{"id":387430,"date":"2020-11-24T07:03:29","date_gmt":"2020-11-24T12:03:29","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=387430"},"modified":"2020-11-24T07:03:29","modified_gmt":"2020-11-24T12:03:29","slug":"metromile-a-leading-digital-insurance-platform-to-become-public-company","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/metromile-a-leading-digital-insurance-platform-to-become-public-company\/","title":{"rendered":"Metromile, a Leading Digital Insurance Platform, to Become Public Company"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"center\">\n        <strong><br \/>\n          <em>Metromile and INSU Acquisition Corp. II (NASDAQ: INAQ) Enter Business Combination Agreement<\/em><br \/>\n        <\/strong><br \/>\n        \n      <\/p>\n<p align=\"center\">\n        <strong><br \/>\n          <em>Transaction Includes Commitment for <\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>$<\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>160 <\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>Million PIPE Led by Social Capital<\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>,<\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em> Joined by <\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>Investors Including <\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>Miller Value<\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>,<\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em> Clearbridge, <\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>Hudson Structured, <\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>Mark Cuban<\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>, <\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>and <\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>New Enterprise Associates <\/em><br \/>\n        <\/strong>\n      <\/p>\n<p align=\"center\">\n        <strong><br \/>\n          <em>Metromile <\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>Expanding to 49 States by <\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>Year-<\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>End 2022 and <\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>Projecting $1 Billion of Premium Run-Rate <\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>by Year-End 2024<\/em><br \/>\n        <\/strong>\n      <\/p>\n<p align=\"center\">\n        <strong><br \/>\n          <em>Approximately<\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>$1.<\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>3 <\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>Billion Combined Company <\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>Pro Forma Implied <\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>Market <\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>Cap<\/em><br \/>\n        <\/strong>\n      <\/p>\n<p align=\"center\">\n        <strong><br \/>\n          <em>Transaction to Provide <\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>Combined Company <\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>with<\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>up to an <\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>Estimated $<\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>294 <\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>Million in Cash to Pursue Growth Initiatives<\/em><br \/>\n        <\/strong>\n      <\/p>\n<p align=\"center\">\n        <strong><br \/>\n          <em>Metromile CEO Dan Preston to Continue Leading Company<\/em><br \/>\n        <\/strong>\n      <\/p>\n<p align=\"center\">\n        <strong><br \/>\n          <em>Webcast <\/em><br \/>\n        <\/strong><br \/>\n        <strong><br \/>\n          <em>Scheduled for Today at 9:00 AM Eastern<\/em><br \/>\n        <\/strong>\n      <\/p>\n<p align=\"justify\">PHILADELPHIA and SAN FRANCISCO, Nov.  24, 2020  (GLOBE NEWSWIRE) &#8212; Metromile, Inc. (\u201cMetromile\u201d), the leading digital insurance platform and pay-per-mile auto insurer, and INSU Acquisition Corp. II (NASDAQ: INAQ) (\u201cINSU II\u201d), a publicly-traded special purpose acquisition company sponsored by Cohen &amp; Company, LLC, a subsidiary of Cohen &amp; Company Inc. (NYSE American: COHN), announced today that they have entered into a definitive business combination that will result in Metromile becoming a publicly listed company. Upon closing of the transaction, the combined company will be named Metromile, Inc. and is expected to remain listed on NASDAQ under the new ticker symbol \u201cMLE\u201d.