COVER PAGE
COVER PAGE - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 27, 2022 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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,$0.0001 par value per share | |
Trading Symbol | ROOT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001788882 | |
Current Fiscal Year End Date | --12-31 | |
Class A Shares | ||
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 155,000,000 | |
Class B Shares | ||
Entity Listings [Line Items] | ||
Entity Common Stock, Shares Outstanding | 99,500,000 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Investments: | ||
Fixed maturities available-for sale, at fair value (amortized cost: $132.4 and $129.5 at March 31, 2022 and December 31, 2021, respectively) | $ 129.1 | $ 129.9 |
Short-term investments (amortized cost: $0.5 and zero at March 31, 2022 and December 31, 2021, respectively) | 0.5 | 0 |
Other investments | 4.4 | 4.7 |
Total investments | 134 | 134.6 |
Cash and cash equivalents | 934.7 | 706 |
Restricted cash | 1 | 1 |
Premiums receivable, net of allowance of $3.8 and $5.4 at March 31, 2022 and December 31, 2021, respectively | 157.1 | 148.1 |
Reinsurance recoverable and receivable, net of allowance of $0.1 and $0.2 at March 31, 2022 and December 31, 2021, respectively | 159.4 | 155 |
Prepaid reinsurance premiums | 106.7 | 100.8 |
Other assets | 70.3 | 73.8 |
Total assets | 1,563.2 | 1,319.3 |
Liabilities: | ||
Loss and loss adjustment expense reserves | 308.4 | 320.2 |
Unearned premiums | 192.5 | 180.1 |
Long-term debt and warrants | 290.8 | 0 |
Reinsurance premiums payable | 126.5 | 101.6 |
Accounts payable and accrued expenses | 23.8 | 29.1 |
Other liabilities | 40.5 | 39.9 |
Total liabilities | 982.5 | 670.9 |
Commitments and Contingencies (Note 11) | ||
Redeemable convertible preferred stock, $0.0001 par value, 100.0 shares authorized, 14.1 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively (liquidation preference of $126.5) | 112 | 112 |
Stockholders’ equity: | ||
Additional paid-in capital | 1,818.5 | 1,806.1 |
Accumulated other comprehensive (loss) income | (3.3) | 0.4 |
Accumulated loss | (1,346.5) | (1,270.1) |
Total stockholders’ equity | 468.7 | 536.4 |
Total liabilities, redeemable convertible preferred stock and stockholders’ equity | 1,563.2 | 1,319.3 |
Class A Shares | ||
Stockholders’ equity: | ||
Common stock | 0 | 0 |
Class B Shares | ||
Stockholders’ equity: | ||
Common stock | $ 0 | $ 0 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED (Parenthetical) - USD ($) shares in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Amortized cost, fixed maturities | $ 132,400,000 | $ 129,500,000 |
Amortized cost, short term investments | 500,000 | 0 |
Allowance for premiums receivable | 3,800,000 | 5,400,000 |
Allowance for credit loss | $ 100,000 | $ 200,000 |
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 | $ 126,500,000 | $ 126,500,000 |
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) | 154.9 | 142.9 |
Common stock, shares outstanding (in shares) | 154.9 | 142.9 |
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) | 99.5 | 109.9 |
Common stock, shares outstanding (in shares) | 99.5 | 109.9 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - UNAUDITED - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues: | ||
Net premiums earned | $ 78.3 | $ 59.1 |
Net investment income | 0.6 | 0.9 |
Net realized gains on investments | 1.2 | 2.4 |
Fee and other income | 5.3 | 6.2 |
Total revenues | 85.4 | 68.6 |
Operating expenses: | ||
Loss and loss adjustment expenses | 96.7 | 59.9 |
Sales and marketing | 14.7 | 68.4 |
Other insurance expense | 1 | 2.4 |
Technology and development | 13.9 | 13.8 |
General and administrative | 30 | 18.4 |
Total operating expenses | 156.3 | 162.9 |
Operating loss | (70.9) | (94.3) |
Interest expense | (5.5) | (5.3) |
Loss before income tax expense | (76.4) | (99.6) |
Income tax expense | 0 | 0 |
Net loss | (76.4) | (99.6) |
Other comprehensive loss: | ||
Changes in net unrealized losses on investments | (3.7) | (3.5) |
Comprehensive loss | $ (80.1) | $ (103.1) |
Loss per common share: basic (both Class A and B) (in dollars per share) | $ (0.30) | $ (0.40) |
Loss per common share: diluted (both Class A and B) (in dollars per share) | $ (0.30) | $ (0.40) |
Weighted-average common shares outstanding: basic (both Class A and B) (in shares) | 251.7 | 247.1 |
Weighted-average common shares outstanding: diluted (both Class A and B) (in shares) | 251.7 | 247.1 |
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 and Class B Common Stock | Class A and Class B Common StockClass A Shares | Class A and Class B Common StockClass B Shares | Treasury Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Loss |
Beginning balance (in shares) at Dec. 31, 2020 | 0 | |||||||
Beginning balance at Dec. 31, 2020 | $ 0 | |||||||
Ending balance (in shares) at Mar. 31, 2021 | 0 | |||||||
Ending balance at Mar. 31, 2021 | $ 0 | |||||||
Beginning balance (in shares) at Dec. 31, 2020 | 59.4 | 192.2 | ||||||
Beginning balance at Dec. 31, 2020 | 1,032.4 | $ 0 | $ (0.8) | $ 1,775.6 | $ 5.6 | $ (748) | ||
Treasury stock, beginning balance (in shares) at Dec. 31, 2020 | 4.6 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (99.6) | (99.6) | ||||||
Changes in other comprehensive loss | (3.5) | (3.5) | ||||||
Conversion of Class B to Class A (in shares) | 26.1 | (26.1) | ||||||
Common stock—option exercises and restricted stock units vesting, net of shares withheld for employee taxes (in shares) | 1 | 0.3 | ||||||
Common stock—option exercises and restricted stock units vesting, net of shares withheld for employee taxes | 2.3 | 2.3 | ||||||
Reclassification of early-exercised stock options from liabilities | 0.4 | 0.4 | ||||||
Common stock—shared-based compensation expense | 2.3 | 2.3 | ||||||
Treasury stock, ending balance (in shares) at Mar. 31, 2021 | 4.6 | |||||||
Ending balance (in shares) at Mar. 31, 2021 | 86.5 | 166.4 | ||||||
Ending balance at Mar. 31, 2021 | $ 934.3 | 0 | $ (0.8) | 1,780.6 | 2.1 | (847.6) | ||
Beginning balance (in shares) at Dec. 31, 2021 | 14.1 | |||||||
Beginning balance at Dec. 31, 2021 | $ 112 | |||||||
Ending balance (in shares) at Mar. 31, 2022 | 14.1 | |||||||
Ending balance at Mar. 31, 2022 | $ 112 | |||||||
Beginning balance (in shares) at Dec. 31, 2021 | 142.9 | 109.9 | ||||||
Beginning balance at Dec. 31, 2021 | 536.4 | 0 | $ 0 | 1,806.1 | 0.4 | (1,270.1) | ||
Treasury stock, beginning balance (in shares) at Dec. 31, 2021 | 0 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (76.4) | (76.4) | ||||||
Changes in other comprehensive loss | $ (3.7) | (3.7) | ||||||
Conversion of Class B to Class A (in shares) | 10.4 | (10.4) | ||||||
Common stock—option exercises and restricted stock units vesting, net of shares withheld for employee taxes (in shares) | 1 | 1.6 | ||||||
Common stock—option exercises and restricted stock units vesting, net of shares withheld for employee taxes | $ 0.4 | 0.4 | ||||||
Reclassification of early-exercised stock options from liabilities | 0.1 | 0.1 | ||||||
Common stock—shared-based compensation expense | 6.6 | 6.6 | ||||||
Warrant compensation expense | 5.3 | 5.3 | ||||||
Warrants issuance costs | (0.6) | (0.6) | ||||||
Term Loan C warrants issued | 0.6 | 0.6 | ||||||
Treasury stock, ending balance (in shares) at Mar. 31, 2022 | 0 | |||||||
Ending balance (in shares) at Mar. 31, 2022 | 154.9 | 99.5 | ||||||
Ending balance at Mar. 31, 2022 | $ 468.7 | $ 0 | $ 0 | $ 1,818.5 | $ (3.3) | $ (1,346.5) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (76.4) | $ (99.6) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation | 6.6 | 2.3 |
Warrant compensation expense | 5.3 | 0 |
Depreciation and amortization | 3.6 | 3.5 |
Bad debt expense | 4.6 | 4.7 |
Payment-in-kind interest expense | 0 | 2.4 |
Net realized gains on investments | (1.2) | (2.4) |
Changes in operating assets and liabilities: | ||
Premiums receivable | (13.6) | (35.6) |
Reinsurance recoverable and receivable | (4.4) | (5.2) |
Prepaid reinsurance premiums | (5.9) | 11.5 |
Other assets | 4.9 | 2 |
Losses and loss adjustment expenses reserves | (11.8) | 3.5 |
Unearned premiums | 12.4 | 42.3 |
Reinsurance premiums payable | 24.9 | (23.4) |
Accounts payable and accrued expenses | (0.4) | 2.5 |
Other liabilities | 0.2 | 0.6 |
Net cash used in operating activities | (51.2) | (90.9) |
Cash flows from investing activities: | ||
Purchases of investments | (8.5) | 0 |
Proceeds from maturities, call and pay downs of investments | 4.3 | 13.1 |
Sales of investments | 1.9 | 70.2 |
Capitalization of internally developed software | (2.7) | (1.6) |
Purchases of fixed assets | 0 | (0.4) |
Purchases of indefinite-lived intangible assets and transaction costs | (1.3) | 0 |
