0001788882-25-000048 | 10-Q | XBRL Viewer

Print Document

SHARE-BASED COMPENSATION - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025 USD ($) shares	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) shares	Sep. 30, 2024 USD ($)	Sep. 01, 2025 shares	Oct. 31, 2021 tranche shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 11.6	$ 4.3	$ 26.4	$ 12.7
2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares) \| shares	1,800,000		1,800,000
Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 17.2	$ 0.0	$ 17.2	$ 3.8
Unrecognized compensation costs	9.7		$ 9.7
Remaining weighted-average period cost is expected to be recognized (in years)			2 years
Class A Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares) \| shares						7,200,000
Short Term Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of tranches \| tranche						3
Shares issued (in shares) \| shares					0
Short Term Warrant \| Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	1.7
Long Term Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of tranches \| tranche						5
Long Term Warrant \| Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 15.5
Long Term Warrant \| Class A Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares) \| shares	7,200,000		7,200,000
Unrecognized compensation costs	$ 13.2		$ 13.2
Carvana
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of tranches \| tranche						8

(LOSS) EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

(LOSS) EARNINGS PER SHARE

The following table displays the computation of basic and diluted (loss) earnings per share, or EPS, for both Class A and Class B common stock for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in millions, except per share amounts)
Numerator:
Net (loss) income	$	(5.4)	$	22.8	$	35.0	$	8.8
Less: Undistributed income allocated to participating securities	—		(1.1)		(1.8)		(0.5)
Net (loss) income attributable to common shareholders	(5.4)		21.7		33.2		8.3
Denominator:
Weighted-average common shares outstanding: basic (both Class A and B)	15.4		15.0		15.3		14.8
Effect of dilutive securities:
Redeemable convertible preferred stock	—		0.8		0.8		0.8
Service-based restricted stock units	—		0.7		0.6		0.8
Market-based restricted stock units	—		0.3		0.3		0.3

Stock options	—		0.1		0.1		0.1

Weighted-average common shares outstanding: diluted (both Class A and B)	15.4		16.9		17.1		16.8
(Loss) earnings per common share (both Class A and B):
Basic	$	(0.35)	$	1.45	$	2.17	$	0.56
Diluted	$	(0.35)	$	1.35	$	2.05	$	0.52

For the three months ended September 30, 2025, 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 EPS. Therefore, these common stock equivalents are considered anti-dilutive and diluted EPS is equal to basic EPS. Net losses are not allocated to participating securities, as the holders of such securities are not contractually obligated to share in the Company’s losses. For the three months ended September 30, 2025 net (loss) income attributable to common shareholders is equal to net (loss) income.

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,
	2025	2024	2025	2024
	(in millions)
Stock options	0.1	—	—	—

Service-based restricted stock units	0.6	0.1	0.1	0.1
Market-based restricted stock units	0.3	—	—	—

Redeemable convertible preferred stock (as converted to common stock)	0.8	—	—	—
Warrants to purchase common stock	7.5	7.7	7.5	7.7
Total	9.3	7.8	7.6	7.8

CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Investments:
Fixed maturities available-for-sale, at fair value (amortized cost: $354.3 and $294.3 at September 30, 2025 and December 31, 2024, respectively)	$ 357.8	$ 292.0
Short-term investments (amortized cost: zero and $14.8 at September 30, 2025 and December 31, 2024, respectively)	0.0	14.8
Other investments	4.4	4.4
Total investments	362.2	311.2
Cash and cash equivalents	653.3	599.3
Restricted cash	1.1	1.0
Premiums receivable, net of allowance of $8.0 and $9.8 at September 30, 2025 and December 31, 2024, respectively	352.5	305.3
Reinsurance recoverable and receivable, net of allowance of $0.1 at September 30, 2025 and December 31, 2024	142.3	150.6
Prepaid reinsurance premiums	11.7	25.1
Other assets	119.3	103.2
Total assets	1,642.4	1,495.7
Liabilities:
Loss and loss adjustment expense reserves	462.9	413.2
Unearned premiums	409.3	353.9
Long-term debt	200.4	200.1
Reinsurance premiums payable	12.0	32.8
Accounts payable and accrued expenses	58.6	71.1
Other liabilities	122.2	108.9
Total liabilities	1,265.4	1,180.0
Commitments and Contingencies
Redeemable convertible preferred stock, $0.0001 par value, 100.0 shares authorized, 14.1 shares issued and outstanding at September 30, 2025 and December 31, 2024 (redemption value of $126.5)	112.0	112.0
Stockholders’ equity:
Additional paid-in capital	1,908.4	1,887.9
Accumulated other comprehensive income (loss)	3.5	(2.3)
Accumulated loss	(1,646.9)	(1,681.9)
Total stockholders’ equity	265.0	203.7
Total liabilities, redeemable convertible preferred stock and stockholders’ equity	1,642.4	1,495.7
Class A Shares
Stockholders’ equity:
Common stock, value	0.0	0.0
Class B Shares
Stockholders’ equity:
Common stock, value	$ 0.0	$ 0.0

SHARE-BASED COMPENSATION - Schedule of Additional Information Pertaining to Restricted Stock Units (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Service-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant date fair value of awards granted	$ 18.5	$ 13.9
Total grant date fair value of awards vested	11.8	11.7
Total intrinsic value of awards vested	53.4	35.5
Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant date fair value of awards granted	17.3	0.0
Market-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant date fair value of awards vested	0.5	0.3
Total intrinsic value of awards vested	$ 10.1	$ 2.4

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(02)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Amortized cost, fixed maturities	$ 354.3	$ 294.3
Amortized cost, short term investments	0.0	14.8
Allowance for premiums receivable	8.0	9.8
Allowance for credit loss	$ 0.1	$ 0.1
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	100.0	100.0
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)	1,000.0	1,000.0
Common stock, shares issued (in shares)	13.7	11.1
Common stock, shares outstanding (in shares)	13.7	11.1
Class B Shares
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	269.0	269.0
Common stock, shares issued (in shares)	1.8	4.0
Common stock, shares outstanding (in shares)	1.8	4.0

GEOGRAPHICAL BREAKDOWN OF GROSS PREMIUMS WRITTEN (Tables)

9 Months Ended

Sep. 30, 2025

Insurance [Abstract]

Schedule of Direct and Assumed Premiums Written

The following table reflects amounts affecting the condensed consolidated statements of operations and comprehensive (loss) income for reinsurance for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(dollars in millions)










Premiums written:
Direct	$	316.3	$	270.9	$	931.3	$	793.9
Assumed	70.9		60.8		212.9		176.7
Ceded	(10.0)		(27.1)		(41.0)		(118.4)
Net premiums written	$	377.2	$	304.6	$	1,103.2	$	852.2
Premiums earned:
Direct	$	302.4	$	258.6	$	886.5	$	739.7
Assumed	70.7		58.4		202.3		160.3
Ceded	(13.0)		(37.7)		(54.4)		(128.8)
Net premiums earned	$	360.1	$	279.3	$	1,034.4	$	771.2
Losses and LAE incurred:
Direct	$	192.8	$	168.2	$	550.0	$	504.0
Assumed	53.6		39.1		154.9		115.7
Ceded	(7.0)		(22.8)		(26.6)		(78.5)
Net losses and LAE incurred	$	239.4	$	184.5	$	678.3	$	541.2

Gross premiums written by state is as follows for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,								Nine Months Ended September 30,
	2025				2024				2025				2024
	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
	(dollars in millions)
State:
Texas	$	72.5	18.7	%	$	63.6	19.2	%	$	218.4	19.1	%	$	186.9	19.3	%
Georgia	47.5		12.3		38.6		11.6		135.0		11.8		119.1		12.3
Florida	35.5		9.2		27.6		8.3		93.4		8.2		71.6		7.4
California	27.3		7.0		15.7		4.7		77.3		6.8		29.8		3.1
Pennsylvania	22.3		5.8		19.1		5.8		66.5		5.8		54.4		5.6
Colorado	19.3		5.0		19.3		5.8		59.8		5.2		54.8		5.6
South Carolina	15.0		3.9		14.5		4.4		43.0		3.8		46.1		4.7
Arizona	12.8		3.3		12.1		3.6		37.9		3.3		38.7		4.0
Nevada	10.5		2.7		7.4		2.2		30.8		2.7		16.3		1.7
Oklahoma	8.9		2.3		7.1		2.1		26.9		2.3		22.2		2.3
All others states	115.6		29.8		106.7		32.3		355.2		31.0		330.7		34.0
Total	$	387.2	100.0	%	$	331.7	100.0	%	$	1,144.2	100.0	%	$	970.6	100.0	%

INVESTMENTS - Schedule of Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Net Investment Income [Line Items]
Realized gain value	$ 10.5	$ 11.3	$ 29.8	$ 31.6
Investment expense	(3.5)	(3.3)	(4.7)	(4.4)
Net investment income	7.0	8.0	25.1	27.2
Interest on fixed maturities and short-term investments
Net Investment Income [Line Items]
Realized gain value	3.5	2.6	10.5	6.6
Interest on cash and cash equivalents
Net Investment Income [Line Items]
Realized gain value	$ 7.0	$ 8.7	$ 19.3	$ 25.0

- Definition

Amount, after investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments.

