0001788882-22-000020 | 10-Q | XBRL Viewer

Schedule of Comprehensive Loss for Reinsurance

The following table reflects amounts affecting the condensed consolidated statements of operations and comprehensive loss for reinsurance for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
		2022		2021
		(dollars in millions)










Premiums written:
Direct		$	173.5	$	202.5
Assumed		13.7		—
Ceded		(102.4)		(89.6)
Net premiums written		$	84.8	$	112.9
Premiums earned:
Direct		$	165.5	$	160.2
Assumed		9.2		—
Ceded		(96.4)		(101.1)
Net premiums earned		$	78.3	$	59.1
Losses and LAE incurred:
Direct		$	151.7	$	129.2
Assumed		11.2		—
Ceded		(66.2)		(69.3)
Net losses and LAE incurred		$	96.7	$	59.9

Gross written premium by state is as follows for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
		2022	2021
			Amount		% of Total		Amount		% of Total
State			(dollars in millions)
Texas(1)			$	37.3	19.9	%	$	43.0	21.2	%
Georgia			18.8		10.0		19.0		9.4
Louisiana			10.7		5.7		10.3		5.1
Colorado			10.7		5.7		8.9		4.4
Pennsylvania			10.0		5.3		10.4		5.1
Utah			9.0		4.8		8.6		4.2
Nevada			8.7		4.6		8.3		4.1
South Carolina			7.1		3.8		6.1		3.0
Oklahoma			6.3		3.4		6.6		3.3
Missouri			6.0		3.2		7.9		3.9
All others states			62.6		33.6		73.4		36.3
Total			$	187.2	100.0	%	$	202.5	100.0	%

______________

(1) Includes assumed premiums, which commenced in August 2021. Assumed written premium for the three months ended March 31, 2022 was $13.7 million. Prior to the fronting carrier commencement, we did not assume any premiums.

NATURE OF BUSINESS (Details)	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Ownership percentage	100.00%

CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED (Parenthetical) - USD ($) shares in Millions	Mar. 31, 2022	Dec. 31, 2021
Amortized cost, fixed maturities	$ 132,400,000	$ 129,500,000
Amortized cost, short term investments	500,000	0
Allowance for premiums receivable	3,800,000	5,400,000
Allowance for credit loss	$ 100,000	$ 200,000
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	100.0	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	$ 126,500,000	$ 126,500,000
Class A Shares
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000.0	1,000.0
Common stock, shares issued (in shares)	154.9	142.9
Common stock, shares outstanding (in shares)	154.9	142.9
Class B Shares
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	269.0	269.0
Common stock, shares issued (in shares)	99.5	109.9
Common stock, shares outstanding (in shares)	99.5	109.9

INCOME TAXES (Details)	3 Months Ended
INCOME TAXES (Details)	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate	0.00%	0.00%
Federal income tax rate	21.00%

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (76.4)	$ (99.6)
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation	6.6	2.3
Warrant compensation expense	5.3	0.0
Depreciation and amortization	3.6	3.5
Bad debt expense	4.6	4.7
Payment-in-kind interest expense	0.0	2.4
Net realized gains on investments	(1.2)	(2.4)
Changes in operating assets and liabilities:
Premiums receivable	(13.6)	(35.6)
Reinsurance recoverable and receivable	(4.4)	(5.2)
Prepaid reinsurance premiums	(5.9)	11.5
Other assets	4.9	2.0
Losses and loss adjustment expenses reserves	(11.8)	3.5
Unearned premiums	12.4	42.3
Reinsurance premiums payable	24.9	(23.4)
Accounts payable and accrued expenses	(0.4)	2.5
Other liabilities	0.2	0.6
Net cash used in operating activities	(51.2)	(90.9)
Cash flows from investing activities:
Purchases of investments	(8.5)	0.0
Proceeds from maturities, call and pay downs of investments	4.3	13.1
Sales of investments	1.9	70.2
Capitalization of internally developed software	(2.7)	(1.6)
Purchases of fixed assets	0.0	(0.4)
Purchases of indefinite-lived intangible assets and transaction costs	(1.3)	0.0
Net cash (used in) provided by investing activities	(6.3)	81.3
Cash flows from financing activities:
Proceeds from exercise of stock options and restricted stock units, net of tax proceeds/(withholding)	0.2	3.3
Proceeds from issuance of debt and related warrants, net of issuance costs	286.0	0.0
Repayments of long-term debt	0.0	(0.2)
Net cash provided by financing activities	286.2	3.1
Net increase (decrease) in cash, cash equivalents and restricted cash	228.7	(6.5)
Cash, cash equivalents and restricted cash at beginning of period	707.0	1,113.8
Cash, cash equivalents and restricted cash at end of period	$ 935.7	$ 1,107.3