<\/p>\n<p align=\"justify\">\n        <strong>Company Overview<\/strong>\n      <\/p>\n<p align=\"justify\">Metromile is revolutionizing the fragmented $250+ billion U.S. personal auto insurance market with real-time digital auto insurance personalized for low-mileage drivers. About two-thirds of U.S. drivers are considered low-mileage and could be overpaying for auto insurance because they do not pay per mile. Today, Metromile\u2019s insurance customers save 47% on average compared to what they were paying their previous auto insurer.<sup>1<\/sup> Metromile is making auto insurance fairer with pricing and billing by the mile, with precise rates based on how and how much they drive instead of industry-standard approximations or estimates.<\/p>\n<p align=\"justify\">Metromile\u2019s fully digital customer experience is designed for the modern driver. Customers sign up, access customer support and file claims through its mobile app. Claims are handled quickly and, in most cases, are fully automated. Exclusive features like street sweeping alerts and auto health tips engage drivers along the way. The result is a community of fiercely loyal customers who enjoy far more than price savings.<\/p>\n<p align=\"justify\">By downloading Metromile\u2019s free Ride Along\u2122, consumers can determine if they are a low-mileage driver, see what they could save with Metromile before switching and get their best rate.<\/p>\n<p align=\"justify\">With data science at its core, Metromile unlocks the predictive value of data generated by autos, mobile phones and other sources. Its model translates into a better customer experience, higher customer retention rates, and greater operating profits, while lowering customer acquisition costs, fraud and servicing expenses.<\/p>\n<p align=\"justify\">Additionally, with Metromile Enterprise, the company is now powering the digital transformation of the global insurance industry. Launched in 2019, Metromile Enterprise is a cloud-based software-as-a-service solution that helps large, incumbent insurers transition into an era of modern mobility. By licensing key components of its technology platform \u2013 including claims automation and fraud detection tools \u2013 the company accelerates P&amp;C carriers\u2019 digital roadmaps and meaningfully participates in the profit improvements they realize, generating growing and recurring high-margin revenue.<\/p>\n<p align=\"justify\">\n        <strong>Management and Investor Comments<\/strong>\n      <\/p>\n<p align=\"justify\">\u201cWe 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,\u201d said Dan Preston, Chief Executive Officer of Metromile. \u201cOur data science-driven technology platform creates a significant advantage, and customers are thrilled with their savings and experience. At the same time, we\u2019re generating industry-leading underwriting metrics and unit economics. We\u2019re demonstrating there doesn\u2019t have to be a tradeoff between customer happiness and a healthy, profitable business.\u201d<\/p>\n<p align=\"justify\">\u201cWe are excited to bring our vision of transforming the auto insurance industry to the public markets by partnering with Daniel Cohen and the team at INSU II, whose deep experience in the insurtech space will help propel Metromile to the next level,\u201d continued Preston. \u201cToday\u2019s announcement launches Metromile\u2019s new chapter in delivering the fairest, most individualized auto insurance. 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. The era of fixed price auto insurance is coming to an end.\u201d<\/p>\n<p align=\"justify\">\u201cThe massive U.S. auto insurance industry has been inefficient and ripe for disruption for decades, and Metromile\u2019s technology platform provides a clear competitive advantage over the legacy carriers, positioning them at the forefront of the revolution they founded,\u201d said Daniel Cohen, Chairman of the Board of Directors of INSU II. \u201cLed by visionary technologists and complemented by the best veterans from top insurance carriers, Metromile has built a digital auto insurer with compelling and durable unit economics. The team has created a distinct offering that vastly differentiates Metromile in the marketplace.\u201d<\/p>\n<p align=\"justify\">\u201cMetromile\u2019s technology sets them apart, driving huge advantages that will deliver significant and profitable growth for decades to come. I expect them to be a generational business,\u201d added Chamath Palihapitiya, Founder and CEO of Social Capital. \u201cIn addition to saving consumers considerable amounts of money, the Metromile platform has been built from the ground-up as a technology company, reshaping how an insurance business operates. No industry should be more impacted by digitization than insurance, and Metromile is leading the way. We are excited to work with this team and support their important transition to becoming a public company.