+ References + Details

LONG-TERM DEBT - Narrative (Details) - USD ($)	1 Months Ended
LONG-TERM DEBT - Narrative (Details) - USD ($)	Oct. 31, 2024	Sep. 30, 2025
Debt Instrument [Line Items]
Percentage of secured pledge of capital stock		100.00%
Term Loan C \| Secured debt
Debt Instrument [Line Items]
Debt amount	$ 200,000,000.0
Debt instrument, term	5 years
Debt instrument, floor interest rate (in percent)	1.00%
Written notice period	3 days
Term Loan C \| Secured debt \| Minimum
Debt Instrument [Line Items]
Variable rate percentage (in percent)	5.25%
Term Loan C \| Secured debt \| Maximum
Debt Instrument [Line Items]
Variable rate percentage (in percent)	6.00%
2025 Term Loan \| Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate, prepayment premium	2.00%
2026 Term Loan \| Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate, prepayment premium	1.00%

FAIR VALUE OF FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

The following tables provide information about our financial assets measured and reported at fair value as of September 30, 2025 and December 31, 2024:


	September 30, 2025
	Level 1		Level 2		Level 3		Total Fair Value
	(dollars in millions)
Assets
Fixed maturities:
U.S. Treasury securities	$	46.6	$	—	$	—	$	46.6
Municipal securities	—		24.2		—		24.2
Corporate debt securities	—		139.3		—		139.3
Asset-backed securities	—		147.7		—		147.7
Total fixed maturities	46.6		311.2		—		357.8

Cash equivalents	334.0		—		—		334.0
Total assets at fair value	$	380.6	$	311.2	$	—	$	691.8




	December 31, 2024
	Level 1		Level 2		Level 3		Total Fair Value
	(dollars in millions)
Assets
Fixed maturities:
U.S. Treasury securities and agencies	$	46.2	$	—	$	—	$	46.2
Municipal securities	—		23.5		—		23.5
Corporate debt securities	—		105.7		—		105.7
Asset-backed securities	—		116.6		—		116.6
Total fixed maturities	46.2		245.8		—		292.0
Short-term investments	11.8		3.0		—		14.8
Cash equivalents	342.4		—		—		342.4
Total assets at fair value	$	400.4	$	248.8	$	—	$	649.2

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, 2025 and December 31, 2024, the carrying amounts and fair values of these financial instruments were as follows:


	Carrying Amount as of September 30, 2025		Estimated Fair Value as of September 30, 2025		Carrying Amount as of December 31, 2024		Estimated Fair Value as of December 31, 2024
	(dollars in millions)
Long-term debt	$	200.4	$	204.5	$	200.1	$	204.9

The carrying amounts of other short-term financial instruments approximates their fair value due to their short-term nature.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

INVESTMENTS - Schedule of Unrealized Losses (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Fair Value
Less than 12 Months		$ 143.0
12 Months or More		43.9
Total		186.9
Unrealized Loss
Less than 12 Months		(1.6)
12 Months or More		(1.5)
Total		(3.1)
U.S. Treasury securities and agencies
Fair Value
Less than 12 Months	$ 2.2	26.4
12 Months or More	0.7	1.8
Total	2.9	28.2
Unrealized Loss
Less than 12 Months	0.0	(0.3)
12 Months or More	0.0	0.0
Total	0.0	(0.3)
Municipal securities
Fair Value
Less than 12 Months	1.3	7.1
12 Months or More	6.5	10.4
Total	7.8	17.5
Unrealized Loss
Less than 12 Months	0.0	(0.1)
12 Months or More	(0.2)	(0.4)
Total	(0.2)	(0.5)
Corporate debt securities
Fair Value
Less than 12 Months	10.9	49.5
12 Months or More	10.3	21.1
Total	21.2	70.6
Unrealized Loss
Less than 12 Months	0.0	(0.6)
12 Months or More	(0.2)	(0.6)
Total	(0.2)	(1.2)
Asset-backed securities
Fair Value
Less than 12 Months	12.1	53.6
12 Months or More	8.7	10.6
Total	20.8	64.2
Unrealized Loss
Less than 12 Months	0.0	(0.6)
12 Months or More	(0.3)	(0.5)
Total	(0.3)	(1.1)
Total fixed maturities
Fair Value
Less than 12 Months	26.5	136.6
12 Months or More	26.2	43.9
Total	52.7	180.5
Unrealized Loss
Less than 12 Months	0.0	(1.6)
12 Months or More	(0.7)	(1.5)
Total	$ (0.7)	(3.1)
Short-term investments
Fair Value
Less than 12 Months		6.4
12 Months or More		0.0
Total		6.4
Unrealized Loss
Less than 12 Months		0.0
12 Months or More		0.0
Total		$ 0.0

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2025
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, 2024 filed with the Securities and Exchange Commission on February 26, 2025.
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 U.S., 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 on our deferred tax assets and the amount of reinsurance recoverable and receivable from reinsurance contracts.
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. While the outcome of all legal actions is not presently determinable, 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. We are contingently liable for possible future assessments under regulatory requirements for insolvencies and impairments of unaffiliated insurance companies.
Segment Information	Segment Information—We are a technology company that provides direct-to-consumer insurance products to customers. We operate as a single reporting segment that is managed on a consolidated basis. Our Chief Executive Officer is our chief operating decision maker, or CODM. The primary measure the CODM utilizes to manage operations, monitor budget versus actual results, and evaluate financial performance is net (loss) income as reported on the condensed consolidated statements of operations and comprehensive (loss) income. This information is regularly provided to the CODM. The CODM allocates resources based on consolidated expense and forecasted expense information. Significant expenses, which are presented on the condensed consolidated statements of operations and comprehensive (loss) income, include loss and LAE, sales and marketing, other insurance expense and technology and development. Other segment items include expenses that our CODM does not evaluate for purposes of making operating decisions. These items include general and administrative, interest expense, and income tax expense, which can all be found on the condensed consolidated statements of operations and comprehensive (loss) income. Assets provided to the CODM are consistent with those reported on the condensed consolidated balance sheets.
Performance-Based Restricted Stock Units	The performance-based restricted stock units expense is recognized based on the grant date fair value of the award, which was determined using the Company’s close price as of the grant date. This expense is recognized using a graded vesting approach. We assess the probability of the performance conditions being met on a quarterly basis and begin recognizing expense only once it is deemed probable that the performance criteria will be satisfied.
Upcoming Accounting Pronouncements	Upcoming Accounting Pronouncements—In September 2025, the Financial Accounting Standards Board issued Accounting Standards Update, or ASU, No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting For Internal-Use Software. This ASU removes references to prescriptive and sequential software development stages in the guidance and instead requires entities to capitalize software development costs once management has authorized and committed to funding the project and it is probable that the project will be completed and the software will be used for its intended function. The guidance also requires entities to evaluate whether significant development uncertainty exists, which may delay capitalization until such uncertainty has been resolved. This ASU also specifies that the disclosure requirements in Accounting Standards Codification 360-10 are required for all capitalized internal-use software costs. This ASU may be applied prospectively, retrospectively, or through a modified transition approach with an effective date for all entities for annual reporting periods beginning after December 15, 2027, including interim periods within those reporting periods. Early adoption is permitted. We are currently evaluating the impact of this ASU.

- Definition

Disclosure of accounting policy for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 36
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-36

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 29
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-29

+ Details

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

+ References

+ Details

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-12

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-9

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482836/275-10-55-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 275
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-4

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-SubTopic 10
-Topic 275
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482861/275-10-50-1

+ Details

GEOGRAPHICAL BREAKDOWN OF GROSS PREMIUMS WRITTEN

9 Months Ended

Sep. 30, 2025

Insurance [Abstract]

GEOGRAPHICAL BREAKDOWN OF GROSS PREMIUMS WRITTEN

REINSURANCE


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(dollars in millions)










Premiums written:
Direct	$	316.3	$	270.9	$	931.3	$	793.9
Assumed	70.9		60.8		212.9		176.7
Ceded	(10.0)		(27.1)		(41.0)		(118.4)
Net premiums written	$	377.2	$	304.6	$	1,103.2	$	852.2
Premiums earned:
Direct	$	302.4	$	258.6	$	886.5	$	739.7
Assumed	70.7		58.4		202.3		160.3
Ceded	(13.0)		(37.7)		(54.4)		(128.8)
Net premiums earned	$	360.1	$	279.3	$	1,034.4	$	771.2
Losses and LAE incurred:
Direct	$	192.8	$	168.2	$	550.0	$	504.0
Assumed	53.6		39.1		154.9		115.7
Ceded	(7.0)		(22.8)		(26.6)		(78.5)
Net losses and LAE incurred	$	239.4	$	184.5	$	678.3	$	541.2

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, 2025 and 2024:


	Three Months Ended September 30,								Nine Months Ended September 30,
	2025				2024				2025				2024
	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
	(dollars in millions)
State:
Texas	$	72.5	18.7	%	$	63.6	19.2	%	$	218.4	19.1	%	$	186.9	19.3	%
Georgia	47.5		12.3		38.6		11.6		135.0		11.8		119.1		12.3
Florida	35.5		9.2		27.6		8.3		93.4		8.2		71.6		7.4
California	27.3		7.0		15.7		4.7		77.3		6.8		29.8		3.1
Pennsylvania	22.3		5.8		19.1		5.8		66.5		5.8		54.4		5.6
Colorado	19.3		5.0		19.3		5.8		59.8		5.2		54.8		5.6
South Carolina	15.0		3.9		14.5		4.4		43.0		3.8		46.1		4.7
Arizona	12.8		3.3		12.1		3.6		37.9		3.3		38.7		4.0
Nevada	10.5		2.7		7.4		2.2		30.8		2.7		16.3		1.7
Oklahoma	8.9		2.3		7.1		2.1		26.9		2.3		22.2		2.3
All others states	115.6		29.8		106.7		32.3		355.2		31.0		330.7		34.0
Total	$	387.2	100.0	%	$	331.7	100.0	%	$	1,144.2	100.0	%	$	970.6	100.0	%

(LOSS) EARNINGS PER SHARE - Schedule of Anti-Dilutive Securities (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	9.3	7.8	7.6	7.8
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0.1	0.0	0.0	0.0
Service-based restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0.6	0.1	0.1	0.1
Market-based restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	0.3	0.0	0.0	0.0
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)	0.8	0.0	0.0	0.0
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	7.5	7.7	7.5	7.7

SHARE-BASED COMPENSATION - Schedule of RSU Activity (Details) - $ / shares shares in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2025	Sep. 30, 2025
Service-based Restricted Stock Units
Number of Shares
Beginning balance (in shares)		1.0
Granted (in shares)		0.2
Vested (in shares)		(0.5)
Forfeited, expired or canceled (in shares)		(0.1)
Ending balance (in shares)		0.6
Weighted-Average Grant Date Fair Value per Share
Beginning balance (in dollars per share)		$ 25.89
Granted (in dollars per share)		123.74
Vested (in dollars per share)		24.82
Forfeited, expired or canceled (in dollars per share)		52.73
Ending balance (in dollars per share)		$ 47.39
Performance-based Restricted Stock Units
Number of Shares
Beginning balance (in shares)		0.2
Granted (in shares)	0.2	0.2
Vested (in shares)		0.0
Forfeited, expired or canceled (in shares)		0.0
Ending balance (in shares)		0.4
Weighted-Average Grant Date Fair Value per Share
Beginning balance (in dollars per share)		$ 75.55
Granted (in dollars per share)		125.91
Vested (in dollars per share)		0
Forfeited, expired or canceled (in dollars per share)		0
Ending balance (in dollars per share)		$ 93.78
Market-based restricted stock units
Number of Shares
Beginning balance (in shares)		0.4
Granted (in shares)		0.0
Vested (in shares)		(0.1)
Forfeited, expired or canceled (in shares)		0.0
Ending balance (in shares)		0.3
Weighted-Average Grant Date Fair Value per Share
Beginning balance (in dollars per share)		$ 5.71
Granted (in dollars per share)		0
Vested (in dollars per share)		6.70
Forfeited, expired or canceled (in dollars per share)		0
Ending balance (in dollars per share)		$ 5.43

