#InsurTech / Digital Car Insurer Metromile To Go Public Through Merger With INSU II

Under the deal, INSU II will combine with Metromile for approximately $842 million in INSU II Class A common stock, up to $30 million in cash and an additional 10 million Class A shares if certain price targets are met.

The combined company, to be led by Metromile CEO Dan Preston, will have a pro forma market capitalization of approximately $1.3 billion.

The new company seeks to expand into 49 states by the end of 2022, with a premium run-rate of $1 billion by the end of 2024… The firm offers an alternative approach to car insurance by charging premiums based on per-mile usage through an on-board device and digital app rather than industry-standard estimations… its model allows customers, on average, to save about 47 percent over what they would pay with a traditional insurer…

https://www.pymnts.com/ipo/2020/metromile-to-go-public-through-merger