Lemonade has sold Metromile’s Enterprise Business Solutions (EBS) to digital insurance platform EIS.
EBS was Metromile’s SaaS claims automation and fraud detection platform that it licensed to large insurance carriers.
The all-cash transaction was completed following the close of Lemonade’s acquisition of Metromile last week. Terms of the deal were not disclosed.
Keefe, Bruyette & Woods, a Stifel Company, acted as financial advisor in connection to the transaction.
Liberty Mutual Insurance has completed the acquisition of Malaysian insurer AmGeneral Insurance Berhad.
AmGeneral was previously 51 percent owned by AmBank Group and 49 percent owned by Insurance Australia Group. Liberty Insurance Berhad acquired 100 percent of the shares of AmGeneral, and AmBank continues to hold a 30 percent interest in the business through the shares it received as part of the deal.
As part of the transaction, the prospective merged entity will enter into an exclusive 20-year bancassurance partnership with AmBank to distribute general insurance products. The AmGeneral and Liberty Insurance Berhad operations will, at a subsequent date, be formally merged, at which time it is expected that the combined entity will become the largest auto insurer and a leading general insurer in Malaysia.
“The acquisition of and subsequent merger with AmGeneral is instrumental in our aspiration to become a leading global property and casualty insurance company,” said Jim MacPhee, president, Global Retail Markets at Liberty Mutual Insurance. “Combining Liberty’s global capabilities with the strong team driving a well-respected and valued AmGeneral franchise will create a best-in-class insurance operation.”
AmGeneral serves the Malaysian insurance market through approximately 1,400 employees at 33 branch locations. A top-three motor insurer with a growing business in additional product lines, the company distributes its personal and commercial insurance products under the AmAssurance and Kurnia brands through more than 6,000 agents, brokers, car dealers, franchises and affinity partners, and its fast-growing digital and direct capabilities.