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Reconciliation of Reserve Balances for Loss and LAE, Net of Reinsurance

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


	Three Months Ended March 31,
	2022		2021
	(dollars in millions)
Gross loss and LAE reserves, January 1	$	320.2	$	237.2
Reinsurance recoverable on unpaid losses	(79.5)		(79.6)
Net loss and LAE reserves, January 1	240.7		157.6
Net incurred loss and LAE related to:
Current year	96.8		69.8
Prior years	(0.1)		(9.9)
Total incurred	96.7		59.9
Net paid loss and LAE related to:
Current year	36.4		25.3
Prior years	57.7		35.3
Total paid	94.1		60.6
Net loss and LAE reserves, March 31	243.3		156.9
Plus reinsurance recoverable on unpaid losses	65.1		83.8
Gross loss and LAE reserves, March 31	$	308.4	$	240.7

LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of long term debt

The following summarizes the carrying value of long-term debt as of March 31, 2022 and December 31, 2021:


	March 31, 2022		December 31, 2021
	(dollars in millions)





Term Loan C	$	300.0	$	—


Accrued interest payable	4.9		—
Unamortized discount and debt issuance costs	(14.1)		—
Total	$	290.8	$	—

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.

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LONG-TERM DEBT

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

LONG-TERM DEBT

In January 2022, we entered into a $300.0 million five-year term loan, or Term Loan C, with the principal amount due and payable upon maturity on January 27, 2027. Interest is payable quarterly and is determined on a floating interest rate currently calculated on the Secured Overnight Financing Rate, or SOFR, with a 1.0% floor, plus 9.0%, plus 0.26161% per annum. As part of the loan agreement, we issued warrants to the lender to purchase 5.7 million shares of our Class A common stock at a strike price of $9.00 per share. Such warrants will expire on the later of the repayment in full of the Term Loan C and January 27, 2027. The fair value of these warrants at January 27, 2022 was $0.1132 per warrant for a total fair value of $0.6 million.

The Term Loan C contains debt covenants which, among other things, require cash and cash equivalents held in entities other than our insurance subsidiaries to be at least $200 million at all times. This threshold may be reduced to $150 million under two sets of circumstances: issuing 62,500 insurance policies through our Carvana embedded product and achieving a ratio of direct contribution to gross earned premium of 12%; or ceasing any customer acquisition spend outside of the Carvana agreement and reducing our monthly cash burn to no greater than $12 million.

Under the latter set of circumstances, we must issue additional warrants to purchase shares of our Class A common stock equal to 1.0% of the aggregate number of issued and outstanding shares of Class A common stock on a fully-diluted basis as of the date the threshold is reduced. The additional warrants, if issued, would have an exercise price equal to the 30-trading day volume weighted average price of the Class A common stock as of the trading day immediately prior to the triggering date. The additional warrants will expire on the later of the repayment in full of the Term Loan C, January 27, 2027 and the date that falls 12 months after the issuance of these warrants. As of March 31, 2022 the fair value of these 1.0% warrants were immaterial to our condensed consolidated financial statements.

The following summarizes the carrying value of long-term debt as of March 31, 2022 and December 31, 2021:


	March 31, 2022		December 31, 2021
	(dollars in millions)





Term Loan C	$	300.0	$	—


Accrued interest payable	4.9		—
Unamortized discount and debt issuance costs	(14.1)		—
Total	$	290.8	$	—

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.

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LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Liability for Unpaid Claims and Claims Adjustment Expense, Incurred Claims [Abstract]
Incurred losses and LAE attributable to prior accident years	$ (0.1)	$ (9.9)

CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Investments:
Fixed maturities available-for sale, at fair value (amortized cost: $132.4 and $129.5 at March 31, 2022 and December 31, 2021, respectively)	$ 129.1	$ 129.9
Short-term investments (amortized cost: $0.5 and zero at March 31, 2022 and December 31, 2021, respectively)	0.5	0.0
Other investments	4.4	4.7
Total investments	134.0	134.6
Cash and cash equivalents	934.7	706.0
Restricted cash	1.0	1.0
Premiums receivable, net of allowance of $3.8 and $5.4 at March 31, 2022 and December 31, 2021, respectively	157.1	148.1
Reinsurance recoverable and receivable, net of allowance of $0.1 and $0.2 at March 31, 2022 and December 31, 2021, respectively	159.4	155.0
Prepaid reinsurance premiums	106.7	100.8
Other assets	70.3	73.8
Total assets	1,563.2	1,319.3
Liabilities:
Loss and loss adjustment expense reserves	308.4	320.2
Unearned premiums	192.5	180.1
Long-term debt and warrants	290.8	0.0
Reinsurance premiums payable	126.5	101.6
Accounts payable and accrued expenses	23.8	29.1
Other liabilities	40.5	39.9
Total liabilities	982.5	670.9
Commitments and Contingencies (Note 11)
Redeemable convertible preferred stock, $0.0001 par value, 100.0 shares authorized, 14.1 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively (liquidation preference of $126.5)	112.0	112.0
Stockholders’ equity:
Additional paid-in capital	1,818.5	1,806.1
Accumulated other comprehensive (loss) income	(3.3)	0.4
Accumulated loss	(1,346.5)	(1,270.1)
Total stockholders’ equity	468.7	536.4
Total liabilities, redeemable convertible preferred stock and stockholders’ equity	1,563.2	1,319.3
Class A Shares
Stockholders’ equity:
Common stock	0.0	0.0
Class B Shares
Stockholders’ equity:
Common stock	$ 0.0	$ 0.0

GEOGRAPHICAL BREAKDOWN OF GROSS WRITTEN PREMIUM (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of Direct and Assumed Written Premiums

The following table reflects amounts affecting the condensed consolidated statements of operations and comprehensive loss for reinsurance for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
		2022		2021
		(dollars in millions)










Premiums written:
Direct		$	173.5	$	202.5
Assumed		13.7		—
Ceded		(102.4)		(89.6)
Net premiums written		$	84.8	$	112.9
Premiums earned:
Direct		$	165.5	$	160.2
Assumed		9.2		—
Ceded		(96.4)		(101.1)
Net premiums earned		$	78.3	$	59.1
Losses and LAE incurred:
Direct		$	151.7	$	129.2
Assumed		11.2		—
Ceded		(66.2)		(69.3)
Net losses and LAE incurred		$	96.7	$	59.9

Gross written premium by state is as follows for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
		2022	2021
			Amount		% of Total		Amount		% of Total
State			(dollars in millions)
Texas(1)			$	37.3	19.9	%	$	43.0	21.2	%
Georgia			18.8		10.0		19.0		9.4
Louisiana			10.7		5.7		10.3		5.1
Colorado			10.7		5.7		8.9		4.4
Pennsylvania			10.0		5.3		10.4		5.1
Utah			9.0		4.8		8.6		4.2
Nevada			8.7		4.6		8.3		4.1
South Carolina			7.1		3.8		6.1		3.0
Oklahoma			6.3		3.4		6.6		3.3
Missouri			6.0		3.2		7.9		3.9
All others states			62.6		33.6		73.4		36.3
Total			$	187.2	100.0	%	$	202.5	100.0	%

______________

SHARE-BASED COMPENSATION - Option Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Number of Shares
Outstanding, beginning balance (in shares)	6.5
Granted (in shares)	0.0
Common stock—option exercises and restricted stock units vesting, net of shares withheld for employee taxes (in shares)	(1.0)
Forfeited, expired or canceled (in shares)	(0.3)
Outstanding, ending balance (in shares)	5.2	6.5
Weighted-Average Exercise Price
Outstanding, beginning balance, weighted-average exercise price (in dollars per share)	$ 2.36
Granted, weighted-average exercise price (in dollars per share)	0
Exercised, weighted-average exercise price (in dollars per share)	0.35
Forfeited, expired and canceled, weighted-average exercise price (in dollars per share)	6.04
Outstanding, ending balance, weighted-average exercise price (in dollars per share)	$ 2.56	$ 2.36
Outstanding, weighted-average remaining contractual term (in years)	5 years 10 months 20 days	6 years 1 month 13 days
Outstanding, aggregate intrinsic value	$ 2.9	$ 9.5
Exercised, aggregate intrinsic value	$ 1.8

GEOGRAPHICAL BREAKDOWN OF GROSS WRITTEN PREMIUM

3 Months Ended

Mar. 31, 2022

GEOGRAPHICAL BREAKDOWN OF GROSS WRITTEN PREMIUM

REINSURANCE

The following table reflects amounts affecting the condensed consolidated statements of operations and comprehensive loss for reinsurance for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
		2022		2021
		(dollars in millions)










