Metromile, a digital insurance platform and pay-per-mile auto insurer, announced that its stockholders approved a proposal to adopt the merger agreement entered into with Lemonade Inc. to acquire Metromile in an all-stock transaction. The announcement was made at Metromile’s special meeting of stockholders.
The merger proposal was supported by at least 95.9 percent of the votes cast at the special meeting of stockholders, representing approximately 63.6 percent of the shares of the company’s common stock issued and outstanding as of the close of business on Dec. 28, 2021.
The final voting results of the special meeting will be filed by the company as part of a Form 8-K with the U.S. Securities and Exchange Commission. The company’s proposed transaction with Lemonade remains subject to the receipt of certain regulatory approvals and the satisfaction of other customary closing conditions. Metromile said in a press release that it currently anticipates the proposed transaction will be completed during the second quarter of 2022.
Lemonade offers renters, homeowners, pet, car and life insurance. Powered by artificial intelligence and behavioral economics, the company’s full-stack insurance carriers in the U.S. and the EU replace brokers with bots and machine learning, aiming for zero paperwork.
With data science as its foundation, Metromile offers personalized auto insurance policies by the mile. Its digitally native offering features automated claims and complimentary smart driving features.
In addition, through Metromile Enterprise, the company 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 and reduce losses associated with fraud.