0001788882-26-000047 | 10-Q | XBRL Viewer

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LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES - Schedule of Reserve Balance (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Dec. 31, 2024
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross loss and LAE reserves, January 1	$ 483.6	$ 413.2
Reinsurance recoverable on unpaid losses	(25.4)	(48.0)
Net loss and LAE reserves, January 1	452.3	377.4	$ 458.2	$ 365.2
Net incurred loss and LAE related to:
Current year	244.7	218.7
Prior years	(18.5)	(13.1)
Net losses and LAE incurred	226.2	205.6
Net paid loss and LAE related to:
Current year	79.7	69.6
Prior years	152.4	123.8
Total paid	232.1	193.4
Net loss and LAE reserves, March 31	452.3	377.4
Plus reinsurance recoverable on unpaid losses	20.4	41.1
Gross loss and LAE reserves, March 31	$ 472.7	$ 418.5

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The consolidated effective tax rate was 0.6% and zero for the three months ended March 31, 2026 and 2025. 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 March 31, 2026, we maintained a full valuation allowance against our deferred tax assets. We expect to maintain a full valuation allowance until it becomes more likely than not that the deferred tax asset will be realized. As of March 31, 2026 and December 31, 2025, we did not have any unrecognized tax benefits for uncertain tax positions and had no interest or penalties related to uncertain tax positions.

- Definition

The entire disclosure for income tax.

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+ Details

SHARE-BASED COMPENSATION - Schedule of Restricted Stock Units and Unvested Stock Options (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Service-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 33.3
Remaining weighted-average period cost is expected to be recognized (in years)	1 year 8 months 4 days
Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 39.0
Remaining weighted-average period cost is expected to be recognized (in years)	2 years 6 months 18 days
Market-based restricted stock units
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)	1 year 3 months
Unvested Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 0.1
Remaining weighted-average period cost is expected to be recognized (in years)	3 months

- 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.

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+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2026
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, 2025 filed with the Securities and Exchange Commission on February 25, 2026.
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 could reasonably be expected to have a material adverse effect on our financial condition or results of operations and cash flow. There have been no material changes to the legal matter previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.
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 income as reported on the condensed consolidated statements of operations and comprehensive 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 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 income. Assets provided to the CODM are consistent with those reported on the condensed consolidated balance sheets.
Premiums Payable and Reinsurance Premiums Receivable	Premiums Payable and Reinsurance Premiums Receivable—We have a fronting arrangement with an unaffiliated Texas county mutual insurance company, or the fronting carrier. We route all of our new auto policies in Texas through the fronting carrier whereby we assume 100% of the related premium and losses on those policies. The fronting arrangement allows us to have greater rating and underwriting flexibility. Premiums assumed are deferred and earned pro rata over the policy period. Unearned premium is established to cover the unexpired portion of premiums assumed. Premiums payable are amounts owed to the fronting carrier. Reinsurance premiums receivable are the amounts owed to us from the fronting carrier for reinsurance premiums.
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.
Reclassification	Reclassification—Certain prior-year amounts have been reclassified to conform with the current year presentation. These reclassifications did not have a material impact on the condensed consolidated financial statements and notes to condensed consolidated financial statements. The reclassifications within the condensed consolidated balance sheets include the presentation of “Prepaid reinsurance premiums” within “Other assets” and “Reinsurance premiums payable” within “Other liabilities.” Additionally, “Reinsurance recoverable and receivable” was disaggregated to “Reinsurance recoverable” and “Reinsurance premiums receivable,” respectively. “Deferred policy acquisition costs” were disaggregated from “Other assets” and “Premiums payable” was disaggregated from “Other liabilities” to separate captions.

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+ Details

NATURE OF BUSINESS	3 Months Ended
NATURE OF BUSINESS	Mar. 31, 2026
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, Root Property & Casualty Insurance Company, or Root Property & Casualty, and Root Select Insurance Company, all Ohio-domiciled insurance companies, Root Florida Insurance Company, or Root Florida, 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 and Root Florida.

GEOGRAPHICAL BREAKDOWN OF GROSS PREMIUMS WRITTEN

3 Months Ended

Mar. 31, 2026

Insurance [Abstract]

GEOGRAPHICAL BREAKDOWN OF GROSS PREMIUMS WRITTEN

REINSURANCE

The following table reflects amounts affecting the condensed consolidated statements of operations and comprehensive income for reinsurance for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
		2026		2025
		(dollars in millions)










Premiums written:
Direct		$	322.4	$	337.7
Assumed		66.6		73.1
Ceded		(5.6)		(18.8)
Net premiums written		$	383.4	$	392.0
Premiums earned:
Direct		$	302.5	$	282.0
Assumed		67.8		62.4
Ceded		(6.6)		(23.1)
Net premiums earned		$	363.7	$	321.3
Losses and LAE incurred:
Direct		$	180.4	$	170.5
Assumed		47.7		45.5
Ceded		(1.9)		(10.4)
Net losses and LAE incurred		$	226.2	$	205.6

In the event that all or any of the reinsuring companies might be unable to meet their obligations under existing reinsurance agreements, we would be liable to the policyholder for such defaulted amounts.

GEOGRAPHICAL BREAKDOWN OF GROSS PREMIUMS WRITTEN

Gross premiums written by state is as follows for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
		2026	2025
			Amount		% of Total		Amount		% of Total
			(dollars in millions)
State:
Texas			$	67.9	17.5	%	$	75.1	18.3	%
Georgia			46.4		11.9		46.5		11.3
Florida			39.6		10.2		31.1		7.6
California			35.0		9.0		25.7		6.3
Pennsylvania			21.3		5.5		23.7		5.8
Colorado			17.6		4.5		21.9		5.3
South Carolina			14.0		3.6		17.8		4.3
Arizona			12.0		3.1		13.6		3.3
Nevada			12.0		3.1		12.2		3.0
Oklahoma			8.8		2.3		10.0		2.4
All others states			114.4		29.3		133.2		32.4
Total			$	389.0	100.0	%	$	410.8	100.0	%

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Cash and cash equivalents	$ 597.2	$ 669.3
Restricted cash and cash equivalents	11.7	20.6
Total cash, cash equivalents, restricted cash, and restricted cash equivalents shown in the condensed consolidated statements of cash flows	$ 608.9	$ 689.9	$ 610.5	$ 600.3

OTHER COMPREHENSIVE (LOSS) INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

OTHER COMPREHENSIVE (LOSS) INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents the changes in our accumulated other comprehensive income (loss), or AOCI, for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
		2026		2025
		(dollars in millions)

Beginning balance		$	3.9	$	(2.3)
Other comprehensive (loss) income before reclassifications		(3.6)		3.0
Net realized gains on investments reclassified from AOCI to net income		0.1		—


Other comprehensive (loss) income		(3.5)		3.0
Ending balance		$	0.4	$	0.7

INVESTMENTS - Schedule of Gross and Net Realized Gains and Losses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Realized gains on investments	$ 0.1	$ 0.0
Realized losses on investments	0.0	0.0
Net realized gains on investments	$ 0.1	$ 0.0

INVESTMENTS - Schedule of Contractual Maturity (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Amortized Cost
Due in one year or less	$ 49.6
Due after one year through five years	293.3
Due five years through 10 years	54.2
Due after 10 years	69.6
Amortized Cost	466.7	$ 383.1
Fair Value
Due in one year or less	49.6
Due after one year through five years	294.1
Due five years through 10 years	54.1
Due after 10 years	69.3
Total	$ 467.1	$ 387.0

CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Amortized cost, fixed maturities	$ 455.9	$ 383.1
Amortized cost, short term investments	10.8	0.0
Allowance for premiums receivable	8.6	8.9
Allowance for reinsurance premiums	0.0	0.0
Reinsurance recoverable, net of allowance	$ 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 common stock
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)	13.9	13.7
Common stock, shares outstanding (in shares)	13.9	13.7
Class B convertible common stock
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	1.8
Common stock, shares outstanding (in shares)	1.8	1.8

REINSURANCE

3 Months Ended

Mar. 31, 2026

Insurance [Abstract]

REINSURANCE

The following table reflects amounts affecting the condensed consolidated statements of operations and comprehensive income for reinsurance for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
		2026		2025
		(dollars in millions)










Premiums written:
Direct		$	322.4	$	337.7
Assumed		66.6		73.1
Ceded		(5.6)		(18.8)
Net premiums written		$	383.4	$	392.0
Premiums earned:
Direct		$	302.5	$	282.0
Assumed		67.8		62.4
Ceded		(6.6)		(23.1)
Net premiums earned		$	363.7	$	321.3
Losses and LAE incurred:
Direct		$	180.4	$	170.5
Assumed		47.7		45.5
Ceded		(1.9)		(10.4)
Net losses and LAE incurred		$	226.2	$	205.6