Net cash (used in) provided by investing activities | (6.3) | 81.3 |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options and restricted stock units, net of tax proceeds/(withholding) | 0.2 | 3.3 |
Proceeds from issuance of debt and related warrants, net of issuance costs | 286 | 0 |
Repayments of long-term debt | 0 | (0.2) |
Net cash provided by financing activities | 286.2 | 3.1 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 228.7 | (6.5) |
Cash, cash equivalents and restricted cash at beginning of period | 707 | 1,113.8 |
Cash, cash equivalents and restricted cash at end of period | $ 935.7 | $ 1,107.3 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF BUSINESS | NATURE OF BUSINESSRoot, Inc. is a holding company which, directly or indirectly, maintains 100% ownership of each of its subsidiaries, including, among others, Root Insurance Company, an Ohio-domiciled insurance company; Root Property & Casualty Insurance Company, a Delaware-domiciled insurance company; and Root Reinsurance Company, Ltd., a Cayman Islands-domiciled reinsurance company together with Root, Inc. “we,” “us” or “our.” We were formed in 2015 and began writing personal auto insurance in July 2016. We are a technology company operating a primarily direct-to-consumer model with the majority of our personal insurance customers acquired through mobile applications. We offer auto and renters insurance products underwritten by Root Insurance Company and Root Property & Casualty Insurance Company. |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2022 | |
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, 2021 filed with the SEC on February 23, 2022, or the 2021 10-K. 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, allowance for expected credit losses on premium receivables and valuation allowances for income taxes. COVID-19 —In March 2020, the World Health Organization declared COVID-19 to be a global pandemic. The pandemic and related measures taken to contain the spread of COVID-19, such as government-mandated business closures, orders to “shelter in place” and travel and transportation restrictions, have negatively affected the U.S. and global economies, disrupted global supply chains, and led to unemployment. We, and other businesses within the insurance industry, have been impacted by certain individual state bulletins that were issued in 2020 and outlined COVID-19-related premium relief efforts, including restrictions on the ability to cancel policies for non-payment, requirements to defer insurance premium payments for up to 60 days and restrictions on increasing policy premiums. The COVID-19 pandemic and governmental responses thereto have impacted and may further impact the broader economic environment, including creating or exacerbating supply chain disruptions and inflation and negatively impacting unemployment levels, economic growth, the proper functioning of financial and capital markets and interest rates. As a result of certain factors related to the COVID-19 global pandemic, we continue to file in multiple states to establish rates that more closely follow the evolving loss cost trends. As the COVID-19 pandemic continues, there is uncertainty around the severity and duration of the pandemic and the pandemic’s potential impact on our business and our financial performance. Accordingly, we cannot predict the impact that it may have on our future results of operations and financial condition. 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 March 31, December 31, 2022 2021 (dollars in millions) Cash and cash equivalents $ 934.7 $ 706.0 Restricted cash 1.0 1.0 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 935.7 $ 707.0 |
INVESTMENTS
INVESTMENTS | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021 are as follows: March 31, 2022 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 $ 23.7 $ — $ — $ (0.6) $ 23.1 Municipal securities 20.4 — — (0.7) 19.7 Corporate debt securities 49.9 — 0.1 (1.3) 48.7 Residential mortgage-backed securities 2.9 — — (0.2) 2.7 Commercial mortgage backed securities 32.5 — — (0.6) 31.9 Other debt obligations 3.0 — — — 3.0 Total fixed maturities 132.4 — 0.1 (3.4) 129.1 Short-term investments 0.5 — — — 0.5 Total $ 132.9 $ — $ 0.1 $ (3.4) $ 129.6 December 31, 2021 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 $ 23.7 $ — $ — $ (0.4) $ 23.3 Municipal securities 20.4 — 0.3 (0.1) 20.6 Corporate debt securities 48.2 — 0.7 (0.2) 48.7 Residential mortgage-backed securities 3.5 — — — 3.5 Commercial mortgage backed securities 30.2 — 0.2 (0.1) 30.3 Other debt obligations 3.5 — — — 3.5 Total $ 129.5 $ — $ 1.2 $ (0.8) $ 129.9 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 March 31, 2022 and December 31, 2021 related to any of the above securities. We do not intend to sell the investments and it is not more likely than not that we will be required to sell the security 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 recognized for the periods ended March 31, 2022 and December 31, 2021. Other Investments As of March 31, 2022 and December 31, 2021, other investments related to our private equity investments were $4.4 million and $4.7 million, respectively. We recognized $1.2 million of realized gains in the three months ended March 31, 2022 resulting from the sale of one of our private equity investments within net realized gains on investments in our condensed consolidated statements of operations and comprehensive loss. There were no unrealized gains or impairment losses recognized on private equity investments for the three months ended March 31, 2022 and 2021. 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 March 31, 2022 and December 31, 2021: March 31, 2022 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 $ 7.5 $ (0.1) $ 14.3 $ (0.5) $ 21.8 $ (0.6) Municipal securities 14.9 (0.5) 2.0 (0.2) 16.9 (0.7) Corporate debt securities 39.8 (1.1) 2.3 (0.2) 42.1 (1.3) Residential mortgage-backed securities 2.2 (0.1) 0.5 (0.1) 2.7 (0.2) Commercial mortgage-backed securities 27.7 (0.6) 0.4 — 28.1 (0.6) Other debt obligations 2.5 — — — 2.5 — Total fixed maturities 94.6 (2.4) 19.5 (1.0) 114.1 (3.4) Short-term investments 0.5 — — — 0.5 — Total $ 95.1 $ (2.4) $ 19.5 $ (1.0) $ 114.6 $ (3.4) December 31, 2021 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 $ 7.5 $ (0.1) $ 14.0 $ (0.3) $ 21.5 $ (0.4) Municipal securities 8.9 (0.1) — — 8.9 (0.1) Corporate debt securities 12.7 (0.1) 1.6 (0.1) 14.3 (0.2) Residential mortgage-backed securities 1.9 — 0.5 — 2.4 — Commercial mortgage-backed securities 8.7 (0.1) — — 8.7 (0.1) Total fixed maturities $ 39.7 $ (0.4) $ 16.1 $ (0.4) $ 55.8 $ (0.8) The following table reflects the gross and net realized gains and losses on short-term investments, fixed maturities and other investments that have been included in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (dollars in millions) Realized gains on investments $ 1.2 $ 2.5 Realized losses on investments — (0.1) Net realized gains on investments $ 1.2 $ 2.4 The following table sets forth the amortized cost and fair value of short-term investments and fixed maturity securities by contractual maturity at March 31, 2022: March 31, 2022 Amortized Cost Fair Value (dollars in millions) Due in one year or less $ 33.2 $ 32.9 Due after one year through five years 78.4 76.1 Due five years through 10 years 7.1 6.8 Due after 10 years 14.2 13.8 Total $ 132.9 $ 129.6 The following table sets forth the components of net investment income for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (dollars in millions) Interest on bonds $ 0.6 $ 0.8 Interest on deposits and cash equivalents 0.2 0.3 Total 0.8 1.1 Investment expense (0.2) (0.2) Net investment income $ 0.6 $ 0.9 The following tables summarize the credit ratings of investments at March 31, 2022 and December 31, 2021: March 31, 2022 Amortized Cost Fair Value % of Total S&P Global rating or equivalent (dollars in millions) AAA $ 72.6 $ 70.8 54.6 % AA+, AA, AA-, A-1 15.9 15.5 12.0 A+, A, A- 34.7 33.7 26.0 BBB+, BBB, BBB- 9.7 9.6 7.4 Total $ 132.9 $ 129.6 100.0 % December 31, 2021 Amortized Cost Fair Value % of Total S&P Global rating or equivalent (dollars in millions) AAA $ 70.9 $ 70.8 54.5 % AA+, AA, AA-, A-1 14.7 14.8 11.4 A+, A, A- 33.4 33.6 25.9 BBB+, BBB, BBB- 10.5 10.7 8.2 Total $ 129.5 $ 129.9 100.0 % |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021: March 31, 2022 Level 1 Level 2 Level 3 Total (dollars in millions) Assets Fixed maturities: U.S. Treasury securities and agencies $ 22.3 $ 0.8 $ — $ 23.1 Municipal securities — 19.7 — 19.7 Corporate debt securities — 48.7 — 48.7 Residential mortgage-backed securities — 2.7 — 2.7 Commercial mortgage-backed securities — 31.9 — 31.9 Other debt obligations — 3.0 — 3.0 Total fixed maturities 22.3 106.8 — 129.1 Short-term investments — 0.5 — 0.5 Cash equivalents 124.1 — — 124.1 Total assets at fair value $ 146.4 $ 107.3 $ — $ 253.7 December 31, 2021 Level 1 Level 2 Level 3 Total (dollars in millions) Assets Fixed maturities: U.S. Treasury securities and agencies $ 22.6 $ 0.7 $ — $ 23.3 Municipal securities — 20.6 — 20.6 Corporate debt securities — 48.7 — 48.7 Residential mortgage-backed securities — 3.5 — 3.5 Commercial mortgage-backed securities — 30.3 — 30.3 Other debt obligations — 3.5 — 3.5 Total fixed maturities 22.6 107.3 — 129.9 Cash equivalents 127.0 — — 127.0 Total assets at fair value $ 149.6 $ 107.3 $ — $ 256.9 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. Fair Value of Long-Term Debt The carrying amount of long-term debt is recorded at the unpaid balance, net of 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 March 31, 2022 and December 31, 2021, the carrying amounts and fair values of these financial instruments were as follows: Carrying Amount as of March 31, 2022 Estimated Fair Value as of March 31, 2022 Carrying Amount as of December 31, 2021 Estimated Fair Value as of December 31, 2021 (dollars in millions) Long-term debt $ 290.8 $ 304.0 $ — $ — |
