Peer-to-peer insurance startup Lemonade has received an investment from XL Innovate, XL Catlin’s venture capital arm, the companies announced today. The amount invested was not disclosed.

“We track the insurance space very closely, and have analyzed virtually every insurtech initiative in recent years,” said XL Innovate managing partner Tom Hutton, who joined Lemonade’s board as part of the arrangement. "Lemonade is a standout by any measure. Its team and technology is matched only by its ambition and I have every confidence that it will continue to lead the insurtech field.”

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