Root (ROOT) 10-Q 30 Oct 24 2024 Q3 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares shares in Millions	9 Months Ended
	Sep. 30, 2024	Oct. 23, 2024
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-39658
Entity Registrant Name	ROOT, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-2717903
Entity Address, Address Line One	80 E. Rich Street
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Columbus
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43215
City Area Code	866
Local Phone Number	980-9431
Title of 12(b) Security	Class A common stock,$0.0001 par value per share
Trading Symbol	ROOT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001788882
Current Fiscal Year End Date	--12-31
Class A Shares
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		10.7
Class B Shares
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		4.4

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Investments:
Fixed maturities available-for-sale, at fair value (amortized cost: $264.1 and $168.4 at September 30, 2024 and December 31, 2023, respectively)	$ 266.2	$ 165.9
Short-term investments (amortized cost: $8.6 and $0.9 at September 30, 2024 and December 31, 2023, respectively)	8.6	0.9
Other investments	4.4	4.4
Total investments	279.2	171.2
Cash and cash equivalents	674.8	678.7
Restricted cash	1	1
Premiums receivable, net of allowance of $7.2 and $4.0 at September 30, 2024 and December 31, 2023, respectively	308.7	247.1
Reinsurance recoverable and receivable, net of allowance of $1.8 at September 30, 2024 and December 31, 2023	160.6	125.3
Prepaid reinsurance premiums	37.8	48.2
Other assets	99.8	76.2
Total assets	1,561.9	1,347.7
Liabilities:
Loss and loss adjustment expense reserves	392.4	284.2
Unearned premiums	354.4	283.7
Long-term debt and warrants	300.9	299
Reinsurance premiums payable	46.2	54.4
Accounts payable and accrued expenses	64	65.6
Other liabilities	110.1	83.1
Total liabilities	1,268	1,070
Commitments and Contingencies (Note 11)
Redeemable convertible preferred stock, $0.0001 par value, 100.0 shares authorized, 14.1 shares issued and outstanding at September 30, 2024 and December 31, 2023 (redemption value of $126.5)	112	112
Stockholders’ equity:
Additional paid-in capital	1,883.8	1,883.4
Accumulated other comprehensive income (loss)	2.1	(2.5)
Accumulated loss	(1,704)	(1,715.2)
Total stockholders’ equity	181.9	165.7
Total liabilities, redeemable convertible preferred stock and stockholders’ equity	1,561.9	1,347.7
Class A Shares
Stockholders’ equity:
Common stock, value	0	0
Class B Shares
Stockholders’ equity:
Common stock, value	$ 0	$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Amortized cost, fixed maturities	$ 264.1	$ 168.4
Amortized cost, short term investments	8.6	0.9
Allowance for premiums receivable	7.2	4
Allowance for credit loss	$ 1.8	$ 1.8
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	100	100
Preferred stock, shares issued (in shares)	14.1	14.1
Preferred stock, shares outstanding (in shares)	14.1	14.1
Preferred stock, liquidation preference	$ 126.5	$ 126.5
Class A Shares
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, shares issued (in shares)	10.6	9.5
Common stock, shares outstanding (in shares)	10.6	9.5
Class B Shares
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	269	269
Common stock, shares issued (in shares)	4.4	5
Common stock, shares outstanding (in shares)	4.4	5

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - UNAUDITED - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
Net premiums earned	$ 279.3	$ 100	$ 771.2	$ 223.9
Net investment income	8	9	27.2	22.5
Fee income	17.1	6.2	48.4	13.2
Other income	1.3	0.1	3	0.6
Total revenues	305.7	115.3	849.8	260.2
Operating expenses:
Loss and loss adjustment expenses	184.5	85.8	541.2	208.6
Sales and marketing	34	13.1	98.6	22.8
Other insurance expense	22.4	18.3	75.1	22.2
Technology and development	12.9	11.1	38.6	32.4
General and administrative	17.5	21	52.7	63.2
Total operating expenses	271.3	149.3	806.2	349.2
Operating income (loss)	34.4	(34)	43.6	(89)
Interest expense	(11.6)	(11.8)	(34.8)	(34.4)
Income (loss) before income tax expense	22.8	(45.8)	8.8	(123.4)
Income tax expense	0	0	0	0
Net income (loss)	22.8	(45.8)	8.8	(123.4)
Less: Undistributed income allocated to participating securities	(1.1)	0	(0.5)	0
Net income (loss) attributable to common shareholders	21.7	(45.8)	8.3	(123.4)
Other comprehensive income (loss):
Changes in net unrealized gains (losses) on investments	5.5	(0.7)	4.6	(0.8)
Comprehensive income (loss)	$ 28.3	$ (46.5)	$ 13.4	$ (124.2)
Earnings (loss) per common share: basic (both Class A and B) (in dollars per share)	$ 1.45	$ (3.16)	$ 0.56	$ (8.57)
Earnings (loss) per common share: diluted (both Class A and B) (in dollars per share)	$ 1.35	$ (3.16)	$ 0.52	$ (8.57)
Weighted-average common shares outstanding: basic (both Class A and B) (in shares)	15	14.5	14.8	14.4
Weighted-average common shares outstanding: diluted (both Class A and B) (in shares)	16.9	14.5	16.8	14.4

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY - UNAUDITED - USD ($) shares in Millions, $ in Millions	Total	Class A Shares	Class B Shares	Class A and Class B Convertible Common Stock	Class A and Class B Convertible Common Stock Class A Shares	Class A and Class B Convertible Common Stock Class B Shares	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Loss
Beginning balance (in shares) at Dec. 31, 2022	14.1
Beginning balance at Dec. 31, 2022	$ 112
Ending balance (in shares) at Sep. 30, 2023	14.1
Ending balance at Sep. 30, 2023	$ 112
Beginning balance (in shares) at Dec. 31, 2022					9.2	5
Beginning balance at Dec. 31, 2022	277.1			$ 0			$ 1,850.7	$ (5.8)	$ (1,567.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(123.4)								(123.4)
Other comprehensive income (loss)	(0.8)							(0.8)
Common stock—option exercises and restricted stock units vesting, net of shares withheld for employee taxes (in shares)					0.3
Common stock—share-based compensation expense	12.4						12.4
Warrant compensation expense	13.3						13.3
Warrant issuance costs	(1.5)						(1.5)
Ending balance (in shares) at Sep. 30, 2023					9.5	5
Ending balance at Sep. 30, 2023	$ 177.1			0			1,874.9	(6.6)	(1,691.2)
Beginning balance (in shares) at Jun. 30, 2023	14.1
Beginning balance at Jun. 30, 2023	$ 112
Ending balance (in shares) at Sep. 30, 2023	14.1
Ending balance at Sep. 30, 2023	$ 112
Beginning balance (in shares) at Jun. 30, 2023					9.4	5
Beginning balance at Jun. 30, 2023	214.4			0			1,865.7	(5.9)	(1,645.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(45.8)								(45.8)
Other comprehensive income (loss)	(0.7)							(0.7)
Common stock—option exercises and restricted stock units vesting, net of shares withheld for employee taxes (in shares)					0.1
Common stock—share-based compensation expense	4.7						4.7
Warrant compensation expense	5						5
Warrant issuance costs	(0.5)						(0.5)
Ending balance (in shares) at Sep. 30, 2023					9.5	5
Ending balance at Sep. 30, 2023	$ 177.1			0			1,874.9	(6.6)	(1,691.2)
Beginning balance (in shares) at Dec. 31, 2023	14.1
Beginning balance at Dec. 31, 2023	$ 112
Ending balance (in shares) at Sep. 30, 2024	14.1
Ending balance at Sep. 30, 2024	$ 112
Beginning balance (in shares) at Dec. 31, 2023		9.5	5		9.5	5
Beginning balance at Dec. 31, 2023	165.7			0			1,883.4	(2.5)	(1,715.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	8.8								8.8
Other comprehensive income (loss)	$ 4.6							4.6
Conversion of Class B to Class A (in shares)					0.6	(0.6)
Common stock—option exercises and restricted stock units vesting, net of shares withheld for employee taxes (in shares)	0				0.5
Common stock—restricted stock units vesting, net of shares withheld for employee taxes	$ (13.3)						(15.7)		2.4
Common stock—share-based compensation expense	12.7						12.7
Warrant compensation expense	3.8						3.8
Warrant issuance costs	(0.4)						(0.4)
Ending balance (in shares) at Sep. 30, 2024		10.6	4.4		10.6	4.4
Ending balance at Sep. 30, 2024	$ 181.9			0			1,883.8	2.1	(1,704)
Beginning balance (in shares) at Jun. 30, 2024	14.1
Beginning balance at Jun. 30, 2024	$ 112
Ending balance (in shares) at Sep. 30, 2024	14.1
Ending balance at Sep. 30, 2024	$ 112
Beginning balance (in shares) at Jun. 30, 2024					10.6	4.4
Beginning balance at Jun. 30, 2024	151.3			0			1,881.5	(3.4)	(1,726.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	22.8								22.8
Other comprehensive income (loss)	5.5							5.5
Common stock—restricted stock units vesting, net of shares withheld for employee taxes	(2)						(2)
Common stock—share-based compensation expense	4.3						4.3
Ending balance (in shares) at Sep. 30, 2024		10.6	4.4		10.6	4.4
Ending balance at Sep. 30, 2024	$ 181.9			$ 0			$ 1,883.8	$ 2.1	$ (1,704)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 8.8	$ (123.4)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Share-based compensation	12.7	12.4
Warrant compensation expense	3.8	13.3
Depreciation and amortization	12.1	8.2
Bad debt expense	22.7	10.6
Gain on lease modification	0	(0.3)
Changes in operating assets and liabilities:
Premiums receivable	(84.3)	(83.9)
Reinsurance recoverable and receivable	(35.3)	8.5
Prepaid reinsurance premiums	10.4	38.1
Other assets	(23.1)	10.6
Losses and loss adjustment expenses reserves	108.2	(30.9)
Unearned premiums	70.7	82.4
Reinsurance premiums payable	(8.2)	(48)
Accounts payable and accrued expenses	(1.9)	9.6
Other liabilities	29.9	13.1
Net cash provided by (used in) operating activities	126.5	(79.7)
Cash flows from investing activities:
Purchases of investments	(147.7)	(61.7)
Proceeds from maturities, calls and pay downs of investments	40.5	22.3
Sales of investments	0.5	0.5
Capitalization of internally developed software	(7)	(7.1)
Purchases of fixed assets	(0.4)	(0.2)
Net cash used in investing activities	(114.1)	(46.2)
Cash flows from financing activities:
Taxes paid related to net share settlement of equity awards	(13.3)	(0.9)
Payment of preferred stock and related warrants issuance costs	(3)	0
Net cash used in financing activities	(16.3)	(0.9)
Net decrease in cash, cash equivalents and restricted cash	(3.9)	(126.8)
Cash, cash equivalents and restricted cash at beginning of period	679.7	763.1
Cash, cash equivalents and restricted cash at end of period	$ 675.8	$ 636.3

NATURE OF BUSINESS

NATURE OF BUSINESS	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF BUSINESS	NATURE OF BUSINESS Root, Inc. is a holding company which, directly or indirectly, maintains 100% ownership of each of its subsidiaries, including, among others, Root Insurance Company and Root Property & Casualty Insurance Company, both Ohio-domiciled insurance companies, and Root Reinsurance Company, Ltd., a Cayman Islands-domiciled reinsurance company, together with Root, Inc., “we,” “us” or “our.”

