Metromile
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“Tomorrow will be a better day.” “Next year will be a better year.” “The coming decade will be when this industry realizes its true potential.” We hear the same for most public enterprises.
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The InsurTechs’ results show the path to profitability remains unclear, even as Lemonade said it expects to be self-funding from here.
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The all-cash deal was completed following the closure of Metromile’s $500mn acquisition by Lemonade last week.
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Last November, Lemonade struck a deal to buy the Californian InsurTech in an all-stock transaction, implying a diluted equity value of $500mn, or $200mn net of cash.
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Metromile’s Preston and Lemonade co-CEOs Wininger and Schreiber all joined industry stalwarts in this year’s top 10.
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The executive discussed InsurTech challenges, his priorities for Branch, fundraising, and his concerns about the capital markets.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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Embedded insurance can help sidestep some of the challenges faced by InsurTech 1.0.
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Inside P&C’s news team runs you through the key developments from the past week.
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Following the announcement of the delay, Metromile shares rose over 9% earlier this morning to just under $0.90 per stock.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The companies have received approval from the Department of Justice under the Hart-Scott-Rodino Act and are awaiting other required regulatory approvals.
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Companies that had easily lured investors with major premium growth are now scrambling to prove their fundamentals work, and are sitting out fundraising to avoid a down round.
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March’s CPI report shows elevated inflation levels, including vehicle CPI of 10.5% and average used car price increase of 24.7%.
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Following the acquisitions of Trov and Insureon, what InsurTech M&A deals are next?
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The auto InsurTech’s accident period loss ratio grew to 78.1% during the quarter, up from 56.9% at the same point last year.
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The merger proposal was supported by at least 95.9% of the votes cast at during a special meeting of stockholders on Tuesday.
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The next generation must stay private longer, employ a partnership approach to capital and take the complexities of insurance more seriously.
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Stock prices fluctuated, and InsurTech short-sellers took some profits.
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The InsurTech’s stock traded at $28.25 by midday Tuesday, down from its $163.93 peak in February 2021.
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The latest report shows even higher inflation pushing up severity, forcing carriers to take rate.
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InsurTechs, including Lemonade, Root, Hippo, and Metromile, shed some short interest but remain the target of choice for short-sellers.
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Lemonade, Root, and Metromile remain the focus of short sellers, as most firms see little short interest change.
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Inside P&C dissects the biggest deals of the year across broking, commercial lines and InsurTech.
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