GEOGRAPHICAL BREAKDOWN OF GROSS PREMIUMS WRITTEN

Gross premiums written by state is as follows for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
		2026	2025
			Amount		% of Total		Amount		% of Total
			(dollars in millions)
State:
Texas			$	67.9	17.5	%	$	75.1	18.3	%
Georgia			46.4		11.9		46.5		11.3
Florida			39.6		10.2		31.1		7.6
California			35.0		9.0		25.7		6.3
Pennsylvania			21.3		5.5		23.7		5.8
Colorado			17.6		4.5		21.9		5.3
South Carolina			14.0		3.6		17.8		4.3
Arizona			12.0		3.1		13.6		3.3
Nevada			12.0		3.1		12.2		3.0
Oklahoma			8.8		2.3		10.0		2.4
All others states			114.4		29.3		133.2		32.4
Total			$	389.0	100.0	%	$	410.8	100.0	%

LONG-TERM DEBT - Schedule of Long Term Debt (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Debt Disclosure [Abstract]
Principal balance	$ 200.0	$ 200.0
Accrued interest payable	3.2	3.3
Unamortized discount and debt issuance costs	(2.9)	(3.0)
Total	$ 200.3	$ 200.3

- 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

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+ Details

OTHER COMPREHENSIVE (LOSS) INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 284.3	$ 203.7
Other comprehensive (loss) income	(3.5)	3.0
Ending balance	325.9	228.7
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	3.9	(2.3)
Other comprehensive (loss) income before reclassifications	(3.6)	3.0
Net realized gains on investments reclassified from AOCI to net income	0.1	0.0
Other comprehensive (loss) income	(3.5)	3.0
Ending balance	$ 0.4	$ 0.7

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

INVESTMENTS - Schedule of Credit Ratings (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 466.7	$ 383.1
Fair Value	$ 467.1	$ 387.0
AFS securities \| Credit rating
Debt Securities, Available-for-sale [Line Items]
% of Total Fair Value	100.00%	100.00%
AAA
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 99.2	$ 81.5
Fair Value	$ 99.1	$ 82.1
AAA \| AFS securities \| Credit rating
Debt Securities, Available-for-sale [Line Items]
% of Total Fair Value	21.20%	21.20%
AA+, AA, AA-
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 201.8	$ 171.4
Fair Value	$ 202.3	$ 173.3
AA+, AA, AA- \| AFS securities \| Credit rating
Debt Securities, Available-for-sale [Line Items]
% of Total Fair Value	43.30%	44.80%
A+, A, A-
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 136.7	$ 107.7
Fair Value	$ 136.7	$ 108.8
A+, A, A- \| AFS securities \| Credit rating
Debt Securities, Available-for-sale [Line Items]
% of Total Fair Value	29.30%	28.10%
BBB+, BBB, BBB-
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 29.0	$ 22.5
Fair Value	$ 29.0	$ 22.8
BBB+, BBB, BBB- \| AFS securities \| Credit rating
Debt Securities, Available-for-sale [Line Items]
% of Total Fair Value	6.20%	5.90%

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities:
Net income	$ 35.9	$ 18.4
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation	11.0	6.4
Warrant compensation expense	1.9	0.0
Depreciation and amortization	3.1	2.0
Bad debt expense	9.8	9.0
Net realized gains on investments	(0.1)	0.0
Changes in operating assets and liabilities:
Premiums receivable	(27.8)	(64.3)
Reinsurance premiums receivable	1.9	(12.5)
Reinsurance recoverable	5.8	5.2
Deferred policy acquisition costs	(2.1)	(7.0)
Other assets	1.1	5.0
Losses and loss adjustment expenses reserves	(10.9)	5.3
Unearned premiums	18.7	66.4
Premiums payable	(1.6)	12.3
Accounts payable and accrued expenses	(31.0)	(18.0)
Other liabilities	(6.4)	(1.4)
Net cash provided by operating activities	9.3	26.8
Cash flows from investing activities:
Purchases of investments	(100.1)	(27.9)
Proceeds from maturities, calls and pay downs of investments	12.3	16.0
Sales of investments	4.7	0.1
Capitalization of internally developed software	(3.5)	(2.0)
Net cash used in investing activities	(86.6)	(13.8)
Cash flows from financing activities:
Proceeds from exercise of stock options and restricted stock units	0.0	0.3
Taxes paid related to net share settlement of equity awards	(3.7)	(3.1)
Net cash used in financing activities	(3.7)	(2.8)
Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents	(81.0)	10.2
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period	689.9	600.3
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	$ 608.9	$ 610.5

SHARE-BASED COMPENSATION - Schedule of Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 11.0	$ 6.4
Loss and loss adjustment expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	1.2	0.6
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	0.3	0.2
Other insurance expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	0.4	0.3
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	2.2	1.3
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 6.9	$ 4.0

EARNINGS PER SHARE- Schedule of Potentially Dilutive Common Stock Equivalents (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	7.7	7.5
Service-based restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	0.2	0.0
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total (in shares)	7.5	7.5

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Fair Value of Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Assets
Total fixed maturities	$ 467.1	$ 387.0
Cash equivalents	331.8	369.0
Restricted cash equivalents	10.1	19.0
Total assets at fair value	809.0	775.0
United States Treasury securities and agencies
Assets
Total fixed maturities	59.0	49.2
Municipal securities
Assets
Total fixed maturities	22.3	23.2
Corporate debt securities
Assets
Total fixed maturities	200.1	159.0
Asset-backed securities
Assets
Total fixed maturities	174.9	155.6
Total fixed maturities
Assets
Total fixed maturities	456.3	387.0
Short-term investments
Assets
Total fixed maturities	10.8
Level 1
Assets
Cash equivalents	331.8	369.0
Restricted cash equivalents	10.1	19.0
Total assets at fair value	408.9	434.7
Level 1 \| United States Treasury securities and agencies
Assets
Total fixed maturities	56.2	46.7
Level 1 \| Municipal securities
Assets
Total fixed maturities	0.0	0.0
Level 1 \| Corporate debt securities
Assets
Total fixed maturities	0.0	0.0
Level 1 \| Asset-backed securities
Assets
Total fixed maturities	0.0	0.0
Level 1 \| Total fixed maturities
Assets
Total fixed maturities	56.2	46.7
Level 1 \| Short-term investments
Assets
Total fixed maturities	10.8
Level 2
Assets
Cash equivalents	0.0	0.0
Restricted cash equivalents	0.0	0.0
Total assets at fair value	400.1	340.3
Level 2 \| United States Treasury securities and agencies
Assets
Total fixed maturities	2.8	2.5
Level 2 \| Municipal securities
Assets
Total fixed maturities	22.3	23.2
Level 2 \| Corporate debt securities
Assets
Total fixed maturities	200.1	159.0
Level 2 \| Asset-backed securities
Assets
Total fixed maturities	174.9	155.6
Level 2 \| Total fixed maturities
Assets
Total fixed maturities	400.1	340.3
Level 2 \| Short-term investments
Assets
Total fixed maturities	0.0
Level 3
Assets
Cash equivalents	0.0	0.0
Restricted cash equivalents	0.0	0.0
Total assets at fair value	0.0	0.0
Level 3 \| United States Treasury securities and agencies
Assets
Total fixed maturities	0.0	0.0
Level 3 \| Municipal securities
Assets
Total fixed maturities	0.0	0.0
Level 3 \| Corporate debt securities
Assets
Total fixed maturities	0.0	0.0
Level 3 \| Asset-backed securities
Assets
Total fixed maturities	0.0	0.0
Level 3 \| Total fixed maturities
Assets
Total fixed maturities	0.0	$ 0.0
Level 3 \| Short-term investments
Assets
Total fixed maturities	$ 0.0

INVESTMENTS - Schedule of Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Net Investment Income [Line Items]
Total	$ 10.0	$ 9.4
Investment expense	(1.3)	(0.7)
Net investment income	8.7	8.7
Interest on fixed maturities and short-term investments
Net Investment Income [Line Items]
Total	4.7	3.4
Interest on cash, cash equivalents, restricted cash, and restricted cash equivalents
Net Investment Income [Line Items]
Total	$ 5.3	$ 6.0

- 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

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES

3 Months Ended

Mar. 31, 2026

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:


	Three Months Ended March 31,
	2026		2025
	(dollars in millions)
Gross loss and LAE reserves, January 1	$	483.6	$	413.2
Reinsurance recoverable on unpaid losses	(25.4)		(48.0)
Net loss and LAE reserves, January 1	458.2		365.2
Net incurred loss and LAE related to:
Current year	244.7		218.7
Prior years	(18.5)		(13.1)
Total incurred	226.2		205.6
Net paid loss and LAE related to:
Current year	79.7		69.6
Prior years	152.4		123.8
Total paid	232.1		193.4
Net loss and LAE reserves, March 31	452.3		377.4
Plus reinsurance recoverable on unpaid losses	20.4		41.1
Gross loss and LAE reserves, March 31	$	472.7	$	418.5

Incurred losses and LAE attributable to prior accident years was a decrease of $18.5 million and $13.1 million for the three months ended March 31, 2026 and 2025, respectively. For the three months ended March 31, 2026, 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 2025 on both liability and physical damage coverages and the identification of additional subrogation opportunities resulting from model improvements. For the three months ended March 31, 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.