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation —In our opinion, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. All such adjustments are of a normal and recurring nature. These condensed consolidated financial statements are unaudited and, accordingly, should be read in conjunction with the consolidated financial statements and related notes included in the Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission, or SEC, on February 21, 2024. Basis of Consolidation —The unaudited condensed consolidated financial statements include the accounts of Root, Inc. and its subsidiaries, all of which are wholly owned. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP. All intercompany accounts and transactions have been eliminated. Use of Estimates —The preparation of the unaudited condensed consolidated financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates reflected in our unaudited condensed consolidated financial statements include, but are not limited to, reserves for loss and loss adjustment expense, or LAE, valuation allowances for income taxes and allowance for expected credit losses on premium receivables and reinsurance recoverables. Legal and Other Contingencies— From time to time, we are party to litigation and legal proceedings relating to our business operations. We consider legal actions relating to claims made in the ordinary course of seeking indemnification for a loss covered by the insurance policy in establishing loss and LAE reserves. In the ordinary course of business, we also face certain lawsuits that seek damages beyond policy limits, or extra-contractual claims. We continually evaluate potential liabilities and reserves for litigation and other matters using the guidance issued in the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, Topic 450, Contingencies . Under this guidance, we may only record reserves for a loss if as of the date the financial statements are issued or available to be issued, the likelihood of occurrence is deemed probable and we can reasonably estimate the amount of the loss. When disclosing litigation, claims or other matters where a material loss is judged to be reasonably possible, we will disclose an estimated range of loss or state that an estimate cannot be made. We consider each matter using this guidance and record reserves for losses as warranted by establishing a reserve in loss and loss adjustment expense reserves for extra-contractual claims and other liabilities for class action, other non-claims related lawsuits and other matters in our condensed consolidated balance sheets. Any non-reinsurance related recoveries are recognized as other assets in our condensed consolidated balance sheets. We record amounts within loss and loss adjustment expenses for extra-contractual claims and general and administrative for class action and other non-claims related lawsuits in our condensed consolidated statements of operations and comprehensive income (loss). For other recoveries, we record these amounts in the same account as the initial expense in our condensed consolidated statements of operations and comprehensive income (loss). Further details are discussed in Note 11, “Commitments and Contingencies.” Cash, Cash Equivalents and Restricted Cash —The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amount in the condensed consolidated statements of cash flows: As of September 30, December 31, 2024 2023 (dollars in millions) Cash and cash equivalents $ 674.8 $ 678.7 Restricted cash 1.0 1.0 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 675.8 $ 679.7 Deferred Policy Acquisition Costs —The following table provides a reconciliation of the beginning and ending deferred policy acquisition costs, net of accumulated amortization, reported in other assets within the condensed consolidated balance sheets as of September 30, 2024 and 2023: 2024 2023 (dollars in millions) Balance, January 1 $ 18.0 $ 6.7 Acquisition costs deferred 32.3 28.5 Amortization expense (23.8) (20.4) Balance, September 30 $ 26.5 $ 14.8 Earnings (Loss) Per Share —Earnings (loss) per share, or EPS, results are a key indicator of the overall performance relative to each share of our outstanding common stock. Basic earnings per share is calculated using the two-class method. Undistributed earnings are allocated to participating securities based on the extent to which each class may share in earnings as if all the earnings for the period have been distributed. Basic earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Common shares, when contingencies, such as vesting requirements, exist and have not been satisfied, are excluded from basic earnings per share. Our Class A and Class B common stock are entitled to the same liquidation and dividend rights and therefore earnings are allocated equally. Our redeemable convertible preferred stock and nonvested shares subject to repurchase are considered to be participating securities because they participate in dividends that are non-forfeitable and distributions with common stock. Diluted EPS for both Class A and Class B common stock includes all the components of basic EPS, plus the dilutive effect of common stock equivalents, but excludes those common stock equivalents from the calculation of diluted EPS when the effect of inclusion, assessed individually, would be anti-dilutive. The dilutive effect of stock options, nonvested shares subject to repurchase, restricted stock units, or RSUs, performance-based restricted stock units, or PSUs, and warrants are calculated using the treasury stock method. The dilutive effect of redeemable convertible preferred stock is calculated using the if-converted method. For periods in which we operate at a loss, the conversion of common stock equivalents would increase the denominator of the diluted earnings per share calculation and create a lower loss per share. Therefore, these common stock equivalents are considered antidilutive and diluted EPS is equal to basic EPS. Participating securities do not participate in losses and therefore losses are not allocated in the two-class method. Further details are discussed in Note 12, “Earnings (Loss) Per Share.” Upcoming Accounting Pronouncements— In November 2023, the FASB issued Accounting Standards Update, or ASU, No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . This ASU looks to provide improvements to the segment disclosure by providing users with more decision-useful information about reportable segments in a public entity. The main provisions require a company to disclose, on an annual and interim basis, significant expenses included within each reported measure of segment profit or loss, an amount for other segment items by reportable segment, a description of its composition and the title and position of the Chief Operating Decision Maker, or CODM, with an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding to allocate resources. It also requires all annual disclosures about a reportable segments’ profit or loss and assets to be reported on an interim basis. Although we operate in only one reporting segment, we are still required to provide all the disclosures required by this ASU and all existing segment disclosures in Topic 280. This ASU is to be applied retrospectively to all prior periods presented in the financial statements with an effective date for all public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We will adopt this ASU in the fourth quarter of 2024 on a retrospective basis. We have currently identified the Chief Executive Officer as our CODM and net income (loss), as reported on the condensed consolidated statement of operations and comprehensive income (loss), as our reported measure of segment profit or loss. We are currently evaluating the other impacts of this ASU. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This ASU looks to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The main provisions to the rate reconciliation disclosure require public entities on an annual basis to: disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The main provisions to the income taxes paid disclosure require that all entities disclose on an annual basis: the amount of income taxes paid disaggregated by federal, state and foreign taxes and the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid meets a quantitative threshold. This ASU also requires all entities to disclose income (loss) from continuing operations before income tax expense (benefit) disaggregated between domestic and foreign and income tax expense (benefit) from continuing operations disaggregated by federal, state and foreign. This ASU is to be applied on a prospective basis with an effective date for all public entities for annual periods beginning after December 15, 2024. Early adoption is permitted. This ASU only requires additional disclosure, will not have an impact on our results of operations or financial condition, and is not expected to have a material impact on the Notes to Condensed Consolidated Financial Statements.

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS The amortized cost and fair value of short-term investments and available-for-sale fixed maturity securities at September 30, 2024 and December 31, 2023 are as follows: September 30, 2024 Amortized Cost Allowance for Expected Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in millions) Fixed maturities: U.S. Treasury securities and agencies $ 33.7 $ — $ 0.6 $ — $ 34.3 Municipal securities 23.4 — 0.3 (0.4) 23.3 Corporate debt securities 104.2 — 1.4 (0.6) 105.0 Residential mortgage-backed securities 20.7 — 0.3 (0.1) 20.9 Commercial mortgage-backed securities 52.0 — 0.7 (0.4) 52.3 Other debt obligations 30.1 — 0.3 — 30.4 Total fixed maturities 264.1 — 3.6 (1.5) 266.2 Short-term investments 8.6 — — — 8.6 Total $ 272.7 $ — $ 3.6 $ (1.5) $ 274.8 December 31, 2023 Amortized Cost Allowance for Expected Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in millions) Fixed maturities: U.S. Treasury securities and agencies $ 14.6 $ — $ 0.1 $ (0.1) $ 14.6 Municipal securities 24.8 — 0.1 (0.8) 24.1 Corporate debt securities 66.3 — 0.2 (1.3) 65.2 Residential mortgage-backed securities 12.0 — 0.1 (0.2) 11.9 Commercial mortgage-backed securities 30.4 — 0.1 (0.7) 29.8 Other debt obligations 20.3 — 0.1 (0.1) 20.3 Total fixed maturities 168.4 — 0.7 (3.2) 165.9 Short-term investments 0.9 — — — 0.9 Total $ 169.3 $ — $ 0.7 $ (3.2) $ 166.8 Management reviewed the available-for-sale securities at each balance sheet date to consider whether it was necessary to recognize a credit loss as of September 30, 2024 and December 31, 2023. We do not intend to sell the securities and it is not more likely than not that we will be required to sell the securities before recovery. Management concluded that the available-for-sale securities’ unrealized losses were due to non-credit related factors and, therefore, there was no allowance for credit loss as of September 30, 2024 and December 31, 2023. The following tables reflect the gross unrealized losses and fair value of short-term investments and available-for-sale fixed maturity securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2024 and December 31, 2023: September 30, 2024 Less than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (dollars in millions) Fixed maturities: U.S. Treasury securities and agencies $ 2.2 $ — $ 2.5 $ — $ 4.7 $ — Municipal securities 0.1 — 11.2 (0.4) 11.3 (0.4) Corporate debt securities 14.2 — 23.2 (0.6) 37.4 (0.6) Residential mortgage-backed securities 1.6 — 1.7 (0.1) 3.3 (0.1) Commercial mortgage-backed securities 6.2 — 8.8 (0.4) 15.0 (0.4) Other debt obligations 0.9 — 2.3 — 3.2 — Total fixed maturities 25.2 — 49.7 (1.5) 74.9 (1.5) Short-term investments 1.0 — — — 1.0 — Total $ 26.2 $ — $ 49.7 $ (1.5) $ 75.9 $ (1.5) December 31, 2023 Less than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (dollars in millions) Fixed maturities: U.S. Treasury securities and agencies $ 1.7 $ — $ 2.4 $ (0.1) $ 4.1 $ (0.1) Municipal securities 3.1 — 15.1 (0.8) 18.2 (0.8) Corporate debt securities 13.4 — 35.1 (1.3) 48.5 (1.3) Residential mortgage-backed securities 4.1 — 1.9 (0.2) 6.0 (0.2) Commercial mortgage-backed securities 9.1 (0.1) 13.4 (0.6) 22.5 (0.7) Other debt obligations 4.4 — 4.4 (0.1) 8.8 (0.1) Total fixed maturities 35.8 (0.1) 72.3 (3.1) 108.1 (3.2) Short-term investments 0.3 — — — 0.3 — Total $ 36.1 $ (0.1) $ 72.3 $ (3.1) $ 108.4 $ (3.2) Other Investments As of September 30, 2024 and December 31, 2023, other investments related to our private equity investments were $4.4 million. There were no realized or unrealized gains and losses or impairment losses recognized on private equity investments for the three and nine months ended September 30, 2024 and 2023. There were no realized gains or losses on short-term investments, available-for-sale fixed maturities and other investments for the three and nine months ended September 30, 2024 and 2023. The following table sets forth the amortized cost and fair value of short-term investments and available-for-sale fixed maturity securities by contractual maturity at September 30, 2024: September 30, 2024 Amortized Cost Fair Value (dollars in millions) Due in one year or less $ 37.0 $ 36.9 Due after one year through five years 174.2 175.8 Due five years through 10 years 30.2 30.8 Due after 10 years 31.3 31.3 Total $ 272.7 $ 274.8 The following table sets forth the components of net investment income for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (dollars in millions) Interest on bonds $ 2.6 $ 1.4 $ 6.6 $ 3.3 Interest on deposits and cash equivalents 8.7 7.9 25.0 19.8 Total 11.3 9.3 31.6 23.1 Investment expense (3.3) (0.3) (4.4) (0.6) Net investment income $ 8.0 $ 9.0 $ 27.2 $ 22.5 The following tables summarize the credit ratings of short-term investments and available-for-sale fixed maturity securities at September 30, 2024 and December 31, 2023: September 30, 2024 Amortized Cost Fair Value % of Total (dollars in millions) S&P Global rating or equivalent AAA $ 69.3 $ 69.7 25.4 % AA+, AA, AA-, A-1 114.5 115.7 42.1 A+, A, A- 69.5 69.9 25.4 BBB+, BBB, BBB- 19.4 19.5 7.1 Total $ 272.7 $ 274.8 100.0 % December 31, 2023 Amortized Cost Fair Value % of Total (dollars in millions) S&P Global rating or equivalent AAA $ 53.0 $ 52.1 31.2 % AA+, AA, AA-, A-1 59.4 58.8 35.3 A+, A, A- 42.1 41.2 24.7 BBB+, BBB, BBB- 14.8 14.7 8.8 Total $ 169.3 $ 166.8 100.0 %

