The Mitsui, China Pacific, AmTrust, Tokio Marine and Intact Financial-backed automotive insurer is teaming with Insu Acquisition Corp. II to form a business with a $1.3bn valuation.
Metromile, the US-based online auto insurance provider backed by diversified conglomerate Mitsui and insurers China Pacific, AmTrust, Tokio Marine and Intact Financial, agreed yesterday to a reverse merger.
The company will join forces with Insu Acquisition Corp. II, a special purpose acquisition company sponsored by asset management firm Cohen & Company that floated on the Nasdaq Capital Market in a $200m initial public offering in September this year.
The merged business is expected to have a pro forma valuation of…
