The Mitsui, China Pacific, AmTrust, Tokio Marine and Intact Financial-backed automotive insurer is teaming with Insu Acquisition Corp. II to form a business with a $1.3bn valuation.

Metromile, the US-based online auto insurance provider backed by diversified conglomerate Mitsui and insurers China Pacific, AmTrust, Tokio Marine and Intact Financial, agreed yesterday to a reverse merger. The company will join forces with Insu Acquisition Corp. II, a special purpose acquisition company sponsored by asset management firm Cohen & Company that floated on the…

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