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Fair Value of Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Assets
Fixed maturities:	$ 357.8	$ 306.8
Cash equivalents	334.0	342.4
Total assets at fair value	691.8	649.2
U.S. Treasury securities and agencies
Assets
Fixed maturities:	46.6	46.2
Municipal securities
Assets
Fixed maturities:	24.2	23.5
Corporate debt securities
Assets
Fixed maturities:	139.3	105.7
Asset-backed securities
Assets
Fixed maturities:	147.7	116.6
Total fixed maturities
Assets
Fixed maturities:	357.8	292.0
Short-term investments
Assets
Fixed maturities:		14.8
Level 1
Assets
Cash equivalents	334.0	342.4
Total assets at fair value	380.6	400.4
Level 1 \| U.S. Treasury securities and agencies
Assets
Fixed maturities:	46.6	46.2
Level 1 \| Municipal securities
Assets
Fixed maturities:	0.0	0.0
Level 1 \| Corporate debt securities
Assets
Fixed maturities:	0.0	0.0
Level 1 \| Asset-backed securities
Assets
Fixed maturities:	0.0	0.0
Level 1 \| Total fixed maturities
Assets
Fixed maturities:	46.6	46.2
Level 1 \| Short-term investments
Assets
Fixed maturities:		11.8
Level 2
Assets
Cash equivalents	0.0	0.0
Total assets at fair value	311.2	248.8
Level 2 \| U.S. Treasury securities and agencies
Assets
Fixed maturities:	0.0	0.0
Level 2 \| Municipal securities
Assets
Fixed maturities:	24.2	23.5
Level 2 \| Corporate debt securities
Assets
Fixed maturities:	139.3	105.7
Level 2 \| Asset-backed securities
Assets
Fixed maturities:	147.7	116.6
Level 2 \| Total fixed maturities
Assets
Fixed maturities:	311.2	245.8
Level 2 \| Short-term investments
Assets
Fixed maturities:		3.0
Level 3
Assets
Cash equivalents	0.0	0.0
Total assets at fair value	0.0	0.0
Level 3 \| U.S. Treasury securities and agencies
Assets
Fixed maturities:	0.0	0.0
Level 3 \| Municipal securities
Assets
Fixed maturities:	0.0	0.0
Level 3 \| Corporate debt securities
Assets
Fixed maturities:	0.0	0.0
Level 3 \| Asset-backed securities
Assets
Fixed maturities:	0.0	0.0
Level 3 \| Total fixed maturities
Assets
Fixed maturities:	$ 0.0	0.0
Level 3 \| Short-term investments
Assets
Fixed maturities:		$ 0.0

LONG-TERM DEBT - Schedule Of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Accrued interest payable	$ 3.6	$ 3.8
Unamortized discount and debt issuance costs	(3.2)	(3.7)
Total	200.4	200.1
Secured debt \| Term Loan C
Debt Instrument [Line Items]
Principal balance	$ 200.0	$ 200.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4

+ Details

INVESTMENTS - Schedule of Credit Ratings (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 354.3	$ 309.1
Fair Value	$ 357.8	$ 306.8
AFS securities \| Credit rating
Debt Securities, Available-for-sale [Line Items]
Concentration percentage (in percent)	100.00%	100.00%
AAA
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 81.4	$ 75.2
Fair Value	$ 82.0	$ 74.8
AAA \| AFS securities \| Credit rating
Debt Securities, Available-for-sale [Line Items]
Concentration percentage (in percent)	22.90%	24.40%
AA+, AA, AA-
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 158.1	$ 146.0
Fair Value	$ 159.8	$ 145.0
AA+, AA, AA- \| AFS securities \| Credit rating
Debt Securities, Available-for-sale [Line Items]
Concentration percentage (in percent)	44.70%	47.30%
A+, A, A-
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 95.4	$ 67.8
Fair Value	$ 96.4	$ 67.1
A+, A, A- \| AFS securities \| Credit rating
Debt Securities, Available-for-sale [Line Items]
Concentration percentage (in percent)	26.90%	21.90%
BBB+, BBB, BBB-
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 19.4	$ 20.1
Fair Value	$ 19.6	$ 19.9
BBB+, BBB, BBB- \| AFS securities \| Credit rating
Debt Securities, Available-for-sale [Line Items]
Concentration percentage (in percent)	5.50%	6.40%

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	$ 653.3	$ 599.3
Restricted cash	1.1	1.0
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$ 654.4	$ 600.3	$ 675.8	$ 679.7

SHARE-BASED COMPENSATION - Schedule of Option Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Number of Shares
Outstanding, beginning balance (in shares)	0.1
Granted (in shares)	0.0
Exercised (in shares)	0.0
Forfeited, expired or canceled (in shares)	0.0
Outstanding, ending balance (in shares)	0.1	0.1
Weighted-Average Exercise Price
Outstanding, beginning balance (in dollars per share)	$ 34.13
Granted (in dollars per share)	0
Exercised (in dollars per share)	13.09
Forfeited, expired and canceled (in dollars per share)	45.53
Outstanding, ending balance (in dollars per share)	$ 34.80	$ 34.13
Outstanding, weighted-average remaining contractual term (in years)	2 years 6 months 10 days	3 years 1 month 24 days
Outstanding, aggregate intrinsic value	$ 6.6	$ 6.7
Exercised, aggregate intrinsic value	$ 3.2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net income	$ 35.0	$ 8.8
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation	26.4	12.7
Warrant compensation expense	17.2	3.8
Depreciation and amortization	8.7	12.1
Bad debt expense	27.1	22.7
Changes in operating assets and liabilities:
Premiums receivable	(74.3)	(84.3)
Reinsurance recoverable and receivable	8.3	(35.3)
Prepaid reinsurance premiums	13.4	10.4
Other assets	(10.3)	(23.1)
Losses and loss adjustment expenses reserves	49.7	108.2
Unearned premiums	55.4	70.7
Reinsurance premiums payable	(20.8)	(8.2)
Accounts payable and accrued expenses	(12.7)	(1.9)
Other liabilities	13.3	29.9
Net cash provided by operating activities	136.4	126.5
Cash flows from investing activities:
Purchases of investments	(103.2)	(147.7)
Proceeds from maturities, calls and pay downs of investments	53.6	40.5
Sales of investments	0.3	0.5
Capitalization of internally developed software	(9.9)	(7.0)
Purchases of fixed assets	0.0	(0.4)
Net cash used in investing activities	(59.2)	(114.1)
Cash flows from financing activities:
Proceeds from exercise of stock options and restricted stock units	0.3	0.0
Taxes paid related to net share settlement of equity awards	(23.4)	(13.3)
Payment of preferred stock and related warrants issuance costs	0.0	(3.0)
Net cash used in financing activities	(23.1)	(16.3)
Net increase (decrease) in cash, cash equivalents and restricted cash	54.1	(3.9)
Cash, cash equivalents and restricted cash at beginning of period	600.3	679.7
Cash, cash equivalents and restricted cash at end of period	$ 654.4	$ 675.8

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

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, 2024 filed with the Securities and Exchange Commission on February 26, 2025.

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 U.S., 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 on our deferred tax assets and the amount of reinsurance recoverable and receivable from reinsurance contracts.

Legal and Other 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, 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.

We are contingently liable for possible future assessments under regulatory requirements for insolvencies and impairments of unaffiliated insurance companies.

Segment Information—We are a technology company that provides direct-to-consumer insurance products to customers. We operate as a single reporting segment that is managed on a consolidated basis. Our Chief Executive Officer is our chief operating decision maker, or CODM. The primary measure the CODM utilizes to manage operations, monitor budget versus actual results, and evaluate financial performance is net (loss) income as reported on the condensed consolidated statements of operations and comprehensive (loss) income. This information is regularly provided to the CODM.

The CODM allocates resources based on consolidated expense and forecasted expense information. Significant expenses, which are presented on the condensed consolidated statements of operations and comprehensive (loss) income, include loss and LAE, sales and marketing, other insurance expense and technology and development.

Other segment items include expenses that our CODM does not evaluate for purposes of making operating decisions. These items include general and administrative, interest expense, and income tax expense, which can all be found on the condensed consolidated statements of operations and comprehensive (loss) income. Assets provided to the CODM are consistent with those reported on the condensed consolidated balance sheets.

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,
	2025		2024
	(dollars in millions)
Cash and cash equivalents	$	653.3	$	599.3
Restricted cash	1.1		1.0
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	654.4	$	600.3

Deferred Policy Acquisition Costs—Deferred policy acquisition costs, net of accumulated amortization, was $41.5 million and $29.3 million as of September 30, 2025 and December 31, 2024, respectively. We amortized deferred policy acquisition costs of $20.6 million and $50.3 million for the three and nine months ended September 30, 2025, respectively, and $8.1 million and $23.8 million for the three and nine months ended September 30, 2024, respectively.

Performance-Based Restricted Stock Units—In the second quarter of 2025, we granted 0.2 million performance-based restricted stock units to our executive officers and certain key employees as part of our equity compensation plan. The actual number of performance-based restricted stock units can vary from zero to 200% of the target depending on goal achievement relative to a gross accident period loss ratio and policies in force goal matrix. The overall performance period begins on January 1, 2025 and ends on December 31, 2027 and is divided into three sub-performance periods, each beginning on January 1, 2025 and ending on December 31 of 2025, 2026, and 2027, respectively. These overlapping sub-performance periods are one, two, and three years in duration. Expense for each sub-performance period is recognized ratably over the requisite service period. Awards earned in any sub-performance period vest on the Compensation Committee Certification date, which is expected to be in the first quarter of the subsequent year.

The performance-based restricted stock units expense is recognized based on the grant date fair value of the award, which was determined using the Company’s close price as of the grant date. This expense is recognized using a graded vesting approach. We assess the probability of the performance conditions being met on a quarterly basis and begin recognizing expense only once it is deemed probable that the performance criteria will be satisfied.

Upcoming Accounting Pronouncements—In September 2025, the Financial Accounting Standards Board issued Accounting Standards Update, or ASU, No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting For Internal-Use Software. This ASU removes references to prescriptive and sequential software development stages in the guidance and instead requires entities to capitalize software development costs once management has authorized and committed to funding the project and it is probable that the project will be completed and the software will be used for its intended function. The guidance also requires entities to evaluate whether significant development uncertainty exists, which may delay capitalization until such uncertainty has been resolved. This ASU also specifies that the disclosure requirements in Accounting Standards Codification 360-10 are required for all capitalized internal-use software costs.

