Person using Lemonade mobile app. Metromile CEO Dan Preston said the layoffs were unexpected and a shock, according to a memo from Preston to staff viewed by PC360. Preston now serves as senior vice president of strategic initiatives for Lemonade. (Credit: Gabby Jones/Bloomberg)

Around 20% of Metromile Inc.’s staff were let go following the insurtech’s acquisition by Lemonade Inc., the purchasing firm confirmed to PropertyCasualty360.com in a statement.

In an emailed statement, a Lemonade spokesperson said: “The good-news-bad-news is that this acquisition is synergistic, in that the combined entity is better than the sum of its parts, and can operate with fewer people than were needed to staff the two standalone. This makes the deal compelling to shareholders, but clearly is painful to those who weren’t extended an offer to join Lemonade.”

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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