Lemonade to acquire Metromile (0.05263x); Q3 IFP $347M (+84% YoY)

Lemonade, Inc.

Merger: each Metromile share converts to 0.05263 LMND shares; termination fee $12.5M; expected close by Aug 8, 2022.
Q3 IFP $347M, up 84% YoY; record $50M sequential IFP increase.
Customer count ~1.4M; non-renters share 47% (up from 44%); pet 15%, life 2%, homeowners 30%.
Advertising efficiency declined 26% YoY due to industry-wide media cost increases.
Lemonade Car launched; Metromile acquisition expected to enhance car insurance with sensor data.

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