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	FAIR VALUE OF FINANCIAL INSTRUMENTS The following tables provide information about our financial assets measured and reported at fair value as of September 30, 2024 and December 31, 2023: September 30, 2024 Level 1 Level 2 Level 3 Total (dollars in millions) Assets Fixed maturities: U.S. Treasury securities and agencies $ 33.6 $ 0.7 $ — $ 34.3 Municipal securities — 23.3 — 23.3 Corporate debt securities — 105.0 — 105.0 Residential mortgage-backed securities — 20.9 — 20.9 Commercial mortgage-backed securities — 52.3 — 52.3 Other debt obligations — 30.4 — 30.4 Total fixed maturities 33.6 232.6 — 266.2 Short-term investments 8.4 0.2 — 8.6 Cash equivalents 416.6 — — 416.6 Total assets at fair value $ 458.6 $ 232.8 $ — $ 691.4 December 31, 2023 Level 1 Level 2 Level 3 Total (dollars in millions) Assets Fixed maturities: U.S. Treasury securities and agencies $ 13.3 $ 1.3 $ — $ 14.6 Municipal securities — 24.1 — 24.1 Corporate debt securities — 65.2 — 65.2 Residential mortgage-backed securities — 11.9 — 11.9 Commercial mortgage-backed securities — 29.8 — 29.8 Other debt obligations — 20.3 — 20.3 Total fixed maturities 13.3 152.6 — 165.9 Short-term investments 0.9 — — 0.9 Cash equivalents 439.6 — — 439.6 Total assets at fair value $ 453.8 $ 152.6 $ — $ 606.4 We estimate the fair value of all our different classes of Level 2 fixed maturities and short-term investments by using quoted prices from a combination of an independent pricing vendor or broker/dealer, pricing models, quoted prices of securities with similar characteristics or discounted cash flows. All significant inputs were observable in the active markets. Fair Value of Long-Term Debt The carrying amount of long-term debt is recorded at the unpaid balance, net of discount and debt issuance costs. The fair value of outstanding long-term debt is classified within Level 2 of the fair value hierarchy. The fair value is based on a model referencing observable interest rates and spreads to project and discount cash flows to present value. As of September 30, 2024 and December 31, 2023, the carrying amounts and fair values of these financial instruments were as follows: Carrying Amount as of September 30, 2024 Estimated Fair Value as of September 30, 2024 Carrying Amount as of December 31, 2023 Estimated Fair Value as of December 31, 2023 (dollars in millions) Long-term debt $ 300.9 $ 307.9 $ 299.0 $ 305.2

LOSS AND LOSS ADJUSTMENT EXPENS

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES	9 Months Ended
	Sep. 30, 2024
Insurance [Abstract]
LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES	LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES The following provides a reconciliation of the beginning and ending reserve balances for loss and LAE, net of reinsurance: Nine Months Ended September 30, 2024 2023 (dollars in millions) Gross loss and LAE reserves, January 1 $ 284.2 $ 287.4 Reinsurance recoverable on unpaid losses (43.8) (76.4) Net loss and LAE reserves, January 1 240.4 211.0 Net incurred loss and LAE related to: Current year 549.1 209.2 Prior years (7.9) (0.6) Total incurred 541.2 208.6 Net paid loss and LAE related to: Current year 293.2 87.4 Prior years 146.3 117.3 Total paid 439.5 204.7 Net loss and LAE reserves, September 30 342.1 214.9 Plus reinsurance recoverable on unpaid losses 50.3 41.6 Gross loss and LAE reserves, September 30 $ 392.4 $ 256.5 Incurred losses and LAE attributable to prior accident years was a decrease of $7.9 million and $0.6 million for the nine months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024, the development of incurred losses and LAE related to prior periods was primarily driven by lower-than-expected reported losses and LAE from accident year 2023 on both liability and physical damage coverages. For the nine months ended September 30, 2023, the development of incurred losses and LAE related to prior periods was a result of lower-than-expected reported losses on injury coverages, partially offset by losses on commutations of certain reinsurance agreements and higher-than-expected LAE in prior accident periods.

REINSURANCE

REINSURANCE	9 Months Ended
	Sep. 30, 2024
Insurance [Abstract]
REINSURANCE	REINSURANCE The following table reflects amounts affecting the condensed consolidated statements of operations and comprehensive income (loss) for reinsurance for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (dollars in millions) Premiums written: Direct $ 270.9 $ 192.7 $ 793.9 $ 444.6 Assumed 60.8 31.5 176.7 59.3 Ceded (27.1) (22.3) (118.4) (159.4) Net premiums written $ 304.6 $ 201.9 $ 852.2 $ 344.5 Premiums earned: Direct $ 258.6 $ 141.6 $ 739.7 $ 381.9 Assumed 58.4 18.2 160.3 39.5 Ceded (37.7) (59.8) (128.8) (197.5) Net premiums earned $ 279.3 $ 100.0 $ 771.2 $ 223.9 Losses and LAE incurred: Direct $ 168.2 $ 106.8 $ 504.0 $ 297.1 Assumed 39.1 13.4 115.7 29.8 Ceded (22.8) (34.4) (78.5) (118.3) Net losses and LAE incurred $ 184.5 $ 85.8 $ 541.2 $ 208.6 In the event that all or any of the reinsuring companies might be unable to meet their obligations under existing reinsurance agreements, we would be liable to the policyholder for such defaulted amounts. GEOGRAPHICAL BREAKDOWN OF GROSS PREMIUMS WRITTEN Gross premiums written by state is as follows for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Amount % of Total Amount % of Total Amount % of Total Amount % of Total (dollars in millions) State: Texas $ 63.6 19.2 % $ 36.8 16.4 % $ 186.9 19.3 % $ 80.1 15.9 % Georgia 38.6 11.6 26.3 11.7 119.1 12.3 56.0 11.1 Florida 27.6 8.3 2.9 1.3 71.6 7.4 6.7 1.3 Colorado 19.3 5.8 15.3 6.8 54.8 5.6 37.8 7.5 Pennsylvania 19.1 5.8 12.1 5.4 54.4 5.6 29.0 5.8 South Carolina 14.5 4.4 11.8 5.3 46.1 4.7 28.6 5.7 Arizona 12.1 3.6 11.0 4.9 38.7 4.0 21.7 4.3 California 15.7 4.7 2.1 0.9 29.8 3.1 5.4 1.1 Ohio 9.0 2.7 8.4 3.7 29.1 3.0 16.9 3.4 Maryland 8.4 2.5 6.7 3.0 26.3 2.7 13.0 2.6 All others states 103.8 31.4 90.8 40.6 313.8 32.3 208.7 41.3 Total $ 331.7 100.0 % $ 224.2 100.0 % $ 970.6 100.0 % $ 503.9 100.0 %

LONG-TERM DEBT

LONG-TERM DEBT	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT In January 2022, we entered into a $300.0 million five-year term loan, or Term Loan, with the principal amount due and payable upon maturity on January 27, 2027. Interest is payable quarterly and determined on a floating interest rate currently calculated on the Secured Overnight Financing Rate, or SOFR, with a 1.0% floor, plus 9.0%. The Term Loan can be repaid at anytime through the maturity date without a prepayment premium, provided that we give at least three The following summarizes the carrying value of long-term debt and warrants as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 (dollars in millions) Term Loan $ 300.0 $ 300.0 Accrued interest payable 7.6 7.9 Unamortized discount and debt issuance costs and warrants (6.7) (8.9) Total $ 300.9 $ 299.0 In September 2024, we entered into the first amendment to the Term Loan, which among other things, provides greater flexibility for investments in future insurance subsidiaries.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The consolidated effective tax rate was zero for the three and nine months ended September 30, 2024 and 2023. The difference between these rates and the U.S. federal income tax rate of 21% was primarily due to a full valuation allowance on our U.S. deferred tax assets. As of September 30, 2024 and December 31, 2023, we did not have any unrecognized tax benefits for uncertain tax positions and had no interest or penalties related to uncertain tax positions.

RESTRUCTURING COSTS

RESTRUCTURING COSTS	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
RESTRUCTURING COSTS	RESTRUCTURING COSTS Beginning in 2022, we conducted strategic initiatives to reduce operating costs, improve efficiency, and increase focus on our strategic priorities. These initiatives resulted in restructuring actions that included a reduction in workforce levels, contract terminations, and, in certain instances, a reduction in office space. These restructuring actions include the following costs: Employee costs —consist of severance, benefits, share-based compensation, and employee compensation expense dependent upon continuous employment for certain employees and related employee costs. Real estate exit costs —consist of real estate exit costs primarily related to accelerated amortization of right-of-use assets, leasehold improvements and furniture and fixtures. Other costs —primarily consist of contract termination costs incurred as part of our efforts to improve efficiency and reduce operating costs and accelerated expense for software that no longer has economic benefit. As of September 30, 2024, we do not expect to incur any additional material expenditures in future periods related to restructuring actions that have occurred. The following table displays restructuring costs recorded in general and administrative expenses on the condensed consolidated statements of operations and comprehensive income (loss): Three Months Ended September 30, Nine Months Ended September 30, Cumulative Incurred Through September 30, 2024 2024 2023 2024 2023 (dollars in millions) Restructuring costs: Employee costs $ — $ 1.8 $ 0.1 $ 5.9 $ 23.3 Real estate exit costs — — — — 2.1 Other costs — 0.1 — 3.5 4.5 Total restructuring costs $ — $ 1.9 $ 0.1 $ 9.4 $ 29.9 The following table displays a rollforward of the accrual for restructuring costs recorded in accounts payable and accrued expenses on the condensed consolidated balance sheets: Employee costs (dollars in millions) Restructuring activity: Restructuring liability as of January 1, 2024 $ 8.3 Expense incurred 0.1 Payments (8.4) Restructuring liability as of September 30, 2024 $ —

