Transcription of Shareholder Letter
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Shareholder LetterQ3 2021 2 Dear Shareholders,Let's begin with the most exciting news - Lemonade Car was launched last week, and today, as part of our continued investment in our car business, we announce the acquisition of Metromile. While we have been at the forefront of using big data and AI in home and pet insurance, Metromile has been trailblazing a parallel path for car insurance. Metromile s car-mounted precision sensors took over 400 million road trips, covering billions of miles and sending real-time data streams to the Metromile cloud. These were mapped onto behaviors (how much someone drives, when, where, and how) and cross referenced with actual claims data, yielding precise predictions for losses per mile driven. These algorithms hold the promise of propelling Lemonade Car from a newcomer in the car insurance space to its vanguard. We believe today s deal will be a significant value unlock for our shareholders and customers, and expect this transaction to pay dividends in three important currencies: collapsing time, flattening risk, and increasing efficiency.
GAAP financial measures, as well as definitions for the non-GAAP financial measures included in this letter and the reasons for their use, are presented at the end of this letter. Operating Expense ... Dutch insurance company subsidiaries, and our Dutch insurance holding
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