- 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

SHARE-BASED COMPENSATION - Schedule of Additional Information Pertaining To Restricted Stock Units Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Service-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant date fair value of awards granted	$ 20.1	$ 0.8
Total grant date fair value of awards vested	1.8	2.2
Total intrinsic value of awards vested	2.5	8.7
Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant date fair value of awards granted	18.1	0.0
Total grant date fair value of awards vested	10.8	0.0
Total intrinsic value of awards vested	$ 7.7	$ 0.0

- 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

+ Details

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Share

The following table displays the computation of basic and diluted earnings per share, or EPS, for both Class A and Class B common stock for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
		2026		2025
		(in millions, except per share amounts)
Numerator:
Net income		$	35.9	$	18.4
Less: Undistributed income allocated to participating securities		1.7		0.9
Net income attributable to common shareholders		34.2		17.5
Denominator:
Weighted-average common shares outstanding: basic (both Class A and B)		15.6		15.2
Effect of dilutive securities:
Redeemable convertible preferred stock		0.8		0.8
Service-based restricted stock units		0.3		0.8
Market-based restricted stock units		0.3		0.3
Performance-based restricted stock units		0.1		—
Stock options		0.1		0.1

Weighted-average common shares outstanding: diluted (both Class A and B)		17.2		17.2
Earnings per common share (both Class A and B):
Basic		$	2.19	$	1.15
Diluted		$	2.09	$	1.07

Schedule of Potentially Dilutive Common Stock Equivalents

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 March 31,
		2026	2025
		(in millions)


Service-based restricted stock units		0.2	—



Warrants to purchase common stock		7.5	7.5
Total		7.7	7.5

GEOGRAPHICAL BREAKDOWN OF GROSS PREMIUMS WRITTEN (Tables)

3 Months Ended

Mar. 31, 2026

Insurance [Abstract]

Schedule of Gross Premiums Written

The following table reflects amounts affecting the condensed consolidated statements of operations and comprehensive income for reinsurance for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
		2026		2025
		(dollars in millions)










Premiums written:
Direct		$	322.4	$	337.7
Assumed		66.6		73.1
Ceded		(5.6)		(18.8)
Net premiums written		$	383.4	$	392.0
Premiums earned:
Direct		$	302.5	$	282.0
Assumed		67.8		62.4
Ceded		(6.6)		(23.1)
Net premiums earned		$	363.7	$	321.3
Losses and LAE incurred:
Direct		$	180.4	$	170.5
Assumed		47.7		45.5
Ceded		(1.9)		(10.4)
Net losses and LAE incurred		$	226.2	$	205.6

Gross premiums written by state is as follows for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
		2026	2025
			Amount		% of Total		Amount		% of Total
			(dollars in millions)
State:
Texas			$	67.9	17.5	%	$	75.1	18.3	%
Georgia			46.4		11.9		46.5		11.3
Florida			39.6		10.2		31.1		7.6
California			35.0		9.0		25.7		6.3
Pennsylvania			21.3		5.5		23.7		5.8
Colorado			17.6		4.5		21.9		5.3
South Carolina			14.0		3.6		17.8		4.3
Arizona			12.0		3.1		13.6		3.3
Nevada			12.0		3.1		12.2		3.0
Oklahoma			8.8		2.3		10.0		2.4
All others states			114.4		29.3		133.2		32.4
Total			$	389.0	100.0	%	$	410.8	100.0	%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) segment shares	Mar. 31, 2025 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of reportable segment \| segment	1
Deferred policy acquisition costs, amortization expense \| $	$ 29.3	$ 11.4
Performance-based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares	0.4
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]
Actual number of performance-based restricted stock units (as percent)	0.00%
Performance-based Restricted Stock Units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Actual number of performance-based restricted stock units (as percent)	200.00%

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES (Tables)

3 Months Ended

Mar. 31, 2026

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:


	Three Months Ended March 31,
	2026		2025
	(dollars in millions)
Gross loss and LAE reserves, January 1	$	483.6	$	413.2
Reinsurance recoverable on unpaid losses	(25.4)		(48.0)
Net loss and LAE reserves, January 1	458.2		365.2
Net incurred loss and LAE related to:
Current year	244.7		218.7
Prior years	(18.5)		(13.1)
Total incurred	226.2		205.6
Net paid loss and LAE related to:
Current year	79.7		69.6
Prior years	152.4		123.8
Total paid	232.1		193.4
Net loss and LAE reserves, March 31	452.3		377.4
Plus reinsurance recoverable on unpaid losses	20.4		41.1
Gross loss and LAE reserves, March 31	$	472.7	$	418.5

LONG-TERM DEBT

3 Months Ended

Mar. 31, 2026

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, or SOFR, 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 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 March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
	(dollars in millions)





Principal balance	$	200.0	$	200.0


Accrued interest payable	3.2		3.3
Unamortized discount and debt issuance costs	(2.9)		(3.0)
Total	$	200.3	$	200.3

In May 2026, we prepaid the Amended Term Loan in full and entered into a new senior secured term loan. For additional information refer to Note 13, “Subsequent Events.”

- 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

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+ Details

SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Warrants

The following table provides the maximum remaining unrecognized compensation costs as of March 31, 2026, 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	—		200,000 policy originations
Tranche 3	$	270.00	1.5	5.9		300,000 policy originations
Tranche 4	$	405.00	1.5	2.4		400,000 policy originations
Tranche 5	$	540.00	1.3	1.0		500,000 policy originations
Total Long-Term			7.2	$	9.3

Schedule of Share-Based Compensation Expense

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


	Three Months Ended March 31,
		2026		2025
		(dollars in millions)
Share-based compensation expense:

Loss and loss adjustment expenses		$	1.2	$	0.6
Sales and marketing		0.3		0.2
Other insurance expense		0.4		0.3
Technology and development		2.2		1.3
General and administrative		6.9		4.0
Total share-based compensation expense		$	11.0	$	6.4

Schedule of Restricted Stock Units and Unvested Stock Options

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 March 31, 2026 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		$	33.3	$	39.0	$	0.2	$	0.1
Remaining weighted-average period cost is expected to be recognized (in years)		1.68		2.55		1.25		0.25

Schedule of Restricted Stock Units Activity

A summary of restricted stock units activity for the three months ended March 31, 2026 is as follows:


	Three Months Ended March 31, 2026
	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, 2026	0.6	$	47.81	0.4	$	93.78	0.3	$	5.43
Granted	0.4	44.87		0.4	44.33		—	—
Change due to performance criteria achievement	—	—		0.1	75.55		—	—
Vested	—	42.40		(0.1)	86.67		—	—
Forfeited, expired or canceled	—	82.34		—	—		—	—
Unvested at March 31, 2026	1.0	$	46.47	0.8	$	66.52	0.3	$	5.43

Schedule of Additional Information Pertaining To Restricted Stock Units Activity

Additional information pertaining to restricted stock units for the three months ended March 31, 2026 and 2025 is as follows:


		Three Months Ended March 31,
		2026		2025
	(dollars in millions)
Service-based restricted stock units:
Total grant date fair value of awards granted		$	20.1	$	0.8
Total grant date fair value of awards vested		1.8		2.2
Total intrinsic value of awards vested		2.5		8.7

Performance-based restricted stock units:
Total grant date fair value of awards granted		$	18.1	$	—
Total grant date fair value of awards vested		10.8		—
Total intrinsic value of awards vested		7.7		—

Schedule of Option Activity

A summary of option activity for the three months ended March 31, 2026 is as follows:


	Three Months Ended March 31, 2026
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, 2026	0.1	$	34.80	2.28	$	5.1
Granted	—	—
Exercised	—	0.65			1.5
Forfeited, expired or canceled	—	—
Outstanding and exercisable at March 31, 2026	0.1	$	50.66	2.60	$	1.2

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

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents reported within the condensed consolidated balance sheets that sum to the total of the same such amount in the condensed consolidated statements of cash flows:


	As of
	March 31,		December 31,
	2026		2025
	(dollars in millions)
Cash and cash equivalents	$	597.2	$	669.3
Restricted cash and cash equivalents	11.7		20.6
Total cash, cash equivalents, restricted cash, and restricted cash equivalents shown in the condensed consolidated statements of cash flows	$	608.9	$	689.9

Schedule of Restricted Cash and Restricted Cash Equivalents


	As of
	March 31,		December 31,
	2026		2025
	(dollars in millions)
Cash and cash equivalents	$	597.2	$	669.3
Restricted cash and cash equivalents	11.7		20.6
Total cash, cash equivalents, restricted cash, and restricted cash equivalents shown in the condensed consolidated statements of cash flows	$	608.9	$	689.9

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The following table displays the computation of basic and diluted earnings per share, or EPS, for both Class A and Class B common stock for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
		2026		2025
		(in millions, except per share amounts)
Numerator:
Net income		$	35.9	$	18.4
Less: Undistributed income allocated to participating securities		1.7		0.9
Net income attributable to common shareholders		34.2		17.5
Denominator:
Weighted-average common shares outstanding: basic (both Class A and B)		15.6		15.2
Effect of dilutive securities:
Redeemable convertible preferred stock		0.8		0.8
Service-based restricted stock units		0.3		0.8
Market-based restricted stock units		0.3		0.3
Performance-based restricted stock units		0.1		—
Stock options		0.1		0.1