\u201d<\/p>\n<p align=\"justify\">\u201cI\u2019ve long been a fan of Metromile\u2019s team and amazing product. During these times of financial hardship, unemployment, and work from home, Metromile provides an important\u00a0insurance alternative. The option to pay for insurance by the mile is a game changer and why I\u2019m incredibly excited about Metromile\u2019s future!\u201d said entrepreneur and early Metromile investor Mark Cuban.\u00a0<\/p>\n<p align=\"justify\">\n        <strong>Metromile Highlights<\/strong>\n      <\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:14pt\">A leader in digital auto insurance<br \/>\u00a0 \u00b0\u00a0 Largest pay-per-mile digital insurer in the fragmented $250+ billion U.S. auto insurance market<br \/>\u00a0 \u00b0\u00a0\u00a076% average annual premium growth rate from 2015-2019<br \/>\u00a0 \u00b0\u00a0\u00a0Average new customer lifetime of 3.4 years; customers that have been with Metromile for at least one year have average customer lifetime of 5.2 years<br \/>\u00a0 \u00b0\u00a0\u00a0Proprietary technology and data create barrier to entry<\/li>\n<li style=\"margin-top:14pt\">Unique customer value proposition<br \/>\u00a0 \u00b0\u00a0\u00a0Average customer savings of 47% from previous auto insurance policy<br \/>\u00a0 \u00b0\u00a0\u00a0Net promoter score of 55 overall; net promoter score of 75 for claims process<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li>Data science-driven economic advantages<br \/>\u00a0 \u00b0\u00a0\u00a0Approximately 3 billion miles of driving data collected<br \/>\u00a0 \u00b0\u00a0\u00a0Moment-by-moment driving behavior data derived from plug-in devices, connected vehicles and mobile phones is built into pricing and underwriting<br \/>\u00a0 \u00b0\u00a0\u00a0Industry-leading 59% loss ratio year-to-date as of September 30, 2020; automated fraud discovery delivers triple the recovery over the industry average<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li>Poised to grow and scale rapidly nationwide<br \/>\u00a0 \u00b0\u00a0\u00a021 state footprint by end of 2021 and 49 states by end of 2022<br \/>\u00a0 \u00b0\u00a0\u00a0Omni-channel customer growth engine leverages digital, offline and partnerships<br \/>\u00a0 \u00b0\u00a0\u00a0Ride Along\u2122 \u201ctry before you buy\u201d app converting 20% of users into customers<br \/>\u00a0 \u00b0\u00a0\u00a0Expect to achieve $1 billion of insurance premium run-rate by year-end 2024<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li>Industry-recognized Metromile Enterprise offering growing rapidly<br \/>\u00a0 \u00b0\u00a0\u00a0Automated claims and fraud detection tools offered as a cloud-based enterprise software offering to global P&amp;C insurers<br \/>\u00a0 \u00b0\u00a0\u00a0Earning multi-million-dollar annual recurring revenue from enterprise software licenses with four active deployments<br \/>\u00a0 \u00b0\u00a0\u00a0Expect to achieve $48 million of enterprise software revenue in 2024<\/li>\n<\/ul>\n<ul type=\"disc\">\n<li>Visionary, experienced leadership team<br \/>\u00a0 \u00b0\u00a0\u00a0Diverse team of Silicon Valley\u2019s best technologists and insurance industry veterans of organizations including Google, Uber, Progressive, SAP and Salesforce<br \/>\u00a0 \u00b0\u00a0\u00a0Leadership diversity ensures company is equally focused on loss ratios, unit economics and profitability as it is on customer experience and technology innovation<\/li>\n<\/ul>\n<p align=\"justify\">\n        <strong>Transaction Highlights<\/strong>\n      <\/p>\n<p align=\"justify\">INSU II will combine with Metromile for aggregate consideration of approximately $842 million in INSU II Class A common stock and up to $30 million of cash consideration, plus an additional 10 million shares of Class A common stock that will be earned if the combined company achieves certain price targets over time. The transaction reflects an estimated implied pro forma enterprise value at closing of $956 million. In connection with the transaction, investors led by Social Capital, and including Hudson Structured Capital Management Ltd., doing its re\/insurance business as HSCM Bermuda (\u201cHSCM\u201d), Miller Value, Clearbridge and Mark Cuban, have committed to invest $160 million in a private purchase of INSU II Class A common stock. Metromile\u2019s earlier investors include New Enterprise Associates (NEA), Hudson Structured, Intact Ventures, Tokio Marine,\u00a0Index Ventures, Mark Cuban and others, and will\u00a0remain significant and active holders of Metromile\u2019s stock.