Direct Line acquires By Miles
Direct Line Group has acquired By Miles, the insurtech managing general agent and provider of real-time pay-by-mile insurance policies.
DLG already underwrites By Miles’ new business, and added the acquisition has negligible impact on the group’s capital position.
When it formally launched in 2018, the business was underwritten by Axa; After a fundraiser of £15m, led by CommerzVentures in 2020, By Miles signed a deal to work with Broker Network so members could gain access to its products.
By Miles has sold over 100,000 policies since launch and currently has 50,000 customers, writing £26m of gross written premium.
In 2020
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