-
But for its stock valuation and ~$650mn to $750mn in new cash proceeds, Root seems in every way like a business in crisis based on its fundamentals. -
The Pennsylvania-based carrier improved its combined ratio by 2.3 points over the quarter to 98.3%.
-
Shares hit a high of $28.58 at 12:15, New York time, before returning to their opening levels.
-
The electric car manufacturer had earlier marketed the policy with an Elon Musk exclusion.
-
The carrier raises almost $655mn through the sale of new shares, while existing investors sell another $70mn of stock.
-
Products include home, auto, high net worth, umbrella casualty and pleasure craft marine hull insurance.
-
Kettle will operate as an MGA and “micro-reinsurer”, and sees itself as part of a new wave of InsurTechs.
-
The East Troublesome Fire in eastern Colorado yesterday grew to over 100,000 acres in size.
-
The industry is cautiously optimistic about the proposals as insurers take political heat over pricing.
-
The IPO plans to raise around $600mn in fresh capital.
-
Wijnberg is currently an independent director at asset management giant T Rowe Price Group.
-
Morgan Stanley is advising the company on the process.
