For Immediate Release
AXA sells Mosiac Insurance Company to Metromile
September 22, 2016– New York-based Coliseum Reinsurance Co., a subsidiary of Paris-based AXA, has sold New York-based Mosaic Insurance Co. to San Francisco-based Metromile Inc.
Metromile Inc. paid $22.0 million in cash comprised of approximately $7.0 million plus the value of the company’s investment assets to acquire Mosaic Insurance Co.
Metromile spokeswoman Lauren Hartung said the acquisition included the carrier and certain licenses. She said no personnel were acquired because Mosaic Insurance had stopped actively writing business a few years ago.
Merger & Acquisition Services Inc. served as advisor to AXA.
About Merger & Acquisition Services, Inc.
Merger & Acquisition Services, Inc. is a specialist advisory and financial services Firm to the insurance and reinsurance industry, with offices in New York, Connecticut, Georgia & Cayman Islands. Founded in 1999, the Firm and its affiliates provides investment banking and insurance consulting services globally, including; merger & acquisition advisory capital raising, valuations, program placement/fronting, and reinsurance advisory. Merger & Acquisition Capital Services, LLC., a registered broker-dealer and member FINRA / SIPC, is an affiliate of Merger & Acquisition Services, Inc.
To learn more about Merger & Acquisition Services, visit https://maservices.com.