This ASU may be applied prospectively, retrospectively, or through a modified transition approach with an effective date for all entities for annual reporting periods beginning after December 15, 2027, including interim

periods within those reporting periods. Early adoption is permitted. We are currently evaluating the impact of this ASU.

NATURE OF BUSINESS (Details)	Sep. 30, 2025
Root Insurance Company
Schedule of Equity Method Investments [Line Items]
Ownership percentage (as percent)	100.00%
Root Property & Casualty Insurance Company
Schedule of Equity Method Investments [Line Items]
Ownership percentage (as percent)	100.00%
Root Reinsurance Company, Ltd.
Schedule of Equity Method Investments [Line Items]
Ownership percentage (as percent)	100.00%
Root Florida Insurance Company
Schedule of Equity Method Investments [Line Items]
Ownership percentage (as percent)	100.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

INVESTMENTS - Other Investments Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
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 (Tables)

9 Months Ended

Sep. 30, 2025

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, 2025 and December 31, 2024 are as follows:


	September 30, 2025
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(dollars in millions)
Fixed maturities:
U.S. Treasury securities	$	45.9	$	—	$	0.7	$	—	$	46.6
Municipal securities	24.1		—		0.3		(0.2)		24.2
Corporate debt securities	137.7		—		1.8		(0.2)		139.3
Asset-backed securities	146.6		—		1.4		(0.3)		147.7
Total fixed maturities	$	354.3	$	—	$	4.2	$	(0.7)	$	357.8



	December 31, 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	$	46.5	$	—	$	—	$	(0.3)	$	46.2
Municipal securities	23.9		—		0.1		(0.5)		23.5
Corporate debt securities	106.6		—		0.3		(1.2)		105.7
Asset-backed securities	117.3		—		0.4		(1.1)		116.6
Total fixed maturities	294.3		—		0.8		(3.1)		292.0
Short-term investments	14.8		—		—		—		14.8
Total	$	309.1	$	—	$	0.8	$	(3.1)	$	306.8

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, 2025:


	September 30, 2025
	Amortized Cost		Fair Value
	(dollars in millions)
Due in one year or less	$	25.7	$	25.6
Due after one year through five years	230.3		232.9
Due five years through 10 years	53.3		54.0
Due after 10 years	45.0		45.3
Total	$	354.3	$	357.8

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, 2025 and December 31, 2024:


	September 30, 2025
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
	(dollars in millions)
Fixed maturities:
U.S. Treasury securities	$	2.2	$	—	$	0.7	$	—	$	2.9	$	—
Municipal securities	1.3		—		6.5		(0.2)		7.8		(0.2)
Corporate debt securities	10.9		—		10.3		(0.2)		21.2		(0.2)
Asset-backed securities	12.1		—		8.7		(0.3)		20.8		(0.3)
Total fixed maturities	$	26.5	$	—	$	26.2	$	(0.7)	$	52.7	$	(0.7)



	December 31, 2024
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
	(dollars in millions)
Fixed maturities:
U.S. Treasury securities and agencies	$	26.4	$	(0.3)	$	1.8	$	—	$	28.2	$	(0.3)
Municipal securities	7.1		(0.1)		10.4		(0.4)		17.5		(0.5)
Corporate debt securities	49.5		(0.6)		21.1		(0.6)		70.6		(1.2)
Asset backed securities	53.6		(0.6)		10.6		(0.5)		64.2		(1.1)
Total fixed maturities	136.6		(1.6)		43.9		(1.5)		180.5		(3.1)
Short-term investments	6.4		—		—		—		6.4		—
Total	$	143.0	$	(1.6)	$	43.9	$	(1.5)	$	186.9	$	(3.1)

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, 2025 and 2024:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(dollars in millions)
Interest on fixed maturities and short-term investments	$	3.5	$	2.6	$	10.5	$	6.6
Interest on cash and cash equivalents	7.0		8.7		19.3		25.0

Total	10.5		11.3		29.8		31.6
Investment expense	(3.5)		(3.3)		(4.7)		(4.4)
Net investment income	$	7.0	$	8.0	$	25.1	$	27.2

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, 2025 and December 31, 2024:


	September 30, 2025
	Amortized Cost		Fair Value		% of Total Fair Value
	(dollars in millions)
S&P Global rating or equivalent
AAA	$	81.4	$	82.0	22.9	%
AA+, AA, AA-	158.1		159.8		44.7
A+, A, A-	95.4		96.4		26.9
BBB+, BBB, BBB-	19.4		19.6		5.5

Total	$	354.3	$	357.8	100.0	%


	December 31, 2024
	Amortized Cost		Fair Value		% of Total Fair Value
	(dollars in millions)
S&P Global rating or equivalent
AAA	$	75.2	$	74.8	24.4	%
AA+, AA, AA-, A-1+	146.0		145.0		47.3
A+, A, A-	67.8		67.1		21.9
BBB+, BBB, BBB-	20.1		19.9		6.4
Total	$	309.1	$	306.8	100.0	%

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

- Definition

Tabular disclosure of all significant concentrations of risk, including credit risk and market risk, arising from all financial instruments (as defined), whether from an individual counterparty or groups of counterparties. The disclosure concerning concentrations of risk may consist of the following information: (1) for concentrations of credit risk disclosure may include: (a) information about the (shared) activity, region, or economic characteristic that identifies the concentration, (b) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the entity would incur if parties to the financial instruments that make up the concentration failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the entity, (c) the policy of requiring collateral or other security to support financial instruments subject to credit risk, information about the entity's access to that collateral or other security, and the nature and a brief description of the collateral or other security supporting those financial instruments, and (d) the policy of entering into master netting arrangements to mitigate the credit risk of financial instruments, information about the arrangements for which the entity is a party, and a brief description of the terms of those arrangements, including the extent to which they would reduce the entity's maximum amount of loss due to credit risk and (2) for disclosure of quantitative information about the market risks of financial instruments that is consistent with the way the company manages or adjusts those risks, disclosure may include: (a) more details about current positions and perhaps activity during the period, (b) the hypothetical effects on comprehensive income (or net assets), or annual income, of several possible changes in market prices, (c) a gap analysis of interest rate re-pricing or maturity dates, (d) the duration of the financial instruments, (e) the entity's value at risk from derivatives and from other positions at the end of the reporting period and the average value at risk during the year, or (f) other ways of reporting quantitative information as internally developed.

+ References + Details

SHARE-BASED COMPENSATION

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

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. The short-term and long-term warrants have expiration dates of September 1, 2025 and September 1, 2027, respectively.

On September 1, 2025, all of the short-term warrants expired unexercised and therefore, no short-term warrants remain outstanding. All compensation cost associated with the short-term warrants was previously recognized. There is no expense reversal because the performance obligations had been previously met.

As of September 30, 2025, once the short-term warrants expired, certain long-term warrant tranches became probable of vesting. Accordingly, we recognized a cumulative warrant expense catch-up for policies originated through June 30, 2025 in other insurance expense considering the probability of and progress toward achieving the long-term warrant policy origination milestones of $15.5 million. The amount of warrant expense we recognized based on policies originated in the three months ended September 30, 2025 was $1.7 million. All of these warrants are out-of-the-money and therefore have no intrinsic value as of September 30, 2025.

Based on the probability of achieving certain policy origination milestones, unrecognized compensation cost is approximately $9.7 million as of September 30, 2025. The weighted-average remaining compensation costs are expected to be recognized over a period of approximately two years. We recognized total warrant compensation expense of $17.2 million and zero for the three months ended September 30, 2025 and 2024, respectively. We recognized warrant compensation expense of $17.2 million and $3.8 million for the nine months ended September 30, 2025 and 2024, respectively. Warrant compensation expense is recorded in other insurance expense in the condensed consolidated statements of operations and comprehensive (loss) income.

The following table provides the maximum remaining unrecognized compensation costs as of September 30, 2025, and other key terms of the warrants:



Warrants	Exercise Price		Shares Issued (in millions)	Unrecognized Compensation Costs (in millions)		Vesting Condition
Long-Term
Tranche 1	$	180.00	1.4	$	—	100,000 policy originations
Tranche 2	$	225.00	1.5	3.1		200,000 policy originations
Tranche 3	$	270.00	1.5	6.6		300,000 policy originations
Tranche 4	$	405.00	1.5	2.5		400,000 policy originations
Tranche 5	$	540.00	1.3	1.0		500,000 policy originations
Total Long-Term			7.2	$	13.2

Employee Share-Based Compensation

We maintain an equity incentive plan, or the Plan, for the issuance and grant of equity awards (restricted stock, service-based restricted stock units, performance-based restricted stock units, market-based restricted stock units, and incentive and nonqualified stock options) to our officers, directors, and employees. As of September 30, 2025, we had 1.8 million common shares available for issuance under the Plan.

The following table displays share-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive (loss) income:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(dollars in millions)
Share-based compensation expense:
Net investment income	$	0.1	$	—	$	0.1	$	—
Loss and loss adjustment expenses	1.1		0.6		2.5		1.4
Sales and marketing	0.3		0.2		0.8		0.5
Other insurance expense	0.4		0.2		0.9		0.5
Technology and development	1.8		0.8		4.6		2.3
General and administrative	7.9		2.5		17.5		8.0
Total share-based compensation expense	$	11.6	$	4.3	$	26.4	$	12.7

The unrecognized compensation cost and the remaining weighted-average period over which these costs are expected to be recognized for restricted stock units and unvested stock options as of September 30, 2025 is as follows:


	Service-based Restricted Stock Units	Performance-based Restricted Stock Units		Market-based Restricted Stock Units		Unvested Stock Options
		(dollars in millions)
Unrecognized compensation costs		$	22.4	$	28.5	$	0.5	$	0.2
Remaining weighted-average period cost is expected to be recognized (in years)		1.4		2.7		1.4		0.8

Restricted Stock Units

A summary of restricted stock units activity for the nine months ended September 30, 2025 is as follows:


	Nine Months Ended September 30, 2025
	Service-based Restricted Stock Units			Performance-based Restricted Stock Units			Market-based Restricted Stock Units
Restricted Stock Units	Number of Shares	Weighted-Average Grant Date Fair Value per Share		Number of Shares	Weighted-Average Grant Date Fair Value per Share		Number of Shares	Weighted-Average Grant Date Fair Value per Share
	(in millions, except per share amounts)
Unvested at January 1, 2025	1.0	$	25.89	0.2	$	75.55	0.4	$	5.71
Granted	0.2	123.74		0.2	125.91		—	—

