Root, Inc. reports developments in technology-enabled car insurance, including quarterly results, operating updates, and capital actions tied to its U.S. personal auto insurance business. The company sells auto policies through digital channels and distribution relationships, with recurring updates on behavior-based pricing, data-driven underwriting, and the use of mobile technology in insurance purchasing.
Company news also covers embedded insurance partnerships such as Carvana Insurance Built with Root, independent-agent distribution programs, consumer research on auto insurance pricing, debt refinancing, share repurchase authorization, and investor-conference participation.
Root, Inc. has priced its initial public offering (IPO) of 26,830,845 shares of Class A common stock at $27.00 per share. Of these, 24,249,330 shares are being offered by Root and 2,581,515 by existing stockholders. An additional option for underwriters to purchase 4,024,626 shares is available. Trading on Nasdaq under the symbol ROOT begins on October 28, 2020, with the IPO closing on October 30, 2020. Additionally, Dragoneer Investment Group and Silver Lake are set to acquire $500 million of stocks in private placements at the offering price.