<\/p>\n<p align=\"justify\">It is anticipated that the transaction will provide Metromile with up to approximately $294 million of cash at closing. The combined company expects to use proceeds from the transaction to reduce existing debt and accelerate growth initiatives, including expanding into new markets, increasing partnerships and launching new products and features.<\/p>\n<p align=\"justify\">The Boards of Directors of each of INSU II and Metromile have unanimously approved the transaction. The transaction will require the approval of the stockholders of INSU II and Metromile, the effectiveness of a registration statement to be filed with the Securities and Exchange Commission (the \u201cSEC\u201d) in connection with the transaction, and other customary closing conditions, including the receipt of certain regulatory approvals. The transaction is expected to close in the first quarter of 2021.<\/p>\n<p align=\"justify\">\n        <strong>Advisors<\/strong>\n      <\/p>\n<p align=\"justify\">J.P. Morgan Securities LLC is serving as exclusive financial advisor to Metromile, and Cooley LLP is serving as legal counsel to Metromile in connection with the transaction.<\/p>\n<p align=\"justify\">Cantor Fitzgerald &amp; Co., J.P. Morgan Securities LLC, Wells Fargo and Northland Capital Markets are acting as capital markets advisors to INSU II.<\/p>\n<p align=\"justify\">J.P. Morgan Securities LLC, Wells Fargo, and Allen &amp; Company are serving as placement agents to INSU II and Latham &amp; Watkins LLP is serving as legal counsel to the placement agents.<\/p>\n<p align=\"justify\">Ledgewood is serving as legal counsel to INSU II in connection with the transaction.<\/p>\n<p align=\"justify\">\n        <strong>Webcast<\/strong><br \/>\n        <strong> Information<\/strong>\n      <\/p>\n<p align=\"justify\">Investors may listen to a pre-recorded call regarding the proposed business combination later today at 9:00 am ET. Please visit Metromile\u2019s investor relations website <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=En-fuhx2LYGPy284qYAGw0mJgGB3r0tc1kYKkq0v7QKVwNMAm0rTzAUA1ckgsYR4kFYIVW3rF7r23Le4DmrBlBaNsZb-1Gwkkhk-GWdtb5XGQCvwQjrQC_0pJcWE4YId8L82WfifwtvviYqf_GA70A==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.metromile.com\/investor-relations<\/a> to access the webcast.<\/p>\n<p align=\"justify\">\n        <strong>Investor Presentation<\/strong>\n      <\/p>\n<p align=\"justify\">An investor presentation will be available at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=En-fuhx2LYGPy284qYAGw0mJgGB3r0tc1kYKkq0v7QLMvaisgIOZXLFzuv20jH_exEqIVg57RHfM9Gg8Km_XkEXtAAiad1q9ecnB7Lnoxvjc8t1QYF3JjHL8E7qRawQKGc5fcZgynqX7NV4plveRRA==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.metromile.com\/investor-relations<\/a> and filed with the SEC as an exhibit to a Current Report on Form 8-K prior to the call, and available on the SEC website at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=_ZyTisHUkOPnBJPsmN1oz5OZ716KGXDUD0dOT2sUgsu_Uj793uQI4PdeoUve-frxzn1Ey6fUos0dmiOkHMVUoN8W4vuWOpfd0occZoAB0LaHKzNVEbXlKYA3P-d0G8GwJ5HlOTUNsxwuFgES4VJ9hg4a1B1IqdG1Sru8U17TpnMe9DJ_lgZS156NjxMm4gETWFDLRcRSCjgIvEzbwvHfZLNNPW_tdxxVN35umZHIvN9L9heyaMqUZ9_KXCH7yaLbO5ENHtSN_JQHqdj0Zxl0Aej1Ek13d3-ZtYTC3Txqg9fM2eQPdjkeekhml3-jgvXx\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>www.sec.gov<\/u><\/a>.<\/p>\n<p align=\"justify\">\n        <strong>Dial-in Information<\/strong>\n      <\/p>\n<p align=\"justify\">The call may also be accessed by dialing (877) 407-0789 for domestic callers or (201) 689-8562 for international callers. Once connected with the operator, please provide the conference ID of \u201c13713586.\u201d<\/p>\n<p align=\"justify\">A replay of the call will also be available today from 11:00 am ET to 11:59 pm ET on December 8, 2020. To access the replay, the domestic toll-free access number is (844) 512-2921 and participants should provide the conference ID of \u201c13713586.\u201d<\/p>\n<p align=\"justify\">\n        <strong>About Metromile<\/strong>\n      <\/p>\n<p align=\"justify\">Metromile is a leading digital insurance platform in the United States. 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\u2019s 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.