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):
we have ended our partnership with Uber and no longer providing ridesharing policies. 1/2 ^KG
— Metromile Help (@MetromileHelp) September 11, 2017
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.