Something to talk about
“Finally, at the end of 2015, XL Catlin bought a single-digit percentage of our holding company in return for their commitment to provide capital (surplus notes) at highly attractive terms for PURE” – PURE CEO and President Ross Buchmueller recapping 2015. Well, it’s 2016 and XL Innovate, the VC arm of XL Catlin, bought a two-digit percentage in Lemonade. And there’s at least one concerned individual out there getting some bad vibes re. PURE. Bottom Line: (1) all things relative and (2) where there’s smoke, there may be fire.
Recall: PURE is a P&C insurer targeting the ultra rich. Lemonade is a renters and homeowners insurer targeting the ultra digital. Exceptions apply.
(And Facebook says it isn’t a media company.)