Vested	(0.5)	24.82		—	—		(0.1)	6.70
Forfeited, expired or canceled	(0.1)	52.73		—	—		—	—
Unvested at September 30, 2025	0.6	$	47.39	0.4	$	93.78	0.3	$	5.43

Additional information pertaining to restricted stock units for the nine months ended September 30, 2025 and 2024 is as follows:


		Nine Months Ended September 30,
		2025		2024
	(dollars in millions)
Service-based restricted stock units:
Total grant date fair value of awards granted		$	18.5	$	13.9
Total grant date fair value of awards vested		11.8		11.7
Total intrinsic value of awards vested		53.4		35.5

Performance-based restricted stock units:
Total grant date fair value of awards granted		$	17.3	$	—



Market-based restricted stock units:

Total grant date fair value of awards vested		$	0.5	$	0.3
Total intrinsic value of awards vested		10.1		2.4

Stock Options

A summary of option activity for the nine months ended September 30, 2025 is as follows:


	Nine Months Ended September 30, 2025
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, 2025	0.1	$	34.13	3.15	$	6.7
Granted	—	—
Exercised	—	13.09			3.2
Forfeited, expired or canceled	—	45.53
Outstanding and exercisable at September 30, 2025	0.1	$	34.80	2.53	$	6.6

LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Long Term Debt

The following summarizes the carrying value of long-term debt as of September 30, 2025 and December 31, 2024:


	September 30, 2025		December 31, 2024
	(dollars in millions)





Principal balance	$	200.0	$	200.0


Accrued interest payable	3.6		3.8
Unamortized discount and debt issuance costs	(3.2)		(3.7)
Total	$	200.4	$	200.1

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

REINSURANCE (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
REINSURANCE (Details) - USD ($) $ in Millions	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Premiums written:
Direct	$ 316.3	$ 270.9	$ 931.3	$ 793.9
Assumed	70.9	60.8	212.9	176.7
Ceded	(10.0)	(27.1)	(41.0)	(118.4)
Net premiums written	377.2	304.6	1,103.2	852.2
Premiums earned:
Direct	302.4	258.6	886.5	739.7
Assumed	70.7	58.4	202.3	160.3
Ceded	(13.0)	(37.7)	(54.4)	(128.8)
Net premiums earned	360.1	279.3	1,034.4	771.2
Losses and LAE incurred:
Direct	192.8	168.2	550.0	504.0
Assumed	53.6	39.1	154.9	115.7
Ceded	(7.0)	(22.8)	(26.6)	(78.5)
Net losses and LAE incurred	$ 239.4	$ 184.5	$ 678.3	$ 541.2

SHARE-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Warrants

The following table provides the maximum remaining unrecognized compensation costs as of September 30, 2025, and other key terms of the warrants:



Warrants	Exercise Price		Shares Issued (in millions)	Unrecognized Compensation Costs (in millions)		Vesting Condition
Long-Term
Tranche 1	$	180.00	1.4	$	—	100,000 policy originations
Tranche 2	$	225.00	1.5	3.1		200,000 policy originations
Tranche 3	$	270.00	1.5	6.6		300,000 policy originations
Tranche 4	$	405.00	1.5	2.5		400,000 policy originations
Tranche 5	$	540.00	1.3	1.0		500,000 policy originations
Total Long-Term			7.2	$	13.2

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) income:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(dollars in millions)
Share-based compensation expense:
Net investment income	$	0.1	$	—	$	0.1	$	—
Loss and loss adjustment expenses	1.1		0.6		2.5		1.4
Sales and marketing	0.3		0.2		0.8		0.5
Other insurance expense	0.4		0.2		0.9		0.5
Technology and development	1.8		0.8		4.6		2.3
General and administrative	7.9		2.5		17.5		8.0
Total share-based compensation expense	$	11.6	$	4.3	$	26.4	$	12.7

Schedule of Restricted Stock and Stock Options


	Service-based Restricted Stock Units	Performance-based Restricted Stock Units		Market-based Restricted Stock Units		Unvested Stock Options
		(dollars in millions)
Unrecognized compensation costs		$	22.4	$	28.5	$	0.5	$	0.2
Remaining weighted-average period cost is expected to be recognized (in years)		1.4		2.7		1.4		0.8

Schedule of RSU Activity

A summary of restricted stock units activity for the nine months ended September 30, 2025 is as follows:


	Nine Months Ended September 30, 2025
	Service-based Restricted Stock Units			Performance-based Restricted Stock Units			Market-based Restricted Stock Units
Restricted Stock Units	Number of Shares	Weighted-Average Grant Date Fair Value per Share		Number of Shares	Weighted-Average Grant Date Fair Value per Share		Number of Shares	Weighted-Average Grant Date Fair Value per Share
	(in millions, except per share amounts)
Unvested at January 1, 2025	1.0	$	25.89	0.2	$	75.55	0.4	$	5.71
Granted	0.2	123.74		0.2	125.91		—	—

Vested	(0.5)	24.82		—	—		(0.1)	6.70
Forfeited, expired or canceled	(0.1)	52.73		—	—		—	—
Unvested at September 30, 2025	0.6	$	47.39	0.4	$	93.78	0.3	$	5.43

Schedule of Restricted Stock Unit Activity

Additional information pertaining to restricted stock units for the nine months ended September 30, 2025 and 2024 is as follows:


		Nine Months Ended September 30,
		2025		2024
	(dollars in millions)
Service-based restricted stock units:
Total grant date fair value of awards granted		$	18.5	$	13.9
Total grant date fair value of awards vested		11.8		11.7
Total intrinsic value of awards vested		53.4		35.5

Performance-based restricted stock units:
Total grant date fair value of awards granted		$	17.3	$	—



Market-based restricted stock units:

Total grant date fair value of awards vested		$	0.5	$	0.3
Total intrinsic value of awards vested		10.1		2.4

Schedule of Option Activity

A summary of option activity for the nine months ended September 30, 2025 is as follows:


	Nine Months Ended September 30, 2025
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, 2025	0.1	$	34.13	3.15	$	6.7
Granted	—	—
Exercised	—	13.09			3.2
Forfeited, expired or canceled	—	45.53
Outstanding and exercisable at September 30, 2025	0.1	$	34.80	2.53	$	6.6

SHARE-BASED COMPENSATION- Schedule of Warrants (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Sep. 30, 2025	Oct. 31, 2021
Class A Shares
Class of Warrant or Right [Line Items]
Shares issued (in shares)		7.2
Long Term Warrant \| Class A Shares
Class of Warrant or Right [Line Items]
Shares issued (in shares)	7.2
Unrecognized compensation costs	$ 13.2
Long Term Warrant \| Tranche 1
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)	$ 180.00
Long Term Warrant \| Tranche 1 \| Class A Shares
Class of Warrant or Right [Line Items]
Shares issued (in shares)	1.4
Unrecognized compensation costs	$ 0.0
Long Term Warrant \| Tranche 2
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)	$ 225.00
Long Term Warrant \| Tranche 2 \| Class A Shares
Class of Warrant or Right [Line Items]
Shares issued (in shares)	1.5
Unrecognized compensation costs	$ 3.1
Long Term Warrant \| Tranche 3
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)	$ 270.00
Long Term Warrant \| Tranche 3 \| Class A Shares
Class of Warrant or Right [Line Items]
Shares issued (in shares)	1.5
Unrecognized compensation costs	$ 6.6
Long Term Warrant \| Tranche 4
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)	$ 405.00
Long Term Warrant \| Tranche 4 \| Class A Shares
Class of Warrant or Right [Line Items]
Shares issued (in shares)	1.5
Unrecognized compensation costs	$ 2.5
Long Term Warrant \| Tranche 5
Class of Warrant or Right [Line Items]
Exercise price of warrants (in dollars per share)	$ 540.00
Long Term Warrant \| Tranche 5 \| Class A Shares
Class of Warrant or Right [Line Items]
Shares issued (in shares)	1.3
Unrecognized compensation costs	$ 1.0

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) shares in Millions, $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2025 USD ($)	Jun. 30, 2025 shares	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($) segment shares	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of reportable segment \| segment				1
Deferred policy acquisition cost	$ 41.5			$ 41.5		$ 29.3
Deferred policy acquisition costs, amortization expense	$ 20.6		$ 8.1	$ 50.3	$ 23.8
Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares		0.2		0.2
Performance-based Restricted Stock Units \| Tranche 1
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		1 year
Performance-based Restricted Stock Units \| Tranche 2
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		2 years
Performance-based Restricted Stock Units \| Tranche 3
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Performance-based Restricted Stock Units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, equity Instruments other than options, percentage		0.00%
Performance-based Restricted Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, equity Instruments other than options, percentage		200.00%

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities

The following tables provide information about our financial assets measured and reported at fair value as of September 30, 2025 and December 31, 2024:


	September 30, 2025
	Level 1		Level 2		Level 3		Total Fair Value
	(dollars in millions)
Assets
Fixed maturities:
U.S. Treasury securities	$	46.6	$	—	$	—	$	46.6
Municipal securities	—		24.2		—		24.2
Corporate debt securities	—		139.3		—		139.3
Asset-backed securities	—		147.7		—		147.7
Total fixed maturities	46.6		311.2		—		357.8

Cash equivalents	334.0		—		—		334.0
Total assets at fair value	$	380.6	$	311.2	$	—	$	691.8




	December 31, 2024
	Level 1		Level 2		Level 3		Total Fair Value
	(dollars in millions)
Assets
Fixed maturities:
U.S. Treasury securities and agencies	$	46.2	$	—	$	—	$	46.2
Municipal securities	—		23.5		—		23.5
Corporate debt securities	—		105.7		—		105.7
Asset-backed securities	—		116.6		—		116.6
Total fixed maturities	46.2		245.8		—		292.0
Short-term investments	11.8		3.0		—		14.8
Cash equivalents	342.4		—		—		342.4
Total assets at fair value	$	400.4	$	248.8	$	—	$	649.2

Schedule of Carrying Amounts and Fair Values of Financial Instruments

As of September 30, 2025 and December 31, 2024, the carrying amounts and fair values of these financial instruments were as follows:


	Carrying Amount as of September 30, 2025		Estimated Fair Value as of September 30, 2025		Carrying Amount as of December 31, 2024		Estimated Fair Value as of December 31, 2024
	(dollars in millions)
Long-term debt	$	200.4	$	204.5	$	200.1	$	204.9