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION Warrants In October 2021, we issued Carvana eight tranches of warrants, comprised of three tranches of “short-term warrants” and five tranches of “long-term warrants,” with the opportunity to purchase a maximum of 7.2 million shares of Class A common stock. As of June 30, 2024, all of the short-term warrants have vested and all of the respective compensation cost has been recognized. While the short-term warrants are vested and outstanding, it is not a possible outcome for the long-term warrants to also vest, so they are considered not probable of vesting. We recognized warrant compensation expense related to these equity-classified warrants based on policies originating through the integrated automobile insurance solution for Carvana’s online buying platform. All of these warrants are out-of-the-money and therefore have no intrinsic value as of September 30, 2024. We recognized warrant compensation expense of zero and $5.0 million for the three months ended September 30, 2024 and 2023, respectively. We recognized warrant compensation expense of $3.8 million and $13.3 million for the nine months ended September 30, 2024 and 2023, respectively. Warrant compensation expense is recorded in other insurance expense in the condensed consolidated statements of operations and comprehensive income (loss). Employee Share-Based Compensation We maintain an equity incentive plan, or the Plan, for the issuance and grant of equity awards (restricted stock, restricted stock units, or RSUs, performance-based restricted stock units, or PSUs, and incentive and nonqualified stock options) to our officers, directors, employees and certain advisors. As of September 30, 2024, we had 1.9 million common shares available for issuance under the Plan. When these RSU and PSU awards vest, we fund the related payroll tax withholding and remittance obligations by either (i) withholding shares of our Class A common stock that would have otherwise been issued with respect to such awards and pay the relevant tax authorities in cash to satisfy such tax obligations or (ii) allowing holders of such awards to pay us an amount in cash, via a broker, sufficient to cover the applicable tax withholding obligations. We recognize the related tax withholding liability for employee taxes on the date of the event triggering the measurement and payment of the tax to the taxing authority, which is the vesting date. The obligation to satisfy the employee portion of tax withholding in the event of net share settlement is reflected as a reduction of additional paid-in capital in our condensed consolidated balance sheets. The following table displays share-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive income (loss): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (dollars in millions) Share-based compensation expense: Loss and loss adjustment expenses $ 0.6 $ 0.2 $ 1.4 $ 0.5 Sales and marketing 0.2 0.1 0.5 0.3 Other insurance expense 0.2 0.1 0.5 0.4 Technology and development 0.8 0.9 2.3 2.4 General and administrative 2.5 3.4 8.0 8.8 Total share-based compensation expense $ 4.3 $ 4.7 $ 12.7 $ 12.4 The following table provides total share-based compensation expense by type of award: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (dollars in millions) Share-based compensation expense: Restricted stock unit expense $ 4.0 $ 4.4 $ 11.6 $ 11.4 Performance-based restricted stock unit expense 0.2 0.1 0.7 0.1 Stock option expense 0.1 0.2 0.4 0.9 Total share-based compensation expense $ 4.3 $ 4.7 $ 12.7 $ 12.4 As of September 30, 2024, there was $0.6 million, $21.6 million, and $1.2 million of unrecognized compensation cost related to unvested stock options, RSUs, and PSUs, respectively. The remaining costs are expected to be recognized over a period of approximately two years for unvested stock options, and three years for RSUs and PSUs. Restricted Stock Units and Performance-Based Restricted Stock Units A summary of RSU and PSU activity for the nine months ended September 30, 2024 is as follows: Nine Months Ended September 30, 2024 Restricted Stock Units and Performance-Based Restricted Stock Units Number of Shares Weighted-Average Aggregate Intrinsic Value (in millions, except per share amounts) Nonvested at January 1, 2024 1.9 $ 14.47 $ 20.3 Granted 0.3 48.63 Vested (0.7) 16.67 38.0 Forfeited, expired or canceled (0.1) 17.11 Nonvested at September 30, 2024 1.4 $ 19.56 $ 54.7 Stock Options A summary of option activity for the nine months ended September 30, 2024 is as follows: Nine Months Ended September 30, 2024 Options Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value (in millions, except exercise price and term amounts) Outstanding and exercisable at January 1, 2024 0.1 $ 33.68 4.29 $ 0.5 Granted — — Exercised — 7.05 123.6 Forfeited, expired or canceled — 82.00 Outstanding and exercisable at September 30, 2024 0.1 $ 33.99 3.55 $ 2.9

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES From time to time, we are party to litigation and legal proceedings relating to our business operations. While the outcome of all legal actions is not presently determinable, except as disclosed below, we do not believe that we are party to any current or pending legal action that if concluded adversely could reasonably be expected to have a material adverse effect on our financial condition or results of operations and cash flow. On March 19, 2021, a purported class action complaint was filed against the Company and certain of its current and former officers and directors in the U.S. District Court for the Southern District of Ohio (Case No. 2:21-cv-01197) on behalf of certain Root shareholders. The complaint alleged that defendants made false or misleading statements and omissions of purportedly material fact, in violation of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 thereunder, and of Sections 11 and 15 of the Securities Act in connection with and following the Company’s initial public offering. The complaint sought unspecified damages. The defendants’ motion to dismiss the claims set forth in the complaint was granted and the lawsuit was dismissed with prejudice on March 31, 2023, which dismissal was affirmed on April 29, 2024, by the United States Court of Appeals for the Sixth Circuit. The plaintiffs filed a petition for a writ of certiorari on August 28, 2024 with the United States Supreme Court, which defendants have opposed. The Company intends to continue to vigorously defend against the allegations. We cannot predict the outcome or estimate the likelihood or magnitude of our possible or potential loss contingency. We are contingently liable for possible future assessments under regulatory requirements for insolvencies and impairments of unaffiliated insurance companies.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	EARNINGS (LOSS) PER SHARE The following table displays the computation of basic and diluted EPS for both Class A and Class B common stock for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in millions, except per share amounts) Numerator: Net income (loss) $ 22.8 $ (45.8) $ 8.8 $ (123.4) Less: Undistributed income allocated to participating securities (1.1) — (0.5) — Net income (loss) attributable to common shareholders 21.7 (45.8) 8.3 (123.4) Denominator: Weighted-average common shares outstanding: basic (both Class A and B) 15.0 14.5 14.8 14.4 Effect of dilutive securities: RSUs and PSUs 1.0 — 1.1 — Redeemable convertible preferred stock 0.8 — 0.8 — Stock options 0.1 — 0.1 — Weighted-average common shares outstanding: diluted (both Class A and B) 16.9 14.5 16.8 14.4 Earnings (loss) per common share (both Class A and B): Basic $ 1.45 $ (3.16) $ 0.56 $ (8.57) Diluted $ 1.35 $ (3.16) $ 0.52 $ (8.57) For the three and nine months ended September 30, 2023, we operated at a loss and therefore, the conversion of common stock equivalents would increase the denominator of the diluted EPS calculation and create a lower loss per share. Therefore, these common stock equivalents are considered anti-dilutive and diluted EPS is equal to basic EPS. We excluded the following potentially dilutive common stock equivalents, presented based on amounts outstanding at each period end, from the computation of diluted EPS attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in millions) Options to purchase common stock — 0.1 — 0.1 Nonvested shares subject to repurchase — 0.1 — 0.1 RSUs and PSUs 0.1 2.0 0.1 2.0 Redeemable convertible preferred stock (as converted to common stock) — 0.8 — 0.8 Warrants to purchase common stock 7.7 7.7 7.7 7.7 Total 7.8 10.7 7.8 10.7

GEOGRAPHICAL BREAKDOWN OF GROSS

GEOGRAPHICAL BREAKDOWN OF GROSS PREMIUMS WRITTEN	9 Months Ended
	Sep. 30, 2024
Insurance [Abstract]
GEOGRAPHICAL BREAKDOWN OF GROSS PREMIUMS WRITTEN	REINSURANCE The following table reflects amounts affecting the condensed consolidated statements of operations and comprehensive income (loss) for reinsurance for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (dollars in millions) Premiums written: Direct $ 270.9 $ 192.7 $ 793.9 $ 444.6 Assumed 60.8 31.5 176.7 59.3 Ceded (27.1) (22.3) (118.4) (159.4) Net premiums written $ 304.6 $ 201.9 $ 852.2 $ 344.5 Premiums earned: Direct $ 258.6 $ 141.6 $ 739.7 $ 381.9 Assumed 58.4 18.2 160.3 39.5 Ceded (37.7) (59.8) (128.8) (197.5) Net premiums earned $ 279.3 $ 100.0 $ 771.2 $ 223.9 Losses and LAE incurred: Direct $ 168.2 $ 106.8 $ 504.0 $ 297.1 Assumed 39.1 13.4 115.7 29.8 Ceded (22.8) (34.4) (78.5) (118.3) Net losses and LAE incurred $ 184.5 $ 85.8 $ 541.2 $ 208.6 In the event that all or any of the reinsuring companies might be unable to meet their obligations under existing reinsurance agreements, we would be liable to the policyholder for such defaulted amounts. GEOGRAPHICAL BREAKDOWN OF GROSS PREMIUMS WRITTEN Gross premiums written by state is as follows for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Amount % of Total Amount % of Total Amount % of Total Amount % of Total (dollars in millions) State: Texas $ 63.6 19.2 % $ 36.8 16.4 % $ 186.9 19.3 % $ 80.1 15.9 % Georgia 38.6 11.6 26.3 11.7 119.1 12.3 56.0 11.1 Florida 27.6 8.3 2.9 1.3 71.6 7.4 6.7 1.3 Colorado 19.3 5.8 15.3 6.8 54.8 5.6 37.8 7.5 Pennsylvania 19.1 5.8 12.1 5.4 54.4 5.6 29.0 5.8 South Carolina 14.5 4.4 11.8 5.3 46.1 4.7 28.6 5.7 Arizona 12.1 3.6 11.0 4.9 38.7 4.0 21.7 4.3 California 15.7 4.7 2.1 0.9 29.8 3.1 5.4 1.1 Ohio 9.0 2.7 8.4 3.7 29.1 3.0 16.9 3.4 Maryland 8.4 2.5 6.7 3.0 26.3 2.7 13.0 2.6 All others states 103.8 31.4 90.8 40.6 313.8 32.3 208.7 41.3 Total $ 331.7 100.0 % $ 224.2 100.0 % $ 970.6 100.0 % $ 503.9 100.0 %

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS In October 2024, we entered into the Amended Term Loan that resulted in extinguishment of $237.1 million of the Term Loan, modification of $62.9 million of the Term Loan, and new borrowings of $137.1 million from new BlackRock funds. The resulting principal amount under the Amended Term Loan is $200.0 million and has a maturity date of October 29, 2030. Interest is variable and calculated quarterly between SOFR plus 5.25% and SOFR plus 6.00%, with a SOFR floor of 1.00%, based upon the debt-to-capital ratio payable quarterly, in cash.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 22.8	$ (45.8)	$ 8.8	$ (123.4)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —In our opinion, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included. All such adjustments are of a normal and recurring nature. These condensed consolidated financial statements are unaudited and, accordingly, should be read in conjunction with the consolidated financial statements and related notes included in the Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission, or SEC, on February 21, 2024.
Basis of Consolidation	Basis of Consolidation —The unaudited condensed consolidated financial statements include the accounts of Root, Inc. and its subsidiaries, all of which are wholly owned. These financial statements have been prepared in accordance with accounting principles generally accepted in the United States, or GAAP. All intercompany accounts and transactions have been eliminated.
Use of Estimates	Use of Estimates —The preparation of the unaudited condensed consolidated financial statements requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates reflected in our unaudited condensed consolidated financial statements include, but are not limited to, reserves for loss and loss adjustment expense, or LAE, valuation allowances for income taxes and allowance for expected credit losses on premium receivables and reinsurance recoverables.
Legal and Other Contingencies	Legal and Other Contingencies— From time to time, we are party to litigation and legal proceedings relating to our business operations. We consider legal actions relating to claims made in the ordinary course of seeking indemnification for a loss covered by the insurance policy in establishing loss and LAE reserves. In the ordinary course of business, we also face certain lawsuits that seek damages beyond policy limits, or extra-contractual claims. We continually evaluate potential liabilities and reserves for litigation and other matters using the guidance issued in the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, Topic 450, Contingencies . Under this guidance, we may only record reserves for a loss if as of the date the financial statements are issued or available to be issued, the likelihood of occurrence is deemed probable and we can reasonably estimate the amount of the loss. When disclosing litigation, claims or other matters where a material loss is judged to be reasonably possible, we will disclose an estimated range of loss or state that an estimate cannot be made. We consider each matter using this guidance and record reserves for losses as warranted by establishing a reserve in loss and loss adjustment expense reserves for extra-contractual claims and other liabilities for class action, other non-claims related lawsuits and other matters in our condensed consolidated balance sheets. Any non-reinsurance related recoveries are recognized as other assets in our condensed consolidated balance sheets. We record amounts within loss and loss adjustment expenses for extra-contractual claims and general and administrative for class action and other non-claims related lawsuits in our condensed consolidated statements of operations and comprehensive income (loss). For other recoveries, we record these amounts in the same account as the initial expense in our condensed consolidated statements of operations and comprehensive income (loss). Further details are discussed in Note 11, “Commitments and Contingencies.”
Earnings (Loss) Per Share	Earnings (Loss) Per Share —Earnings (loss) per share, or EPS, results are a key indicator of the overall performance relative to each share of our outstanding common stock. Basic earnings per share is calculated using the two-class method. Undistributed earnings are allocated to participating securities based on the extent to which each class may share in earnings as if all the earnings for the period have been distributed. Basic earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Common shares, when contingencies, such as vesting requirements, exist and have not been satisfied, are excluded from basic earnings per share. Our Class A and Class B common stock are entitled to the same liquidation and dividend rights and therefore earnings are allocated equally. Our redeemable convertible preferred stock and nonvested shares subject to repurchase are considered to be participating securities because they participate in dividends that are non-forfeitable and distributions with common stock. Diluted EPS for both Class A and Class B common stock includes all the components of basic EPS, plus the dilutive effect of common stock equivalents, but excludes those common stock equivalents from the calculation of diluted EPS when the effect of inclusion, assessed individually, would be anti-dilutive. The dilutive effect of stock options, nonvested shares subject to repurchase, restricted stock units, or RSUs, performance-based restricted stock units, or PSUs, and warrants are calculated using the treasury stock method. The dilutive effect of redeemable convertible preferred stock is calculated using the if-converted method.
Upcoming Accounting Pronouncements	Upcoming Accounting Pronouncements— In November 2023, the FASB issued Accounting Standards Update, or ASU, No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . This ASU looks to provide improvements to the segment disclosure by providing users with more decision-useful information about reportable segments in a public entity. The main provisions require a company to disclose, on an annual and interim basis, significant expenses included within each reported measure of segment profit or loss, an amount for other segment items by reportable segment, a description of its composition and the title and position of the Chief Operating Decision Maker, or CODM, with an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding to allocate resources. It also requires all annual disclosures about a reportable segments’ profit or loss and assets to be reported on an interim basis. Although we operate in only one reporting segment, we are still required to provide all the disclosures required by this ASU and all existing segment disclosures in Topic 280. This ASU is to be applied retrospectively to all prior periods presented in the financial statements with an effective date for all public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. We will adopt this ASU in the fourth quarter of 2024 on a retrospective basis. We have currently identified the Chief Executive Officer as our CODM and net income (loss), as reported on the condensed consolidated statement of operations and comprehensive income (loss), as our reported measure of segment profit or loss. We are currently evaluating the other impacts of this ASU. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures . This ASU looks to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The main provisions to the rate reconciliation disclosure require public entities on an annual basis to: disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The main provisions to the income taxes paid disclosure require that all entities disclose on an annual basis: the amount of income taxes paid disaggregated by federal, state and foreign taxes and the amount of income taxes paid disaggregated by individual jurisdictions in which income taxes paid meets a quantitative threshold. This ASU also requires all entities to disclose income (loss) from continuing operations before income tax expense (benefit) disaggregated between domestic and foreign and income tax expense (benefit) from continuing operations disaggregated by federal, state and foreign. This ASU is to be applied on a prospective basis with an effective date for all public entities for annual periods beginning after December 15, 2024. Early adoption is permitted. This ASU only requires additional disclosure, will not have an impact on our results of operations or financial condition, and is not expected to have a material impact on the Notes to Condensed Consolidated Financial Statements.

