Metromile Partners with Reinsurers for Leverage

Today, pay-per-mile auto insurer Metromile announced its partnership with reinsurance broker JLT Re, to pioneer a risk transfer and unique reinsurance agreement. HSCM Bermuda led this reinsurance agreement which also included MAPFRE RE. “This reinsurance agreement provides continued validation that the pay-per-mile model is efficient and highly scalable. It also emphasizes our innovative customer experience and strong retention which is driven by our customers’ desire for technology-first solutions” – CEO Dan Preston. 

Speaking of Metromile, traffic’s going up:

It has ended its ridesharing partnership with Uber (Coverager covered it back in March):

https://twitter.com/MetromileHelp/status/907356688864464897

And, it offers a lunch time jogging group, a monthly pot-luck group, a book-club and a movie-club. Bottom Line: the deal will provide Metromile with additional leverage for future growth.