Weighted-average common shares outstanding: diluted (both Class A and B)		17.2		17.2
Earnings per common share (both Class A and B):
Basic		$	2.19	$	1.15
Diluted		$	2.09	$	1.07


	Three Months Ended March 31,
		2026	2025
		(in millions)


Service-based restricted stock units		0.2	—



Warrants to purchase common stock		7.5	7.5
Total		7.7	7.5

EARNINGS PER SHARE - Schedule of Computation of Basic and Diluted (Loss) Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net income	$ 35.9	$ 18.4
Less: Undistributed income allocated to participating securities	1.7	0.9
Net income attributable to common shareholders	$ 34.2	$ 17.5
Denominator:
Weighted-average common shares outstanding: basic (both Class A and B) (in shares)	15.6	15.2
Effect of dilutive securities:
Weighted-average common shares outstanding: diluted (both Class A and B) (in shares)	17.2	17.2
Earnings per common share (both Class A and B):
Basic (in dollars per share)	$ 2.19	$ 1.15
Diluted (in dollars per share)	$ 2.09	$ 1.07
Redeemable convertible preferred stock
Effect of dilutive securities:
Redeemable convertible preferred stock (in shares)	0.8	0.8
Service-based restricted stock units
Effect of dilutive securities:
Service-based restricted stock units, Market-based restricted stock units, Performance-based restricted stock units and Stock options (in shares)	0.3	0.8
Market-based restricted stock units
Effect of dilutive securities:
Service-based restricted stock units, Market-based restricted stock units, Performance-based restricted stock units and Stock options (in shares)	0.3	0.3
Performance-based Restricted Stock Units
Effect of dilutive securities:
Service-based restricted stock units, Market-based restricted stock units, Performance-based restricted stock units and Stock options (in shares)	0.1	0.0
Stock options
Effect of dilutive securities:
Service-based restricted stock units, Market-based restricted stock units, Performance-based restricted stock units and Stock options (in shares)	0.1	0.1

SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2026

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 warrants expired unexercised on September 1, 2025, at which point the long-term warrants became probable of vesting; the long-term warrants have an expiration date of September 1, 2027.

We recognized compensation expense considering the probability of and progress toward achieving the long-term warrant policy origination milestones. For the three months ended March 31, 2026 and 2025, we recognized compensation expense of $1.9 million and zero, respectively. Warrant compensation expense is recorded in other insurance expense in the condensed consolidated statements of operations and comprehensive income. All of these warrants are out-of-the-money and, therefore, have no intrinsic value as of March 31, 2026.

Based on the probability of achieving certain policy origination milestones, unrecognized compensation cost is approximately $5.9 million as of March 31, 2026. The weighted-average remaining compensation costs are expected to be recognized over a period of 1.50 years.

The following table provides the maximum remaining unrecognized compensation costs as of March 31, 2026, 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	—		200,000 policy originations
Tranche 3	$	270.00	1.5	5.9		300,000 policy originations
Tranche 4	$	405.00	1.5	2.4		400,000 policy originations
Tranche 5	$	540.00	1.3	1.0		500,000 policy originations
Total Long-Term			7.2	$	9.3

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, employees, and certain advisors. As of March 31, 2026, we had 1.3 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 income:


	Three Months Ended March 31,
		2026		2025
		(dollars in millions)
Share-based compensation expense:

Loss and loss adjustment expenses		$	1.2	$	0.6
Sales and marketing		0.3		0.2
Other insurance expense		0.4		0.3
Technology and development		2.2		1.3
General and administrative		6.9		4.0
Total share-based compensation expense		$	11.0	$	6.4


	Service-based Restricted Stock Units	Performance-based Restricted Stock Units		Market-based Restricted Stock Units		Unvested Stock Options
		(dollars in millions)
Unrecognized compensation costs		$	33.3	$	39.0	$	0.2	$	0.1
Remaining weighted-average period cost is expected to be recognized (in years)		1.68		2.55		1.25		0.25

Restricted Stock Units

A summary of restricted stock units activity for the three months ended March 31, 2026 is as follows:


	Three Months Ended March 31, 2026
	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, 2026	0.6	$	47.81	0.4	$	93.78	0.3	$	5.43
Granted	0.4	44.87		0.4	44.33		—	—
Change due to performance criteria achievement	—	—		0.1	75.55		—	—
Vested	—	42.40		(0.1)	86.67		—	—
Forfeited, expired or canceled	—	82.34		—	—		—	—
Unvested at March 31, 2026	1.0	$	46.47	0.8	$	66.52	0.3	$	5.43

Additional information pertaining to restricted stock units for the three months ended March 31, 2026 and 2025 is as follows:


		Three Months Ended March 31,
		2026		2025
	(dollars in millions)
Service-based restricted stock units:
Total grant date fair value of awards granted		$	20.1	$	0.8
Total grant date fair value of awards vested		1.8		2.2
Total intrinsic value of awards vested		2.5		8.7

Performance-based restricted stock units:
Total grant date fair value of awards granted		$	18.1	$	—
Total grant date fair value of awards vested		10.8		—
Total intrinsic value of awards vested		7.7		—

Stock Options

A summary of option activity for the three months ended March 31, 2026 is as follows:


	Three Months Ended March 31, 2026
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, 2026	0.1	$	34.80	2.28	$	5.1
Granted	—	—
Exercised	—	0.65			1.5
Forfeited, expired or canceled	—	—
Outstanding and exercisable at March 31, 2026	0.1	$	50.66	2.60	$	1.2

INVESTMENTS

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 and December 31, 2025 are as follows:


	March 31, 2026
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(dollars in millions)
Fixed maturities:
United States Treasury securities and agencies	$	58.7	$	—	$	0.4	$	(0.1)	$	59.0
Municipal securities	22.3		—		0.1		(0.1)		22.3
Corporate debt securities	200.1		—		1.0		(1.0)		200.1
Asset-backed securities	174.8		—		0.8		(0.7)		174.9
Total fixed maturities	455.9		—		2.3		(1.9)		456.3
Short-term investments	10.8		—		—		—		10.8
Total	$	466.7	$	—	$	2.3	$	(1.9)	$	467.1

	December 31, 2025
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(dollars in millions)
Fixed maturities:
United States Treasury securities and agencies	$	48.4	$	—	$	0.8	$	—	$	49.2
Municipal securities	23.0		—		0.3		(0.1)		23.2
Corporate debt securities	157.3		—		1.9		(0.2)		159.0
Asset-backed securities	154.4		—		1.5		(0.3)		155.6
Total fixed maturities	$	383.1	$	—	$	4.5	$	(0.6)	$	387.0

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 March 31, 2026 and December 31, 2025. 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 March 31, 2026 and December 31, 2025.

The following tables reflect the gross unrealized losses and fair value of short-term investments and available-for-sale fixed maturity securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2026 and December 31, 2025:


	March 31, 2026
	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:
United States Treasury securities and agencies	$	23.5	$	(0.1)	$	0.8	$	—	$	24.3	$	(0.1)
Municipal securities	5.9		—		5.8		(0.1)		11.7		(0.1)
Corporate debt securities	108.6		(0.8)		6.8		(0.2)		115.4		(1.0)
Asset-backed securities	68.2		(0.5)		4.3		(0.2)		72.5		(0.7)
Total fixed maturities	206.2		(1.4)		17.7		(0.5)		223.9		(1.9)
Short-term investments	10.8		—		—		—		10.8		—
Total	$	217.0	$	(1.4)	$	17.7	$	(0.5)	$	234.7	$	(1.9)

	December 31, 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:
United States Treasury securities	$	2.0	$	—	$	0.7	$	—	$	2.7	$	—
Municipal securities	—		—		6.5		(0.1)		6.5		(0.1)
Corporate debt securities	21.5		—		7.4		(0.2)		28.9		(0.2)
Asset backed securities	20.3		(0.1)		5.9		(0.2)		26.2		(0.3)
Total fixed maturities	$	43.8	$	(0.1)	$	20.5	$	(0.5)	$	64.3	$	(0.6)

Other Investments

As of March 31, 2026 and December 31, 2025, 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 months ended March 31, 2026 and 2025.

The following table reflects the gross and net realized gains and losses on short-term investments and available-for-sale fixed maturities that have been included in the condensed consolidated statements of operations and comprehensive income for the three months ended March 31, 2026 and 2025.