BASIS OF PRESENTATION AND SUM_3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amount in the condensed consolidated statements of cash flows: As of September 30, December 31, 2024 2023 (dollars in millions) Cash and cash equivalents $ 674.8 $ 678.7 Restricted cash 1.0 1.0 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 675.8 $ 679.7
Deferred Policy Acquisition Costs	The following table provides a reconciliation of the beginning and ending deferred policy acquisition costs, net of accumulated amortization, reported in other assets within the condensed consolidated balance sheets as of September 30, 2024 and 2023: 2024 2023 (dollars in millions) Balance, January 1 $ 18.0 $ 6.7 Acquisition costs deferred 32.3 28.5 Amortization expense (23.8) (20.4) Balance, September 30 $ 26.5 $ 14.8

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of AFS Debt Securities	The amortized cost and fair value of short-term investments and available-for-sale fixed maturity securities at September 30, 2024 and December 31, 2023 are as follows: September 30, 2024 Amortized Cost Allowance for Expected Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in millions) Fixed maturities: U.S. Treasury securities and agencies $ 33.7 $ — $ 0.6 $ — $ 34.3 Municipal securities 23.4 — 0.3 (0.4) 23.3 Corporate debt securities 104.2 — 1.4 (0.6) 105.0 Residential mortgage-backed securities 20.7 — 0.3 (0.1) 20.9 Commercial mortgage-backed securities 52.0 — 0.7 (0.4) 52.3 Other debt obligations 30.1 — 0.3 — 30.4 Total fixed maturities 264.1 — 3.6 (1.5) 266.2 Short-term investments 8.6 — — — 8.6 Total $ 272.7 $ — $ 3.6 $ (1.5) $ 274.8 December 31, 2023 Amortized Cost Allowance for Expected Credit Losses Gross Unrealized Gains Gross Unrealized Losses Fair Value (dollars in millions) Fixed maturities: U.S. Treasury securities and agencies $ 14.6 $ — $ 0.1 $ (0.1) $ 14.6 Municipal securities 24.8 — 0.1 (0.8) 24.1 Corporate debt securities 66.3 — 0.2 (1.3) 65.2 Residential mortgage-backed securities 12.0 — 0.1 (0.2) 11.9 Commercial mortgage-backed securities 30.4 — 0.1 (0.7) 29.8 Other debt obligations 20.3 — 0.1 (0.1) 20.3 Total fixed maturities 168.4 — 0.7 (3.2) 165.9 Short-term investments 0.9 — — — 0.9 Total $ 169.3 $ — $ 0.7 $ (3.2) $ 166.8 The following table sets forth the amortized cost and fair value of short-term investments and available-for-sale fixed maturity securities by contractual maturity at September 30, 2024: September 30, 2024 Amortized Cost Fair Value (dollars in millions) Due in one year or less $ 37.0 $ 36.9 Due after one year through five years 174.2 175.8 Due five years through 10 years 30.2 30.8 Due after 10 years 31.3 31.3 Total $ 272.7 $ 274.8
Schedule of Unrealized Losses	The following tables reflect the gross unrealized losses and fair value of short-term investments and available-for-sale fixed maturity securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2024 and December 31, 2023: September 30, 2024 Less than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (dollars in millions) Fixed maturities: U.S. Treasury securities and agencies $ 2.2 $ — $ 2.5 $ — $ 4.7 $ — Municipal securities 0.1 — 11.2 (0.4) 11.3 (0.4) Corporate debt securities 14.2 — 23.2 (0.6) 37.4 (0.6) Residential mortgage-backed securities 1.6 — 1.7 (0.1) 3.3 (0.1) Commercial mortgage-backed securities 6.2 — 8.8 (0.4) 15.0 (0.4) Other debt obligations 0.9 — 2.3 — 3.2 — Total fixed maturities 25.2 — 49.7 (1.5) 74.9 (1.5) Short-term investments 1.0 — — — 1.0 — Total $ 26.2 $ — $ 49.7 $ (1.5) $ 75.9 $ (1.5) December 31, 2023 Less than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (dollars in millions) Fixed maturities: U.S. Treasury securities and agencies $ 1.7 $ — $ 2.4 $ (0.1) $ 4.1 $ (0.1) Municipal securities 3.1 — 15.1 (0.8) 18.2 (0.8) Corporate debt securities 13.4 — 35.1 (1.3) 48.5 (1.3) Residential mortgage-backed securities 4.1 — 1.9 (0.2) 6.0 (0.2) Commercial mortgage-backed securities 9.1 (0.1) 13.4 (0.6) 22.5 (0.7) Other debt obligations 4.4 — 4.4 (0.1) 8.8 (0.1) Total fixed maturities 35.8 (0.1) 72.3 (3.1) 108.1 (3.2) Short-term investments 0.3 — — — 0.3 — Total $ 36.1 $ (0.1) $ 72.3 $ (3.1) $ 108.4 $ (3.2)
Schedule of Net Investment Income	The following table sets forth the components of net investment income for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (dollars in millions) Interest on bonds $ 2.6 $ 1.4 $ 6.6 $ 3.3 Interest on deposits and cash equivalents 8.7 7.9 25.0 19.8 Total 11.3 9.3 31.6 23.1 Investment expense (3.3) (0.3) (4.4) (0.6) Net investment income $ 8.0 $ 9.0 $ 27.2 $ 22.5
Schedule of Credit Ratings	The following tables summarize the credit ratings of short-term investments and available-for-sale fixed maturity securities at September 30, 2024 and December 31, 2023: September 30, 2024 Amortized Cost Fair Value % of Total (dollars in millions) S&P Global rating or equivalent AAA $ 69.3 $ 69.7 25.4 % AA+, AA, AA-, A-1 114.5 115.7 42.1 A+, A, A- 69.5 69.9 25.4 BBB+, BBB, BBB- 19.4 19.5 7.1 Total $ 272.7 $ 274.8 100.0 % December 31, 2023 Amortized Cost Fair Value % of Total (dollars in millions) S&P Global rating or equivalent AAA $ 53.0 $ 52.1 31.2 % AA+, AA, AA-, A-1 59.4 58.8 35.3 A+, A, A- 42.1 41.2 24.7 BBB+, BBB, BBB- 14.8 14.7 8.8 Total $ 169.3 $ 166.8 100.0 %

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value	The following tables provide information about our financial assets measured and reported at fair value as of September 30, 2024 and December 31, 2023: September 30, 2024 Level 1 Level 2 Level 3 Total (dollars in millions) Assets Fixed maturities: U.S. Treasury securities and agencies $ 33.6 $ 0.7 $ — $ 34.3 Municipal securities — 23.3 — 23.3 Corporate debt securities — 105.0 — 105.0 Residential mortgage-backed securities — 20.9 — 20.9 Commercial mortgage-backed securities — 52.3 — 52.3 Other debt obligations — 30.4 — 30.4 Total fixed maturities 33.6 232.6 — 266.2 Short-term investments 8.4 0.2 — 8.6 Cash equivalents 416.6 — — 416.6 Total assets at fair value $ 458.6 $ 232.8 $ — $ 691.4 December 31, 2023 Level 1 Level 2 Level 3 Total (dollars in millions) Assets Fixed maturities: U.S. Treasury securities and agencies $ 13.3 $ 1.3 $ — $ 14.6 Municipal securities — 24.1 — 24.1 Corporate debt securities — 65.2 — 65.2 Residential mortgage-backed securities — 11.9 — 11.9 Commercial mortgage-backed securities — 29.8 — 29.8 Other debt obligations — 20.3 — 20.3 Total fixed maturities 13.3 152.6 — 165.9 Short-term investments 0.9 — — 0.9 Cash equivalents 439.6 — — 439.6 Total assets at fair value $ 453.8 $ 152.6 $ — $ 606.4
Schedule of Carrying Amounts and Fair Values of Financial Instruments	As of September 30, 2024 and December 31, 2023, the carrying amounts and fair values of these financial instruments were as follows: Carrying Amount as of September 30, 2024 Estimated Fair Value as of September 30, 2024 Carrying Amount as of December 31, 2023 Estimated Fair Value as of December 31, 2023 (dollars in millions) Long-term debt $ 300.9 $ 307.9 $ 299.0 $ 305.2

LOSS AND LOSS ADJUSTMENT EXPE_2

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES (Tables)	9 Months Ended
	Sep. 30, 2024
Insurance [Abstract]
Schedule of Reconciliation of Reserve Balances for Loss and LAE, Net of Reinsurance	The following provides a reconciliation of the beginning and ending reserve balances for loss and LAE, net of reinsurance: Nine Months Ended September 30, 2024 2023 (dollars in millions) Gross loss and LAE reserves, January 1 $ 284.2 $ 287.4 Reinsurance recoverable on unpaid losses (43.8) (76.4) Net loss and LAE reserves, January 1 240.4 211.0 Net incurred loss and LAE related to: Current year 549.1 209.2 Prior years (7.9) (0.6) Total incurred 541.2 208.6 Net paid loss and LAE related to: Current year 293.2 87.4 Prior years 146.3 117.3 Total paid 439.5 204.7 Net loss and LAE reserves, September 30 342.1 214.9 Plus reinsurance recoverable on unpaid losses 50.3 41.6 Gross loss and LAE reserves, September 30 $ 392.4 $ 256.5

