[h4nkoslo]

I'd be really surprised if their entire risk was reinsured; that tends to lead to severe incentive misalignment since they would have every incentive to sell to the riskiest customers they could find.

[nerdponx]

Good point. Although again, adverse incentives on Lemonade's side are supposedly handled by the fact that they're a nonprofit.

[SmellTheGlove]

I'd be really surprised if they could get reasonable terms to reinsure their book, good decision or not.