Metromile to Combine With INSU Acquisition Corp. II, a Special Purpose Acquisition Company

San Francisco – December 2, 2020 – Cooley advised digital insurance platform and pay-per-mile auto insurer Metromile on its agreement to combine with INSU Acquisition Corp. II, a publicly traded special purpose acquisition company or SPAC. The combined company will remain publicly listed on Nasdaq and have an implied estimated market capitalization of $1.3 billion, with the closing expected in Q1 2021. Partners Garth Osterman and Rachel Proffitt led the Cooley team advising Metromile on the transaction.

The combined company will continue under the Metromile name and is expected to trade under the new ticker symbol “MLE.” It is anticipated that the transaction will provide Metromile with up to approximately $294 million of cash at closing, which the combined company expects to use to reduce existing debt and accelerate growth initiatives – expanding into new markets, increasing partnerships and launching new products.

“We founded Metromile to address the vast inequities in auto insurance, and we are proving that our model of real-time, digital auto insurance is both resilient and sustainable,” Dan Preston, chief executive officer of Metromile, said in a news release. “As a public company, we expect to use our strengthened balance sheet to accelerate our growth, bring Metromile nationwide and scale rapidly toward sustained profitability.”

With data science as its foundation, Metromile offers its insurance customers real time, personalized auto insurance policies, priced and billed by the mile, with rates based on precisely how and how much they actually drive, instead of using the industry standard approximations and estimates that make prices unfair for most customers. Through Metromile’s digitally native offering, built around the needs of the modern driver, its per-mile insurance policies save customers, on average, 47% over what they were paying their previous auto insurer.

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Related Contacts
Garth Angelo Osterman  Partner San Francisco
Rachel Proffitt  Partner San Francisco
Ajay Athavale  Associate San Francisco
Rachel M. Burns  Associate San Francisco
Sharon Connaughton  Special Counsel Washington, DC
Adam Connolly  Partner San Francisco
Caitlin Courtney  Associate Palo Alto
Ross Eberly  Partner Los Angeles
Alexander Ellebracht  Associate Palo Alto
TJ Graham  Partner Palo Alto
Christopher Kimball  Partner Washington, DC
Matt Kong  Associate San Francisco
Dillon Martinson  Special Counsel Washington, DC
Joshua Mates  Partner San Francisco
Howard Morse  Partner Washington, DC
Alessandra Murata  Partner Palo Alto
Zander Olsson  Associate San Francisco
Bihter Ozedirne  Associate Palo Alto
Sangitha Palaniappa  Associate Palo Alto
Daniel Paramés  Partner San Francisco
Daniel Paramés  Partner San Francisco
Michelle Peleg  Associate San Francisco
Megan Drill  Associate San Diego
Jason Savich  Partner San Francisco
Patrick Sharma  Associate Los Angeles
Karen Tsai  Special Counsel Washington, DC
Mark Windfeld-Hansen  Senior Counsel Palo Alto