Metromile, the auto insurance coverage targeted expertise firm that not too long ago listed on the Nasdaq after a SPAC acquisition, has added insurance coverage and reinsurance linked investments specialist John Butler from Cohen & Co. to its Board.
Metromile went public in a business combination with Cohen & Co’s special purpose acquisition company (SPAC) INSU Acquisition Corp. II, in a transaction that gave the auto insurtech a professional forma enterprise worth at closing of near $1 billion.
Now, the corporate is rearranging its Board of Administrators, with John Butler, managing director of Cohen & Firm Inc. becoming a member of from August 4th and Sandra Clarke, CFO of Blue Protect of California, becoming a member of as a board director from August thirty first.
John Butler was previously a Managing Accomplice at insurance-linked securities (ILS) funding specialist Twelve Capital, the place he labored on portfolios of disaster bonds, collateralised reinsurance and personal insurance coverage debt.
Butler moved to Cohen & Co. in 2017, to construct out a personal insurance coverage debt technique and in addition launch the corporate into insurance-linked securities (ILS), when the chance was proper.
Quick-forward just a few years and Cohen & Co. really ended up main the insurance coverage and reinsurance associated SPAC market, changing into one of many greatest and most profitable sponsors of those autos and taking plenty of corporations public, one among which was Metromile.
As of August thirty first 2021, Butler will tackle the non-executive chairman position of Metromile’s board, succeeding David Friedberg, CEO of The Manufacturing Board and Metromile founder, who held the place for greater than 10 years. Friedberg, who we used to mention in our articles over a decade ago after he founded Weatherbill, will proceed to be a member of the Metromile board of administrators.
“I’ve been lucky to work with many insurance coverage corporations all through my profession, and I’ve not seen an organization like Metromile. I really feel honored to hitch Metromile’s board of administrators and assist contribute to the robust basis Dan, Dave and the workforce have already put in place to construct a disciplined generational firm,” Butler commented.
Metromile additionally introduced that Betsy Z. Cohen stepped has down from its board of administrators.
“Betsy, together with your complete Cohen & Firm workforce, has been instrumental in our transition to a public firm. We thank her for invaluable assist and steering this previous yr,” mentioned Metromile CEO Dan Preston. “As a part of our relationship with Cohen & Firm, we have now come to know John very properly and have vastly benefited from his years of insurance coverage business expertise. We’re thrilled he’s becoming a member of the Board.”
Preston added,“I’m equally enthusiastic about Sandra’s appointment. She is a confirmed monetary steward with years of expertise at public corporations, and he or she will probably be a robust addition to our Board.”
“John is an unbelievable operator and investor with intensive insurance coverage relationships world wide,” Friedberg acknowledged. “I’d be hard-pressed to discover a higher match than John to take the reins as non-executive chairman, and I sit up for serving alongside him.”
Vikas Singhal, a companion of ILS, reinsurance and aviation targeted funding supervisor Hudson Structured Capital Administration Ltd., can also be on Metromile’s board of administrators.
Hudson Structured Capital Administration additionally supported the going public transaction for Metromile and has beforehand provided the auto insurtech with reinsurance.