New York's Former Chief Insurance Regulator Scott Fischer Joins Lemonade
15 June 2022 - 10:37PM
Business Wire
The former executive deputy superintendent for
insurance at the New York Department of Financial Services to help
guide legal and regulatory strategy at leading insurtech
Lemonade (NYSE: LMND), the digital insurance company powered by
social impact, 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
provide strategic counsel regarding laws and regulations impacting
the company and guide strategy around relationships with key
stakeholders throughout the insurance regulatory community. In
addition to serving as Head of Government Relations, Fischer will
serve as co-General Counsel alongside Bill Latza. Latza, who has
been a core part of Lemonade’s team from its very beginning, plans
to retire at year end.
“Scott played a make-or-break role in Lemonade’s early days, as
the regulator who scrutinized our business, gave us a hard time,
and ultimately gave us our license!” said Daniel Schreiber,
Lemonade CEO and cofounder. “He was a thoughtful, fair minded, and
exacting regulator, and his deep familiarity with insurance
regulation on the one hand, and Lemonade on the other, make him the
ideal leader of our government relations efforts.”
Most recently, Fischer was a partner at global law firm DLA
Piper, where he represented international, national, and local
insurers and producers in their regulatory and compliance
activities. Most notably, Fischer worked with New York’s insurance
regulator for nearly 10 years, ultimately becoming the top
insurance regulator by serving as the executive deputy
superintendent for insurance in the New York State Department of
Financial Services (NYSDFS) before departing the public sector.
During his tenure at the NYSDFS, Fischer led a unit supervising
approximately 1,700 insurers operating in New York with assets
exceeding $4 trillion.
“I spent years regulating an industry that’s been operating the
same way because, simply put, that’s the way it’s always been done.
Not with Lemonade,” said Fischer. “They’ve been challenging this
orthodoxy since day one when I granted their license to operate in
New York. Now things have come full circle, and I get to be part of
the fun, helping Lemonade grow and reimagine the industry in a
tech-first world.”
Read more about why Scott joined here.
About Lemonade
Lemonade offers renters, homeowners, car, pet, and life
insurance. Powered by artificial intelligence and behavioral
economics, Lemonade’s full stack insurance carriers in the US and
the EU replace brokers and bureaucracy with bots and machine
learning, aiming for zero paperwork and instant everything. A
Certified B-Corp, Lemonade gives unused premiums to nonprofits
selected by its community, during its annual Giveback. Lemonade is
currently available in the United States, Germany, the Netherlands,
and France, and continues to expand 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 do not
relate to matters of historical fact should be considered
forward-looking statements. These statements are neither promises
nor guarantees, but involve known and unknown risks, uncertainties
and other important factors that may cause our actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements, 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 expand our customer base; the fact that the “Lemonade”
brand may not become as widely known as incumbents’ brands or the
brand may become tarnished; the denial of claims or our failure to
accurately and timely pay claims; our ability to attain greater
value from each user; the novelty of our business model and its
unpredictable efficacy and susceptibility to unintended
consequences; the possibility that we could be forced to modify or
eliminate our Giveback, which could undermine our business model;
the examinations and other targeted investigations by our primary
and other state insurance regulators that could result in adverse
examination findings and necessitate remedial actions; our limited
operating history; our ability to manage our growth effectively;
the impact of intense competition in the segments of the insurance
industry in which we operate on our ability to attain 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 contracts on comparable duration
and terms to those currently in effect; our exposure to
counterparty risks as a result of reinsurance; the loss of personal
customer information, damage to our reputation and brand, or harm
to our business and operating results as a result of security
incidents or real or perceived errors, failures or bugs in our
systems, website or app; our actual or perceived failure to protect
customer information and other data, respect customers’ privacy, or
comply with data privacy and security laws and regulations; our
ability to comply with extensive insurance industry regulations and
the need to incur additional costs or devote additional resources
to comply with changes to existing regulations; our exposure to
additional regulatory requirements specific to other vertical
markets that we enter or have entered, including auto, pet and life
insurance, and the need to devote additional resources to comply
with these regulations; uncertainties as to the timing of the
consummation of the proposed transaction and the ability of the
parties to consummate the proposed transaction; the satisfaction of
the conditions precedent to consummation of the proposed
transaction; the ability to obtain required regulatory approvals at
all or in a timely manner; any litigation related to the proposed
transaction; disruption of Metromile’s or Lemonade’s current plans
and operations as a result of the proposed transaction; the ability
of Metromile or Lemonade to retain and hire key personnel;
competitive responses to the proposed transaction; unexpected
costs, charges or expenses resulting from the proposed transaction;
the ability of Lemonade to successfully integrate Metromile’s
operations, product lines and technology; the ability of Lemonade
to implement its plans, forecasts and other expectations with
respect to Metromile’s business after the completion of the
transaction and realize additional opportunities for growth and
innovation; the ability of Lemonade to realize the anticipated
synergies from the proposed transaction in the anticipated amounts
or within the anticipated timeframes or costs expectations or at
all; the ability to maintain relationships with Lemonade’s and
Metromile’s respective employees, customers, other business
partners and governmental authorities; and the other risks,
uncertainties and important factors contained and identified; and
our inability to predict the lasting impacts of COVID-19 to our
business in particular, and the global economy generally. These and
other important factors are discussed under the caption “Risk
Factors” in our Form 10-K filed with the SEC on March 1, 2022 and
in our other filings with the SEC could cause actual results to
differ materially from those indicated by the forward-looking
statements made in this press release. Any such forward-looking
statements represent management’s beliefs as of the date of this
press release. While we may elect to update such forward-looking
statements at some point in the future, we disclaim any obligation
to do so, even if subsequent events cause our views to change.
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Lisa Horton lemonade@astrskpr.com
Lemonade (NYSE:LMND)
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