"For 10 years, Metromile's intricate sensors monitored billions of miles of driving, while their AI cross-referenced this data with hundreds of thousands of claims, to accurately score each tap of the brake and turn of the wheel," Shai Wininger, Lemonade co-CEO and co-founder, said. "We believe that adding these models into the Lemonade Car platform will make the most delightful car insurance also the most competitive, precise and fair." (Credit: Gabby Jones/Bloomberg)
Lemonade Inc. has finalized its purchase of Metromile Inc., which brings $155 million in cash, over $110 million in premiums and licenses to operate in 49 states to its new parent company. Metromile shareholders received 7.3 million shares of Lemonade, valued at roughly $145 million, as part of the transaction.
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
