Camden National

Request for GPT-5 Pro Reasoned for 21m 1s One-sentence conclusion $Lemonade(LMND.US) Lemonade is transitioning from a phase of "rapid growth but highly reinsurance-dependent" to one with "more retained risk and greater profit flexibility": core operational metrics (loss ratio, gross margin, cash flow) continue to improve, while the reinsurance ratio dropping sharply from 55% to 20% will enhance income retention and medium-to-long-term profit leverage—though this also implies higher earnings volatility...