(LOSS) EARNINGS 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, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net (loss) income	$ (5.4)	$ 22.8	$ 35.0	$ 8.8
Less: Undistributed income allocated to participating securities	0.0	(1.1)	(1.8)	(0.5)
Net (loss) income attributable to common shareholders	$ (5.4)	$ 21.7	$ 33.2	$ 8.3
Denominator:
Weighted-average common shares outstanding: basic (both Class A and B) (in shares)	15.4	15.0	15.3	14.8
Effect of dilutive securities:
Weighted-average common shares outstanding: diluted (both Class A and B) (in shares)	15.4	16.9	17.1	16.8
(Loss) earnings per common share (both Class A and B):
Basic (in dollars per share)	$ (0.35)	$ 1.45	$ 2.17	$ 0.56
Diluted (in dollars per share)	$ (0.35)	$ 1.35	$ 2.05	$ 0.52
Redeemable convertible preferred stock
Effect of dilutive securities:
Redeemable convertible preferred stock (in shares)	0.0	0.8	0.8	0.8
Service-based restricted stock units
Effect of dilutive securities:
RSUs, MRSUs and Stock options (in shares)	0.0	0.7	0.6	0.8
Market-based restricted stock units
Effect of dilutive securities:
RSUs, MRSUs and Stock options (in shares)	0.0	0.3	0.3	0.3
Stock options
Effect of dilutive securities:
RSUs, MRSUs and Stock options (in shares)	0.0	0.1	0.1	0.1

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES

9 Months Ended

Sep. 30, 2025

Insurance [Abstract]

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,
	2025		2024
	(dollars in millions)
Gross loss and LAE reserves, January 1	$	413.2	$	284.2
Reinsurance recoverable on unpaid losses	(48.0)		(43.8)
Net loss and LAE reserves, January 1	365.2		240.4
Net incurred loss and LAE related to:
Current year	701.1		549.1
Prior years	(22.8)		(7.9)
Total incurred	678.3		541.2
Net paid loss and LAE related to:
Current year	380.0		293.2
Prior years	230.7		146.3
Total paid	610.7		439.5
Net loss and LAE reserves, September 30	432.8		342.1
Plus reinsurance recoverable on unpaid losses	30.1		50.3
Gross loss and LAE reserves, September 30	$	462.9	$	392.4

Incurred losses and LAE attributable to prior accident years was a decrease of $22.8 million and $7.9 million for the nine months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025, 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 2024 on both liability and physical damage coverages. 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.

- Definition

The entire disclosure for the types of coverages and products sold, and the assets, obligations, recorded liabilities, revenues and expenses arising therefrom, and the amounts of and methodologies and assumptions used in determining the amounts of such items.

+ References + Details

REINSURANCE (Tables)

9 Months Ended

Sep. 30, 2025

Insurance [Abstract]

Schedule of Direct Premiums Written


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(dollars in millions)










Premiums written:
Direct	$	316.3	$	270.9	$	931.3	$	793.9
Assumed	70.9		60.8		212.9		176.7
Ceded	(10.0)		(27.1)		(41.0)		(118.4)
Net premiums written	$	377.2	$	304.6	$	1,103.2	$	852.2
Premiums earned:
Direct	$	302.4	$	258.6	$	886.5	$	739.7
Assumed	70.7		58.4		202.3		160.3
Ceded	(13.0)		(37.7)		(54.4)		(128.8)
Net premiums earned	$	360.1	$	279.3	$	1,034.4	$	771.2
Losses and LAE incurred:
Direct	$	192.8	$	168.2	$	550.0	$	504.0
Assumed	53.6		39.1		154.9		115.7
Ceded	(7.0)		(22.8)		(26.6)		(78.5)
Net losses and LAE incurred	$	239.4	$	184.5	$	678.3	$	541.2

Gross premiums written by state is as follows for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,								Nine Months Ended September 30,
	2025				2024				2025				2024
	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
	(dollars in millions)
State:
Texas	$	72.5	18.7	%	$	63.6	19.2	%	$	218.4	19.1	%	$	186.9	19.3	%
Georgia	47.5		12.3		38.6		11.6		135.0		11.8		119.1		12.3
Florida	35.5		9.2		27.6		8.3		93.4		8.2		71.6		7.4
California	27.3		7.0		15.7		4.7		77.3		6.8		29.8		3.1
Pennsylvania	22.3		5.8		19.1		5.8		66.5		5.8		54.4		5.6
Colorado	19.3		5.0		19.3		5.8		59.8		5.2		54.8		5.6
South Carolina	15.0		3.9		14.5		4.4		43.0		3.8		46.1		4.7
Arizona	12.8		3.3		12.1		3.6		37.9		3.3		38.7		4.0
Nevada	10.5		2.7		7.4		2.2		30.8		2.7		16.3		1.7
Oklahoma	8.9		2.3		7.1		2.1		26.9		2.3		22.2		2.3
All others states	115.6		29.8		106.7		32.3		355.2		31.0		330.7		34.0
Total	$	387.2	100.0	%	$	331.7	100.0	%	$	1,144.2	100.0	%	$	970.6	100.0	%

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Insurance [Abstract]
Incurred losses and LAE attributable to prior accident years	$ (22.8)	$ (7.9)

LONG-TERM DEBT

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

LONG-TERM DEBT

In October 2024, we entered into a $200.0 million five-year term loan, or Amended Term Loan, with the principal amount due and payable upon maturity on October 29, 2030. Interest is payable quarterly and determined on a floating interest rate calculated on the Secured Overnight Financing Rate with a 1.0% floor, plus an applicable margin ranging from 5.25% to 6.00% based upon the debt-to-capital ratio payable quarterly. The Amended Term Loan can be repaid at any time through the maturity date as long as we provide at least three business days written notice and a prepayment premium of 2.00% applicable between October 29, 2024 to October 28, 2025, 1.00% applicable between October 29, 2025 to October 25, 2026, and no prepayment premium thereafter. The Amended Term Loan is secured by the assets of Root, Inc. and those of our wholly-owned subsidiary loan parties. In addition, we have pledged 100% of the capital stock of our subsidiaries.

The following summarizes the carrying value of long-term debt as of September 30, 2025 and December 31, 2024:


	September 30, 2025		December 31, 2024
	(dollars in millions)





Principal balance	$	200.0	$	200.0


Accrued interest payable	3.6		3.8
Unamortized discount and debt issuance costs	(3.2)		(3.7)
Total	$	200.4	$	200.1

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES - Schedule of Reserve Balance (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross loss and LAE reserves, January 1			$ 413.2	$ 284.2
Reinsurance recoverable on unpaid losses			(48.0)	(43.8)
Net loss and LAE reserves, January 1	$ 432.8	$ 342.1	432.8	342.1	$ 365.2	$ 240.4
Net incurred loss and LAE related to:
Current year			701.1	549.1
Prior years			(22.8)	(7.9)
Net losses and LAE incurred	239.4	184.5	678.3	541.2
Net paid loss and LAE related to:
Current year			380.0	293.2
Prior years			230.7	146.3
Total paid			610.7	439.5
Net loss and LAE reserves, September 30	432.8	342.1	432.8	342.1
Plus reinsurance recoverable on unpaid losses	30.1	50.3	30.1	50.3
Gross loss and LAE reserves, September 30	$ 462.9	$ 392.4	$ 462.9	$ 392.4

SHARE-BASED COMPENSATION - Schedule of Restricted Stock Units and Unvested Stock Options (Details) $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($)
Service-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 22.4
Remaining weighted-average period cost is expected to be recognized (in years)	1 year 4 months 24 days
Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 28.5
Remaining weighted-average period cost is expected to be recognized (in years)	2 years 8 months 12 days
Market-based restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 0.5
Remaining weighted-average period cost is expected to be recognized (in years)	1 year 4 months 24 days
Unvested Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 0.2
Remaining weighted-average period cost is expected to be recognized (in years)	9 months 18 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Details) - Level 2 - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Carrying amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 200.4	$ 200.1
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 204.5	$ 204.9

- Definition

The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-SubTopic 10
-Topic 825
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-10

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482881/825-10-55-12

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

+ Details

INCOME TAXES (Details)	9 Months Ended
INCOME TAXES (Details)	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Effective income tax rate	(1.10%)	0.00%
Federal income tax rate (in percent)	21.00%

GEOGRAPHICAL BREAKDOWN OF GROSS PREMIUMS WRITTEN (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Effects of Reinsurance [Line Items]
Total	$ 387.2	$ 331.7	$ 1,144.2	$ 970.6
Texas
Effects of Reinsurance [Line Items]
Total	72.5	63.6	218.4	186.9
Georgia
Effects of Reinsurance [Line Items]
Total	47.5	38.6	135.0	119.1
Florida
Effects of Reinsurance [Line Items]
Total	35.5	27.6	93.4	71.6
California
Effects of Reinsurance [Line Items]
Total	27.3	15.7	77.3	29.8
Pennsylvania
Effects of Reinsurance [Line Items]
Total	22.3	19.1	66.5	54.4
Colorado
Effects of Reinsurance [Line Items]
Total	19.3	19.3	59.8	54.8
South Carolina
Effects of Reinsurance [Line Items]
Total	15.0	14.5	43.0	46.1
Arizona
Effects of Reinsurance [Line Items]
Total	12.8	12.1	37.9	38.7
Nevada
Effects of Reinsurance [Line Items]
Total	10.5	7.4	30.8	16.3
Oklahoma
Effects of Reinsurance [Line Items]
Total	8.9	7.1	26.9	22.2
All others states
Effects of Reinsurance [Line Items]
Total	$ 115.6	$ 106.7	$ 355.2	$ 330.7
Geographic Concentration Risk \| Gross Written Premiums \| United States
Effects of Reinsurance [Line Items]
Concentration percentage (in percent)	100.00%	100.00%	100.00%	100.00%
Geographic Concentration Risk \| Gross Written Premiums \| Texas
Effects of Reinsurance [Line Items]
Concentration percentage (in percent)	18.70%	19.20%	19.10%	19.30%
Geographic Concentration Risk \| Gross Written Premiums \| Georgia
Effects of Reinsurance [Line Items]
Concentration percentage (in percent)	12.30%	11.60%	11.80%	12.30%
Geographic Concentration Risk \| Gross Written Premiums \| Florida
Effects of Reinsurance [Line Items]
Concentration percentage (in percent)	9.20%	8.30%	8.20%	7.40%
Geographic Concentration Risk \| Gross Written Premiums \| California
Effects of Reinsurance [Line Items]
Concentration percentage (in percent)	7.00%	4.70%	6.80%	3.10%
Geographic Concentration Risk \| Gross Written Premiums \| Pennsylvania
Effects of Reinsurance [Line Items]
Concentration percentage (in percent)	5.80%	5.80%	5.80%	5.60%
Geographic Concentration Risk \| Gross Written Premiums \| Colorado
Effects of Reinsurance [Line Items]
Concentration percentage (in percent)	5.00%	5.80%	5.20%	5.60%
Geographic Concentration Risk \| Gross Written Premiums \| South Carolina
Effects of Reinsurance [Line Items]
Concentration percentage (in percent)	3.90%	4.40%	3.80%	4.70%
Geographic Concentration Risk \| Gross Written Premiums \| Arizona
Effects of Reinsurance [Line Items]
Concentration percentage (in percent)	3.30%	3.60%	3.30%	4.00%
Geographic Concentration Risk \| Gross Written Premiums \| Nevada
Effects of Reinsurance [Line Items]
Concentration percentage (in percent)	2.70%	2.20%	2.70%	1.70%
Geographic Concentration Risk \| Gross Written Premiums \| Oklahoma
Effects of Reinsurance [Line Items]
Concentration percentage (in percent)	2.30%	2.10%	2.30%	2.30%
Geographic Concentration Risk \| Gross Written Premiums \| All others states
Effects of Reinsurance [Line Items]
Concentration percentage (in percent)	29.80%	32.30%	31.00%	34.00%

