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Despite the drop off today, June has been Root’s best month on the Nasdaq since the carrier’s IPO last year, with the stock trading up 18.4% since June 1.
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The scale of the deal marks a new trajectory for the firm’s InsurTech team.
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Auto InsurTech Root said on Tuesday that the company completed its catastrophe reinsurance program renewal at June 1 using Tremor’s auction-based tech platform Panorama.
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Ahead of its expected July 1 start, the underwriter promised “efficient and transparent processes” and “consistent decision-making".
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The move could pull more than 30,000 policyholders from the state’s last-resort coverage.
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The start-up recently announced its move into the $300bn auto insurance market, adding to its life, health, renters, homeowners and pet health offerings.
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The cyber loss curve is “a long way off the top”, according to Jason Crabtree.
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The deal gives USAA a product already proving popular with Allstate customers and pioneered by Nasdaq-listed InsurTech Metromile.
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Root has been mentioned seven times on Reddit message board WallStreetBets in the last two days, with many comments noting the significant short seller interest in the stock.
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The latest funding round brings the company’s total funding to date to $82.5mn.
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The company said the funds raised would kick-start its effort to become a full-stack insurer.
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Melnick said that taking the company public is “not a priority goal”.