Insurance veterans join fast-growing digital auto insurer

Two seasoned insurance and finance executives are joining the board of directors of US-based digital insurance platform and pay-per-mile auto insurer  Metromile, which became a public company earlier this year by merging with special purpose acquisition company Insu Acquisition Corp.

Cohen & Company's managing director John Butler (pictured left) will join the insurtech as non-executive chairman, succeeding Metromile founder David Friedberg who served in the position for more than 10 years. Friedberg will remain a member of the Metromile board of directors.

Blue Shield of California chief financial officer (CFO) Sandra Clarke (pictured right) will join as a board director. Both new appointments will be effective from August 31.

Metromile also announced that Betsy Cohen has stepped down from its board of directors.

Butler, head of Cohen & Company’s US insurance asset management platform, is a 25-year insurance executive with vast global experience. Prior to joining Cohen & Company, Butler oversaw the investment of $4 billion principally in fixed income and insurance-linked securities at Twelve Capital, a European asset manager specialising in investment in the insurance sector.

Clarke has more than 25 years of experience directing global financial organisations in insurance and other highly regulated, critical industries. Before joining Blue Shield of California, Clarke held senior finance roles at Daiichi Sankyo, Philips Healthcare and Siemens Water Technologies.

Metromile CEO Dan Preston, siad: “Betsy, along with the entire Cohen & Company team, has been instrumental in our transition to a public company. We thank her for invaluable support and guidance this past year. As part of our relationship with Cohen & Company, we have come to know John very well and have greatly benefited from his years of insurance industry experience. We are thrilled he is joining the Board.”

“I am equally excited about Sandra’s appointment. She is a proven financial steward with years of experience at public companies, and she will be a strong addition to our Board,” he added.

Friedberg commented: “John is an incredible operator and investor with extensive insurance relationships around the world. I would be hard-pressed to find a better fit than John to take the reins as non-executive chairman, and I look forward to serving alongside him.”

Butler said: “I have been fortunate to work with many insurance companies throughout my career, and I have not seen a company like Metromile. I feel honored to join Metromile’s board of directors and help contribute to the strong foundation Dan, Dave and the team have already put in place to build a disciplined generational company.”

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