SHARE-BASED COMPENSATION - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 11.6	$ 4.3	$ 26.4	$ 12.7
Net investment income
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	0.1	0.0	0.1	0.0
Loss and loss adjustment expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	1.1	0.6	2.5	1.4
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	0.3	0.2	0.8	0.5
Other insurance expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	0.4	0.2	0.9	0.5
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	1.8	0.8	4.6	2.3
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 7.9	$ 2.5	$ 17.5	$ 8.0

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2025

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,
	2025		2024
	(dollars in millions)
Cash and cash equivalents	$	653.3	$	599.3
Restricted cash	1.1		1.0
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	654.4	$	600.3

Schedule of Restrictions on Cash and Cash Equivalents


	As of
	September 30,		December 31,
	2025		2024
	(dollars in millions)
Cash and cash equivalents	$	653.3	$	599.3
Restricted cash	1.1		1.0
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$	654.4	$	600.3

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, 2023	14.1
Beginning balance at Dec. 31, 2023	$ 112.0
Ending balance (in shares) at Sep. 30, 2024	14.1
Ending balance at Sep. 30, 2024	$ 112.0
Beginning balance (in shares) at Dec. 31, 2023					9.5	5.0
Beginning balance at Dec. 31, 2023	165.7			$ 0.0			$ 1,883.4	$ (2.5)	$ (1,715.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	8.8								8.8
Other comprehensive income (loss)	4.6							4.6
Conversion of Class B to Class A common stock (in shares)					0.6	(0.6)
Common stock—option exercises and restricted stock units vesting, net of shares withheld for employee taxes (in shares)					0.5
Common stock—option exercises and 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
Ending balance at Sep. 30, 2024	$ 181.9			0.0			1,883.8	2.1	(1,704.0)
Beginning balance (in shares) at Jun. 30, 2024	14.1
Beginning balance at Jun. 30, 2024	$ 112.0
Ending balance (in shares) at Sep. 30, 2024	14.1
Ending balance at Sep. 30, 2024	$ 112.0
Beginning balance (in shares) at Jun. 30, 2024					10.6	4.4
Beginning balance at Jun. 30, 2024	151.3			0.0			1,881.5	(3.4)	(1,726.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	22.8								22.8
Other comprehensive income (loss)	5.5							5.5
Common stock—option exercises and restricted stock units vesting, net of shares withheld for employee taxes (in shares)					0.0
Common stock—option exercises and restricted stock units vesting, net of shares withheld for employee taxes	(2.0)						(2.0)		0.0
Common stock—share-based compensation expense	4.3						4.3
Ending balance (in shares) at Sep. 30, 2024					10.6	4.4
Ending balance at Sep. 30, 2024	$ 181.9			0.0			1,883.8	2.1	(1,704.0)
Beginning balance (in shares) at Dec. 31, 2024	14.1
Beginning balance at Dec. 31, 2024	$ 112.0
Ending balance (in shares) at Sep. 30, 2025	14.1
Ending balance at Sep. 30, 2025	$ 112.0
Beginning balance (in shares) at Dec. 31, 2024		11.1	4.0		11.1	4.0
Beginning balance at Dec. 31, 2024	203.7			0.0			1,887.9	(2.3)	(1,681.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	35.0
Other comprehensive income (loss)	5.8							5.8
Conversion of Class B to Class A common stock (in shares)					2.2	(2.2)
Common stock—option exercises and restricted stock units vesting, net of shares withheld for employee taxes (in shares)					0.4
Common stock—option exercises and restricted stock units vesting, net of shares withheld for employee taxes	(23.1)						(23.1)
Common stock—share-based compensation expense	26.4						26.4
Warrant compensation expense	17.2						17.2
Ending balance (in shares) at Sep. 30, 2025		13.7	1.8		13.7	1.8
Ending balance at Sep. 30, 2025	$ 265.0			0.0			1,908.4	3.5	(1,646.9)
Beginning balance (in shares) at Jun. 30, 2025	14.1
Beginning balance at Jun. 30, 2025	$ 112.0
Ending balance (in shares) at Sep. 30, 2025	14.1
Ending balance at Sep. 30, 2025	$ 112.0
Beginning balance (in shares) at Jun. 30, 2025					13.6	1.8
Beginning balance at Jun. 30, 2025	244.5			0.0			1,883.7	2.3	(1,641.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(5.4)								(5.4)
Other comprehensive income (loss)	1.2							1.2
Common stock—option exercises and restricted stock units vesting, net of shares withheld for employee taxes (in shares)					0.1
Common stock—option exercises and restricted stock units vesting, net of shares withheld for employee taxes	(4.1)						(4.1)
Common stock—share-based compensation expense	11.6						11.6
Warrant compensation expense	17.2						17.2
Ending balance (in shares) at Sep. 30, 2025		13.7	1.8		13.7	1.8
Ending balance at Sep. 30, 2025	$ 265.0			$ 0.0			$ 1,908.4	$ 3.5	$ (1,646.9)

INVESTMENTS - Schedule of Amortized Cost and Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 354.3	$ 309.1
Allowance for Expected Credit Losses		0.0
Gross Unrealized Gains		0.8
Gross Unrealized Losses		(3.1)
Fair Value	357.8	306.8
U.S. Treasury securities and agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	45.9	46.5
Allowance for Expected Credit Losses	0.0	0.0
Gross Unrealized Gains	0.7	0.0
Gross Unrealized Losses	0.0	(0.3)
Fair Value	46.6	46.2
Municipal securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	24.1	23.9
Allowance for Expected Credit Losses	0.0	0.0
Gross Unrealized Gains	0.3	0.1
Gross Unrealized Losses	(0.2)	(0.5)
Fair Value	24.2	23.5
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	137.7	106.6
Allowance for Expected Credit Losses	0.0	0.0
Gross Unrealized Gains	1.8	0.3
Gross Unrealized Losses	(0.2)	(1.2)
Fair Value	139.3	105.7
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	146.6	117.3
Allowance for Expected Credit Losses	0.0	0.0
Gross Unrealized Gains	1.4	0.4
Gross Unrealized Losses	(0.3)	(1.1)
Fair Value	147.7	116.6
Total fixed maturities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	354.3	294.3
Allowance for Expected Credit Losses	0.0	0.0
Gross Unrealized Gains	4.2	0.8
Gross Unrealized Losses	(0.7)	(3.1)
Fair Value	$ 357.8	292.0
Short-term investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost		14.8
Allowance for Expected Credit Losses		0.0
Gross Unrealized Gains		0.0
Gross Unrealized Losses		0.0
Fair Value		$ 14.8

NATURE OF BUSINESS	9 Months Ended
NATURE OF BUSINESS	Sep. 30, 2025
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, Root Florida Insurance Company, a Florida-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 primarily a direct-to-consumer model with the majority of our personal insurance customers acquired through mobile apps and partnerships. We offer auto and renters insurance products underwritten by Root Insurance Company and auto insurance only through Root Property & Casualty Insurance Company and Root Florida Insurance Company.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025
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

INVESTMENTS

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

The amortized cost and fair value of short-term investments and available-for-sale fixed maturity securities at September 30, 2025 and December 31, 2024 are as follows:


	September 30, 2025
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(dollars in millions)
Fixed maturities:
U.S. Treasury securities	$	45.9	$	—	$	0.7	$	—	$	46.6
Municipal securities	24.1		—		0.3		(0.2)		24.2
Corporate debt securities	137.7		—		1.8		(0.2)		139.3
Asset-backed securities	146.6		—		1.4		(0.3)		147.7
Total fixed maturities	$	354.3	$	—	$	4.2	$	(0.7)	$	357.8



	December 31, 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	$	46.5	$	—	$	—	$	(0.3)	$	46.2
Municipal securities	23.9		—		0.1		(0.5)		23.5
Corporate debt securities	106.6		—		0.3		(1.2)		105.7
Asset-backed securities	117.3		—		0.4		(1.1)		116.6
Total fixed maturities	294.3		—		0.8		(3.1)		292.0
Short-term investments	14.8		—		—		—		14.8
Total	$	309.1	$	—	$	0.8	$	(3.1)	$	306.8

Management reviewed the available-for-sale fixed maturity securities and short-term investments at each balance sheet date to consider whether it was necessary to recognize a credit loss as of September 30, 2025 and December 31, 2024. 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 unrealized losses on the available-for-sale fixed maturity securities and short-term investments were due to non-credit related factors and, therefore, there was no allowance for credit loss as of September 30, 2025 and December 31, 2024.


	September 30, 2025
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
	(dollars in millions)
Fixed maturities:
U.S. Treasury securities	$	2.2	$	—	$	0.7	$	—	$	2.9	$	—
Municipal securities	1.3		—		6.5		(0.2)		7.8		(0.2)
Corporate debt securities	10.9		—		10.3		(0.2)		21.2		(0.2)
Asset-backed securities	12.1		—		8.7		(0.3)		20.8		(0.3)
Total fixed maturities	$	26.5	$	—	$	26.2	$	(0.7)	$	52.7	$	(0.7)



	December 31, 2024
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
	(dollars in millions)
Fixed maturities:
U.S. Treasury securities and agencies	$	26.4	$	(0.3)	$	1.8	$	—	$	28.2	$	(0.3)
Municipal securities	7.1		(0.1)		10.4		(0.4)		17.5		(0.5)
Corporate debt securities	49.5		(0.6)		21.1		(0.6)		70.6		(1.2)
Asset backed securities	53.6		(0.6)		10.6		(0.5)		64.2		(1.1)
Total fixed maturities	136.6		(1.6)		43.9		(1.5)		180.5		(3.1)
Short-term investments	6.4		—		—		—		6.4		—
Total	$	143.0	$	(1.6)	$	43.9	$	(1.5)	$	186.9	$	(3.1)

Other Investments

As of September 30, 2025 and December 31, 2024, other investments related to our private equity investments were $4.4 million. There were no realized or unrealized gains or losses or impairment losses recognized on private equity investments for the three and nine months ended September 30, 2025 and 2024.