	Three Months Ended March 31,
		2026		2025
		(dollars in millions)
Realized gains on investments		$	0.1	$	—
Realized losses on investments		—		—
Net realized gains on investments		$	0.1	$	—

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 March 31, 2026:


	March 31, 2026
	Amortized Cost		Fair Value
	(dollars in millions)
Due in one year or less	$	49.6	$	49.6
Due after one year through five years	293.3		294.1
Due five years through 10 years	54.2		54.1
Due after 10 years	69.6		69.3
Total	$	466.7	$	467.1

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 months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
		2026		2025
		(dollars in millions)
Interest on fixed maturities and short-term investments		$	4.7	$	3.4
Interest on cash, cash equivalents, restricted cash, and restricted cash equivalents		5.3		6.0

Total		10.0		9.4
Investment expense		(1.3)		(0.7)
Net investment income		$	8.7	$	8.7

The following tables summarize the credit ratings of short-term investments and available-for-sale fixed maturity securities at March 31, 2026 and December 31, 2025:


	March 31, 2026
	Amortized Cost		Fair Value		% of Total Fair Value
	(dollars in millions)
S&P Global rating or equivalent
AAA	$	99.2	$	99.1	21.2	%
AA+, AA, AA-	201.8		202.3		43.3
A+, A, A-	136.7		136.7		29.3
BBB+, BBB, BBB-	29.0		29.0		6.2

Total	$	466.7	$	467.1	100.0	%


	December 31, 2025
	Amortized Cost		Fair Value		% of Total Fair Value
	(dollars in millions)
S&P Global rating or equivalent
AAA	$	81.5	$	82.1	21.2	%
AA+, AA, AA-	171.4		173.3		44.8
A+, A, A-	107.7		108.8		28.1
BBB+, BBB, BBB-	22.5		22.8		5.9
Total	$	383.1	$	387.0	100.0	%

Pursuant to certain regulatory requirements, we are required to hold assets on deposit with various state insurance departments for the benefit of policyholders. These special deposits are included in available-for-sale fixed maturity securities on the consolidated balance sheets. As of March 31, 2026 and December 31, 2025, these required deposits had an amortized cost of $15.8 million and $15.7 million, respectively, and fair value of $15.9 million. We maintain restricted cash equivalents and certain investments in a trust to meet collateral requirements with the fronting carrier. As of March 31, 2026 and December 31, 2025, we held investments in the trust of $85.4 million and $77.0 million, respectively. There are withdrawal and other restrictions on these deposits. Ultimately, when unearned premiums run off and loss reserves are paid under this program, any remaining trust balances will be released and available for general use.

NATURE OF BUSINESS (Details)	Mar. 31, 2026
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

SHARE-BASED COMPENSATION- Schedule of Warrants (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Mar. 31, 2026	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	$ 9.3
Long Term Warrant \| Tranche 1
Class of Warrant or Right [Line Items]
Exercise price (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 (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	$ 0.0
Long Term Warrant \| Tranche 3
Class of Warrant or Right [Line Items]
Exercise price (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	$ 5.9
Long Term Warrant \| Tranche 4
Class of Warrant or Right [Line Items]
Exercise price (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	$ 2.4
Long Term Warrant \| Tranche 5
Class of Warrant or Right [Line Items]
Exercise price (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

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 and December 31, 2025:


	March 31, 2026
	Level 1		Level 2		Level 3		Total Fair Value
	(dollars in millions)
Assets
Fixed maturities:
United States Treasury securities and agencies	$	56.2	$	2.8	$	—	$	59.0
Municipal securities	—		22.3		—		22.3
Corporate debt securities	—		200.1		—		200.1
Asset-backed securities	—		174.9		—		174.9
Total fixed maturities	56.2		400.1		—		456.3
Short-term investments	10.8		—		—		10.8
Cash equivalents	331.8		—		—		331.8
Restricted cash equivalents	10.1		—		—		10.1
Total assets at fair value	$	408.9	$	400.1	$	—	$	809.0




	December 31, 2025
	Level 1		Level 2		Level 3		Total Fair Value
	(dollars in millions)
Assets
Fixed maturities:
United States Treasury securities and agencies	$	46.7	$	2.5	$	—	$	49.2
Municipal securities	—		23.2		—		23.2
Corporate debt securities	—		159.0		—		159.0
Asset-backed securities	—		155.6		—		155.6
Total fixed maturities	46.7		340.3		—		387.0

Cash equivalents	369.0		—		—		369.0
Restricted cash equivalents	19.0		—		—		19.0
Total assets at fair value	$	434.7	$	340.3	$	—	$	775.0

Schedule of Carrying Amounts and Fair Values of Financial Instruments

As of March 31, 2026 and December 31, 2025, the carrying amounts and fair values of these financial instruments were as follows:


	Carrying Amount as of March 31, 2026		Estimated Fair Value as of March 31, 2026		Carrying Amount as of December 31, 2025		Estimated Fair Value as of December 31, 2025
	(dollars in millions)
Long-term debt	$	200.3	$	204.1	$	200.3	$	204.1

CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Investments:
Fixed maturities available-for-sale, at fair value (amortized cost: $455.9 and $383.1 at March 31, 2026 and December 31, 2025, respectively)	$ 456.3	$ 387.0
Short-term investments (amortized cost: $10.8 and zero at March 31, 2026 and December 31, 2025, respectively)	10.8	0.0
Other investments	4.4	4.4
Total investments	471.5	391.4
Cash and cash equivalents	597.2	669.3
Restricted cash and cash equivalents	11.7	20.6
Premiums receivable, net of allowance of $8.6 and $8.9 at March 31, 2026 and December 31, 2025, respectively	350.8	332.8
Reinsurance premiums receivable, net of allowance of zero at March 31, 2026 and December 31, 2025	94.4	96.3
Reinsurance recoverable, net of allowance of $0.1 at March 31, 2026 and December 31, 2025	27.7	33.5
Deferred policy acquisition costs	46.5	44.4
Other assets	85.1	86.2
Total assets	1,684.9	1,674.5
Liabilities:
Loss and loss adjustment expense reserves	472.7	483.6
Unearned premiums	412.4	393.7
Long-term debt	200.3	200.3
Premiums payable	95.1	96.7
Accounts payable and accrued expenses	43.2	74.2
Other liabilities	23.3	29.7
Total liabilities	1,247.0	1,278.2
Commitments and Contingencies
Redeemable convertible preferred stock, $0.0001 par value, 100.0 shares authorized, 14.1 shares issued and outstanding at March 31, 2026 and December 31, 2025 (redemption value of $126.5)	112.0	112.0
Stockholders’ equity:
Additional paid-in capital	1,931.2	1,922.0
Accumulated other comprehensive income	0.4	3.9
Accumulated loss	(1,605.7)	(1,641.6)
Total stockholders’ equity	325.9	284.3
Total liabilities, redeemable convertible preferred stock and stockholders’ equity	1,684.9	1,674.5
Class A common stock
Stockholders’ equity:
Common stock	0.0	0.0
Class B convertible common stock
Stockholders’ equity:
Common stock	$ 0.0	$ 0.0

INCOME TAXES (Details)	3 Months Ended
INCOME TAXES (Details)	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Effective income tax rate (as percent)	0.60%	0.00%
Federal income tax rate (as percent)	21.00%

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2026

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 March 31, 2026 and December 31, 2025:


	March 31, 2026
	Level 1		Level 2		Level 3		Total Fair Value
	(dollars in millions)
Assets
Fixed maturities:
United States Treasury securities and agencies	$	56.2	$	2.8	$	—	$	59.0
Municipal securities	—		22.3		—		22.3
Corporate debt securities	—		200.1		—		200.1
Asset-backed securities	—		174.9		—		174.9
Total fixed maturities	56.2		400.1		—		456.3
Short-term investments	10.8		—		—		10.8
Cash equivalents	331.8		—		—		331.8
Restricted cash equivalents	10.1		—		—		10.1
Total assets at fair value	$	408.9	$	400.1	$	—	$	809.0




	December 31, 2025
	Level 1		Level 2		Level 3		Total Fair Value
	(dollars in millions)
Assets
Fixed maturities:
United States Treasury securities and agencies	$	46.7	$	2.5	$	—	$	49.2
Municipal securities	—		23.2		—		23.2
Corporate debt securities	—		159.0		—		159.0
Asset-backed securities	—		155.6		—		155.6
Total fixed maturities	46.7		340.3		—		387.0

Cash equivalents	369.0		—		—		369.0
Restricted cash equivalents	19.0		—		—		19.0
Total assets at fair value	$	434.7	$	340.3	$	—	$	775.0

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 March 31, 2026 and December 31, 2025, the carrying amounts and fair values of these financial instruments were as follows:


	Carrying Amount as of March 31, 2026		Estimated Fair Value as of March 31, 2026		Carrying Amount as of December 31, 2025		Estimated Fair Value as of December 31, 2025
	(dollars in millions)
Long-term debt	$	200.3	$	204.1	$	200.3	$	204.1

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
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-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
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-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
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-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
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-Name Accounting Standards Codification
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-Subparagraph (h)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (d)
-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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-Subparagraph (h)
-Publisher FASB
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-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

SHARE-BASED COMPENSATION - Schedule of Option Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
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)	$ 34.80
Granted (in dollars per share)	0
Exercised (in dollars per share)	0.65
Forfeited, expired and canceled (in dollars per share)	0
Outstanding, ending balance (in dollars per share)	$ 50.66	$ 34.80
Outstanding, weighted-average remaining contractual term (in years)	2 years 7 months 6 days	2 years 3 months 10 days
Outstanding, aggregate intrinsic value	$ 1.2	$ 5.1
Exercised, aggregate intrinsic value	$ 1.5

