Lemonade down over 6% as California wildfires continue

Shares of Lemonade (LMND) are down $2.26, or 6.5%, to $32.13 in Friday morning trading amid the ongoing wildfires in Southern California that have caused extensive damage and forced local authorities to issue mandatory evacuation orders for tens of thousands of residents across the region. In regulatory filings, Lemonade has previously called out California as its “largest market for car insurance.” Lemonade also previously stated in filings with SEC: “Approximately 53% of our gross written premium for the year ended December 31, 2023 originated from customers in California, New York, and Texas. As a result of this concentration, if a significant catastrophe event or series of catastrophe events occur, such as COVID-19 or a natural disaster, and cause material losses in California, New York and Texas, our business, financial condition and results of operation could be materially adversely affected.”