Root, Inc.

Last updated
Root Company
Company type Public
Nasdaq:  ROOT
Industry Insurance
FoundedMarch 2015 (2015-03)
FoundersAlex Timm
Dan Manges
Headquarters
Columbus, Ohio
,
United States
Area served
34 States (Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware,Florida,Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maryland, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Wisconsin West Virginia)
Key people
Alex Timm (CEO)
Matt Bonakdarpour (Chief Technology Officer)
Megan Binkley (Chief Financial Officer)
Jon Allison (Chief Administrative Officer)
Jason Shapiro (Senior VP of Business Development)
Products Car insurance, renters insurance, homeowners insurance
RevenueIncrease2.svg $455 million(2024)
Increase2.svg -$147.4 million(2024)
Number of employees
700 (2024)
Website www.joinroot.com
Footnotes /references
[1]

Root Insurance Company is an online car insurance company operating in the United States of America.

Contents

About

Root Insurance headquarters are in Columbus, Ohio. Root is focused on embedded insurance and expanding their embedded insurance offerings acquiring customers through strategic partnerships. Root Insurance largest markets are Texas, Georgia, and Colorado, where approximately 35% of customers for the year ended December 31, 2022 reside. [2] As of December 31, 2023, Root has 341,764 policies in force and $678.7 million in cash and cash equivalents. [3]

History

Root Insurance was founded in March 2015 by Alex Timm and Dan Manges.

In 2021, Manges co-founder retired as CTO but remained a consultant to the company through December 2021. In August 2021, Root announced a partnership deal with Carvana to develop personalized auto insurance for Carvana's car-buying platform. This was Root Insurance's first embedded partner.

The deal, initially formed around a $126 million investment by Carvana for a 5% stake in Root, includes warrants that can be exercised at certain stages or tranches. The collaboration uses both companies technologies to develop an embedded experience for customers purchasing a car with Carvana. [4]

In January 2022, Root closed on a $300 million five-year term loan with BlackRock. The maturity of this term loan is January 27, 2027. [5] On March 23, 2023, Root Insurance Chief Revenue and Operating Officer, Daniel Rosenthal resigned, having started as a director for Root Insurance in 2017. [6]

Root's share price is less than one seventh of its IPO price.

Sponsorships

In December 2020, 23XI Racing announced that Root will be one of the sponsors of the No. 23 Toyota Camry driven by Bubba Wallace. As of January 2023, Root is no longer sponsoring 23XI Racing or Bubba Wallace. [7] [8] In 2023, Root sponsored Dreyer & Reinbold Racing and Ryan Hunter-Reay in the 2023 Indianapolis 500. [9] For 2024, Root signed a multi-race sponsorship deal with Chip Ganassi Racing to sponsor both Álex Palou and Marcus Armstrong in the IndyCar Series. [10]

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References

  1. ↑ "Root Insurance Press, Bios & Media | Resources for Journalists". Root Insurance. Retrieved 2019-08-11.
  2. ↑ Timm, Alexander (2023-02-23). "FORM 10-K". sec.gov . Retrieved 2023-02-23.
  3. ↑ Timm,Alex= Q4.2022 Shareholder Letter|url=https://ir.joinroot.com/static-files/82a2b259-2358-4e54-b5b4-15d9248cc13f
  4. ↑ Williams, Mark. "Carvana to invest $126 million in Root with new partnership". The Columbus Dispatch. Retrieved 2021-12-16.
  5. ↑ "Root Announces Closing of New Term Loan Facility with BlackRock". www.globenewswire.com (Press release). 26 January 2022. Retrieved January 26, 2022.
  6. ↑ "Dan Rosenthal departing Root Insurance; annual loss narrows Insurance". www.bizjournals.com. Retrieved 2023-02-23.
  7. ↑ "23XI Racing announces sponsors". Jayski's Silly Season Site . NASCAR Digital Media, LLC. December 14, 2020. Retrieved December 14, 2020.
  8. ↑ "Bubba Wallace Offers No Apologies In Powerful New Ad". BET . October 27, 2020. Retrieved December 16, 2020.
  9. ↑ "Hunter-Reay lands Root Insurance backing for Indy 500". Racer . May 24, 2023. Retrieved June 5, 2023.
  10. ↑ Pruett, Marshall (February 15, 2024). "Root joins primary sponsors for Ganassi IndyCar team". racer.com. Racer Media & Marketing, Inc. Retrieved February 15, 2024.
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