A quick check-in on neoinsurance unicorn public meltdown – TechCrunch

Who could have seen this coming?

There was a period time when insurtech startups actually selling their own insurance products were hot tickets in the private and public market. Things have changed.

The venture-backed insurtech rollout to the public markets was lengthy. Lemonade, which sells rental insurance, was listed in early July 2020. Root, which focuses on car insurance, was released in October of that year. Metromile, also in the field of car insurance, was listed via a SPAC in February 2021. And finally, Hippo, which focused on housing coverage, was listed via a blank check company in August last year.

It was a fairly large liquidity for companies that received impressive venture support in their early days.

Since these debuts, however, the public markets have not proved friendly. Metromile announced that it would sell itself to Lemonade after losing almost all of its value; today, Metromile is worth around $ 2 per. share, down from a 52-week high of just over $ 20 per share. shares.

Its peers also struggled. Lemonade has seen its value erode from just over $ 188 per share to $ 38.68 at the time of writing. Root is worth $ 3.16 per share, down from a maximum of $ 25.63 in 52 weeks. Hippo is down $ 2.62 per share from $ 15 per share at its highest. We have been covering the carnage for the last few quarters.

And then there’s Oscar Health, a consumer health coverage company that had a hell of a stock market listing. Our view of the price was a bit rude, as you may remember:

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