Metromile has entered into a new quota share reinsurance deal with Swiss Re and Mapfre Re, ceding 30% of gross written premium until the middle of the next year.
The company also reported a 6% increase in policies in force between Q1 2021 and Q1 2022, alongside an 8.9% increase in direct earned premiums between the same two periods.
The firm also said that its one-year new customer retention was 56% for policies that completed their second term in Q1 2022. It also said that Q1 2022 GAAP Gross Margin was -48.4%, compared to -12% in Q1 2021, primarily due to higher direct losses and LAE as a result of increasing claims cost reflecting inflationary trends, along with higher frequency, and severity in Q1 2022 as compared to Q1 2021.
