Metromile Receives the Necessary Regulatory Approvals for Proposed Business Combination with INSU Acquisition Corp. II

Rhea-AI Summary

MetroMile announced it received regulatory approvals for its business combination with INSU Acquisition Corp. II (NASDAQ: INAQ). The Special Meeting for stockholders will take place virtually on February 9, 2021, allowing Class A and Class B shareholders to vote. If approved, the combination will close soon after, pending other conditions. MetroMile offers pay-per-mile auto insurance and licenses its technology globally, potentially resulting in efficiency and cost reductions for partner insurers.

Positive

• Regulatory approvals received from Delaware and California Departments of Insurance.
• Potential for operational synergies and market expansion through business combination.
• MetroMile's innovative pay-per-mile model presents a unique market position.

Negative

• Approval from INSU II stockholders required, which may not be guaranteed.
• Forward-looking statements indicate uncertainties related to the completion of the Business Combination.

SAN FRANCISCO , Jan. 29, 2021 (GLOBE NEWSWIRE) -- MetroMile, Inc. (“Metromile”), a leading digital insurance platform and pay-per-mile auto insurer, announced it has received the necessary regulatory approvals, including approval from the Delaware Department of Insurance and the California Department of Insurance, to consummate the previously announced business combination (the “Business Combination”) with INSU Acquisition Corp. II, a publicly traded special purpose acquisition company (“INSU II”) (NASDAQ: INAQ).

INSU II intends to hold its Special Meeting (the “Special Meeting”) of INSU II’s stockholders on February 9, 2021 in connection with the Business Combination. In light of the novel coronavirus (referred to as “COVID-19”) pandemic and to support the well-being of INSU II’s stockholders and partners, the Special Meeting will be completely virtual. Holders of INSU II’s shares of Class A Common Stock and Class B Common Stock at the close of business on December 30, 2020 (the “Record Date”) are entitled to vote at the virtual Special Meeting.

If the proposals at the Special Meeting are approved, INSU anticipates that the Business Combination will close shortly thereafter, subject to the satisfaction or waiver (as applicable) of all other closing conditions.

More information about voting and attending the Special Meeting is included in the proxy statement/ prospectus originally filed by INSU II with the SEC on November 27, 2020, as amended, which is available without charge on the SEC’s website at http://www.sec.gov 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. INSU II encourages you to read the proxy statement / prospectus carefully. The deadline for INSU II’s public stockholders to exercise their redemption rights in connection with the Business Combination is February 5, 2021 at 5:00 p.m. Eastern time. If you have any questions or need assistance voting your shares, please call INSU II’s proxy solicitor, Morrow Sodali LLC, at (800) 662-5200; banks and brokers can call (203) 658-9400.

About Metromile

Metromile is a leading digital insurance platform in the United States. With data science as its foundation, Metromile offers real-time, personalized auto insurance policies by the mile, instead of the industry standard approximations and estimates that have historically made prices unfair. Metromile’s digitally native offering is built around the modern driver’s needs, featuring automated claims, complimentary smart driving features and annual average savings of 47% over what they were paying their previous auto insurer.

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. 

For more information about Metromile, visit www.metromile.com and enterprise.metromile.com.

Important Information for Investors and Stockholders

In connection with the Business Combination between Metromile and INSU II, INSU II has filed with the SEC a definitive proxy statement / prospectus and has mailed a definitive proxy statement / prospectus and other relevant documentation to INSU II stockholders. This document does not contain all the information that should be considered concerning the Business Combination. It is not intended to form the basis of any investment decision or any other decision in respect to the Business Combination. INSU II stockholders and other interested persons are advised to read the definitive proxy statement / prospectus in connection with INSU II’s 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, INSU II and the proposed transactions. The definitive proxy statement / prospectus was mailed to INSU II stockholders as of the Record Date. 

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.

Participants in the Solicitation

INSU II, Metromile, and their respective directors and officers may be deemed participants in the solicitation of proxies of INSU II stockholders in connection with the proposed business combination. INSU II stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of INSU II and of Metromile in INSU II’s definitive proxy statement / prospectus.

Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to INSU II stockholders in connection with the proposed business combination is set forth in the definitive proxy statement / prospectus. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed transaction is included in the definitive proxy statement / prospectus.

Forward-Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of the “safe harbor” 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 “will,” “intend,” “expect,” “anticipate,” “believe,” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, expectations related to the terms and timing of completing the transaction. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Metromile’s and INSU II’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Metromile and INSU II. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the Business Combination, including the risk that any required  approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the Business Combination or that the approval of the stockholders of INSU II is not obtained; and those factors discussed in INSU II’s final prospectus filed on September 4, 2020,  Quarterly Report on Form 10-Q for the quarter ended  September 30, 2020 and the Registration Statement, and the definitive proxy statement/prospectus contained therein, in each case, under the heading “Risk Factors,” and other documents of INSU II filed, or to be filed, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither INSU II nor Metromile presently know or that INSU II and Metromile currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect INSU II’s and Metromile’s expectations, plans or forecasts of future events and views as of the date of this press release. INSU II and Metromile anticipate that subsequent events and developments will cause INSU II’s and Metromile’s assessments to change. However, while INSU II and Metromile may elect to update these forward-looking statements at some point in the future, INSU II and Metromile specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing INSU II’s and Metromile’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Contacts

Investor Relations

Garrett Edson, ICR
ir@metromile.com
646-677-1889

Public Relations

Rick Chen, Metromile
Doug Donsky, ICR
press@metromile.com
415-676-7744

INSU II and Cohen & Company

Amanda Abrams
aabrams@cohenandcompany.com
215-701-9693

FAQ

What is the purpose of the business combination between MetroMile and INSU Acquisition Corp. II?

The business combination aims to enhance operational efficiencies and expand MetroMile's market reach in the insurance sector.

When is the Special Meeting for INSU II stockholders?

The Special Meeting is scheduled for February 9, 2021, to vote on the business combination.

What regulatory approvals has MetroMile received for the business combination?

MetroMile has secured approvals from both the Delaware and California Departments of Insurance.

What is the deadline for stockholders to exercise their redemption rights?

The deadline for exercising redemption rights is February 5, 2021, at 5:00 p.m. Eastern time.

What are the potential benefits of the business combination for shareholders of INSU II?

Potential benefits include access to MetroMile's innovative technology and cost-effective insurance solutions, driving future growth.