philadelphia and san francisco, feb. 09, 2021 (Globe News Wire) – Metromile, Inc. (“MetroMile”), a leading digital insurance platform and pay-per-mile auto insurer, today announced that it has completed its business combination (the “Business Combination”) with Insu Acquisition Corp. ii (“insu ii”) (nasdaq: inaq), a publicly traded special purpose acquisition company sponsored by cohen & company, llc, a subsidiary of cohen & company inc (American nyse: cohn). The business combination was approved today by the shareholders of Insu II.
The combined company is called MetroMile, Inc., and its common stock will be traded on Nasdaq under the ticker symbol “Mile” beginning February 10, 2021, while its warrants will be traded on Nasdaq under the ticker symbol “milew” quote.
Reading: Inaq merger
“today is an important milestone for metromile, but not the destination. We are committed to providing customers with fair, real-time, individualized insurance,” said Dan Preston, CEO of Metromile. “We believe that the future of insurance is technology that works for everyone. As a public company, we believe we are well positioned to accelerate our plans and deliver sustainable, profitable growth for our shareholders. We look forward to bringing our personalized digital insurance to communities across the country and, through the metromile enterprise, partnering with more insurers to modernize insurance everywhere.”
The business combination was financed by a combination of approximately $230 million of cash in trust from insu ii and $170 million of proceeds from the previously announced private placement of the shares of insu ii, which was fully committed by a group of investors. institutional and strategic .
“We are excited to close our business combination with Metromile and eagerly anticipate its next chapter in delivering real-time, personalized digital auto insurance across the country,” said Daniel Cohen, Chairman of the Board of Insu ii. “dan and his world-class team of technologists and insurance veterans have built a business that has a clear competitive advantage and is at the forefront of the evolution of digital insurance. This business combination provides metromile with the capital needed to successfully execute multiple growth opportunities and help end the era of fixed-price auto insurance.”
j.p. morgan securities llc served as exclusive financial advisor to metromile, and cooley llp served as legal advisor to metromile in connection with the transaction. Cantor Fitzgerald & Co., jp morgan security llc, wells fargo, piper sandler and northland capital markets acted as capital markets advisers to insu ii. jp morgan securities llc, wells fargo and allen & the company acted as placement agent for insu ii and latham & watkins llp acted as legal counsel to the placement agents. ledgewood acted as legal counsel to insu ii in connection with the transaction.
the cusip number for metromile common stock is 591697 107 and 591697 115 for warrants.
metromile is a leading digital insurance platform in the united states. With data science as its foundation, MetroMile offers real-time, personalized auto insurance policies by the mile, rather than industry-standard approximations and estimates that have historically made pricing unfair. metromile’s digital-native offering is built around the needs of modern drivers, with automated claims, free smart driving features, and an average annual savings of 47% over what they paid their previous auto insurer.
in addition, through metromile enterprise, it licenses its technology platform to insurance companies around the world. This cloud-based software as a service enables carriers to operate more efficiently, automate claims to speed resolution, reduce losses associated with fraud, and unlock employee productivity.
For more information about metromile, visit www.metromile.com and enterprise.metromile.com.
About Insu Acquisition Corp. i
insu acquisition corp. ii is a special purpose acquisition company sponsored by cohen & company, llc, a subsidiary of cohen & company inc (nyse american: cohn) and was formed for the purpose of entering into a merger, stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more companies, with a focus on the insurance industry. The company raised $230,000,000 in its initial public offering in September 2020 and is listed on Nasdaq under the symbols “inaq”, “inaqu” and “inaqw”.
Information in this press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “will”, “intends”, “expects”, “anticipates”, “believes” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, expectations regarding metromile’s growth strategy and acceleration, its ability to become profitable and generate sustained growth, the capital adequacy of the business combination and private placement, and the ability to metromile to end the era of fixed-price auto insurance. these statements are based on various assumptions, whether or not identified in this press release, and management’s current expectations and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and should not be relied upon by any investor as, a guarantee, assurance, prediction, or definitive statement of fact or probability. actual events and circumstances are difficult or impossible to predict and will differ from assumptions. many real events and circumstances are beyond the control of metromile. These forward-looking statements are subject to a number of risks and uncertainties, including changes in legal, political, financial, market, business and national conditions; and those factors discussed under the heading “risk factors” in the prospectus/definitive power of attorney statement filed with the SEC under rule 424(b)(3) on January 15, 2021 and other documents filed by metromile, or to be filed , before the second. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Metromile currently does not know about or that Metromile currently believes are immaterial and that could also cause actual results to differ from those contained in forward-looking statements. In addition, forward-looking statements reflect Metromile’s expectations, plans or forecasts regarding future events and views as of the date of this news release. metromile anticipates that subsequent events and developments will cause metromile ratings to change. Although Metromile may choose to update these forward-looking statements at some time in the future, Metromile specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Metromile’s evaluation as of any date after the date of this news release. accordingly, undue reliance should not be placed on forward-looking statements.
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insu ii and cohen & company