LOSS AND LOSS ADJUSTMENT EXPENS
LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES | 3 Months Ended |
Mar. 31, 2022 | |
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: Three Months Ended March 31, 2022 2021 (dollars in millions) Gross loss and LAE reserves, January 1 $ 320.2 $ 237.2 Reinsurance recoverable on unpaid losses (79.5) (79.6) Net loss and LAE reserves, January 1 240.7 157.6 Net incurred loss and LAE related to: Current year 96.8 69.8 Prior years (0.1) (9.9) Total incurred 96.7 59.9 Net paid loss and LAE related to: Current year 36.4 25.3 Prior years 57.7 35.3 Total paid 94.1 60.6 Net loss and LAE reserves, March 31 243.3 156.9 Plus reinsurance recoverable on unpaid losses 65.1 83.8 Gross loss and LAE reserves, March 31 $ 308.4 $ 240.7 Incurred losses and LAE attributable to prior accident years was a decrease of $0.1 million and $9.9 million for the three months ended March 31, 2022 and 2021, respectively. For the three months ended March 31, 2022, the development of incurred losses related to prior periods was primarily related to lower-than-expected loss adjustment expenses on prior accident period claims, offset by higher-than-expected reported losses on material damage claims from inflationary impacts. For the three months ended March 31, 2021, the development of incurred losses related to prior periods was primarily related to lower-than-expected reported losses on bodily injury and uninsured motorist bodily injury claims and greater than expected recoveries from subrogation and salvage from 2020. |
REINSURANCE
REINSURANCE | 3 Months Ended |
Mar. 31, 2022 | |
Insurance [Abstract] | |
REINSURANCE | REINSURANCE The following table reflects amounts affecting the condensed consolidated statements of operations and comprehensive loss for reinsurance for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (dollars in millions) Premiums written: Direct $ 173.5 $ 202.5 Assumed 13.7 — Ceded (102.4) (89.6) Net premiums written $ 84.8 $ 112.9 Premiums earned: Direct $ 165.5 $ 160.2 Assumed 9.2 — Ceded (96.4) (101.1) Net premiums earned $ 78.3 $ 59.1 Losses and LAE incurred: Direct $ 151.7 $ 129.2 Assumed 11.2 — Ceded (66.2) (69.3) Net losses and LAE incurred $ 96.7 $ 59.9 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. Gross written premium by state is as follows for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Amount % of Total Amount % of Total State (dollars in millions) Texas (1) $ 37.3 19.9 % $ 43.0 21.2 % Georgia 18.8 10.0 19.0 9.4 Louisiana 10.7 5.7 10.3 5.1 Colorado 10.7 5.7 8.9 4.4 Pennsylvania 10.0 5.3 10.4 5.1 Utah 9.0 4.8 8.6 4.2 Nevada 8.7 4.6 8.3 4.1 South Carolina 7.1 3.8 6.1 3.0 Oklahoma 6.3 3.4 6.6 3.3 Missouri 6.0 3.2 7.9 3.9 All others states 62.6 33.6 73.4 36.3 Total $ 187.2 100.0 % $ 202.5 100.0 % ______________ (1) Includes assumed premiums, which commenced in August 2021. Assumed written premium for the three |
LONG-TERM DEBT
LONG-TERM DEBT | 3 Months Ended |
Mar. 31, 2022 | |
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 C, with the principal amount due and payable upon maturity on January 27, 2027. Interest is payable quarterly and is determined on a floating interest rate currently calculated on the Secured Overnight Financing Rate, or SOFR, with a 1.0% floor, plus 9.0%, plus 0.26161% per annum. As part of the loan agreement, we issued warrants to the lender to purchase 5.7 million shares of our Class A common stock at a strike price of $9.00 per share. Such warrants will expire on the later of the repayment in full of the Term Loan C and January 27, 2027. The fair value of these warrants at January 27, 2022 was $0.1132 per warrant for a total fair value of $0.6 million. The Term Loan C contains debt covenants which, among other things, require cash and cash equivalents held in entities other than our insurance subsidiaries to be at least $200 million at all times. This threshold may be reduced to $150 million under two sets of circumstances: issuing 62,500 insurance policies through our Carvana embedded product and achieving a ratio of direct contribution to gross earned premium of 12%; or ceasing any customer acquisition spend outside of the Carvana agreement and reducing our monthly cash burn to no greater than $12 million. Under the latter set of circumstances, we must issue additional warrants to purchase shares of our Class A common stock equal to 1.0% of the aggregate number of issued and outstanding shares of Class A common stock on a fully-diluted basis as of the date the threshold is reduced. The additional warrants, if issued, would have an exercise price equal to the 30-trading day volume weighted average price of the Class A common stock as of the trading day immediately prior to the triggering date. The additional warrants will expire on the later of the repayment in full of the Term Loan C, January 27, 2027 and the date that falls 12 months after the issuance of these warrants. As of March 31, 2022 the fair value of these 1.0% warrants were immaterial to our condensed consolidated financial statements. The following summarizes the carrying value of long-term debt as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 (dollars in millions) Term Loan C $ 300.0 $ — Accrued interest payable 4.9 — Unamortized discount and debt issuance costs (14.1) — Total $ 290.8 $ — |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The consolidated effective tax rate was zero for the three months ended March 31, 2022 and 2021. 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 March 31, 2022 and December 31, 2021, 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 | 3 Months Ended |
Mar. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING COSTS | RESTRUCTURING COSTSIn January 2022, we instituted an organizational realignment, which included an involuntary workforce reduction, due to inflation and loss cost trends and to further drive efficiency and increased focus on our strategic priorities. We recognized charges of $5.6 million for severance, benefits and related costs as a result of these actions, of which $3.3 million resulted in cash expenditures for the three months ended March 31, 2022. Additionally, we ceased using certain floors of our corporate headquarters in Columbus, Ohio. To the extent we have no intent or ability to sublease the space, we accelerated the amortization of the related right-of-use assets, leasehold improvements and furniture and fixtures. For certain other space that we ceased using, we currently have the intent or ability to sublease that space and have not recognized any related charges related to accelerated amortization of the right-of-use asset. If that changes in a future period, we may incur additional restructuring charges. We recognized charges of $1.5 million for these real estate exit costs for the three months ended March 31, 2022. In addition, we recognized charges of $0.7 million related to accelerated expense for software that no longer has future economic benefit. These charges are included in general and administrative expenses on the condensed consolidated statements of operations and comprehensive loss. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | SHARE-BASED COMPENSATION We maintain an equity incentive plan for the issuance and grant of equity awards (restricted stock, restricted stock units, or RSUs, and incentive and nonqualified stock options) to our officers, directors, employees and certain advisors. As of March 31, 2022, we had 43.9 million common shares authorized and available for issuance under the plan. 