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 Income (Loss)	Accumulated Loss
Beginning balance (in shares) at Dec. 31, 2024	14.1
Beginning balance at Dec. 31, 2024	$ 112.0
Ending balance (in shares) at Mar. 31, 2025	14.1
Ending balance at Mar. 31, 2025	$ 112.0
Beginning balance (in shares) at Dec. 31, 2024					11.1	4.0
Beginning balance at Dec. 31, 2024	203.7			$ 0.0			$ 1,887.9	$ (2.3)	$ (1,681.9)
Total Stockholders' Equity
Net income	18.4								18.4
Other comprehensive income (loss)	3.0							3.0
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	(2.8)						(2.8)
Common stock—share-based compensation expense	6.4						6.4
Ending balance (in shares) at Mar. 31, 2025					11.2	4.0
Ending balance at Mar. 31, 2025	$ 228.7			0.0			1,891.5	0.7	(1,663.5)
Beginning balance (in shares) at Dec. 31, 2025	14.1
Beginning balance at Dec. 31, 2025	$ 112.0
Ending balance (in shares) at Mar. 31, 2026	14.1
Ending balance at Mar. 31, 2026	$ 112.0
Beginning balance (in shares) at Dec. 31, 2025		13.7	1.8		13.7	1.8
Beginning balance at Dec. 31, 2025	284.3			0.0			1,922.0	3.9	(1,641.6)
Total Stockholders' Equity
Net income	35.9
Other comprehensive income (loss)	(3.5)							(3.5)
Common stock—option exercises and restricted stock units vesting, net of shares withheld for employee taxes (in shares)					0.2
Common stock—option exercises and restricted stock units vesting, net of shares withheld for employee taxes	(3.7)						(3.7)
Common stock—share-based compensation expense	11.0						11.0
Warrant compensation expense	1.9						1.9
Ending balance (in shares) at Mar. 31, 2026		13.9	1.8		13.9	1.8
Ending balance at Mar. 31, 2026	$ 325.9			$ 0.0			$ 1,931.2	$ 0.4	$ (1,605.7)

FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Carrying Amounts and Fair Values of Financial Instruments (Details) - Level 2 - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Carrying amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 200.3	$ 200.3
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 204.1	$ 204.1

- 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)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-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
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 825
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-Name Accounting Standards Codification
-Section 55
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-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

SHARE-BASED COMPENSATION - Narrative (Details) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) shares	Mar. 31, 2025 USD ($)	Oct. 31, 2021 tranche shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 11.0	$ 6.4
2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares) \| shares	1.3
Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 5.9
Weighted-average remaining compensation costs expected over a period	1 year 6 months
Class A Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares) \| shares			7.2
Short Term Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of tranches \| tranche			3
Long Term Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of tranches \| tranche			5
Long Term Warrant \| Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 1.9	$ 0.0
Long Term Warrant \| Class A Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares) \| shares	7.2
Unrecognized compensation costs	$ 9.3
Carvana
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of tranches \| tranche			8

LONG-TERM DEBT - Narrative (Details) - USD ($)	1 Months Ended
LONG-TERM DEBT - Narrative (Details) - USD ($)	Oct. 31, 2024	Mar. 31, 2026
Debt Instrument [Line Items]
Secured pledge of capital stock (as percent)		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 (as percent)	1.00%
Written notice period	3 days
Term Loan C \| Secured debt \| Minimum
Debt Instrument [Line Items]
Variable rate (as percent)	5.25%
Term Loan C \| Secured debt \| Maximum
Debt Instrument [Line Items]
Variable rate (as percent)	6.00%
2026 Term Loan \| Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate, prepayment premium (as percent)	1.00%

INVESTMENTS - Schedule of Unrealized Losses (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Fair Value
Less than 12 Months	$ 217.0
12 Months or More	17.7
Total	234.7
Unrealized Loss
Less than 12 Months	(1.4)
12 Months or More	(0.5)
Total	(1.9)
United States Treasury securities and agencies
Fair Value
Less than 12 Months	23.5	$ 2.0
12 Months or More	0.8	0.7
Total	24.3	2.7
Unrealized Loss
Less than 12 Months	(0.1)	0.0
12 Months or More	0.0	0.0
Total	(0.1)	0.0
Municipal securities
Fair Value
Less than 12 Months	5.9	0.0
12 Months or More	5.8	6.5
Total	11.7	6.5
Unrealized Loss
Less than 12 Months	0.0	0.0
12 Months or More	(0.1)	(0.1)
Total	(0.1)	(0.1)
Corporate debt securities
Fair Value
Less than 12 Months	108.6	21.5
12 Months or More	6.8	7.4
Total	115.4	28.9
Unrealized Loss
Less than 12 Months	(0.8)	0.0
12 Months or More	(0.2)	(0.2)
Total	(1.0)	(0.2)
Asset-backed securities
Fair Value
Less than 12 Months	68.2	20.3
12 Months or More	4.3	5.9
Total	72.5	26.2
Unrealized Loss
Less than 12 Months	(0.5)	(0.1)
12 Months or More	(0.2)	(0.2)
Total	(0.7)	(0.3)
Total fixed maturities
Fair Value
Less than 12 Months	206.2	43.8
12 Months or More	17.7	20.5
Total	223.9	64.3
Unrealized Loss
Less than 12 Months	(1.4)	(0.1)
12 Months or More	(0.5)	(0.5)
Total	(1.9)	$ (0.6)
Short-term investments
Fair Value
Less than 12 Months	10.8
12 Months or More	0.0
Total	10.8
Unrealized Loss
Less than 12 Months	0.0
12 Months or More	0.0
Total	$ 0.0

LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Long Term Debt

The following summarizes the carrying value of long-term debt as of March 31, 2026 and December 31, 2025:


	March 31, 2026		December 31, 2025
	(dollars in millions)





Principal balance	$	200.0	$	200.0


Accrued interest payable	3.2		3.3
Unamortized discount and debt issuance costs	(2.9)		(3.0)
Total	$	200.3	$	200.3

- 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
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-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
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-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
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-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

INVESTMENTS - Other Investments Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Other investments	$ 4,400,000		$ 4,400,000
Realized gains (losses) on investments	0	$ 0
Amortized costs of special deposits	15,800,000		15,700,000
Fair value of special deposits	15,900,000		15,900,000
Balances held in the trust	$ 85,400,000		$ 77,000,000.0

COVER PAGE - shares	3 Months Ended
COVER PAGE - shares	Mar. 31, 2026	Apr. 29, 2026
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001788882
Current Fiscal Year End Date	--12-31
Class A Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		14,020,060
Class B Shares
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,806,236

OTHER COMPREHENSIVE (LOSS) INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Income (Loss)

The following table presents the changes in our accumulated other comprehensive income (loss), or AOCI, for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
		2026		2025
		(dollars in millions)

Beginning balance		$	3.9	$	(2.3)
Other comprehensive (loss) income before reclassifications		(3.6)		3.0
Net realized gains on investments reclassified from AOCI to net income		0.1		—


Other comprehensive (loss) income		(3.5)		3.0
Ending balance		$	0.4	$	0.7

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS In May 2026, we prepaid all of the outstanding principal balance of the Amended Term Loan with borrowings under a new senior secured term loan described below. The prepayment will result in a loss on extinguishment of debt of $4.8 million, primarily related to accelerated amortization of debt discount and issuance costs and a prepayment premium. In May 2026, we obtained a $200.0 million senior secured term loan that matures in May 2029. We expect to incur approximately $2.8 million of debt discount and issuance costs related to the new term loan, most of which will be capitalized and amortized over the life of the new term loan. The new term loan requires principal payments equal to approximately 1.0% of the original principal amount in each of the first two years following the closing date and 5.0% in the third year, with the unpaid balance due at maturity. Interest is variable and calculated between SOFR plus 3.0% and SOFR plus 3.75%, based upon the debt-to-capital ratio payable quarterly in cash. In May 2026, we announced that our board of directors approved a share repurchase authorization of up to $75.0 million of Class A common stock, or Repurchase Program. We may utilize various methods to effect repurchases, which could include open market purchases, privately negotiated transactions, block purchases, accelerated share repurchase agreements or a combination of methods, including pursuant to trading plans adopted under Rule 10b5-1 under the Securities Exchange Act of 1934. The Repurchase Program does not have a set expiration date and may be modified, suspended, or discontinued at any time at the discretion of our board of directors. The timing and amount of any repurchases under the Repurchase Program will depend upon several factors, including market and business factors.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - UNAUDITED - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenues:
Net premiums earned	$ 363.7	$ 321.3
Net investment income	8.7	8.7
Net realized gains on investments	0.1	0.0
Fee income	20.3	18.7
Other income	0.7	0.7
Total revenues	393.5	349.4
Operating expenses:
Loss and loss adjustment expenses	226.2	205.6
Sales and marketing	27.3	51.5
Other insurance expense	59.4	36.7
Technology and development	15.2	11.4
General and administrative	24.5	20.5
Total operating expenses	352.6	325.7
Operating income	40.9	23.7
Interest expense	4.8	5.3
Income before income tax expense	36.1	18.4
Income tax expense	0.2	0.0
Net income	35.9	18.4
Net income attributable to participating securities	1.7	0.9
Net income attributable to common shareholders	34.2	17.5
Other comprehensive (loss) income:
Net income	35.9	18.4
Changes in net unrealized (losses) gains on investments	(3.5)	3.0
Comprehensive income	$ 32.4	$ 21.4
Earnings per common share: (both Class A and B)
Basic (in dollars per share)	$ 2.19	$ 1.15
Diluted (in dollars per share)	$ 2.09	$ 1.07
Weighted-average common shares outstanding: (both Class A and B)
Basic (in shares)	15.6	15.2
Diluted (in shares)	17.2	17.2

INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Fair Value and Gross and Net Realized Gains and Losses and Contractual Maturity

The amortized cost and fair value of short-term investments and available-for-sale fixed maturity securities at March 31, 2026 and December 31, 2025 are as follows:


	March 31, 2026
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(dollars in millions)
Fixed maturities:
United States Treasury securities and agencies	$	58.7	$	—	$	0.4	$	(0.1)	$	59.0
Municipal securities	22.3		—		0.1		(0.1)		22.3
Corporate debt securities	200.1		—		1.0		(1.0)		200.1
Asset-backed securities	174.8		—		0.8		(0.7)		174.9
Total fixed maturities	455.9		—		2.3		(1.9)		456.3
Short-term investments	10.8		—		—		—		10.8
Total	$	466.7	$	—	$	2.3	$	(1.9)	$	467.1

	December 31, 2025
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(dollars in millions)
Fixed maturities:
United States Treasury securities and agencies	$	48.4	$	—	$	0.8	$	—	$	49.2
Municipal securities	23.0		—		0.3		(0.1)		23.2
Corporate debt securities	157.3		—		1.9		(0.2)		159.0
Asset-backed securities	154.4		—		1.5		(0.3)		155.6
Total fixed maturities	$	383.1	$	—	$	4.5	$	(0.6)	$	387.0


	Three Months Ended March 31,
		2026		2025
		(dollars in millions)
Realized gains on investments		$	0.1	$	—
Realized losses on investments		—		—
Net realized gains on investments		$	0.1	$	—

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 March 31, 2026:


	March 31, 2026
	Amortized Cost		Fair Value
	(dollars in millions)
Due in one year or less	$	49.6	$	49.6
Due after one year through five years	293.3		294.1
Due five years through 10 years	54.2		54.1
Due after 10 years	69.6		69.3
Total	$	466.7	$	467.1

Schedule of Unrealized Losses


	March 31, 2026
	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:
United States Treasury securities and agencies	$	23.5	$	(0.1)	$	0.8	$	—	$	24.3	$	(0.1)
Municipal securities	5.9		—		5.8		(0.1)		11.7		(0.1)
Corporate debt securities	108.6		(0.8)		6.8		(0.2)		115.4		(1.0)
Asset-backed securities	68.2		(0.5)		4.3		(0.2)		72.5		(0.7)
Total fixed maturities	206.2		(1.4)		17.7		(0.5)		223.9		(1.9)
Short-term investments	10.8		—		—		—		10.8		—
Total	$	217.0	$	(1.4)	$	17.7	$	(0.5)	$	234.7	$	(1.9)

	December 31, 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:
United States Treasury securities	$	2.0	$	—	$	0.7	$	—	$	2.7	$	—
Municipal securities	—		—		6.5		(0.1)		6.5		(0.1)
Corporate debt securities	21.5		—		7.4		(0.2)		28.9		(0.2)
Asset backed securities	20.3		(0.1)		5.9		(0.2)		26.2		(0.3)
Total fixed maturities	$	43.8	$	(0.1)	$	20.5	$	(0.5)	$	64.3	$	(0.6)

Schedule of Net Investment Income

The following table sets forth the components of net investment income for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
		2026		2025
		(dollars in millions)
Interest on fixed maturities and short-term investments		$	4.7	$	3.4
Interest on cash, cash equivalents, restricted cash, and restricted cash equivalents		5.3		6.0

Total		10.0		9.4
Investment expense		(1.3)		(0.7)
Net investment income		$	8.7	$	8.7

Schedule of Credit Ratings

The following tables summarize the credit ratings of short-term investments and available-for-sale fixed maturity securities at March 31, 2026 and December 31, 2025:


	March 31, 2026
	Amortized Cost		Fair Value		% of Total Fair Value
	(dollars in millions)
S&P Global rating or equivalent
AAA	$	99.2	$	99.1	21.2	%
AA+, AA, AA-	201.8		202.3		43.3
A+, A, A-	136.7		136.7		29.3
BBB+, BBB, BBB-	29.0		29.0		6.2

Total	$	466.7	$	467.1	100.0	%


	December 31, 2025
	Amortized Cost		Fair Value		% of Total Fair Value
	(dollars in millions)
S&P Global rating or equivalent
AAA	$	81.5	$	82.1	21.2	%
AA+, AA, AA-	171.4		173.3		44.8
A+, A, A-	107.7		108.8		28.1
BBB+, BBB, BBB-	22.5		22.8		5.9
Total	$	383.1	$	387.0	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

REINSURANCE (Tables)

3 Months Ended

Mar. 31, 2026

Insurance [Abstract]

Schedule of Direct Premiums Written

The following table reflects amounts affecting the condensed consolidated statements of operations and comprehensive income for reinsurance for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
		2026		2025
		(dollars in millions)










Premiums written:
Direct		$	322.4	$	337.7
Assumed		66.6		73.1
Ceded		(5.6)		(18.8)
Net premiums written		$	383.4	$	392.0
Premiums earned:
Direct		$	302.5	$	282.0
Assumed		67.8		62.4
Ceded		(6.6)		(23.1)
Net premiums earned		$	363.7	$	321.3
Losses and LAE incurred:
Direct		$	180.4	$	170.5
Assumed		47.7		45.5
Ceded		(1.9)		(10.4)
Net losses and LAE incurred		$	226.2	$	205.6

Gross premiums written by state is as follows for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
		2026	2025
			Amount		% of Total		Amount		% of Total
			(dollars in millions)
State:
Texas			$	67.9	17.5	%	$	75.1	18.3	%
Georgia			46.4		11.9		46.5		11.3
Florida			39.6		10.2		31.1		7.6
California			35.0		9.0		25.7		6.3
Pennsylvania			21.3		5.5		23.7		5.8
Colorado			17.6		4.5		21.9		5.3
South Carolina			14.0		3.6		17.8		4.3
Arizona			12.0		3.1		13.6		3.3
Nevada			12.0		3.1		12.2		3.0
Oklahoma			8.8		2.3		10.0		2.4
All others states			114.4		29.3		133.2		32.4
Total			$	389.0	100.0	%	$	410.8	100.0	%

SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions	1 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions	May 31, 2026	May 06, 2026	Mar. 31, 2026	Dec. 31, 2025
Subsequent Event [Line Items]
Unamortized debt discount and issuance costs			$ 2.9	$ 3.0
Subsequent event
Subsequent Event [Line Items]
Share repurchase program, authorized, amount		$ 75.0
Senior Secured Term Loan \| Secured debt \| Forecast
Subsequent Event [Line Items]
Principal balance	$ 200.0
Unamortized debt discount and issuance costs	$ 2.8
Senior Secured Term Loan \| Secured debt \| Minimum \| Forecast
Subsequent Event [Line Items]
Variable rate (as percent)	3.00%
Senior Secured Term Loan \| Secured debt \| Maximum \| Forecast
Subsequent Event [Line Items]
Variable rate (as percent)	3.75%
Senior Secured Term Loan \| Secured debt \| Tranche One \| Forecast
Subsequent Event [Line Items]
Periodic payment terms (as percent)	1.00%
Senior Secured Term Loan \| Secured debt \| Tranche Two \| Forecast
Subsequent Event [Line Items]
Periodic payment terms (as percent)	1.00%
Senior Secured Term Loan \| Secured debt \| Tranche Three \| Forecast
Subsequent Event [Line Items]
Periodic payment terms (as percent)	5.00%
Amended Term Loan \| Secured debt \| Forecast
Subsequent Event [Line Items]
Gain (Loss) on Extinguishment of Debt	$ (4.8)

REINSURANCE (Details) - USD ($) $ in Millions	3 Months Ended
REINSURANCE (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Premiums written:
Direct	$ 322.4	$ 337.7
Assumed	66.6	73.1
Ceded	(5.6)	(18.8)
Net premiums written	383.4	392.0
Premiums earned:
Direct	302.5	282.0
Assumed	67.8	62.4
Ceded	(6.6)	(23.1)
Net premiums earned	363.7	321.3
Losses and LAE incurred:
Direct	180.4	170.5
Assumed	47.7	45.5
Ceded	(1.9)	(10.4)
Net losses and LAE incurred	$ 226.2	$ 205.6

