Root, Inc. (ROOT) is up 18.91% in the after-hours trading session at the price of $7.61 despite any recent news. ROOT is the parent company of Root Insurance Company. It is a technology company revolutionizing personal insurance with a pricing model based upon fairness and a modern customer experience.
Announcement of Second Quarter 2021 Financial Results
On 11th August 2021, ROOT published financial results for the second quarter ended 30th June 2021. ROOT reported total revenue of $158.4 million for the six months ended 30th June 2021. The total revenue was $245.5 million for the same period of 2020. For the three months ended on 30th June 2021, the total revenue was $89.8 million. Total revenue of $121.4 million reported for the three months ended on 30th June 2020. Net loss per share, basic and diluted, was $1.12 for the second quarter ended 30th June 2021. Net loss per share was $3.74 for the same quarter the previous year. For the three months that ended on 30th June 2021, the net loss per share was $0.72. Net loss per share was $1.03 for the same period of 2020.
ROOT Partnered with Carvana to Develop First Integrated Auto Insurance Solutions
On 11th August 2021, ROOT published an exclusive partnership with Carvana. It aimed to develop integrated auto insurance solutions for Carvana’s online car-buying platform. Carvana will invest about $126 million of primary capital in Root, subject to customary regulatory approvals.
Alex Timm, CEO of ROOT, remarked that Carvana had revolutionized the car buying experience for consumers. This partnership will further strengthen the Carvana experience by integrating insurance alongside car purchasing and financing decisions. This integrated solution will give ROOT exclusive access to a scaled and growing channel of prospective customers at the insurance decision point of buying a car. It will enable them to deliver an immediate customer need and drive sustainable policyholder growth.
Root, Inc. Congratulated Washington Drivers on Credit Score-Free Car Insurance
On 24th June 2021, ROOT shared insights with 5.9 million Washington drivers after the state removed credit scores from the car insurance rating system. Root has always worked on bringing fairness to insurance. It has offered personalized rates. They are based largely on driving behavior and less on discriminatory demographic factors. The company hopes to deliver car insurance in Washington by this year.
CEO of ROOT, Alex Timm, commented that credit-based pricing poses an unreasonable barrier to economic advancement for the millions of drivers. Washington State has brought more fairness to its roads for the benefit of drivers and insurers alike. They congratulate Washington on this major step towards equity and inspire leaders across the country to follow its example in instituting rules to protect consumers, he added.