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.” However, the exercisability of certain tranches are subject to Carvana’s decision to exercise certain other tranches. If Carvana exercises short-term tranches, then long-term tranche 1 warrants are cancelled and the remaining long-term tranches would be reduced such that Carvana will have the opportunity to purchase a maximum of 129.1 million shares of Class A common stock. As of March 31, 2022, we determined that all short-term warrants were probable of vesting. Under that scenario, it is not a possible outcome for the long-term warrants to also vest, so they are considered not probable of vesting. We recognized $5.3 million and zero of warrant compensation expense related to these equity-classified warrants based on progress toward completing the integrated automobile insurance solution for Carvana’s car buying platform, or Integrated Platform, for the three months ended March 31, 2022 and 2021, respectively. This expense is included in sales and marketing of our condensed consolidated statements of operations and comprehensive loss. All of these warrants are out-of-the-money and therefore have no intrinsic value as of March 31, 2022. As of March 31, 2022, there was $30.3 million of unrecognized compensation cost related to warrants. The remaining costs are expected to be recognized over a period of approximately two years. Employee Share-Based Compensation The following table displays share-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive loss: Three Months Ended March 31, 2022 2021 (dollars in millions) Share-based compensation expense: Loss and loss adjustment expenses $ 0.2 $ 0.1 Sales and marketing 0.1 — Other insurance expense 0.2 0.1 Technology and development 0.7 0.3 General and administrative 5.4 1.8 Total share-based compensation expense $ 6.6 $ 2.3 The following table provides total share-based compensation expense by type of award: Three Months Ended March 31, 2022 2021 (dollars in millions) Share-based compensation expense: Restricted stock unit expense $ 6.1 $ 0.6 Stock option expense 0.5 1.7 Total share-based compensation expense $ 6.6 $ 2.3 As part of the January 2022 organizational realignment discussed in Note 9 “Restructuring Costs,” we modified certain share-based awards which resulted in $2.1 million of share-based compensation expense recognized in general and administrative expenses during the three months ended March 31, 2022. As of March 31, 2022, there was $4.1 million and $46.4 million of unrecognized compensation cost related to unvested stock options and RSUs, respectively. The remaining costs are expected to be recognized over a period of approximately four years for unvested stock options and four years for RSUs. Restricted Stock Units A summary of RSU activity for the three months ended March 31, 2022 is as follows: Three Months Ended March 31, 2022 Restricted Stock Units Number of Shares Weighted-Average Aggregate Intrinsic Value (in millions, except per share amounts) Nonvested at January 1, 2022 8.9 $ 9.02 $ 27.4 Granted 2.4 1.68 Vested (0.9) 10.48 2.0 Forfeited, expired or canceled (1.8) 8.68 Nonvested at March 31, 2022 8.6 $ 6.29 $ 16.8 Stock Options A summary of option activity for the three months ended March 31, 2022 is as follows: Three Months Ended March 31, 2022 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, 2022 6.5 $ 2.36 6.12 $ 9.5 Granted — — Exercised (1.0) 0.35 1.8 Forfeited, expired or canceled (0.3) 6.04 Outstanding and exercisable at March 31, 2022 5.2 $ 2.56 5.89 $ 2.9 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2022 | |
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. Except as disclosed below, we do not believe that we are party to any current or pending legal action that 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 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 alleges that defendants made false or misleading statements and omissions of purportedly material fact, in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and of Sections 11 and 15 of the Securities Act of 1933, in connection with and following the Company’s initial public offering. The complaint seeks unspecified damages. The Company believes that the claims in this lawsuit are without merit and intends to defend against them vigorously. The lawsuit is in the early stages and, at this time, we are unable to predict the outcome and we cannot 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. |
OTHER COMPREHENSIVE INCOME AND
OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME | OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME The following table presents the changes in our accumulated other comprehensive (loss) income, or AOCI, for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (dollars in millions) Beginning balance $ 0.4 $ 5.6 Other comprehensive loss before reclassifications (3.7) (1.1) Net realized gains on investments reclassified from AOCI to net loss — (2.4) Net current period other comprehensive loss (3.7) (3.5) Ending balance $ (3.3) $ 2.1 |
LOSS PER SHARE
LOSS PER SHARE | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
LOSS PER SHARE | LOSS PER SHARE The following table displays the computation of basic and diluted loss per share for both Class A and Class B common stock for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (in millions, except per share amounts) Net loss $ (76.4) $ (99.6) Weighted-average common shares outstanding: basic and diluted (both Class A and B) 251.7 247.1 Loss per common share: basic and diluted (both Class A and B) $ (0.30) $ (0.40) We excluded the following potentially dilutive common stock equivalents, presented based on amounts outstanding at each period end, from the computation of diluted loss per share attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect: As of March 31, 2022 2021 (in millions) Options to purchase common stock 5.2 8.5 Nonvested shares subject to repurchase 2.0 4.6 Restricted stock units 8.6 0.5 Redeemable convertible preferred stock (as converted to common stock) 14.1 — Warrants to purchase common stock 137.6 — Total 167.5 13.6 |
GEOGRAPHICAL BREAKDOWN OF GROSS
GEOGRAPHICAL BREAKDOWN OF GROSS WRITTEN PREMIUM | 3 Months Ended |
Mar. 31, 2022 | |
Insurance [Abstract] | |
GEOGRAPHICAL BREAKDOWN OF GROSS WRITTEN PREMIUM | REINSURANCE The following table reflects amounts affecting the condensed consolidated statements of operations and comprehensive loss for reinsurance for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (dollars in millions) Premiums written: Direct $ 173.5 $ 202.5 Assumed 13.7 — Ceded (102.4) (89.6) Net premiums written $ 84.8 $ 112.9 Premiums earned: Direct $ 165.5 $ 160.2 Assumed 9.2 — Ceded (96.4) (101.1) Net premiums earned $ 78.3 $ 59.1 Losses and LAE incurred: Direct $ 151.7 $ 129.2 Assumed 11.2 — Ceded (66.2) (69.3) Net losses and LAE incurred $ 96.7 $ 59.9 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. Gross written premium by state is as follows for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Amount % of Total Amount % of Total State (dollars in millions) Texas (1) $ 37.3 19.9 % $ 43.0 21.2 % Georgia 18.8 10.0 19.0 9.4 Louisiana 10.7 5.7 10.3 5.1 Colorado 10.7 5.7 8.9 4.4 Pennsylvania 10.0 5.3 10.4 5.1 Utah 9.0 4.8 8.6 4.2 Nevada 8.7 4.6 8.3 4.1 South Carolina 7.1 3.8 6.1 3.0 Oklahoma 6.3 3.4 6.6 3.3 Missouri 6.0 3.2 7.9 3.9 All others states 62.6 33.6 73.4 36.3 Total $ 187.2 100.0 % $ 202.5 100.0 % ______________ (1) Includes assumed premiums, which commenced in August 2021. Assumed written premium for the three |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2021 filed with the SEC on February 23, 2022, or the 2021 10-K. |
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. |
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, allowance for expected credit losses on premium receivables and valuation allowances for income taxes. |
BASIS OF PRESENTATION AND SUM_3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, December 31, 2022 2021 (dollars in millions) Cash and cash equivalents $ 934.7 $ 706.0 Restricted cash 1.0 1.0 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 935.7 $ 707.0 |
INVESTMENTS (Tables)
INVESTMENTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021 are as follows: March 31, 2022 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 $ 23.7 $ — $ — $ (0.6) $ 23.1 Municipal securities 20.4 — — (0.7) 19.7 Corporate debt securities 49.9 — 0.1 (1.3) 48.7 Residential mortgage-backed securities 2.9 — — (0.2) 2.7 Commercial mortgage backed securities 32.5 — — (0.6) 31.9 Other debt obligations 3.0 — — — 3.0 Total fixed maturities 132.4 — 0.1 (3.4) 129.1 Short-term investments 0.5 — — — 0.5 Total $ 132.9 $ — $ 0.1 $ (3.4) $ 129.6 December 31, 2021 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 $ 23.7 $ — $ — $ (0.4) $ 23.3 Municipal securities 20.4 — 0.3 (0.1) 20.6 Corporate debt securities 48.2 — 0.7 (0.2) 48.7 Residential mortgage-backed securities 3.5 — — — 3.5 Commercial mortgage backed securities 30.2 — 0.2 (0.1) 30.3 Other debt obligations 3.5 — — — 3.5 Total $ 129.5 $ — $ 1.2 $ (0.8) $ 129.9 The following table reflects the gross and net realized gains and losses on short-term investments, fixed maturities and other investments that have been included in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (dollars in millions) Realized gains on investments $ 1.2 $ 2.5 Realized losses on investments — (0.1) Net realized gains on investments $ 1.2 $ 2.4 The following table sets forth the amortized cost and fair value of short-term investments and fixed maturity securities by contractual maturity at March 31, 2022: March 31, 2022 Amortized Cost Fair Value (dollars in millions) Due in one year or less $ 33.2 $ 32.9 Due after one year through five years 78.4 76.1 Due five years through 10 years 7.1 6.8 Due after 10 years 14.2 13.8 Total $ 132.9 $ 129.6 |
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 March 31, 2022 and December 31, 2021: March 31, 2022 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 $ 7.5 $ (0.1) $ 14.3 $ (0.5) $ 21.8 $ (0.6) Municipal securities 14.9 (0.5) 2.0 (0.2) 16.9 (0.7) Corporate debt securities 39.8 (1.1) 2.3 (0.2) 42.1 (1.3) Residential mortgage-backed securities 2.2 (0.1) 0.5 (0.1) 2.7 (0.2) Commercial mortgage-backed securities 27.7 (0.6) 0.4 — 28.1 (0.6) Other debt obligations 2.5 — — — 2.5 — Total fixed maturities 94.6 (2.4) 19.5 (1.0) 114.1 (3.4) Short-term investments 0.5 — — — 0.5 — Total $ 95.1 $ (2.4) $ 19.5 $ (1.0) $ 114.6 $ (3.4) December 31, 2021 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 $ 7.5 $ (0.1) $ 14.0 $ (0.3) $ 21.5 $ (0.4) Municipal securities 8.9 (0.1) — — 8.9 (0.1) Corporate debt securities 12.7 (0.1) 1.6 (0.1) 14.3 (0.2) Residential mortgage-backed securities 1.9 — 0.5 — 2.4 — Commercial mortgage-backed securities 8.7 (0.1) — — 8.7 (0.1) Total fixed maturities $ 39.7 $ (0.4) $ 16.1 $ (0.4) $ 55.8 $ (0.8) |
Schedule of net investment income | The following table sets forth the components of net investment income for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (dollars in millions) Interest on bonds $ 0.6 $ 0.8 Interest on deposits and cash equivalents 0.2 0.3 Total 0.8 1.1 Investment expense (0.2) (0.2) Net investment income $ 0.6 $ 0.9 |
Schedule of credit ratings | The following tables summarize the credit ratings of investments at March 31, 2022 and December 31, 2021: March 31, 2022 Amortized Cost Fair Value % of Total S&P Global rating or equivalent (dollars in millions) AAA $ 72.6 $ 70.8 54.6 % AA+, AA, AA-, A-1 15.9 15.5 12.0 A+, A, A- 34.7 33.7 26.0 BBB+, BBB, BBB- 9.7 9.6 7.4 Total $ 132.9 $ 129.6 100.0 % December 31, 2021 Amortized Cost Fair Value % of Total S&P Global rating or equivalent (dollars in millions) AAA $ 70.9 $ 70.8 54.5 % AA+, AA, AA-, A-1 14.7 14.8 11.4 A+, A, A- 33.4 33.6 25.9 BBB+, BBB, BBB- 10.5 10.7 8.2 Total $ 129.5 $ 129.9 100.0 % |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021: March 31, 2022 Level 1 Level 2 Level 3 Total (dollars in millions) Assets Fixed maturities: U.S. Treasury securities and agencies $ 22.3 $ 0.8 $ — $ 23.1 Municipal securities — 19.7 — 19.7 Corporate debt securities — 48.7 — 48.7 Residential mortgage-backed securities — 2.7 — 2.7 Commercial mortgage-backed securities — 31.9 — 31.9 Other debt obligations — 3.0 — 3.0 Total fixed maturities 22.3 106.8 — 129.1 Short-term investments — 0.5 — 0.5 Cash equivalents 124.1 — — 124.1 Total assets at fair value $ 146.4 $ 107.3 $ — $ 253.7 December 31, 2021 Level 1 Level 2 Level 3 Total (dollars in millions) Assets Fixed maturities: U.S. Treasury securities and agencies $ 22.6 $ 0.7 $ — $ 23.3 Municipal securities — 20.6 — 20.6 Corporate debt securities — 48.7 — 48.7 Residential mortgage-backed securities — 3.5 — 3.5 Commercial mortgage-backed securities — 30.3 — 30.3 Other debt obligations — 3.5 — 3.5 Total fixed maturities 22.6 107.3 — 129.9 Cash equivalents 127.0 — — 127.0 Total assets at fair value $ 149.6 $ 107.3 $ — $ 256.9 |
Schedule of carrying amounts and fair values of financial instruments | As of March 31, 2022 and December 31, 2021, the carrying amounts and fair values of these financial instruments were as follows: Carrying Amount as of March 31, 2022 Estimated Fair Value as of March 31, 2022 Carrying Amount as of December 31, 2021 Estimated Fair Value as of December 31, 2021 (dollars in millions) Long-term debt $ 290.8 $ 304.0 $ — $ — |
LOSS AND LOSS ADJUSTMENT EXPE_2
LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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: Three Months Ended March 31, 2022 2021 (dollars in millions) Gross loss and LAE reserves, January 1 $ 320.2 $ 237.2 Reinsurance recoverable on unpaid losses (79.5) (79.6) Net loss and LAE reserves, January 1 240.7 157.6 Net incurred loss and LAE related to: Current year 96.8 69.8 Prior years (0.1) (9.9) Total incurred 96.7 59.9 Net paid loss and LAE related to: Current year 36.4 25.3 Prior years 57.7 35.3 Total paid 94.1 60.6 Net loss and LAE reserves, March 31 243.3 156.9 Plus reinsurance recoverable on unpaid losses 65.1 83.8 Gross loss and LAE reserves, March 31 $ 308.4 $ 240.7 |
REINSURANCE (Tables)
REINSURANCE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Insurance [Abstract] | |
Schedule of Comprehensive Loss for Reinsurance | The following table reflects amounts affecting the condensed consolidated statements of operations and comprehensive loss for reinsurance for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (dollars in millions) Premiums written: Direct $ 173.5 $ 202.5 Assumed 13.7 — Ceded (102.4) (89.6) Net premiums written $ 84.8 $ 112.9 Premiums earned: Direct $ 165.5 $ 160.2 Assumed 9.2 — Ceded (96.4) (101.1) Net premiums earned $ 78.3 $ 59.1 Losses and LAE incurred: Direct $ 151.7 $ 129.2 Assumed 11.2 — Ceded (66.2) (69.3) Net losses and LAE incurred $ 96.7 $ 59.9 Gross written premium by state is as follows for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Amount % of Total Amount % of Total State (dollars in millions) Texas (1) $ 37.3 19.9 % $ 43.0 21.2 % Georgia 18.8 10.0 19.0 9.4 Louisiana 10.7 5.7 10.3 5.1 Colorado 10.7 5.7 8.9 4.4 Pennsylvania 10.0 5.3 10.4 5.1 Utah 9.0 4.8 8.6 4.2 Nevada 8.7 4.6 8.3 4.1 South Carolina 7.1 3.8 6.1 3.0 Oklahoma 6.3 3.4 6.6 3.3 Missouri 6.0 3.2 7.9 3.9 All others states 62.6 33.6 73.4 36.3 Total $ 187.2 100.0 % $ 202.5 100.0 % ______________ (1) Includes assumed premiums, which commenced in August 2021. Assumed written premium for the three |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of long term debt | The following summarizes the carrying value of long-term debt as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 (dollars in millions) Term Loan C $ 300.0 $ — Accrued interest payable 4.9 — Unamortized discount and debt issuance costs (14.1) — Total $ 290.8 $ — |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 loss: Three Months Ended March 31, 2022 2021 (dollars in millions) Share-based compensation expense: Loss and loss adjustment expenses $ 0.2 $ 0.1 Sales and marketing 0.1 — Other insurance expense 0.2 0.1 Technology and development 0.7 0.3 General and administrative 5.4 1.8 Total share-based compensation expense $ 6.6 $ 2.3 The following table provides total share-based compensation expense by type of award: Three Months Ended March 31, 2022 2021 (dollars in millions) Share-based compensation expense: Restricted stock unit expense $ 6.1 $ 0.6 Stock option expense 0.5 1.7 Total share-based compensation expense $ 6.6 $ 2.3 |
Summary of RSU activity | A summary of RSU activity for the three months ended March 31, 2022 is as follows: Three Months Ended March 31, 2022 Restricted Stock Units Number of Shares Weighted-Average Aggregate Intrinsic Value (in millions, except per share amounts) Nonvested at January 1, 2022 8.9 $ 9.02 $ 27.4 Granted 2.4 1.68 Vested (0.9) 10.48 2.0 Forfeited, expired or canceled (1.8) 8.68 Nonvested at March 31, 2022 8.6 $ 6.29 $ 16.8 |
Summary of option activity | A summary of option activity for the three months ended March 31, 2022 is as follows: Three Months Ended March 31, 2022 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, 2022 6.5 $ 2.36 6.12 $ 9.5 Granted — — Exercised (1.0) 0.35 1.8 Forfeited, expired or canceled (0.3) 6.04 Outstanding and exercisable at March 31, 2022 5.2 $ 2.56 5.89 $ 2.9 |
OTHER COMPREHENSIVE INCOME AN_2
OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of AOCI | The following table presents the changes in our accumulated other comprehensive (loss) income, or AOCI, for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (dollars in millions) Beginning balance $ 0.4 $ 5.6 Other comprehensive loss before reclassifications (3.7) (1.1) Net realized gains on investments reclassified from AOCI to net loss — (2.4) Net current period other comprehensive loss (3.7) (3.5) Ending balance $ (3.3) $ 2.1 |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share | The following table displays the computation of basic and diluted loss per share for both Class A and Class B common stock for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (in millions, except per share amounts) Net loss $ (76.4) $ (99.6) Weighted-average common shares outstanding: basic and diluted (both Class A and B) 251.7 247.1 Loss per common share: basic and diluted (both Class A and B) $ (0.30) $ (0.40) |
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 loss per share attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect: As of March 31, 2022 2021 (in millions) Options to purchase common stock 5.2 8.5 Nonvested shares subject to repurchase 2.0 4.6 Restricted stock units 8.6 0.5 Redeemable convertible preferred stock (as converted to common stock) 14.1 — Warrants to purchase common stock 137.6 — Total 167.5 13.6 |
GEOGRAPHICAL BREAKDOWN OF GRO_2
GEOGRAPHICAL BREAKDOWN OF GROSS WRITTEN PREMIUM (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Insurance [Abstract] | |
Schedule of Direct and Assumed Written Premiums | The following table reflects amounts affecting the condensed consolidated statements of operations and comprehensive loss for reinsurance for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (dollars in millions) Premiums written: Direct $ 173.5 $ 202.5 Assumed 13.7 — Ceded (102.4) (89.6) Net premiums written $ 84.8 $ 112.9 Premiums earned: Direct $ 165.5 $ 160.2 Assumed 9.2 — Ceded (96.4) (101.1) Net premiums earned $ 78.3 $ 59.1 Losses and LAE incurred: Direct $ 151.7 $ 129.2 Assumed 11.2 — Ceded (66.2) (69.3) Net losses and LAE incurred $ 96.7 $ 59.9 Gross written premium by state is as follows for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Amount % of Total Amount % of Total State (dollars in millions) Texas (1) $ 37.3 19.9 % $ 43.0 21.2 % Georgia 18.8 10.0 19.0 9.4 Louisiana 10.7 5.7 10.3 5.1 Colorado 10.7 5.7 8.9 4.4 Pennsylvania 10.0 5.3 10.4 5.1 Utah 9.0 4.8 8.6 4.2 Nevada 8.7 4.6 8.3 4.1 South Carolina 7.1 3.8 6.1 3.0 Oklahoma 6.3 3.4 6.6 3.3 Missouri 6.0 3.2 7.9 3.9 All others states 62.6 33.6 73.4 36.3 Total $ 187.2 100.0 % $ 202.5 100.0 % ______________ (1) Includes assumed premiums, which commenced in August 2021. Assumed written premium for the three |
NATURE OF BUSINESS (Details)
NATURE OF BUSINESS (Details) | Mar. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Ownership percentage | 100.00% |
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 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 934.7 | $ 706 | ||
Restricted cash | 1 | 1 | ||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 935.7 | $ 707 | $ 1,107.3 | $ 1,113.8 |
INVESTMENTS - Amortized Cost an
INVESTMENTS - Amortized Cost and Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 132.9 | $ 129.5 |
Allowance for Expected Credit Losses | 0 | 0 |
Gross Unrealized Gains | 0.1 | 1.2 |
Gross Unrealized Losses | (3.4) | (0.8) |
Fair Value | 129.6 | 129.9 |
U.S. Treasury securities and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 23.7 | 23.7 |
Allowance for Expected Credit Losses | 0 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (0.6) | (0.4) |
Fair Value | 23.1 | 23.3 |
Municipal securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 20.4 | 20.4 |
Allowance for Expected Credit Losses | 0 | 0 |
Gross Unrealized Gains | 0 | 0.3 |
Gross Unrealized Losses | (0.7) | (0.1) |
Fair Value | 19.7 | 20.6 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 49.9 | 48.2 |
Allowance for Expected Credit Losses | 0 | 0 |
Gross Unrealized Gains | 0.1 | 0.7 |
Gross Unrealized Losses | (1.3) | (0.2) |
Fair Value | 48.7 | 48.7 |
Residential mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2.9 | 3.5 |
Allowance for Expected Credit Losses | 0 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (0.2) | 0 |
Fair Value | 2.7 | 3.5 |
Commercial mortgage backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 32.5 | 30.2 |
Allowance for Expected Credit Losses | 0 | 0 |
Gross Unrealized Gains | 0 | 0.2 |
Gross Unrealized Losses | (0.6) | (0.1) |
Fair Value | 31.9 | 30.3 |
Other debt obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3 | 3.5 |
Allowance for Expected Credit Losses | 0 | 0 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 3 | 3.5 |
Total fixed maturities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 132.4 | |
Allowance for Expected Credit Losses | 0 | |
Gross Unrealized Gains | 0.1 | |
Gross Unrealized Losses | (3.4) | |
Fair Value | 129.1 | $ 129.9 |
Short-term investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 0.5 | |
Allowance for Expected Credit Losses | 0 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | $ 0.5 |
INVESTMENTS - Other Investments
INVESTMENTS - Other Investments (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Other investments | $ 4.4 | $ 4.7 | |
Net realized gains on investments | $ 1.2 | $ 2.4 |
INVESTMENTS - Unrealized Losses
INVESTMENTS - Unrealized Losses (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, fair value | $ 95.1 | $ 39.7 |
Less than 12 months, unrealized loss | (2.4) | (0.4) |
12 months or more, fair value | 19.5 | 16.1 |
12 months or more, unrealized loss | (1) | (0.4) |
Total, fair value | 114.6 | 55.8 |
Total, unrealized loss | (3.4) | (0.8) |
U.S. Treasury securities and agencies | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, fair value | 7.5 | 7.5 |
Less than 12 months, unrealized loss | (0.1) | (0.1) |
12 months or more, fair value | 14.3 | 14 |
12 months or more, unrealized loss | (0.5) | (0.3) |
Total, fair value | 21.8 | 21.5 |
Total, unrealized loss | (0.6) | (0.4) |
Municipal securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, fair value | 14.9 | 8.9 |
Less than 12 months, unrealized loss | (0.5) | (0.1) |
12 months or more, fair value | 2 | 0 |
12 months or more, unrealized loss | (0.2) | 0 |
Total, fair value | 16.9 | 8.9 |
Total, unrealized loss | (0.7) | (0.1) |
Corporate debt securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, fair value | 39.8 | 12.7 |
Less than 12 months, unrealized loss | (1.1) | (0.1) |
12 months or more, fair value | 2.3 | 1.6 |
12 months or more, unrealized loss | (0.2) | (0.1) |
Total, fair value | 42.1 | 14.3 |
Total, unrealized loss | (1.3) | (0.2) |
Residential mortgage-backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, fair value | 2.2 | 1.9 |
Less than 12 months, unrealized loss | (0.1) | 0 |
12 months or more, fair value | 0.5 | 0.5 |
12 months or more, unrealized loss | (0.1) | 0 |
Total, fair value | 2.7 | 2.4 |
Total, unrealized loss | (0.2) | 0 |
Commercial mortgage backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, fair value | 27.7 | 8.7 |
Less than 12 months, unrealized loss | (0.6) | (0.1) |
12 months or more, fair value | 0.4 | 0 |
12 months or more, unrealized loss | 0 | 0 |
Total, fair value | 28.1 | 8.7 |
Total, unrealized loss | (0.6) | $ (0.1) |
Other debt obligations | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, fair value | 2.5 | |
Less than 12 months, unrealized loss | 0 | |
12 months or more, fair value | 0 | |
12 months or more, unrealized loss | 0 | |
Total, fair value | 2.5 | |
Total, unrealized loss | 0 | |
Total fixed maturities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, fair value | 94.6 | |
Less than 12 months, unrealized loss | (2.4) | |
12 months or more, fair value | 19.5 | |
12 months or more, unrealized loss | (1) | |
Total, fair value | 114.1 | |
Total, unrealized loss | (3.4) | |
Short-term investments | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, fair value | 0.5 | |
Less than 12 months, unrealized loss | 0 | |
12 months or more, fair value | 0 | |
12 months or more, unrealized loss | 0 | |
Total, fair value | 0.5 | |
Total, unrealized loss | $ 0 |
INVESTMENTS - Gross and Net Rea
INVESTMENTS - Gross and Net Realized Gains and Losses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Realized gains on investments | $ 2.5 | |
Realized losses on investments | $ 0 | (0.1) |
Net realized gains on investments | $ 1.2 | $ 2.4 |
INVESTMENTS - Contractual Matur
INVESTMENTS - Contractual Maturity (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Due in one year or less | $ 33.2 | |
Due after one year through five years | 78.4 | |
Due five years through 10 years | 7.1 | |
Due after 10 years | 14.2 | |
Amortized Cost | 132.9 | $ 129.5 |
Fair Value | ||
Due in one year or less | 32.9 | |
Due after one year through five years | 76.1 | |
Due five years through 10 years | 6.8 | |
