Lemonade says Silicon Valley Bank exposure is immaterial

In a regulatory filing, Lemonade (LMND) noted it is aware of media reports indicating liquidity concern at Silicon Valley Bank (SIVB). The company said, "Lemonade considers its exposure to any liquidity concern at SVB as immaterial given that it currently has less than $7,000 in cash at SVB, which is significantly below the FDIC-insured limit of $250,000. We believe our cash and assets are well diversified to minimize risk, and Lemonade uses large financial institutions for its commercial banking services that are not currently exposed to liquidity risk."