REINSURANCE (Tables)

REINSURANCE (Tables)	9 Months Ended
	Sep. 30, 2024
Insurance [Abstract]
Schedule of Comprehensive Income (Loss) For Reinsurance	The following table reflects amounts affecting the condensed consolidated statements of operations and comprehensive income (loss) for reinsurance for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (dollars in millions) Premiums written: Direct $ 270.9 $ 192.7 $ 793.9 $ 444.6 Assumed 60.8 31.5 176.7 59.3 Ceded (27.1) (22.3) (118.4) (159.4) Net premiums written $ 304.6 $ 201.9 $ 852.2 $ 344.5 Premiums earned: Direct $ 258.6 $ 141.6 $ 739.7 $ 381.9 Assumed 58.4 18.2 160.3 39.5 Ceded (37.7) (59.8) (128.8) (197.5) Net premiums earned $ 279.3 $ 100.0 $ 771.2 $ 223.9 Losses and LAE incurred: Direct $ 168.2 $ 106.8 $ 504.0 $ 297.1 Assumed 39.1 13.4 115.7 29.8 Ceded (22.8) (34.4) (78.5) (118.3) Net losses and LAE incurred $ 184.5 $ 85.8 $ 541.2 $ 208.6 Gross premiums written by state is as follows for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Amount % of Total Amount % of Total Amount % of Total Amount % of Total (dollars in millions) State: Texas $ 63.6 19.2 % $ 36.8 16.4 % $ 186.9 19.3 % $ 80.1 15.9 % Georgia 38.6 11.6 26.3 11.7 119.1 12.3 56.0 11.1 Florida 27.6 8.3 2.9 1.3 71.6 7.4 6.7 1.3 Colorado 19.3 5.8 15.3 6.8 54.8 5.6 37.8 7.5 Pennsylvania 19.1 5.8 12.1 5.4 54.4 5.6 29.0 5.8 South Carolina 14.5 4.4 11.8 5.3 46.1 4.7 28.6 5.7 Arizona 12.1 3.6 11.0 4.9 38.7 4.0 21.7 4.3 California 15.7 4.7 2.1 0.9 29.8 3.1 5.4 1.1 Ohio 9.0 2.7 8.4 3.7 29.1 3.0 16.9 3.4 Maryland 8.4 2.5 6.7 3.0 26.3 2.7 13.0 2.6 All others states 103.8 31.4 90.8 40.6 313.8 32.3 208.7 41.3 Total $ 331.7 100.0 % $ 224.2 100.0 % $ 970.6 100.0 % $ 503.9 100.0 %

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long Term Debt	The following summarizes the carrying value of long-term debt and warrants as of September 30, 2024 and December 31, 2023: September 30, 2024 December 31, 2023 (dollars in millions) Term Loan $ 300.0 $ 300.0 Accrued interest payable 7.6 7.9 Unamortized discount and debt issuance costs and warrants (6.7) (8.9) Total $ 300.9 $ 299.0

RESTRUCTURING COSTS (Tables)

RESTRUCTURING COSTS (Tables)	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Costs	The following table displays restructuring costs recorded in general and administrative expenses on the condensed consolidated statements of operations and comprehensive income (loss): Three Months Ended September 30, Nine Months Ended September 30, Cumulative Incurred Through September 30, 2024 2024 2023 2024 2023 (dollars in millions) Restructuring costs: Employee costs $ — $ 1.8 $ 0.1 $ 5.9 $ 23.3 Real estate exit costs — — — — 2.1 Other costs — 0.1 — 3.5 4.5 Total restructuring costs $ — $ 1.9 $ 0.1 $ 9.4 $ 29.9 The following table displays a rollforward of the accrual for restructuring costs recorded in accounts payable and accrued expenses on the condensed consolidated balance sheets: Employee costs (dollars in millions) Restructuring activity: Restructuring liability as of January 1, 2024 $ 8.3 Expense incurred 0.1 Payments (8.4) Restructuring liability as of September 30, 2024 $ —

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Compensation Expense	The following table displays share-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive income (loss): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (dollars in millions) Share-based compensation expense: Loss and loss adjustment expenses $ 0.6 $ 0.2 $ 1.4 $ 0.5 Sales and marketing 0.2 0.1 0.5 0.3 Other insurance expense 0.2 0.1 0.5 0.4 Technology and development 0.8 0.9 2.3 2.4 General and administrative 2.5 3.4 8.0 8.8 Total share-based compensation expense $ 4.3 $ 4.7 $ 12.7 $ 12.4 The following table provides total share-based compensation expense by type of award: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (dollars in millions) Share-based compensation expense: Restricted stock unit expense $ 4.0 $ 4.4 $ 11.6 $ 11.4 Performance-based restricted stock unit expense 0.2 0.1 0.7 0.1 Stock option expense 0.1 0.2 0.4 0.9 Total share-based compensation expense $ 4.3 $ 4.7 $ 12.7 $ 12.4
Schedule of RSU Activity	A summary of RSU and PSU activity for the nine months ended September 30, 2024 is as follows: Nine Months Ended September 30, 2024 Restricted Stock Units and Performance-Based Restricted Stock Units Number of Shares Weighted-Average Aggregate Intrinsic Value (in millions, except per share amounts) Nonvested at January 1, 2024 1.9 $ 14.47 $ 20.3 Granted 0.3 48.63 Vested (0.7) 16.67 38.0 Forfeited, expired or canceled (0.1) 17.11 Nonvested at September 30, 2024 1.4 $ 19.56 $ 54.7
Schedule of Option Activity	A summary of option activity for the nine months ended September 30, 2024 is as follows: Nine Months Ended September 30, 2024 Options Number of Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (in Years) Aggregate Intrinsic Value (in millions, except exercise price and term amounts) Outstanding and exercisable at January 1, 2024 0.1 $ 33.68 4.29 $ 0.5 Granted — — Exercised — 7.05 123.6 Forfeited, expired or canceled — 82.00 Outstanding and exercisable at September 30, 2024 0.1 $ 33.99 3.55 $ 2.9

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings (Loss) Per Share	The following table displays the computation of basic and diluted EPS for both Class A and Class B common stock for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in millions, except per share amounts) Numerator: Net income (loss) $ 22.8 $ (45.8) $ 8.8 $ (123.4) Less: Undistributed income allocated to participating securities (1.1) — (0.5) — Net income (loss) attributable to common shareholders 21.7 (45.8) 8.3 (123.4) Denominator: Weighted-average common shares outstanding: basic (both Class A and B) 15.0 14.5 14.8 14.4 Effect of dilutive securities: RSUs and PSUs 1.0 — 1.1 — Redeemable convertible preferred stock 0.8 — 0.8 — Stock options 0.1 — 0.1 — Weighted-average common shares outstanding: diluted (both Class A and B) 16.9 14.5 16.8 14.4 Earnings (loss) per common share (both Class A and B): Basic $ 1.45 $ (3.16) $ 0.56 $ (8.57) Diluted $ 1.35 $ (3.16) $ 0.52 $ (8.57)
Schedule of Anti-Dilutive Securities	We excluded the following potentially dilutive common stock equivalents, presented based on amounts outstanding at each period end, from the computation of diluted EPS attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (in millions) Options to purchase common stock — 0.1 — 0.1 Nonvested shares subject to repurchase — 0.1 — 0.1 RSUs and PSUs 0.1 2.0 0.1 2.0 Redeemable convertible preferred stock (as converted to common stock) — 0.8 — 0.8 Warrants to purchase common stock 7.7 7.7 7.7 7.7 Total 7.8 10.7 7.8 10.7

GEOGRAPHICAL BREAKDOWN OF GRO_2

GEOGRAPHICAL BREAKDOWN OF GROSS PREMIUMS WRITTEN (Tables)	9 Months Ended
	Sep. 30, 2024
Insurance [Abstract]
Schedule of Direct and Assumed Premiums Written	The following table reflects amounts affecting the condensed consolidated statements of operations and comprehensive income (loss) for reinsurance for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (dollars in millions) Premiums written: Direct $ 270.9 $ 192.7 $ 793.9 $ 444.6 Assumed 60.8 31.5 176.7 59.3 Ceded (27.1) (22.3) (118.4) (159.4) Net premiums written $ 304.6 $ 201.9 $ 852.2 $ 344.5 Premiums earned: Direct $ 258.6 $ 141.6 $ 739.7 $ 381.9 Assumed 58.4 18.2 160.3 39.5 Ceded (37.7) (59.8) (128.8) (197.5) Net premiums earned $ 279.3 $ 100.0 $ 771.2 $ 223.9 Losses and LAE incurred: Direct $ 168.2 $ 106.8 $ 504.0 $ 297.1 Assumed 39.1 13.4 115.7 29.8 Ceded (22.8) (34.4) (78.5) (118.3) Net losses and LAE incurred $ 184.5 $ 85.8 $ 541.2 $ 208.6 Gross premiums written by state is as follows for the three and nine months ended September 30, 2024 and 2023: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Amount % of Total Amount % of Total Amount % of Total Amount % of Total (dollars in millions) State: Texas $ 63.6 19.2 % $ 36.8 16.4 % $ 186.9 19.3 % $ 80.1 15.9 % Georgia 38.6 11.6 26.3 11.7 119.1 12.3 56.0 11.1 Florida 27.6 8.3 2.9 1.3 71.6 7.4 6.7 1.3 Colorado 19.3 5.8 15.3 6.8 54.8 5.6 37.8 7.5 Pennsylvania 19.1 5.8 12.1 5.4 54.4 5.6 29.0 5.8 South Carolina 14.5 4.4 11.8 5.3 46.1 4.7 28.6 5.7 Arizona 12.1 3.6 11.0 4.9 38.7 4.0 21.7 4.3 California 15.7 4.7 2.1 0.9 29.8 3.1 5.4 1.1 Ohio 9.0 2.7 8.4 3.7 29.1 3.0 16.9 3.4 Maryland 8.4 2.5 6.7 3.0 26.3 2.7 13.0 2.6 All others states 103.8 31.4 90.8 40.6 313.8 32.3 208.7 41.3 Total $ 331.7 100.0 % $ 224.2 100.0 % $ 970.6 100.0 % $ 503.9 100.0 %

NATURE OF BUSINESS (Details)

NATURE OF BUSINESS (Details)	Sep. 30, 2024
Root Insurance Company
Schedule of Equity Method Investments [Line Items]
Ownership percentage (as percent)	100%
Root Property & Casualty Insurance Company
Schedule of Equity Method Investments [Line Items]
Ownership percentage (as percent)	100%
Root Reinsurance Company, Ltd.
Schedule of Equity Method Investments [Line Items]
Ownership percentage (as percent)	100%

BASIS OF PRESENTATION AND SUM_4

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 674.8	$ 678.7
Restricted cash	1	1
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$ 675.8	$ 679.7	$ 636.3	$ 763.1

BASIS OF PRESENTATION AND SUM_5

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Deferred Policy Acquisition Costs (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Balance, January 1	$ 18	$ 6.7
Acquisition costs deferred	32.3	28.5
Amortization expense	(23.8)	(20.4)
Balance, September 30	$ 26.5	$ 14.8
Number of reportable segments | segment	1