Due after 10 years | 13.8 | |
Total | $ 129.6 | $ 129.9 |
INVESTMENTS - Net Investment In
INVESTMENTS - Net Investment Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net Investment Income [Line Items] | ||
Realized gain value | $ 0.8 | $ 1.1 |
Investment expense | (0.2) | (0.2) |
Net investment income | 0.6 | 0.9 |
Interest on bonds | ||
Net Investment Income [Line Items] | ||
Realized gain value | 0.6 | 0.8 |
Interest on deposits and cash equivalents | ||
Net Investment Income [Line Items] | ||
Realized gain value | $ 0.2 | $ 0.3 |
INVESTMENTS - Credit Ratings (D
INVESTMENTS - Credit Ratings (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 132.9 | $ 129.5 |
Fair Value | $ 129.6 | $ 129.9 |
AFS securities | Credit rating | ||
Debt Securities, Available-for-sale [Line Items] | ||
Concentration percentage | 100.00% | 100.00% |
AAA | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 72.6 | $ 70.9 |
Fair Value | $ 70.8 | $ 70.8 |
AAA | AFS securities | Credit rating | ||
Debt Securities, Available-for-sale [Line Items] | ||
Concentration percentage | 54.60% | 54.50% |
AA+, AA, AA-, A-1 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 15.9 | $ 14.7 |
Fair Value | $ 15.5 | $ 14.8 |
AA+, AA, AA-, A-1 | AFS securities | Credit rating | ||
Debt Securities, Available-for-sale [Line Items] | ||
Concentration percentage | 12.00% | 11.40% |
A+, A, A- | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 34.7 | $ 33.4 |
Fair Value | $ 33.7 | $ 33.6 |
A+, A, A- | AFS securities | Credit rating | ||
Debt Securities, Available-for-sale [Line Items] | ||
Concentration percentage | 26.00% | 25.90% |
BBB+, BBB, BBB- | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 9.7 | $ 10.5 |
Fair Value | $ 9.6 | $ 10.7 |
BBB+, BBB, BBB- | AFS securities | Credit rating | ||
Debt Securities, Available-for-sale [Line Items] | ||
Concentration percentage | 7.40% | 8.20% |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Balance Sheet Grouping (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Assets | ||
AFS securities | $ 129.6 | $ 129.9 |
Cash equivalents | 124.1 | 127 |
Total assets at fair value | 253.7 | 256.9 |
U.S. Treasury securities and agencies | ||
Assets | ||
AFS securities | 23.1 | 23.3 |
Municipal securities | ||
Assets | ||
AFS securities | 19.7 | 20.6 |
Corporate debt securities | ||
Assets | ||
AFS securities | 48.7 | 48.7 |
Residential mortgage-backed securities | ||
Assets | ||
AFS securities | 2.7 | 3.5 |
Commercial mortgage backed securities | ||
Assets | ||
AFS securities | 31.9 | 30.3 |
Other debt obligations | ||
Assets | ||
AFS securities | 3 | 3.5 |
Total fixed maturities | ||
Assets | ||
AFS securities | 129.1 | 129.9 |
Short-term investments | ||
Assets | ||
AFS securities | 0.5 | |
Level 1 | ||
Assets | ||
Cash equivalents | 124.1 | 127 |
Total assets at fair value | 146.4 | 149.6 |
Level 1 | U.S. Treasury securities and agencies | ||
Assets | ||
AFS securities | 22.3 | 22.6 |
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 | 22.3 | 22.6 |
Level 1 | Short-term investments | ||
Assets | ||
AFS securities | 0 | |
Level 2 | ||
Assets | ||
Cash equivalents | 0 | 0 |
Total assets at fair value | 107.3 | 107.3 |
Level 2 | U.S. Treasury securities and agencies | ||
Assets | ||
AFS securities | 0.8 | 0.7 |
Level 2 | Municipal securities | ||
Assets | ||
AFS securities | 19.7 | 20.6 |
Level 2 | Corporate debt securities | ||
Assets | ||
AFS securities | 48.7 | 48.7 |
Level 2 | Residential mortgage-backed securities | ||
Assets | ||
AFS securities | 2.7 | 3.5 |
Level 2 | Commercial mortgage backed securities | ||
Assets | ||
AFS securities | 31.9 | 30.3 |
Level 2 | Other debt obligations | ||
Assets | ||
AFS securities | 3 | 3.5 |
Level 2 | Total fixed maturities | ||
Assets | ||
AFS securities | 106.8 | 107.3 |
Level 2 | Short-term investments | ||
Assets | ||
AFS securities | 0.5 | |
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 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Long Term Debt (Details) - Level 2 - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Carrying amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 290.8 | $ 0 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term debt | $ 304 | $ 0 |
LOSS AND LOSS ADJUSTMENT EXPE_3
LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Gross loss and LAE reserves, January 1 | $ 320.2 | $ 237.2 |
Reinsurance recoverable on unpaid losses | (79.5) | (79.6) |
Net loss and LAE reserves, January 1 | 240.7 | 157.6 |
Net incurred loss and LAE related to: | ||
Current year | 96.8 | 69.8 |
Prior years | (0.1) | (9.9) |
Total incurred | 96.7 | 59.9 |
Net paid loss and LAE related to: | ||
Current year | 36.4 | 25.3 |
Prior years | 57.7 | 35.3 |
Total paid | 94.1 | 60.6 |
Net loss and LAE reserves, March 31 | 243.3 | 156.9 |
Plus reinsurance recoverable on unpaid losses | 65.1 | 83.8 |
Gross loss and LAE reserves, March 31 | $ 308.4 | $ 240.7 |
LOSS AND LOSS ADJUSTMENT EXPE_4
LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract] | ||
Incurred losses and LAE attributable to prior accident years | $ (0.1) | $ (9.9) |
REINSURANCE (Details)
REINSURANCE (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Premiums written: | ||
Direct | $ 173.5 | $ 202.5 |
Assumed | 13.7 | 0 |
Ceded | (102.4) | (89.6) |
Net premiums written | 84.8 | 112.9 |
Premiums earned: | ||
Direct | 165.5 | 160.2 |
Assumed | 9.2 | 0 |
Ceded | (96.4) | (101.1) |
Net premiums earned | 78.3 | 59.1 |
Losses and LAE incurred: | ||
Direct | 151.7 | 129.2 |
Assumed | 11.2 | 0 |
Ceded | (66.2) | (69.3) |
Total incurred | $ 96.7 | $ 59.9 |
LONG-TERM DEBT - Narrative (Det
LONG-TERM DEBT - Narrative (Details) $ / shares in Units, shares in Millions | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2022$ / sharesshares | Mar. 31, 2022USD ($)stateinsurance_policy | Mar. 31, 2021 | Jan. 27, 2022USD ($)$ / shares | |
Debt Instrument [Line Items] | ||||
Trading days weighted average price | state | 30 | |||
Fair value of warrants percentage | 1.00% | |||
Gross Written Premiums | Geographic Concentration Risk | ||||
Debt Instrument [Line Items] | ||||
Concentration percentage | 100.00% | 100.00% | ||
Class A Shares | ||||
Debt Instrument [Line Items] | ||||
Warrants outstanding (in shares) | shares | 5.7 | |||
Exercise price of warrants (in dollars per share) | $ / shares | $ 9 | $ 0.1132 | ||
Fair value of warrants | $ 600,000 | |||
Warrants issued and outstanding shares percentage | 1.00% | |||
Term Loan C | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, term | 5 years | |||
Stated percentage | 0.26161% | |||
Insurance subsidiaries amount | $ 200,000,000 | |||
Term Loan C | Covenant Scenario 1 | ||||
Debt Instrument [Line Items] | ||||
Insurance subsidiaries amount | $ 150,000,000 | |||
Debt instrument, issued shares insurance policies (in shares) | insurance_policy | 62,500 | |||
Term Loan C | Covenant Scenario 1 | Gross Written Premiums | Geographic Concentration Risk | ||||
Debt Instrument [Line Items] | ||||
Concentration percentage | 12.00% | |||
Term Loan C | Covenant Scenario 2 | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, covenant compliance, maximum monthly cash spend | $ 12,000,000 | |||
Term Loan C | Secured debt | ||||
Debt Instrument [Line Items] | ||||
Debt amount | $ 300,000,000 | |||
Term Loan C | SOFR | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, floor interest rate | 1.00% | |||
Variable rate percentage | 9.00% |
LONG-TERM DEBT - Schedule Of De
LONG-TERM DEBT - Schedule Of Debt (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Accrued interest payable | $ 4.9 | $ 0 |
Unamortized discount and debt issuance costs | (14.1) | 0 |
Total | $ 290.8 | 0 |
Secured debt | Term Loan C | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 0 |
INCOME TAXES (Details)
INCOME TAXES (Details) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 0.00% | 0.00% |
Federal income tax rate | 21.00% |
RESTRUCTURING COSTS (Details)
RESTRUCTURING COSTS (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
General and administrative | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and related cost, accelerated | $ 0.7 |
Employee Severance | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | 5.6 |
Payments for restructuring | 3.3 |
Real Estate Exit Costs | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring charges | $ 1.5 |
SHARE-BASED COMPENSATION - Narr
SHARE-BASED COMPENSATION - Narrative (Details) shares in Millions | 3 Months Ended | ||
Mar. 31, 2022USD ($)shares | Mar. 31, 2021USD ($) | Oct. 31, 2021trancheshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 6,600,000 | $ 2,300,000 | |
Unrecognized compensation cost | 2,100,000 | ||
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 | ||
Warrant | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 5,300,000 | 0 | |
