Metromile
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The Inside P&C Research team looks at what subsectors the new class of InsurTechs is targeting. -
Short interest data shows an incremental uptick in short interest for InsurTechs, with slight declines for the brokers.
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The SPACs merging with Hippo, Doma and Qomplx are all trading below the redemption price.
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Continued capital depletion could result in additional pressure on management teams with regard to executing their original business plans.
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The accounting change will delay the release of Metromile’s Q1 results, with the company’s finance team instead focusing on rewriting its 2020 results.
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Both InsurTech carriers have opted to go public through a merger with a blank check company this year.
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Dye spent more than two decades at Capital One across operational and marketing roles.
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Metromile will buy $10mn in bitcoin later this quarter, in a move the InsurTech said would help promote the financial resilience of policyholders.
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Although this period’s short-interest shift was muted, the next update will likely show greater movement as Q1 is digested.
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In the absence of macro and micro catalysts the short interest changes in the broader industry were muted.
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Taking Metromile public cost the firm an estimated 22% of gross proceeds, followed by Hippo at 11%.
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On a forward basis, frequency estimates could look high with base figures in 2020 being significantly impacted by initial lockdown measures.
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