INVESTMENTS - Amortized Cost an

INVESTMENTS - Amortized Cost and Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 272.7	$ 169.3
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	3.6	0.7
Gross Unrealized Losses	(1.5)	(3.2)
Fair Value	274.8	166.8
U.S. Treasury securities and agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	33.7	14.6
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	0.6	0.1
Gross Unrealized Losses	0	(0.1)
Fair Value	34.3	14.6
Municipal securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	23.4	24.8
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	0.3	0.1
Gross Unrealized Losses	(0.4)	(0.8)
Fair Value	23.3	24.1
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	104.2	66.3
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	1.4	0.2
Gross Unrealized Losses	(0.6)	(1.3)
Fair Value	105	65.2
Residential mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	20.7	12
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	0.3	0.1
Gross Unrealized Losses	(0.1)	(0.2)
Fair Value	20.9	11.9
Commercial mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	52	30.4
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	0.7	0.1
Gross Unrealized Losses	(0.4)	(0.7)
Fair Value	52.3	29.8
Other debt obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	30.1	20.3
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	0.3	0.1
Gross Unrealized Losses	0	(0.1)
Fair Value	30.4	20.3
Total fixed maturities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	264.1	168.4
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	3.6	0.7
Gross Unrealized Losses	(1.5)	(3.2)
Fair Value	266.2	165.9
Short-term investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	8.6	0.9
Allowance for Expected Credit Losses	0	0
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Fair Value	$ 8.6	$ 0.9

INVESTMENTS - Unrealized Losses

INVESTMENTS - Unrealized Losses (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 months, fair value	$ 26.2	$ 36.1
Less than 12 months, unrealized loss	0	(0.1)
12 months or more, fair value	49.7	72.3
12 months or more, unrealized loss	(1.5)	(3.1)
Total, fair value	75.9	108.4
Total, unrealized loss	(1.5)	(3.2)
U.S. Treasury securities and agencies
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 months, fair value	2.2	1.7
Less than 12 months, unrealized loss	0	0
12 months or more, fair value	2.5	2.4
12 months or more, unrealized loss	0	(0.1)
Total, fair value	4.7	4.1
Total, unrealized loss	0	(0.1)
Municipal securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 months, fair value	0.1	3.1
Less than 12 months, unrealized loss	0	0
12 months or more, fair value	11.2	15.1
12 months or more, unrealized loss	(0.4)	(0.8)
Total, fair value	11.3	18.2
Total, unrealized loss	(0.4)	(0.8)
Corporate debt securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 months, fair value	14.2	13.4
Less than 12 months, unrealized loss	0	0
12 months or more, fair value	23.2	35.1
12 months or more, unrealized loss	(0.6)	(1.3)
Total, fair value	37.4	48.5
Total, unrealized loss	(0.6)	(1.3)
Residential mortgage-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 months, fair value	1.6	4.1
Less than 12 months, unrealized loss	0	0
12 months or more, fair value	1.7	1.9
12 months or more, unrealized loss	(0.1)	(0.2)
Total, fair value	3.3	6
Total, unrealized loss	(0.1)	(0.2)
Commercial mortgage-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 months, fair value	6.2	9.1
Less than 12 months, unrealized loss	0	(0.1)
12 months or more, fair value	8.8	13.4
12 months or more, unrealized loss	(0.4)	(0.6)
Total, fair value	15	22.5
Total, unrealized loss	(0.4)	(0.7)
Other debt obligations
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 months, fair value	0.9	4.4
Less than 12 months, unrealized loss	0	0
12 months or more, fair value	2.3	4.4
12 months or more, unrealized loss	0	(0.1)
Total, fair value	3.2	8.8
Total, unrealized loss	0	(0.1)
Total fixed maturities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 months, fair value	25.2	35.8
Less than 12 months, unrealized loss	0	(0.1)
12 months or more, fair value	49.7	72.3
12 months or more, unrealized loss	(1.5)	(3.1)
Total, fair value	74.9	108.1
Total, unrealized loss	(1.5)	(3.2)
Short-term investments
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Less than 12 months, fair value	1	0.3
Less than 12 months, unrealized loss	0	0
12 months or more, fair value	0	0
12 months or more, unrealized loss	0	0
Total, fair value	1	0.3
Total, unrealized loss	$ 0	$ 0

INVESTMENTS - Other Investments

INVESTMENTS - Other Investments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Other investments	$ 4,400,000		$ 4,400,000		$ 4,400,000
Realized gains (losses) on investments	$ 0	$ 0	$ 0	$ 0

INVESTMENTS - Contractual Matur

INVESTMENTS - Contractual Maturity (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Amortized Cost
Due in one year or less	$ 37
Due after one year through five years	174.2
Due five years through 10 years	30.2
Due after 10 years	31.3
Amortized Cost	272.7	$ 169.3
Fair Value
Due in one year or less	36.9
Due after one year through five years	175.8
Due five years through 10 years	30.8
Due after 10 years	31.3
Total	$ 274.8	$ 166.8

INVESTMENTS - Net Investment In

INVESTMENTS - Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net Investment Income [Line Items]
Realized gain value	$ 11.3	$ 9.3	$ 31.6	$ 23.1
Investment expense	(3.3)	(0.3)	(4.4)	(0.6)
Net investment income	8	9	27.2	22.5
Interest on bonds
Net Investment Income [Line Items]
Realized gain value	2.6	1.4	6.6	3.3
Interest on deposits and cash equivalents
Net Investment Income [Line Items]
Realized gain value	$ 8.7	$ 7.9	$ 25	$ 19.8

INVESTMENTS - Credit Ratings (D

INVESTMENTS - Credit Ratings (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 272.7	$ 169.3
Fair Value	274.8	166.8
AAA
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	69.3	53
Fair Value	$ 69.7	$ 52.1
AAA | AFS securities | Credit rating
Debt Securities, Available-for-sale [Line Items]
Concentration percentage (in percent)	25.40%	31.20%
AA+, AA, AA-, A-1
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 114.5	$ 59.4
Fair Value	$ 115.7	$ 58.8
AA+, AA, AA-, A-1 | AFS securities | Credit rating
Debt Securities, Available-for-sale [Line Items]
Concentration percentage (in percent)	42.10%	35.30%
A+, A, A-
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 69.5	$ 42.1
Fair Value	$ 69.9	$ 41.2
A+, A, A- | AFS securities | Credit rating
Debt Securities, Available-for-sale [Line Items]
Concentration percentage (in percent)	25.40%	24.70%
BBB+, BBB, BBB-
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 19.4	$ 14.8
Fair Value	$ 19.5	$ 14.7
BBB+, BBB, BBB- | AFS securities | Credit rating
Debt Securities, Available-for-sale [Line Items]
Concentration percentage (in percent)	7.10%	8.80%
Standard & Poor's Global Rating, Total | AFS securities | Credit rating
Debt Securities, Available-for-sale [Line Items]
Concentration percentage (in percent)	100%	100%

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS - Balance Sheet Grouping (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets
AFS securities	$ 274.8	$ 166.8
Cash equivalents	416.6	439.6
Total assets at fair value	691.4	606.4
U.S. Treasury securities and agencies
Assets
AFS securities	34.3	14.6
Municipal securities
Assets
AFS securities	23.3	24.1
Corporate debt securities
Assets
AFS securities	105	65.2
Residential mortgage-backed securities
Assets
AFS securities	20.9	11.9
Commercial mortgage-backed securities
Assets
AFS securities	52.3	29.8
Other debt obligations
Assets
AFS securities	30.4	20.3
Total fixed maturities
Assets
AFS securities	266.2	165.9
Short-term investments
Assets
AFS securities	8.6	0.9
Level 1
Assets
Cash equivalents	416.6	439.6
Total assets at fair value	458.6	453.8
Level 1 | U.S. Treasury securities and agencies
Assets
AFS securities	33.6	13.3
Level 1 | Municipal securities
Assets
AFS securities	0	0
Level 1 | Corporate debt securities
Assets
AFS securities	0	0
Level 1 | Residential mortgage-backed securities
Assets
AFS securities	0	0
Level 1 | Commercial mortgage-backed securities
Assets
AFS securities	0	0
Level 1 | Other debt obligations
Assets
AFS securities	0	0
Level 1 | Total fixed maturities
Assets
AFS securities	33.6	13.3
Level 1 | Short-term investments
Assets
AFS securities	8.4	0.9
Level 2
Assets
Cash equivalents	0	0
Total assets at fair value	232.8	152.6
Level 2 | U.S. Treasury securities and agencies
Assets
AFS securities	0.7	1.3
Level 2 | Municipal securities
Assets
AFS securities	23.3	24.1
Level 2 | Corporate debt securities
Assets
AFS securities	105	65.2
Level 2 | Residential mortgage-backed securities
Assets
AFS securities	20.9	11.9
Level 2 | Commercial mortgage-backed securities
Assets
AFS securities	52.3	29.8
Level 2 | Other debt obligations
Assets
AFS securities	30.4	20.3
Level 2 | Total fixed maturities
Assets
AFS securities	232.6	152.6
Level 2 | Short-term investments
Assets
AFS securities	0.2	0
Level 3
Assets
Cash equivalents	0	0
Total assets at fair value	0	0
Level 3 | U.S. Treasury securities and agencies
Assets
AFS securities	0	0
Level 3 | Municipal securities
Assets
AFS securities	0	0
Level 3 | Corporate debt securities
Assets
AFS securities	0	0
Level 3 | Residential mortgage-backed securities
Assets
AFS securities	0	0
Level 3 | Commercial mortgage-backed securities
Assets
AFS securities	0	0
Level 3 | Other debt obligations
Assets
AFS securities	0	0
Level 3 | Total fixed maturities
Assets
AFS securities	0	0
Level 3 | Short-term investments
Assets
AFS securities	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS - Long Term Debt (Details) - Level 2 - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Carrying amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 300.9	$ 299
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 307.9	$ 305.2

LOSS AND LOSS ADJUSTMENT EXPE_3

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES - Schedule of Reserve Balance (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross loss and LAE reserves, January 1			$ 284.2	$ 287.4
Reinsurance recoverable on unpaid losses			(43.8)	(76.4)
Net loss and LAE reserves, January 1	$ 342.1	$ 214.9	342.1	214.9	$ 240.4	$ 211
Net incurred loss and LAE related to:
Current year			549.1	209.2
Prior years			(7.9)	(0.6)
Total incurred	184.5	85.8	541.2	208.6
Net paid loss and LAE related to:
Current year			293.2	87.4
Prior years			146.3	117.3
Total paid			439.5	204.7
Net loss and LAE reserves, September 30	342.1	214.9	342.1	214.9
Plus reinsurance recoverable on unpaid losses	50.3	41.6	50.3	41.6
Gross loss and LAE reserves, September 30	$ 392.4	$ 256.5	$ 392.4	$ 256.5

LOSS AND LOSS ADJUSTMENT EXPE_4

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Insurance [Abstract]
Incurred losses and LAE attributable to prior accident years	$ (7.9)	$ (0.6)

REINSURANCE- Schedule of Compre

REINSURANCE- Schedule of Comprehensive Income (Loss) For Reinsurance (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Premiums written:
Direct	$ 270.9	$ 192.7	$ 793.9	$ 444.6
Assumed	60.8	31.5	176.7	59.3
Ceded	(27.1)	(22.3)	(118.4)	(159.4)
Net premiums written	304.6	201.9	852.2	344.5
Premiums earned:
Direct	258.6	141.6	739.7	381.9
Assumed	58.4	18.2	160.3	39.5
Ceded	(37.7)	(59.8)	(128.8)	(197.5)
Net premiums earned	279.3	100	771.2	223.9
Losses and LAE incurred:
Direct	168.2	106.8	504	297.1
Assumed	39.1	13.4	115.7	29.8
Ceded	(22.8)	(34.4)	(78.5)	(118.3)
Net losses and LAE incurred	$ 184.5	$ 85.8	$ 541.2	$ 208.6

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details) - Term Loan - Secured debt	1 Months Ended
	Jan. 31, 2022 USD ($)
Debt Instrument [Line Items]
Debt amount	$ 300,000,000
Debt instrument, term	5 years
Debt instrument, floor interest rate (in percent)	1%
Variable rate percentage (in percent)	9%
Written notice period	3 days