Unrecognized compensation cost | $ 30,300,000 | ||
Unrecognized compensation cost, period of recognition | 2 years | ||
Stock option expense | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 500,000 | 1,700,000 | |
Unrecognized compensation cost, period of recognition | 4 years | ||
Unrecognized compensation cost, options | $ 4,100,000 | ||
Restricted stock unit expense | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 6,100,000 | $ 600,000 | |
Unrecognized compensation cost | $ 46,400,000 | ||
Unrecognized compensation cost, period of recognition | 4 years | ||
Class A Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued (in shares) | shares | 129.1 | ||
Carvana | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of tranches | tranche | 8 | ||
2020 Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for issuance (in shares) | shares | 43.9 |
SHARE-BASED COMPENSATION - Shar
SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share-based compensation expense | $ 6.6 | $ 2.3 |
Restricted stock unit expense | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share-based compensation expense | 6.1 | 0.6 |
Stock option expense | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share-based compensation expense | 0.5 | 1.7 |
Loss and loss adjustment expenses | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share-based compensation expense | 0.2 | 0.1 |
Sales and marketing | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share-based compensation expense | 0.1 | 0 |
Other insurance expense | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share-based compensation expense | 0.2 | 0.1 |
Technology and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share-based compensation expense | 0.7 | 0.3 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total share-based compensation expense | $ 5.4 | $ 1.8 |
SHARE-BASED COMPENSATION - RSU
SHARE-BASED COMPENSATION - RSU Activity (Details) - Restricted stock unit expense $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($)$ / sharesshares | |
Number of Shares | |
Beginning balance (in shares) | shares | 8.9 |
Granted (in shares) | shares | 2.4 |
Vested (in shares) | shares | (0.9) |
Forfeited, expired or canceled (in shares) | shares | (1.8) |
Ending balance (in shares) | shares | 8.6 |
Weighted-Average Grant Date Fair Value per Share | |
Beginning balance, weighted-average grant date fair value (in dollars per shares) | $ / shares | $ 9.02 |
Granted, weighted-average grant date fair value (in dollars per shares) | $ / shares | 1.68 |
Vested, weighted-average grant date fair value (in dollars per shares) | $ / shares | 10.48 |
Forfeited, expired or canceled, weighted-average grant date fair value (in dollars per share) | $ / shares | 8.68 |
Ending balance, weighted-average grant date fair value (in dollars per shares) | $ / shares | $ 6.29 |
Aggregate Intrinsic Value | |
Beginning balance | $ | $ 27.4 |
Vested | $ | 2 |
Ending balance | $ | $ 16.8 |
SHARE-BASED COMPENSATION - Opti
SHARE-BASED COMPENSATION - Option Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Number of Shares | ||
Outstanding, beginning balance (in shares) | 6.5 | |
Granted (in shares) | 0 | |
Common stock—option exercises and restricted stock units vesting, net of shares withheld for employee taxes (in shares) | (1) | |
Forfeited, expired or canceled (in shares) | (0.3) | |
Outstanding, ending balance (in shares) | 5.2 | 6.5 |
Weighted-Average Exercise Price | ||
Outstanding, beginning balance, weighted-average exercise price (in dollars per share) | $ 2.36 | |
Granted, weighted-average exercise price (in dollars per share) | 0 | |
Exercised, weighted-average exercise price (in dollars per share) | 0.35 | |
Forfeited, expired and canceled, weighted-average exercise price (in dollars per share) | 6.04 | |
Outstanding, ending balance, weighted-average exercise price (in dollars per share) | $ 2.56 | $ 2.36 |
Outstanding, weighted-average remaining contractual term (in years) | 5 years 10 months 20 days | 6 years 1 month 13 days |
Outstanding, aggregate intrinsic value | $ 2.9 | $ 9.5 |
Exercised, aggregate intrinsic value | $ 1.8 |
OTHER COMPREHENSIVE INCOME AN_3
OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 536.4 | $ 1,032.4 |
Net current period other comprehensive loss | (3.7) | (3.5) |
Ending balance | 468.7 | 934.3 |
Change in net unrealized gains (losses) on investments: | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 0.4 | 5.6 |
Other comprehensive loss before reclassifications | (3.7) | (1.1) |
Net realized gains on investments reclassified from AOCI to net loss | 0 | (2.4) |
Net current period other comprehensive loss | (3.7) | (3.5) |
Ending balance | $ (3.3) | $ 2.1 |
LOSS PER SHARE (Details)
LOSS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (76.4) | $ (99.6) |
Weighted-average common shares outstanding: basic (both Class A and B) (in shares) | 251.7 | 247.1 |
Weighted-average common shares outstanding: diluted (both Class A and B) (in shares) | 251.7 | 247.1 |
Loss per common share: basic (both Class A and B) (in dollars per share) | $ (0.30) | $ (0.40) |
Loss per common share: diluted (both Class A and B) (in dollars per share) | $ (0.30) | $ (0.40) |
LOSS PER SHARE - Schedule of An
LOSS PER SHARE - Schedule of Anti-Dilutive Securities (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities (in shares) | 167.5 | 13.6 |
Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities (in shares) | 5.2 | 8.5 |
Nonvested shares subject to repurchase | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities (in shares) | 2 | 4.6 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities (in shares) | 8.6 | 0.5 |
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) | 14.1 | 0 |
Warrants to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities (in shares) | 137.6 | 0 |
GEOGRAPHICAL BREAKDOWN OF GRO_3
GEOGRAPHICAL BREAKDOWN OF GROSS WRITTEN PREMIUM (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Effects of Reinsurance [Line Items] | ||
Total | $ 187.2 | $ 202.5 |
Assumed | 13.7 | 0 |
Texas | ||
Effects of Reinsurance [Line Items] | ||
Total | 37.3 | 43 |
Georgia | ||
Effects of Reinsurance [Line Items] | ||
Total | 18.8 | 19 |
Louisiana | ||
Effects of Reinsurance [Line Items] | ||
Total | 10.7 | 10.3 |
Colorado | ||
Effects of Reinsurance [Line Items] | ||
Total | 10.7 | 8.9 |
Pennsylvania | ||
Effects of Reinsurance [Line Items] | ||
Total | 10 | 10.4 |
Utah | ||
Effects of Reinsurance [Line Items] | ||
Total | 9 | 8.6 |
Nevada | ||
Effects of Reinsurance [Line Items] | ||
Total | 8.7 | 8.3 |
South Carolina | ||
Effects of Reinsurance [Line Items] | ||
Total | 7.1 | 6.1 |
Oklahoma | ||
Effects of Reinsurance [Line Items] | ||
Total | 6.3 | 6.6 |
Missouri | ||
Effects of Reinsurance [Line Items] | ||
Total | 6 | 7.9 |
All others states | ||
Effects of Reinsurance [Line Items] | ||
Total | $ 62.6 | $ 73.4 |
Geographic Concentration Risk | Gross Written Premiums | ||
Effects of Reinsurance [Line Items] | ||
Concentration percentage | 100.00% | 100.00% |
Geographic Concentration Risk | Texas | Gross Written Premiums | ||
Effects of Reinsurance [Line Items] | ||
Concentration percentage | 19.90% | 21.20% |
Geographic Concentration Risk | Georgia | Gross Written Premiums | ||
Effects of Reinsurance [Line Items] | ||
Concentration percentage | 10.00% | 9.40% |
Geographic Concentration Risk | Louisiana | Gross Written Premiums | ||
Effects of Reinsurance [Line Items] | ||
Concentration percentage | 5.70% | 5.10% |
Geographic Concentration Risk | Colorado | Gross Written Premiums | ||
Effects of Reinsurance [Line Items] | ||
Concentration percentage | 5.70% | 4.40% |
Geographic Concentration Risk | Pennsylvania | Gross Written Premiums | ||
Effects of Reinsurance [Line Items] | ||
Concentration percentage | 5.30% | 5.10% |
Geographic Concentration Risk | Utah | Gross Written Premiums | ||
Effects of Reinsurance [Line Items] | ||
Concentration percentage | 4.80% | 4.20% |
Geographic Concentration Risk | Nevada | Gross Written Premiums | ||
Effects of Reinsurance [Line Items] | ||
Concentration percentage | 4.60% | 4.10% |
Geographic Concentration Risk | South Carolina | Gross Written Premiums | ||
Effects of Reinsurance [Line Items] | ||
Concentration percentage | 3.80% | 3.00% |
Geographic Concentration Risk | Oklahoma | Gross Written Premiums | ||
Effects of Reinsurance [Line Items] | ||
Concentration percentage | 3.40% | 3.30% |
Geographic Concentration Risk | Missouri | Gross Written Premiums | ||
Effects of Reinsurance [Line Items] | ||
Concentration percentage | 3.20% | 3.90% |
Geographic Concentration Risk | All others states | Gross Written Premiums | ||
Effects of Reinsurance [Line Items] | ||
Concentration percentage | 33.60% | 36.30% |