Metromile, the vehicle insurance coverage focused innovation business that recently listed on the Nasdaq after a SPAC acquisition, has actually included insurance and reinsurance linked investments specialist John Butler from Cohen & & Co. to its Board.Metromile went public in a service mix with Cohen & & Cos special function acquisition business (SPAC) INSU Acquisition Corp. II, in a transaction that gave the auto insurtech a pro forma business worth at closing of near $1 billion.
Now, the company is rearranging its Board of Directors, with John Butler, handling director of Cohen & & Company Inc. joining from August 4th and Sandra Clarke, CFO of Blue Shield of California, signing up with as a board director from August 31st.
John Butler was formerly a Managing Partner at insurance-linked securities (ILS) financial investment professional Twelve Capital, where he dealt with portfolios of disaster bonds, collateralised reinsurance and personal insurance financial obligation.
Butler moved to Cohen & & Co. in 2017, to construct out a private insurance debt technique and likewise release the business into insurance-linked securities (ILS), when the opportunity was.
Fast-forward a couple of years and Cohen & & Co. actually wound up leading the insurance and reinsurance associated SPAC market, turning into one of the biggest and most effective sponsors of these automobiles and taking a variety of business public, among which was Metromile.
As of August 31st 2021, Butler will take on the non-executive chairman function of Metromiles board, succeeding David Friedberg, CEO of The Production Board and Metromile founder, who held the position for more than 10 years. Friedberg, who we utilized to mention in our posts over a decade ago after he established Weatherbill, will continue to belong to the Metromile board of directors.
” I have been fortunate to deal with many insurance coverage companies throughout my profession, and I have actually not seen a company like Metromile. I feel honored to sign up with Metromiles board of directors and assist contribute to the strong foundation Dan, Dave and the team have actually currently put in location to develop a disciplined generational company,” Butler commented.
Metromile likewise revealed that Betsy Z. Cohen stepped has down from its board of directors.
We thank her for indispensable support and assistance this past year,” said Metromile CEO Dan Preston. We are thrilled he is signing up with the Board.”
Preston included,” I am equally thrilled about Sandras consultation. She is a proven monetary steward with years of experience at public business, and she will be a strong addition to our Board.”
” John is an unbelievable operator and financier with comprehensive insurance relationships around the globe,” Friedberg mentioned. “I would be hard-pressed to find a better fit than John to take the reins as non-executive chairman, and I anticipate serving together with him.”
Vikas Singhal, a partner of ILS, reinsurance and aviation focused investment manager Hudson Structured Capital Management Ltd., is likewise on Metromiles board of directors.
Hudson Structured Capital Management also supported the going public transaction for Metromile and has actually previously offered the vehicle insurtech with reinsurance.
We thank her for invaluable support and guidance this past year,” stated Metromile CEO Dan Preston. We are thrilled he is joining the Board.”