INVESTMENTS - Schedule of Amortized Cost and Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 466.7	$ 383.1
Allowance for Expected Credit Losses	0.0
Gross Unrealized Gains	2.3
Gross Unrealized Losses	(1.9)
Fair Value	467.1	387.0
United States Treasury securities and agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	58.7	48.4
Allowance for Expected Credit Losses	0.0	0.0
Gross Unrealized Gains	0.4	0.8
Gross Unrealized Losses	(0.1)	0.0
Fair Value	59.0	49.2
Municipal securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	22.3	23.0
Allowance for Expected Credit Losses	0.0	0.0
Gross Unrealized Gains	0.1	0.3
Gross Unrealized Losses	(0.1)	(0.1)
Fair Value	22.3	23.2
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	200.1	157.3
Allowance for Expected Credit Losses	0.0	0.0
Gross Unrealized Gains	1.0	1.9
Gross Unrealized Losses	(1.0)	(0.2)
Fair Value	200.1	159.0
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	174.8	154.4
Allowance for Expected Credit Losses	0.0	0.0
Gross Unrealized Gains	0.8	1.5
Gross Unrealized Losses	(0.7)	(0.3)
Fair Value	174.9	155.6
Total fixed maturities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	455.9	383.1
Allowance for Expected Credit Losses	0.0	0.0
Gross Unrealized Gains	2.3	4.5
Gross Unrealized Losses	(1.9)	(0.6)
Fair Value	456.3	$ 387.0
Short-term investments
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	10.8
Allowance for Expected Credit Losses	0.0
Gross Unrealized Gains	0.0
Gross Unrealized Losses	0.0
Fair Value	$ 10.8

GEOGRAPHICAL BREAKDOWN OF GROSS PREMIUMS WRITTEN (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Effects of Reinsurance [Line Items]
Total	$ 389.0	$ 410.8
Texas
Effects of Reinsurance [Line Items]
Total	67.9	75.1
Georgia
Effects of Reinsurance [Line Items]
Total	46.4	46.5
Florida
Effects of Reinsurance [Line Items]
Total	39.6	31.1
California
Effects of Reinsurance [Line Items]
Total	35.0	25.7
Pennsylvania
Effects of Reinsurance [Line Items]
Total	21.3	23.7
Colorado
Effects of Reinsurance [Line Items]
Total	17.6	21.9
South Carolina
Effects of Reinsurance [Line Items]
Total	14.0	17.8
Arizona
Effects of Reinsurance [Line Items]
Total	12.0	13.6
Nevada
Effects of Reinsurance [Line Items]
Total	12.0	12.2
Oklahoma
Effects of Reinsurance [Line Items]
Total	8.8	10.0
All others states
Effects of Reinsurance [Line Items]
Total	$ 114.4	$ 133.2
Geographic Concentration Risk \| Gross Written Premiums
Effects of Reinsurance [Line Items]
% of Total	100.00%	100.00%
Geographic Concentration Risk \| Gross Written Premiums \| Texas
Effects of Reinsurance [Line Items]
% of Total	17.50%	18.30%
Geographic Concentration Risk \| Gross Written Premiums \| Georgia
Effects of Reinsurance [Line Items]
% of Total	11.90%	11.30%
Geographic Concentration Risk \| Gross Written Premiums \| Florida
Effects of Reinsurance [Line Items]
% of Total	10.20%	7.60%
Geographic Concentration Risk \| Gross Written Premiums \| California
Effects of Reinsurance [Line Items]
% of Total	9.00%	6.30%
Geographic Concentration Risk \| Gross Written Premiums \| Pennsylvania
Effects of Reinsurance [Line Items]
% of Total	5.50%	5.80%
Geographic Concentration Risk \| Gross Written Premiums \| Colorado
Effects of Reinsurance [Line Items]
% of Total	4.50%	5.30%
Geographic Concentration Risk \| Gross Written Premiums \| South Carolina
Effects of Reinsurance [Line Items]
% of Total	3.60%	4.30%
Geographic Concentration Risk \| Gross Written Premiums \| Arizona
Effects of Reinsurance [Line Items]
% of Total	3.10%	3.30%
Geographic Concentration Risk \| Gross Written Premiums \| Nevada
Effects of Reinsurance [Line Items]
% of Total	3.10%	3.00%
Geographic Concentration Risk \| Gross Written Premiums \| Oklahoma
Effects of Reinsurance [Line Items]
% of Total	2.30%	2.40%
Geographic Concentration Risk \| Gross Written Premiums \| All others states
Effects of Reinsurance [Line Items]
% of Total	29.30%	32.40%

SHARE-BASED COMPENSATION - Schedule of Restricted Stock Units Activity (Details) shares in Millions	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Service-based Restricted Stock Units
Number of Shares
Beginning balance (in shares) \| shares	0.6
Granted (in shares) \| shares	0.4
Change due to performance criteria achievement (in shares) \| shares	0.0
Vested (in shares) \| shares	0.0
Forfeited, expired or canceled (in shares) \| shares	0.0
Ending balance (in shares) \| shares	1.0
Weighted-Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) \| $ / shares	$ 47.81
Granted (in dollars per share) \| $ / shares	44.87
Change due to performance criteria achievement (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	42.40
Forfeited, expired or canceled (in dollars per share) \| $ / shares	82.34
Ending balance (in dollars per share) \| $ / shares	$ 46.47
Performance-based Restricted Stock Units
Number of Shares
Beginning balance (in shares) \| shares	0.4
Granted (in shares) \| shares	0.4
Change due to performance criteria achievement (in shares) \| shares	0.1
Vested (in shares) \| shares	(0.1)
Forfeited, expired or canceled (in shares) \| shares	0.0
Ending balance (in shares) \| shares	0.8
Weighted-Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) \| $ / shares	$ 93.78
Granted (in dollars per share) \| $ / shares	44.33
Change due to performance criteria achievement (in dollars per share) \| $ / shares	75.55
Vested (in dollars per share) \| $ / shares	86.67
Forfeited, expired or canceled (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	$ 66.52
Market-based restricted stock units
Number of Shares
Beginning balance (in shares) \| shares	0.3
Granted (in shares) \| shares	0.0
Change due to performance criteria achievement (in shares) \| shares	0.0
Vested (in shares) \| shares	0.0
Forfeited, expired or canceled (in shares) \| shares	0.0
Ending balance (in shares) \| shares	0.3
Weighted-Average Grant Date Fair Value per Share
Beginning balance (in dollars per share) \| $ / shares	$ 5.43
Granted (in dollars per share) \| $ / shares	0
Change due to performance criteria achievement (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	0
Forfeited, expired or canceled (in dollars per share) \| $ / shares	0
Ending balance (in dollars per share) \| $ / shares	$ 5.43

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Insurance [Abstract]
Incurred losses and LAE attributable to prior accident years	$ (18.5)	$ (13.1)

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2026

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, 2025 filed with the Securities and Exchange Commission on February 25, 2026.

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 could reasonably be expected to have a material adverse effect on our financial condition or results of operations and cash flow.

There have been no material changes to the legal matter previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.

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 income as reported on the condensed consolidated statements of operations and comprehensive 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 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 income. Assets provided to the CODM are consistent with those reported on the condensed consolidated balance sheets.

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents—The following table provides a reconciliation of cash, cash equivalents, restricted cash and restricted cash equivalents reported within the condensed consolidated balance sheets that sum to the total of the same such amount in the condensed consolidated statements of cash flows:


	As of
	March 31,		December 31,
	2026		2025
	(dollars in millions)
Cash and cash equivalents	$	597.2	$	669.3
Restricted cash and cash equivalents	11.7		20.6
Total cash, cash equivalents, restricted cash, and restricted cash equivalents shown in the condensed consolidated statements of cash flows	$	608.9	$	689.9

Premiums Payable and Reinsurance Premiums Receivable—We have a fronting arrangement with an unaffiliated Texas county mutual insurance company, or the fronting carrier. We route all of our new auto policies in Texas through the fronting carrier whereby we assume 100% of the related premium and losses on those policies. The fronting arrangement allows us to have greater rating and underwriting flexibility. Premiums assumed are deferred and earned pro rata over the policy period. Unearned premium is established to cover the unexpired portion of premiums assumed. Premiums payable are amounts owed to the fronting carrier. Reinsurance premiums receivable are the amounts owed to us from the fronting carrier for reinsurance premiums.

Deferred Policy Acquisition Costs—We amortized deferred policy acquisition costs of $29.3 million and $11.4 million for the three months ended March 31, 2026 and 2025, respectively.

Performance-Based Restricted Stock Units—In the first quarter of 2026, we granted 0.4 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, 2026 and ends on December 31, 2028 and is divided into three sub-performance periods, each beginning on January 1, 2026 and ending on December 31, 2026, 2027, and 2028, 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.

Reclassification—Certain prior-year amounts have been reclassified to conform with the current year presentation. These reclassifications did not have a material impact on the condensed consolidated financial statements and notes to condensed consolidated financial statements. The reclassifications within the condensed consolidated balance sheets include the presentation of “Prepaid reinsurance premiums” within “Other assets” and “Reinsurance premiums payable” within “Other liabilities.” Additionally, “Reinsurance recoverable and receivable” was disaggregated to “Reinsurance recoverable” and “Reinsurance premiums receivable,” respectively. “Deferred policy acquisition costs” were disaggregated from “Other assets” and “Premiums payable” was disaggregated from “Other liabilities” to separate captions.