Metromile

“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.

The InsurTechs’ results show the path to profitability remains unclear, even as Lemonade said it expects to be self-funding from here.

The all-cash deal was completed following the closure of Metromile’s $500mn acquisition by Lemonade last week.

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.

Metromile’s Preston and Lemonade co-CEOs Wininger and Schreiber all joined industry stalwarts in this year’s top 10.

The executive discussed InsurTech challenges, his priorities for Branch, fundraising, and his concerns about the capital markets.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Embedded insurance can help sidestep some of the challenges faced by InsurTech 1.0.

Inside P&C’s news team runs you through the key developments from the past week.

Following the announcement of the delay, Metromile shares rose over 9% earlier this morning to just under $0.90 per stock.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The companies have received approval from the Department of Justice under the Hart-Scott-Rodino Act and are awaiting other required regulatory approvals.