovation and ensuring that consumers have the ability to choose from a diverse range of options,” Superintendent Vullo said. “At the same time, DFS will continue to administer its broad regulatory authority to ensure that all licensed insurers have adequate reserves to pay claims and honor their contractual commitments to policyholders.”
Lemonade, which will focus on writing homeowners’ and renters’ policies for basic inland in New York, will engage in direct-to-consumer marketing and in a corporate giving program funded from policyholders’ favorable loss experience.
“I applaud the leadership of DFS Superintendent Vullo and the efforts of her professional staff in working to review and approve Lemonade’s license to sell property/casualty insurance in New York,” said Daniel Schreiber, CEO and Co-Founder, Lemonade, Inc. “Lemonade looks forward to continuing its work with DFS and providing insurance products to New Yorkers in an innovative and fiscally responsible way.”
Lemonade is a New York chartered company based in Manhattan.