There were no realized gains or losses on short-term investments and available-for-sale fixed maturities for the three and nine months ended September 30, 2025 and 2024.

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, 2025:


	September 30, 2025
	Amortized Cost		Fair Value
	(dollars in millions)
Due in one year or less	$	25.7	$	25.6
Due after one year through five years	230.3		232.9
Due five years through 10 years	53.3		54.0
Due after 10 years	45.0		45.3
Total	$	354.3	$	357.8

Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties.

The following table sets forth the components of net investment income for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(dollars in millions)
Interest on fixed maturities and short-term investments	$	3.5	$	2.6	$	10.5	$	6.6
Interest on cash and cash equivalents	7.0		8.7		19.3		25.0

Total	10.5		11.3		29.8		31.6
Investment expense	(3.5)		(3.3)		(4.7)		(4.4)
Net investment income	$	7.0	$	8.0	$	25.1	$	27.2

The following tables summarize the credit ratings of short-term investments and available-for-sale fixed maturity securities at September 30, 2025 and December 31, 2024:


	September 30, 2025
	Amortized Cost		Fair Value		% of Total Fair Value
	(dollars in millions)
S&P Global rating or equivalent
AAA	$	81.4	$	82.0	22.9	%
AA+, AA, AA-	158.1		159.8		44.7
A+, A, A-	95.4		96.4		26.9
BBB+, BBB, BBB-	19.4		19.6		5.5

Total	$	354.3	$	357.8	100.0	%


	December 31, 2024
	Amortized Cost		Fair Value		% of Total Fair Value
	(dollars in millions)
S&P Global rating or equivalent
AAA	$	75.2	$	74.8	24.4	%
AA+, AA, AA-, A-1+	146.0		145.0		47.3
A+, A, A-	67.8		67.1		21.9
BBB+, BBB, BBB-	20.1		19.9		6.4
Total	$	309.1	$	306.8	100.0	%

INVESTMENTS - Schedule of Contractual Maturity (Details) - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Amortized Cost
Due in one year or less	$ 25.7
Due after one year through five years	230.3
Due five years through 10 years	53.3
Due after 10 years	45.0
Amortized Cost	354.3	$ 309.1
Fair Value
Due in one year or less	25.6
Due after one year through five years	232.9
Due five years through 10 years	54.0
Due after 10 years	45.3
Total	$ 357.8	$ 306.8

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - UNAUDITED - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues:
Net premiums earned	$ 360.1	$ 279.3	$ 1,034.4	$ 771.2
Net investment income	7.0	8.0	25.1	27.2
Fee income	19.8	17.1	58.2	48.4
Other income	0.9	1.3	2.4	3.0
Total revenues	387.8	305.7	1,120.1	849.8
Operating expenses:
Loss and loss adjustment expenses	239.4	184.5	678.3	541.2
Sales and marketing	40.6	34.0	129.2	98.6
Other insurance expense	67.0	22.4	151.6	75.1
Technology and development	14.7	12.9	39.8	38.6
General and administrative	25.8	17.5	69.9	52.7
Total operating expenses	387.5	271.3	1,068.8	806.2
Operating income	0.3	34.4	51.3	43.6
Interest expense	(5.3)	(11.6)	(15.9)	(34.8)
(Loss) income before income tax expense	(5.0)	22.8	35.4	8.8
Income tax expense	(0.4)	0.0	(0.4)	0.0
Net (loss) income	(5.4)	22.8	35.0	8.8
Net income attributable to participating securities	0.0	(1.1)	(1.8)	(0.5)
Net (loss) income attributable to common shareholders	(5.4)	21.7	33.2	8.3
Other comprehensive income:
Net (loss) income	(5.4)	22.8	35.0	8.8
Changes in net unrealized gains on investments	1.2	5.5	5.8	4.6
Comprehensive (loss) income	$ (4.2)	$ 28.3	$ 40.8	$ 13.4
(Loss) earnings per common share: (both Class A and B)
Basic (in dollars per share)	$ (0.35)	$ 1.45	$ 2.17	$ 0.56
Diluted (in dollars per share)	$ (0.35)	$ 1.35	$ 2.05	$ 0.52
Weighted-average common shares outstanding: (both Class A and B)
Basic (in shares)	15.4	15.0	15.3	14.8
Diluted (in shares)	15.4	16.9	17.1	16.8

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES (Tables)

9 Months Ended

Sep. 30, 2025

Insurance [Abstract]

Schedule of Reserve Balance

The following provides a reconciliation of the beginning and ending reserve balances for loss and LAE, net of reinsurance:


	Nine Months Ended September 30,
	2025		2024
	(dollars in millions)
Gross loss and LAE reserves, January 1	$	413.2	$	284.2
Reinsurance recoverable on unpaid losses	(48.0)		(43.8)
Net loss and LAE reserves, January 1	365.2		240.4
Net incurred loss and LAE related to:
Current year	701.1		549.1
Prior years	(22.8)		(7.9)
Total incurred	678.3		541.2
Net paid loss and LAE related to:
Current year	380.0		293.2
Prior years	230.7		146.3
Total paid	610.7		439.5
Net loss and LAE reserves, September 30	432.8		342.1
Plus reinsurance recoverable on unpaid losses	30.1		50.3
Gross loss and LAE reserves, September 30	$	462.9	$	392.4

COVER PAGE - shares	9 Months Ended
COVER PAGE - shares	Sep. 30, 2025	Oct. 29, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
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	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001788882
Current Fiscal Year End Date	--12-31
Class A Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,702,725
Class B Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,806,236

REINSURANCE

9 Months Ended

Sep. 30, 2025

Insurance [Abstract]

REINSURANCE


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(dollars in millions)










Premiums written:
Direct	$	316.3	$	270.9	$	931.3	$	793.9
Assumed	70.9		60.8		212.9		176.7
Ceded	(10.0)		(27.1)		(41.0)		(118.4)
Net premiums written	$	377.2	$	304.6	$	1,103.2	$	852.2
Premiums earned:
Direct	$	302.4	$	258.6	$	886.5	$	739.7
Assumed	70.7		58.4		202.3		160.3
Ceded	(13.0)		(37.7)		(54.4)		(128.8)
Net premiums earned	$	360.1	$	279.3	$	1,034.4	$	771.2
Losses and LAE incurred:
Direct	$	192.8	$	168.2	$	550.0	$	504.0
Assumed	53.6		39.1		154.9		115.7
Ceded	(7.0)		(22.8)		(26.6)		(78.5)
Net losses and LAE incurred	$	239.4	$	184.5	$	678.3	$	541.2

GEOGRAPHICAL BREAKDOWN OF GROSS PREMIUMS WRITTEN

Gross premiums written by state is as follows for the three and nine months ended September 30, 2025 and 2024:


	Three Months Ended September 30,								Nine Months Ended September 30,
	2025				2024				2025				2024
	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
	(dollars in millions)
State:
Texas	$	72.5	18.7	%	$	63.6	19.2	%	$	218.4	19.1	%	$	186.9	19.3	%
Georgia	47.5		12.3		38.6		11.6		135.0		11.8		119.1		12.3
Florida	35.5		9.2		27.6		8.3		93.4		8.2		71.6		7.4
California	27.3		7.0		15.7		4.7		77.3		6.8		29.8		3.1
Pennsylvania	22.3		5.8		19.1		5.8		66.5		5.8		54.4		5.6
Colorado	19.3		5.0		19.3		5.8		59.8		5.2		54.8		5.6
South Carolina	15.0		3.9		14.5		4.4		43.0		3.8		46.1		4.7
Arizona	12.8		3.3		12.1		3.6		37.9		3.3		38.7		4.0
Nevada	10.5		2.7		7.4		2.2		30.8		2.7		16.3		1.7
Oklahoma	8.9		2.3		7.1		2.1		26.9		2.3		22.2		2.3
All others states	115.6		29.8		106.7		32.3		355.2		31.0		330.7		34.0
Total	$	387.2	100.0	%	$	331.7	100.0	%	$	1,144.2	100.0	%	$	970.6	100.0	%

(LOSS) EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of (Loss) Earnings Per Share


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in millions, except per share amounts)
Numerator:
Net (loss) income	$	(5.4)	$	22.8	$	35.0	$	8.8
Less: Undistributed income allocated to participating securities	—		(1.1)		(1.8)		(0.5)
Net (loss) income attributable to common shareholders	(5.4)		21.7		33.2		8.3
Denominator:
Weighted-average common shares outstanding: basic (both Class A and B)	15.4		15.0		15.3		14.8
Effect of dilutive securities:
Redeemable convertible preferred stock	—		0.8		0.8		0.8
Service-based restricted stock units	—		0.7		0.6		0.8
Market-based restricted stock units	—		0.3		0.3		0.3

Stock options	—		0.1		0.1		0.1

Weighted-average common shares outstanding: diluted (both Class A and B)	15.4		16.9		17.1		16.8
(Loss) earnings per common share (both Class A and B):
Basic	$	(0.35)	$	1.45	$	2.17	$	0.56
Diluted	$	(0.35)	$	1.35	$	2.05	$	0.52

Schedule of Anti-Dilutive Securities


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
	(in millions)
Stock options	0.1	—	—	—

Service-based restricted stock units	0.6	0.1	0.1	0.1
Market-based restricted stock units	0.3	—	—	—

Redeemable convertible preferred stock (as converted to common stock)	0.8	—	—	—
Warrants to purchase common stock	7.5	7.7	7.5	7.7
Total	9.3	7.8	7.6	7.8

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2025
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The consolidated effective tax rate was 1.1% and zero for the nine months ended September 30, 2025 and 2024. The difference between these rates and the U.S. federal income tax rate of 21.0% was primarily due to state income tax expense and a full valuation allowance on our U.S. deferred tax assets. As of September 30, 2025 and December 31, 2024, we did not have any unrecognized tax benefits for uncertain tax positions and had no interest or penalties related to uncertain tax positions. In July 2025, the One Big Beautiful Bill Act of 2025 was enacted in the U.S., introducing various amendments to the U.S. Tax Code. We have evaluated the impact of this legislation and recorded the effects, which were immaterial, in our condensed consolidated financial statements.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details