Reinsurance News
Metromile
Lemonade reports boon results
9th August 2022
A letter from Lemonade to its shareholders says that in-force premiums (IFP) with the firm have risen 54% year on year to reach $458m in Q2 2022. The insurer said that (IFP) stood at $297m in Q2 2021 and at $155m in Q2 2020. Gross earned premiums over the same periods ... Read the full article
Lemonade sells Metromile’s EBS platform to EIS
1st August 2022
Digital insurance company Lemonade has announced the close of its divestiture of Metromile’s Enterprise Business Solutions (EBS) to digital insurance platform, EIS. EBS was Metromile’s software-as-a-service (SaaS) claims automation and fraud detection platform which it licensed to large insurance carriers. The transaction was completed following the close of Lemonade’s acquisition of ... Read the full article
Lemonade acquisition of Metromile reaches completion
28th July 2022
Insurance firm Lemonade has finished acquiring Metromile. Under the terms of the deal, Metromile shareholders received 7.3m Lemonade shares, while Lemonade received a business with over $155m in cash, over $110m in premiums, an insurance entity licensed in 49 states, and a team unsurpassed in harnessing precision data for auto insurance. ... Read the full article
Metromile reports 6% increase in policies in Q1 2022
11th May 2022
Metromile has entered into a new quota share reinsurance deal with Swiss Re and Mapfre Re, ceding 30% of gross written premium until the middle of the next year. The company also reported a 6% increase in policies in force between Q1 2021 and Q1 2022, alongside an 8.9% increase in ... Read the full article
Metromile shareholders approve acquisition by Lemonade
1st February 2022
Shareholders in the pay-per-mile auto insurer, Metromile Inc. have given their approval to the impending acquisition of the company by insurtech Lemonade. At a Special Meeting of Metromile stockholders held today, approval was given to a proposal to adopt the merger agreement entered into with Lemonade, Inc., which is aiming to ... Read the full article
Lemonade to acquire Metromile as auto insurer’s valuation falls to $500m
9th November 2021
AI-powered insurtech Lemonade has entered into a definitive agreement to acquire pay-per-mile auto insurer, Metromile Inc., in an all-stock transaction that implies a fully diluted equity value of roughly USD 500 million, or just over USD 200 million net of cash. In late November 2020, it was revealed that Metromile ... Read the full article
Metromile bolsters board with two industry veterans
9th August 2021
Digital insurance platform and pay-per-mile auto insurer Metromile has bolstered its board of directors with the addition of two seasoned executives, including John Butler, a managing director at Cohen & Company He joins on August 4 while Sandra Clarke, CFO of Blue Shield of California, arrives on August 31. Butler is a ... Read the full article
Metromile & Hippo partner on home & auto protection
20th May 2021
San Francisco based car insurance start-up Metromile and homeowners focused-insurtech Hippo have partnered to offer consumers modern auto and homeowners insurance with a new multi-policy discount. Drivers and homeowners will be able to purchase pay-per-mile auto insurance and homeowners insurance from Metromile and Hippo, respectively, in a discounted policy bundle. “Offering choice ... Read the full article
Metromile plans reinsurance restructure as loss narrows
31st March 2021
San Francisco based car insurance start-up Metromile has announced that it plans to restructure its reinsurance program going forward, as the company reported improved performance over 2020. Metromile recorded a net loss of $37.4 million for 2020, as it narrowed its annual loss from $69.8 million in 2019 and $65.7 million ... Read the full article
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