Scott Fischer, former head of the New York Insurance Commission, is joining Lemonade

06/15/2022, 9838 characters

Lemonade (NYSE: LMND), the social digital insurance company, today announced the appointment of Scott Fischer as Head of Government Relations and Co-General Counsel of Lemonade Insurance Company.

As Lemonade’s first Head of Government Relations, Fischer will act as a strategic advisor on laws and regulations affecting the business and will guide strategy for relationships with key stakeholders in insurance regulators. In addition to his responsibilities as Head of Government Relations, Fischer will serve as Co-General Counsel alongside Bill Latza. Latza, who has been at the core of the Lemonade team since its inception, plans to retire by the end of this year.

“In the early days of Lemonade, Scott played a pivotal role as he scrutinized our company as a representative of the regulator, gave us a hard time and eventually issued our license,” said Daniel Schreiber, CEO and co-founder of Lemonade. “He was a conscientious, fair and demanding regulator and his in-depth knowledge of insurance regulation and our business makes him the ideal leader for our Government Relations strategy.”

Most recently, Fischer was a partner at the global law firm DLA Piper, where he represented international, national and local insurers and manufacturers in their regulatory and compliance activities. For nearly 10 years, Fischer worked for the New York Insurance Commission and was eventually appointed Chief Insurance Commissioner for the New York State Department of Financial Services (NYSDFS) before leaving the public sector. While at NYSDFS, Fischer headed a division that oversaw approximately 1,700 insurance companies operating in New York with assets in excess of $4 trillion.

“For many years I have regulated an industry that has always relied on established business models. Lemonade, on the other hand, is breaking new ground,” says Fischer. “They challenged that orthodoxy from the day I gave them permission to operate in New York. Now we come full circle and I can help Lemonade grow and transform the industry in a tech-centric world.”

Read more about why Scott joined Lemonade here.

About lemonade

Lemonade offers renter, homeowner, auto, pet, and life insurance. Powered by artificial intelligence and behavioral economics, Lemonade’s full-stack insurance carriers in the US and EU replace brokers and bureaucracy with bots and machine learning with the aim of eliminating paperwork and speeding up processes. As a Certified B-Corp, Lemonade donates unused rewards to community-chosen charities as part of its annual Giveback event. Lemonade is currently available in the US, Germany, the Netherlands and France and is expanding globally.

Follow @lemonade_inc on Twitter for updates.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that are not historical facts are forward-looking statements. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements discussed in the forward-looking statements express or implied, including but not limited to the following: our history of losses and the fact that we may not achieve or maintain profitability in the future; our ability to retain and grow our customer base; the fact that the Lemonade brand may not become as well known as the brands of the incumbent companies or its reputation may suffer; the denial of claims or our inability to pay claims accurately and on time; our ability to generate more value from each user; the novelty of our business model and its unpredictable effectiveness and susceptibility to unintended consequences; the possibility that we may be forced to modify or eliminate our giveback, which could undermine our business model; the results of investigations by our governmental primary insurance regulator that may lead to adverse investigation findings and require remedial action or result in governmental orders requiring remedial, injunctive or other corrective action; our limited operational history; our ability to effectively manage our growth; the impact of intense competition in the segments of the insurance industry in which we operate on our ability to achieve or increase profitability; the unavailability of reinsurance at current levels and prices, which could limit our ability to write new business; our ability to renew reinsurance treaties of comparable duration and terms to those currently in force; our exposure to counterparty risk as a result of reinsurance; loss of customer personal information, damage to our reputation and brand, or damage to our business and operating results as a result of security incidents or actual or perceived errors, failures or bugs in our systems, website or app; our actual or perceived failure to protect customer data and other data, to respect customer privacy or to comply with data protection and data security laws and regulations; our ability to comply with extensive insurance industry regulations and the need to incur additional costs or provide additional resources to comply with changes in existing regulations; our exposure to additional regulations specific to other vertical markets that we are entering or have entered, including auto, pet and life insurance, and the need to dedicate additional resources to comply with those regulations; uncertainties as to the timing of consummation of the proposed transaction and the parties’ ability to consummate the proposed transaction; the satisfaction of the conditions precedent to the consummation of the proposed transaction; the ability to obtain, or to obtain in a timely manner, required regulatory approvals; any litigation related to the proposed transaction; the disruption to Metromile’s or Lemonade’s ongoing plans and operations as a result of the proposed transaction; Metromile’s or Lemonade’s ability to retain and hire key employees; reactions of competitors to the proposed transaction; unexpected costs, charges or expenses resulting from the proposed transaction; Lemonade’s ability to successfully integrate Metromile’s businesses, product lines and technology; Lemonade’s ability to execute on its plans, projections and other expectations regarding Metromile’s business post-closing and to realize additional growth and innovation opportunities; Lemonade’s ability to realize anticipated synergies from the proposed transaction at the anticipated level or within the anticipated time frame or cost, or at all; the ability to maintain relationships with Lemonade and Metromile’s respective employees, customers, other business partners and government agencies; and the other risks, uncertainties and important factors involved and identified; and our inability to predict the lasting effects of COVID-19 on our business specifically and the global economy generally. These and other important factors described under the caption “Risk Factors” in our Form 10-K filed with the SEC on March 1, 2022 and our other filings with the SEC could cause actual results to differ materially differ from the forward-looking statements contained in this press release. Such forward-looking statements reflect management’s belief as of the date of this press release. Although we may decide to update such forward-looking statements at a certain point in the future, we disclaim any obligation to do so, even if subsequent events should change our views.

The source language in which the original text is published is the official and authorized version. Translations will be included for a better understanding. Only the language version that was originally published is legally valid. Therefore, compare translations with the original language version of the publication.

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