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Lemonade Insurance discloses annual revenue run rate of $1M in '16

Lemonade Insurance Co. secured $60 million in financing as of the end of 2016, according to a post on the company's website.

By the year's end, the company covered 1,212 homes in New York, which translates to $186,389 of premium and an annual run rate of over $1 million, the company said.

Lemonade had about $52 million in its corporate bank accounts, including surplus, in December 2016. It handled six claims in 2016 and paid out $4,589 to its customers.

About 87% of the company's customers were first-time home insurance buyers. Of the customers who switched to Lemonade from another carrier, 21% came from Allstate, 18% switched from State Farm, 15% switched from Travelers, and 13% switched from each of Assurant and Liberty Mutual.

The company also said the average premium for a Lemonade policy was $165.50 for renters and homeowners. Homeowners policies make up about 50% of Lemonade's revenue, the company said.