(Bloomberg) – Fueled with $191.5 million from billionaire Mark Cuban and other investors, Metromile Inc. is now poised to complete its journey as a full-service car insurance company.
The startup Wednesday said it had acquired Mosaic Insurance Inc. — a $22 million purchase that includes Mosaic's licenses in 50 states.
This means Metromile will handle the entire underwriting and claims management process in-house and can abandon partnerships struck with other insurance companies purely for their licenses.
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