PHILADELPHIA AND SAN FRANCISCO, Feb. 09, 2021 (World NEWSWIRE) — Metromile, Inc. (“Metromile”), a primary electronic insurance policies system and spend-for every-mile car insurance provider, now introduced it done its business enterprise mix (the “Business Combination”) with INSU Acquisition Corp. II (“INSU II”) (NASDAQ: INAQ), a publicly traded exclusive function acquisition corporation sponsored by Cohen & Firm, LLC, a subsidiary of Cohen & Organization Inc. (NYSE American: COHN). The Enterprise Blend was authorized before today by INSU II’s stockholders.

The blended organization is named Metromile, Inc., and its prevalent stock will trade starting February 10, 2021, on NASDAQ below the ticker image “MILE,” whilst its warrants will trade on NASDAQ under the ticker symbol “MILEW.”

“Today is an important milestone for Metromile, but not the destination. We’re fully commited to offering shoppers honest, serious-time and individualized insurance,” reported Dan Preston, Main Government Officer of Metromile. “We believe the future of insurance is know-how that operates to everyone’s gain. As a public business, we think we are well-positioned to speed up our designs and supply sustainable and successful progress to our stockholders. We glance ahead to bringing our individualized digital insurance policies to communities nationwide and, via Metromile Organization, partnering with more insurers to modernize coverage in all places.”

The Organization Mix was funded by a combination of INSU II’s approximately $230 million money-in-trust and $170 million of proceeds from the previously introduced private placement of INSU II’s shares, which was entirely committed by a pool of institutional and strategic traders.

“We are psyched to near our enterprise mixture with Metromile and eagerly foresee its up coming chapter in delivering true-time, personalised electronic car insurance plan nationwide,” mentioned Daniel Cohen, Chairman of the Board of Administrators of INSU II. “Dan and his leading-notch staff of technologists and insurance policy veterans have crafted a enterprise that has a clear competitive benefit and is on the forefront of the electronic insurance evolution. This company blend supplies Metromile with the capital essential to execute on numerous expansion alternatives successfully, and to support carry the period of fastened-cost automobile insurance policy to an close.”

J.P. Morgan Securities LLC served as distinctive financial advisor to Metromile, and Cooley LLP served as authorized counsel to Metromile in connection with the transaction. Cantor Fitzgerald & Co., J.P. Morgan Securities LLC, Wells Fargo, Piper Sandler and Northland Money Marketplaces acted as capital marketplaces advisors to INSU II. J.P. Morgan Securities LLC, Wells Fargo, and Allen & Business served as placement agents to INSU II, and Latham & Watkins LLP served as legal counsel to the placement brokers. Ledgewood served as legal counsel to INSU II in connection with the transaction.

The CUSIP quantity for Metromile’s popular stock is 591697 107 and 591697 115 for the warrants.

About Metromile

Metromile is a top digital insurance plan platform in the United States. With knowledge science as its foundation, Metromile provides genuine-time, customized vehicle insurance policy procedures by the mile, as a substitute of the industry conventional approximations and estimates that have historically manufactured costs unfair. Metromile’s digitally indigenous featuring is crafted all-around the fashionable driver’s demands, showcasing automatic statements, complimentary smart driving features and once-a-year regular price savings of 47% more than what they had been spending their previous vehicle insurer.

In addition, by Metromile Organization, it licenses its technology platform to insurance providers all-around the globe. This cloud-centered software package as a provider enables carriers to run with better efficiency, automate claims to expedite resolution, cut down losses affiliated with fraud, and unlock the efficiency of personnel.

For a lot more data about Metromile, take a look at and

About INSU Acquisition Corp. II

INSU Acquisition Corp. II is a particular purpose acquisition company sponsored by Cohen & Company, LLC, a subsidiary of Cohen & Enterprise Inc. (NYSE American: COHN) and shaped for the goal of entering into a merger, cash stock exchange, asset acquisition, inventory order, reorganization or very similar small business mixture with one particular or more companies, with a focus on the insurance policies marketplace. The corporation lifted $230,000,000 in its first community featuring in September 2020 and is detailed on the NASDAQ underneath the symbols “INAQ”, “INAQU” and “INAQW”.

Forward-On the lookout Statements

The info in this push launch involves “forward-hunting statements” within the which means of the “safe harbor” provisions of the United States Non-public Securities Litigation Reform Act of 1995. Ahead-seeking statements may perhaps be discovered by the use of terms these kinds of as “will,” “intend,” “expect,” “anticipate,” “believe,” or other identical expressions that forecast or suggest foreseeable future occasions or traits or that are not statements of historical matters. These ahead-looking statements include things like, but are not restricted to, anticipations linked to Metromile’s progress tactic and acceleration thereof, its skill to turn out to be lucrative and deliver sustained growth, the sufficiency of the funds from the small business mix and the personal placement, and Metromile’s potential to conclusion the fastened-priced auto insurance era. These statements are based on various assumptions, irrespective of whether or not discovered in this press launch, and on the present-day expectations of administration and are not predictions of true overall performance. These ahead-on the lookout statements are delivered for illustrative uses only and are not supposed to serve as, and have to not be relied on by any trader as, a assure, an assurance, a prediction or a definitive assertion of fact or chance. True activities and situations are tough or not possible to predict and will differ from assumptions. Quite a few real events and conditions are over and above the control of Metromile. These forward-seeking statements are matter to a amount of pitfalls and uncertainties, such as changes in domestic and international small business, market place, economic, political and authorized problems and all those factors mentioned in beneath the heading “Risk Factors” in the definitive proxy assertion/prospectus submitted with the SEC underneath Rule 424(b)(3) on January 15, 2021 and other paperwork Metromile filed, or to be submitted, with the SEC. If any of these pitfalls materialize or our assumptions confirm incorrect, actual effects could differ materially from the effects implied by these forward-on the lookout statements. There may possibly be additional challenges that Metromile does not presently know or that Metromile presently believes are immaterial that could also bring about precise success to differ from individuals contained in the ahead-seeking statements. In addition, forward-wanting statements replicate Metromile’s expectations, designs or forecasts of foreseeable future events and sights as of the day of this push launch. Metromile anticipates that subsequent activities and developments will cause Metromile’s assessments to adjust. Whilst Metromile might elect to update these ahead-searching statements at some stage in the potential, Metromile especially disclaims any obligation to do so. These forward-searching statements ought to not be relied on as symbolizing Metromile’s evaluation as of any day subsequent to the date of this press launch. Appropriately, undue reliance should not be put upon the ahead-searching statements.


Trader Relations

Garrett Edson, ICR
[email protected]

Public Relations

Rick Chen, Metromile
[email protected]

INSU II and Cohen & Business

Amanda Abrams
[email protected]