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Allianz goes for Lemonade

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Legacy insurers have been investing heavily in the rapidly growing ranks of insurtechs, and on Thursday, international insurance giant Allianz's holding company, Allianz SE, pushed this trend further, announcing that it has made a "strategic investment" in US-based Lemonade.

The size of the investment remains undisclosed. Allianz's chief digital officer, Somaz Altin, said the company continually monitors the global insurtech space, and that Lemonade emerged as a superlative investment in terms of its technology and business model. He added that Allianz's investment would help the company expand in both its US home market and abroad. Lemonade CEO Daniel Schreiber said the two companies will aim to work more closely together in the future. Possibly, this means Allianz may leverage the insurtech's products or user interface.

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