<\/p>\n<p align=\"justify\">In addition, through Metromile Enterprise, it licenses its technology platform to insurance companies around the world. This cloud-based software as a service enables carriers to operate with greater efficiency, automate claims to expedite resolution, reduce losses associated with fraud, and unlock the productivity of employees.<\/p>\n<p align=\"justify\">For more information about Metromile, visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=En-fuhx2LYGPy284qYAGw5LXZ9y8LpgCoQLITfDxzuHaZADMk31DVTZ8r88onBl5U2rOYYh2TIk345AduJBpig==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.metromile.com<\/a> and <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=PDNxEf8xVEUx3yIz-5XqnWwXJXoKHMt0MRiLellXLatuW0zXL_0i4rDxuA_0JRbyHbPWTBhafXn7P4XA_8GfTtUH_v6cVuPWECLRJ6Sa65M=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">enterprise.metromile.com<\/a>.<\/p>\n<p align=\"justify\">\n        <strong>About INSU Acquisition Corp. II<\/strong>\n      <\/p>\n<p align=\"justify\">INSU Acquisition Corp. II is a special purpose acquisition company sponsored by Cohen &amp; Company, LLC, a subsidiary of Cohen &amp; Company Inc. (NYSE American: COHN) and formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses, with a focus on the insurance industry. The company raised $230,000,000 in its initial public offering in September 2020 and is listed on the NASDAQ under the symbols \u201cINAQ\u201d, \u201cINAQU\u201d and \u201cINAQW\u201d.<\/p>\n<p align=\"justify\">\n        <strong>About Hudson Structured Capital Management Ltd. <\/strong>\n      <\/p>\n<p align=\"justify\">Hudson Structured Capital Management Ltd. is an asset manager focused on alternative investments seeking mezzanine level returns. Our focus is on the Re\/Insurance and Transportation sectors. HSCM launched in 2016 and as of November 1, 2020, has more than $2.75 billion in assets under management and committed capital. HSCM focuses on core economic sectors that are likely to outgrow global GDP, offer low correlations with broader markets, and are experiencing a shift from balance sheet and to market financing. For more information, please visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=to6Ybj7Tz7Hgto-ZEV55lexACSLXD92tRWkVvPsHo-vmJJXOFAMkK8sLge9KpIky2FTJxEaE4SAVFAu4HIajuG3LDrrxOASgRi0Mb6459eg40yWaJs0iMBYgqd9mbwjD6nwkWoxjPgUYB_bjyy0ypQ==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.hscm.com<\/a>.<\/p>\n<p align=\"justify\">\n        <strong>Forward-Looking Statements<\/strong>\n      <\/p>\n<p align=\"justify\">This document includes \u201cforward looking statements\u201d within the meaning of the \u201csafe harbor\u201d provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as \u201cforecast,\u201d \u201cintend,\u201d \u201cseek,\u201d \u201ctarget,\u201d \u201canticipate,\u201d \u201cbelieve,\u201d \u201cexpect,\u201d \u201cestimate,\u201d \u201cplan,\u201d \u201coutlook,\u201d and \u201cproject\u201d and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward looking statements include estimated financial information, including insurance premium run-rate and enterprise software revenue. Such forward looking statements with respect to revenues, earnings, performance, strategies, prospects and other aspects of the businesses of INSU Acquisition Corp. II, Metromile, Inc. or the combined company after completion of the Business Combination are based on current expectations that are subject to risks and uncertainties. A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements. These factors include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction agreement and the proposed business combination contemplated thereby; (2) the inability to complete the transactions contemplated by the transaction agreement due to the failure to obtain approval of the stockholders of INSU Acquisition Corp. II or other conditions to closing in the transaction agreement; (3) the ability to meet Nasdaq\u2019s listing standards following the consummation of the transactions contemplated by the transaction agreement; (4) the risk that the proposed transaction disrupts current plans and operations of Metromile, Inc. as a result of the announcement and consummation of the transactions described herein; (5) the ability to recognize the anticipated benefits of the proposed Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (6) costs related to the proposed Business Combination; (7) changes in applicable laws or regulations; (8) the possibility that Metromile, Inc. may be adversely affected by other economic, business, and\/or competitive factors; and (9) other risks and uncertainties indicated from time to time in other documents filed or to be filed with the Securities and Exchange Commission (\u201cSEC\u201d) by INSU Acquisition Corp. II. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. INSU Acquisition Corp. II and Metromile, Inc. undertake no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.<\/p>\n<p align=\"justify\">\n        <strong>Important Information for Investors and Stockholders<\/strong>\n      <\/p>\n<p align=\"justify\">In connection with the proposed Business Combination between Metromile, Inc. and INSU Acquisition Corp. II, INSU Acquisition Corp. II intends to file with the SEC a preliminary proxy statement \/ prospectus and will mail a definitive proxy statement \/ prospectus and other relevant documentation to INSU Acquisition Corp. II stockholders. This document does not contain all the information that should be considered concerning the proposed Business Combination. It is not intended to form the basis of any investment decision or any other decision in respect to the proposed Business Combination. INSU Acquisition Corp. II stockholders and other interested persons are advised to read, when available, the preliminary proxy statement \/ prospectus and any amendments thereto, and the definitive proxy statement \/ prospectus in connection with INSU Acquisition Corp. II\u2019s solicitation of proxies for the special meeting to be held to approve the transactions contemplated by the proposed Business Combination because these materials will contain important information about Metromile, Inc., INSU Acquisition Corp. II and the proposed transactions. The definitive proxy statement \/ prospectus will be mailed to INSU Acquisition Corp. II stockholders as of a record date to be established for voting on the proposed Business Combination when it becomes available. Stockholders will also be able to obtain a copy of the preliminary proxy statement \/ prospectus and the definitive proxy statement \/ prospectus once they are available, without charge, at the SEC\u2019s website at <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=d0JTXJ21V0DhMhu2SCSlt0_4DhjIII9s-j2X7OiW6aCEF8qF2q8rpdogtKVizGAAKIlQN50t3_uY8sjV7zvwQm_2LzHrwal6nPBx6ac1iDhJxKwhZFsAnegvYK79LK0gKmD4x_ZbcVXLkwyIf3K00B7NOFGUKk6gxyYNSUViwlU-DQycLr1_i_iKOcdopMGxoj9SQPqbVIDgg6ApGWuSJ4cZHvvKhICTeVEEDmimg6e5gnQcldeZ2Kh9uHyCngsfl7UUhSUceemrLm9biRsXwcL9ghxFK_xGaibFeNNrTbyyYzlSzpbTzTJtFVfubBTc\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>http:\/\/sec.gov<\/u><\/a> or by directing a request to: Joe Pooler, Chief Financial Officer and Treasurer, INSU Acquisition Corp. II, 2929 Arch Street, Suite 1703, Philadelphia, Pennsylvania 19104.<\/p>\n<p align=\"justify\">This document shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed Business Combination.<\/p>\n<p align=\"justify\">\n        <strong>Participants in the Solicitation<\/strong>\n      <\/p>\n<p align=\"justify\">INSU Acquisition Corp. II and its directors and officers may be deemed participants in the solicitation of proxies of INSU Acquisition Corp. II stockholders in connection with the proposed business combination. INSU Acquisition Corp. II stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of INSU Acquisition Corp. II in INSU Acquisition Corp. II\u2019s prospectus filed with the SEC on September 4, 2020.<\/p>\n<p align=\"justify\">Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to INSU Acquisition Corp. II stockholders in connection with the proposed transaction will be set forth in the proxy statement \/ prospectus for the transaction when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transaction will be included in the proxy statement \/ prospectus that INSU Acquisition Corp. II intends to file with the SEC.<\/p>\n<p align=\"justify\">\n        <strong>Contacts<\/strong>\n      <\/p>\n<p>\n        <em>Investor Relations<\/em>\n      <\/p>\n<p>Garrett Edson, ICR<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=YAvVj4quMZTRvut1wPBFxSo6ZibK6taBOt93p8RN7qUtV3NaVeJxpA8YcnFpbEJMfvHt6aJgVnt_L6DlkMEcyQ==\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">ir@metromile.com<\/a><br \/>646-277-1889<\/p>\n<p>\n        <em>Public Relations<\/em>\n      <\/p>\n<p>Rick Chen, Metromile<br \/>Doug Donsky, ICR<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=PyIiApdQXVvMPQnQ4atHWR8Tk_CAZCVdtB309VspPEwbkioVq8p9hOoziLAlHurzL849Ah0-Y7_57savBkCDIEy2QkE4KUbMu-F4E9UGYj8=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>press@metromile.com<\/u><\/a><br \/>415-676-7744<\/p>\n<p>\n        <em>INSU II and Cohen &amp; Company<\/em>\n      <\/p>\n<p>Amanda Abrams <br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Bww26mgg2O3uwihyukN5va5Ljh-YPD4Ig3C8qFbG0s7aIX_MtwS47DZCXns8e9RhC-V9ADJ89TmlULegnACotVpwpb89GQNtRxTvJRmkUFiPkzxG7U-1ax-PrVGVGk7z\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">aabrams@cohenandcompany.com<\/a><br \/>215-701-9693<\/p>\n<p>\n        <sup>_______________________________<br \/>1<\/sup> Customers who reported savings when switching to Metromile, as of 2018<\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA5MTUwNCMzODQxNzEwIzIyMDUyOTM=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/0831ff26-f336-4014-af95-8d043ec1dd2e\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Metromile and INSU Acquisition Corp. II (NASDAQ: INAQ) Enter Business Combination Agreement Transaction Includes Commitment for $ 160 Million PIPE Led by Social Capital , Joined by Investors Including Miller Value , Clearbridge, Hudson Structured, Mark Cuban , and New Enterprise Associates Metromile Expanding to 49 States by Year- End 2022 and Projecting $1 Billion of Premium Run-Rate by Year-End 2024 Approximately $1. 3 Billion Combined Company Pro Forma Implied Market Cap Transaction to Provide Combined Company with up to an Estimated $ 294 Million in Cash to Pursue Growth Initiatives Metromile CEO Dan Preston to Continue Leading Company Webcast Scheduled for Today at 9:00 AM Eastern PHILADELPHIA and SAN FRANCISCO, Nov. 24, 2020 (GLOBE NEWSWIRE) &#8212; Metromile, Inc. (\u201cMetromile\u201d), &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/metromile-a-leading-digital-insurance-platform-to-become-public-company\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Metromile, a Leading Digital Insurance Platform, to Become Public Company&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-387430","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Metromile, a Leading Digital Insurance Platform, to Become Public Company - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/metromile-a-leading-digital-insurance-platform-to-become-public-company\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Metromile, a Leading Digital Insurance Platform, to Become Public Company - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Metromile and INSU Acquisition Corp. II (NASDAQ: INAQ) Enter Business Combination Agreement Transaction Includes Commitment for $ 160 Million PIPE Led by Social Capital , Joined by Investors Including Miller Value , Clearbridge, Hudson Structured, Mark Cuban , and New Enterprise Associates Metromile Expanding to 49 States by Year- End 2022 and Projecting $1 Billion of Premium Run-Rate by Year-End 2024 Approximately $1. 3 Billion Combined Company Pro Forma Implied Market Cap Transaction to Provide Combined Company with up to an Estimated $ 294 Million in Cash to Pursue Growth Initiatives Metromile CEO Dan Preston to Continue Leading Company Webcast Scheduled for Today at 9:00 AM Eastern PHILADELPHIA and SAN FRANCISCO, Nov. 24, 2020 (GLOBE NEWSWIRE) &#8212; Metromile, Inc. (\u201cMetromile\u201d), &hellip; Continue reading &quot;Metromile, a Leading Digital Insurance Platform, to Become Public Company&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/metromile-a-leading-digital-insurance-platform-to-become-public-company\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-24T12:03:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA5MTUwNCMzODQxNzEwIzIyMDUyOTM=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"15 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/metromile-a-leading-digital-insurance-platform-to-become-public-company\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/metromile-a-leading-digital-insurance-platform-to-become-public-company\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Metromile, a Leading Digital Insurance Platform, to Become Public Company\",\"datePublished\":\"2020-11-24T12:03:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/metromile-a-leading-digital-insurance-platform-to-become-public-company\\\/\"},\"wordCount\":2994,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/metromile-a-leading-digital-insurance-platform-to-become-public-company\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODA5MTUwNCMzODQxNzEwIzIyMDUyOTM=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/metromile-a-leading-digital-insurance-platform-to-become-public-company\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/metromile-a-leading-digital-insurance-platform-to-become-public-company\\\/\",\"name\":\"Metromile, a Leading Digital Insurance Platform, to Become Public Company - 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