XL Innovate takes stake in Lemonade

Insurance venture capital fund XL Innovate announced today it
has made a "significant investment" in soon-to-launch
peer-to-peer insurance company Lemonade.
In addition, the fund's managing director Tom Hutton will
join the start-up's board.
XL Catlin, the primary investor in XL Innovate, leads
Lemonade's reinsurance programme. Other reinsurance backers
include Berkshire Hathaway's National Indemnity, Everest Re,
Hiscox, Munich Re and Transatlantic Re.
Hutton said Lemonade was a stand-out compan