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.”

The New York-based outfit is still preparing for its initial launch. Earlier this year, the startup announced the recruitment of Ace and AIG executives Robert Giurlando and Ty Sagalow to its team along with behavioral economist professor Dan Ariely from Duke University.

“Tom is the only person I’ve met who speaks both insurance and tech like a native” said Daniel Schreiber, co‐founder and CEO of Lemonade, in a statement. “For a full‐stack P&C insurtech company like Lemonade, his expertise is uniquely valuable.”

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