LONG-TERM DEBT - Schedule of Lo

LONG-TERM DEBT - Schedule of Long Term Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Accrued interest payable	$ 7.6	$ 7.9
Unamortized discount and debt issuance costs and warrants	(6.7)	(8.9)
Total	300.9	299
Secured debt | Term Loan
Debt Instrument [Line Items]
Term Loan	$ 300	$ 300

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	0%	0%	0%	0%
Federal income tax rate (in percent)			21%

RESTRUCTURING COSTS - Restructu

RESTRUCTURING COSTS - Restructuring Costs Recorded In Consolidated Statements Of Operations And Comprehensive Income (Loss) (Details) - General and administrative - USD ($) $ in Millions	3 Months Ended		9 Months Ended		33 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 0	$ 1.9	$ 0.1	$ 9.4	$ 29.9
Employee costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0	1.8	0.1	5.9	23.3
Real estate exit costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0	0	0	0	2.1
Other costs
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 0	$ 0.1	$ 0	$ 3.5	$ 4.5

RESTRUCTURING COSTS - Restruc_2

RESTRUCTURING COSTS - Restructuring Costs Recorded In Consolidated Balance Sheets (Details) - Employee costs $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Restructuring activity:
Restructuring liability, beginning balance	$ 8.3
Expense incurred	0.1
Payments	(8.4)
Restructuring liability, ending balance	$ 0

SHARE-BASED COMPENSATION - Narr

SHARE-BASED COMPENSATION - Narrative (Details) shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Oct. 31, 2021 tranche shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 4,300,000	$ 4,700,000	$ 12,700,000	$ 12,400,000
2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares) | shares	1.9		1.9
Other insurance expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 200,000	100,000	$ 500,000	400,000
Warrant | Other insurance expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	0	5,000,000	3,800,000	13,300,000
Stock option expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	100,000	200,000	400,000	900,000
Unrecognized compensation cost, options	600,000		$ 600,000
Unrecognized compensation cost, period of recognition			2 years
Restricted stock unit expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	4,000,000	4,400,000	$ 11,600,000	11,400,000
Unrecognized compensation cost	21,600,000		$ 21,600,000
Unrecognized compensation cost, period of recognition			3 years
Performance-based restricted stock unit expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	200,000	$ 100,000	$ 700,000	$ 100,000
Unrecognized compensation cost	$ 1,200,000		$ 1,200,000
Unrecognized compensation cost, period of recognition			3 years
Class A Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares) | shares					7.2
Short Term Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of tranches | tranche					3
Long Term Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of tranches | tranche					5
Carvana
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of tranches | tranche					8

SHARE-BASED COMPENSATION - Shar

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 4.3	$ 4.7	$ 12.7	$ 12.4
Restricted stock unit expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	4	4.4	11.6	11.4
Performance-based restricted stock unit expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	0.2	0.1	0.7	0.1
Stock option expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	0.1	0.2	0.4	0.9
Loss and loss adjustment expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	0.6	0.2	1.4	0.5
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	0.2	0.1	0.5	0.3
Other insurance expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	0.2	0.1	0.5	0.4
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	0.8	0.9	2.3	2.4
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 2.5	$ 3.4	$ 8	$ 8.8

SHARE-BASED COMPENSATION - RSU

SHARE-BASED COMPENSATION - RSU Activity (Details) - Restricted stock unit expense $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Number of Shares
Beginning balance (in shares) | shares	1.9
Granted (in shares) | shares	0.3
Vested (in shares) | shares	(0.7)
Forfeited, expired or canceled (in shares) | shares	(0.1)
Ending balance (in shares) | shares	1.4
Weighted-Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) | $ / shares	$ 14.47
Granted (in dollars per share) | $ / shares	48.63
Vested (in dollars per share) | $ / shares	16.67
Forfeited, expired or canceled (in dollars per share) | $ / shares	17.11
Ending balance (in dollars per share) | $ / shares	$ 19.56
Aggregate Intrinsic Value
Beginning balance | $	$ 20.3
Vested | $	38
Ending balance | $	$ 54.7

SHARE-BASED COMPENSATION - Opti

SHARE-BASED COMPENSATION - Option Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Number of Shares
Outstanding, beginning balance (in shares)	0.1
Granted (in shares)	0
Exercised (in shares)	0
Forfeited, expired or canceled (in shares)	0
Outstanding, ending balance (in shares)	0.1	0.1
Weighted-Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 33.68
Granted (in dollars per share)	0
Exercised (in dollars per share)	7.05
Forfeited, expired and canceled (in dollars per share)	82
Outstanding, ending balance (in dollars per share)	$ 33.99	$ 33.68
Outstanding, weighted-average remaining contractual term (in years)	3 years 6 months 18 days	4 years 3 months 14 days
Outstanding, aggregate intrinsic value	$ 2.9	$ 0.5
Exercised, aggregate intrinsic value	$ 123.6

EARNINGS (LOSS) PER SHARE - Sch

EARNINGS (LOSS) PER SHARE - Schedule of Basic and Diluted Earnings (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income (loss)	$ 22.8	$ (45.8)	$ 8.8	$ (123.4)
Less: Undistributed income allocated to participating securities	(1.1)	0	(0.5)	0
Net income (loss) attributable to common shareholders	$ 21.7	$ (45.8)	$ 8.3	$ (123.4)
Denominator:
Weighted-average common shares outstanding: basic (both Class A and B) (in shares)	15	14.5	14.8	14.4
Effect of dilutive securities:
Redeemable convertible preferred stock (in shares)	0.8	0	0.8	0
Weighted-average common shares outstanding: diluted (both Class A and B) (in shares)	16.9	14.5	16.8	14.4
Earnings (loss) per common share (both Class A and B):
Basic (in usd per share)	$ 1.45	$ (3.16)	$ 0.56	$ (8.57)
Diluted (in usd per share)	$ 1.35	$ (3.16)	$ 0.52	$ (8.57)
RSUs and PSUs
Effect of dilutive securities:
RSUs, PSUs and Stock options (in shares)	1	0	1.1	0
Stock options
Effect of dilutive securities:
RSUs, PSUs and Stock options (in shares)	0.1	0	0.1	0

EARNINGS (LOSS) PER SHARE - S_2

EARNINGS (LOSS) PER SHARE - Schedule of Anti-Dilutive Securities (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	7.8	10.7	7.8	10.7
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	0.1	0	0.1
Nonvested shares subject to repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	0.1	0	0.1
RSUs and PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0.1	2	0.1	2
Redeemable convertible preferred stock (as converted to common stock)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0	0.8	0	0.8
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	7.7	7.7	7.7	7.7

GEOGRAPHICAL BREAKDOWN OF GRO_3

GEOGRAPHICAL BREAKDOWN OF GROSS PREMIUMS WRITTEN (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Effects of Reinsurance [Line Items]
Total	$ 331.7	$ 224.2	$ 970.6	$ 503.9
Texas
Effects of Reinsurance [Line Items]
Total	63.6	36.8	186.9	80.1
Georgia
Effects of Reinsurance [Line Items]
Total	38.6	26.3	119.1	56
Florida
Effects of Reinsurance [Line Items]
Total	27.6	2.9	71.6	6.7
Colorado
Effects of Reinsurance [Line Items]
Total	19.3	15.3	54.8	37.8
Pennsylvania
Effects of Reinsurance [Line Items]
Total	19.1	12.1	54.4	29
South Carolina
Effects of Reinsurance [Line Items]
Total	14.5	11.8	46.1	28.6
Arizona
Effects of Reinsurance [Line Items]
Total	12.1	11	38.7	21.7
California
Effects of Reinsurance [Line Items]
Total	15.7	2.1	29.8	5.4
Ohio
Effects of Reinsurance [Line Items]
Total	9	8.4	29.1	16.9
Maryland
Effects of Reinsurance [Line Items]
Total	8.4	6.7	26.3	13
All others states
Effects of Reinsurance [Line Items]
Total	$ 103.8	$ 90.8	$ 313.8	$ 208.7
Geographic Concentration Risk | Gross Written Premiums | United States
Effects of Reinsurance [Line Items]
Concentration percentage (in percent)	100%	100%	100%	100%
Geographic Concentration Risk | Gross Written Premiums | Texas
Effects of Reinsurance [Line Items]
Concentration percentage (in percent)	19.20%	16.40%	19.30%	15.90%
Geographic Concentration Risk | Gross Written Premiums | Georgia
Effects of Reinsurance [Line Items]
Concentration percentage (in percent)	11.60%	11.70%	12.30%	11.10%
Geographic Concentration Risk | Gross Written Premiums | Florida
Effects of Reinsurance [Line Items]
Concentration percentage (in percent)	8.30%	1.30%	7.40%	1.30%
Geographic Concentration Risk | Gross Written Premiums | Colorado
Effects of Reinsurance [Line Items]
Concentration percentage (in percent)	5.80%	6.80%	5.60%	7.50%
Geographic Concentration Risk | Gross Written Premiums | Pennsylvania
Effects of Reinsurance [Line Items]
Concentration percentage (in percent)	5.80%	5.40%	5.60%	5.80%
Geographic Concentration Risk | Gross Written Premiums | South Carolina
Effects of Reinsurance [Line Items]
Concentration percentage (in percent)	4.40%	5.30%	4.70%	5.70%
Geographic Concentration Risk | Gross Written Premiums | Arizona
Effects of Reinsurance [Line Items]
Concentration percentage (in percent)	3.60%	4.90%	4%	4.30%
Geographic Concentration Risk | Gross Written Premiums | California
Effects of Reinsurance [Line Items]
Concentration percentage (in percent)	4.70%	0.90%	3.10%	1.10%
Geographic Concentration Risk | Gross Written Premiums | Ohio
Effects of Reinsurance [Line Items]
Concentration percentage (in percent)	2.70%	3.70%	3%	3.40%
Geographic Concentration Risk | Gross Written Premiums | Maryland
Effects of Reinsurance [Line Items]
Concentration percentage (in percent)	2.50%	3%	2.70%	2.60%
Geographic Concentration Risk | Gross Written Premiums | All others states
Effects of Reinsurance [Line Items]
Concentration percentage (in percent)	31.40%	40.60%	32.30%	41.30%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	1 Months Ended
	Oct. 30, 2024	Jan. 31, 2022	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Unamortized debt discount and issuance costs				$ 6,700,000	$ 8,900,000
Term Loan | Secured debt
Subsequent Event [Line Items]
Debt amount		$ 300,000,000
Variable rate percentage (in percent)		9%
Debt instrument, floor interest rate (in percent)		1%
Amended Term Loan | Secured debt | Forecast
Subsequent Event [Line Items]
Unamortized debt discount and issuance costs			$ 3,000,000
Amended Term Loan C, Extinguished And Modified | Secured debt | Forecast
Subsequent Event [Line Items]
Unamortized debt discount and issuance costs			$ 5,500,000
Subsequent event | Term Loan | Secured debt
Subsequent Event [Line Items]
Extinguishment of debt, amount	$ 237,100,000
Subsequent event | Amended Term Loan C, Modification | Secured debt
Subsequent Event [Line Items]
Debt amount	62,900,000
Subsequent event | Amended Term Loan C, Black Rock Funds | Secured debt
Subsequent Event [Line Items]
Debt amount	137,100,000
Subsequent event | Amended Term Loan | Secured debt
Subsequent Event [Line Items]
Debt amount	$ 200,000,000
Debt instrument, floor interest rate (in percent)	1%
Subsequent event | Amended Term Loan | Secured debt | Minimum
Subsequent Event [Line Items]
Variable rate percentage (in percent)	5.25%
Subsequent event | Amended Term Loan | Secured debt | Maximum
Subsequent Event [Line Items]
Variable rate percentage (in percent)	6%