Metromile stated its stockholders have authorized its acquisition by digital insurer Lemonade. The transaction is anticipated to shut within the second quarter pending regulatory approval.
The pay-per-mile auto insurance coverage supplier stated it held a gathering Feb. 1, and that the all-stock transaction proposal introduced in November was supported by practically 96% of the votes solid, representing about 63% of the shares within the firm.
The deal has a totally diluted fairness worth of roughly $500 million, or simply over $200 million internet of money.
New-York-based insurtech Lemonade is thought for its renters, householders, pet, automobile, and life insurance coverage merchandise however introduced shortly earlier than its plans to amass Metromile that it had began an auto insurance coverage product, launched in Illinois.
San Francisco-based Metromile has 49 state licenses. In October 2021 Metromile stated it employed a former Vacationers Insurance coverage govt to steer an effort to expand its use of independent agents.
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