Root (ROOT) bills itself as “a technology company revolutionizing personal insurance with a pricing model based upon fairness and a modern customer experience.” The company wants to list on the Nasdaq under the “ROOT” ticker.
Root says it’s the only property and casualty insurance carrier with “a scaled proprietary telematics solution” that prices an entire book of business. The company has a large proprietary data set of miles driven, driving behavior, and associated claims.
The insurer is currently licensed in 36 states (active in 30) and hopes to be in every state by early next year.
Financials: 2018 revenue was $43.3M with a $69.1M net loss. 2019 had $290.2M in sales and a $282.4M loss. For H1 2020, revenue was $245.4M and a $144.5M loss.
Dragoneer Investment has agreed to purchase up to $250M in Class A stock at the IPO price in a private placement that will close right