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“They have been down this road billions of times, and their proprietary data and machine-learning algorithms can vault us over the most time and cost-intensive parts of the journey,” Lemonade Chief Executive Officer Daniel Schreiber said in the statement. “In a vast and competitive market like auto insurance, today’s deal is a huge unlock of value for our customers and shareholders.” (Credit: Gabby Jones/Bloomberg) “They have been down this road billions of times, and their proprietary data and machine-learning algorithms can vault us over the most time and cost-intensive parts of the journey,” Lemonade Chief Executive Officer Daniel Schreiber said in the statement. “In a vast and competitive market like auto insurance, today’s deal is a huge unlock of value for our customers and shareholders.” (Credit: Gabby Jones/Bloomberg)

(Bloomberg) — Lemonade Inc. is bolstering its nascent auto-insurance business by acquiring pay-per-mile insurer Metromile Inc. in its first takeover.

The deal values San Francisco-based Metromile, which went public via a merger with a blank-check company earlier this year, at roughly $500 million, according to a statement Monday. Metromile shareholders will receive Lemonade common shares at a ratio of 19 to 1, and the deal is expected to close by mid-2022.

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