Premiums written:
Direct		$	173.5	$	202.5
Assumed		13.7		—
Ceded		(102.4)		(89.6)
Net premiums written		$	84.8	$	112.9
Premiums earned:
Direct		$	165.5	$	160.2
Assumed		9.2		—
Ceded		(96.4)		(101.1)
Net premiums earned		$	78.3	$	59.1
Losses and LAE incurred:
Direct		$	151.7	$	129.2
Assumed		11.2		—
Ceded		(66.2)		(69.3)
Net losses and LAE incurred		$	96.7	$	59.9

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

GEOGRAPHICAL BREAKDOWN OF GROSS WRITTEN PREMIUM

Gross written premium by state is as follows for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
		2022	2021
			Amount		% of Total		Amount		% of Total
State			(dollars in millions)
Texas(1)			$	37.3	19.9	%	$	43.0	21.2	%
Georgia			18.8		10.0		19.0		9.4
Louisiana			10.7		5.7		10.3		5.1
Colorado			10.7		5.7		8.9		4.4
Pennsylvania			10.0		5.3		10.4		5.1
Utah			9.0		4.8		8.6		4.2
Nevada			8.7		4.6		8.3		4.1
South Carolina			7.1		3.8		6.1		3.0
Oklahoma			6.3		3.4		6.6		3.3
Missouri			6.0		3.2		7.9		3.9
All others states			62.6		33.6		73.4		36.3
Total			$	187.2	100.0	%	$	202.5	100.0	%

______________

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Mar. 31, 2022

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, 2022 and December 31, 2021:


	March 31, 2022
	Level 1		Level 2		Level 3		Total Fair Value
	(dollars in millions)
Assets
Fixed maturities:
U.S. Treasury securities and agencies	$	22.3	$	0.8	$	—	$	23.1
Municipal securities	—		19.7		—		19.7
Corporate debt securities	—		48.7		—		48.7
Residential mortgage-backed securities	—		2.7		—		2.7
Commercial mortgage-backed securities	—		31.9		—		31.9
Other debt obligations	—		3.0		—		3.0
Total fixed maturities	22.3		106.8		—		129.1
Short-term investments	—		0.5		—		0.5
Cash equivalents	124.1		—		—		124.1
Total assets at fair value	$	146.4	$	107.3	$	—	$	253.7

	December 31, 2021
	Level 1		Level 2		Level 3		Total Fair Value
	(dollars in millions)
Assets
Fixed maturities:
U.S. Treasury securities and agencies	$	22.6	$	0.7	$	—	$	23.3
Municipal securities	—		20.6		—		20.6
Corporate debt securities	—		48.7		—		48.7
Residential mortgage-backed securities	—		3.5		—		3.5
Commercial mortgage-backed securities	—		30.3		—		30.3
Other debt obligations	—		3.5		—		3.5
Total fixed maturities	22.6		107.3		—		129.9

Cash equivalents	127.0		—		—		127.0
Total assets at fair value	$	149.6	$	107.3	$	—	$	256.9

We estimate the fair value of all our different classes of Level 2 fixed maturities and short-term investments by using quoted prices from a combination of an independent pricing vendor or broker/dealer, pricing models, quoted prices of securities with similar characteristics or discounted cash flows.

Fair Value of Long-Term Debt

The carrying amount of long-term debt is recorded at the unpaid balance, net of debt issuance costs. The fair value of outstanding long-term debt is classified within Level 2 of the fair value hierarchy. The fair value is based on a model referencing observable interest rates and spreads to project and discount cash flows to present value. As of March 31, 2022 and December 31, 2021, the carrying amounts and fair values of these financial instruments were as follows:


	Carrying Amount as of March 31, 2022		Estimated Fair Value as of March 31, 2022		Carrying Amount as of December 31, 2021		Estimated Fair Value as of December 31, 2021
	(dollars in millions)
Long-term debt	$	290.8	$	304.0	$	—	$	—

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

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 + Details

INVESTMENTS - Credit Ratings (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 132.9	$ 129.5
Fair Value	$ 129.6	$ 129.9
AFS securities \| Credit rating
Debt Securities, Available-for-sale [Line Items]
Concentration percentage	100.00%	100.00%
AAA
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 72.6	$ 70.9
Fair Value	$ 70.8	$ 70.8
AAA \| AFS securities \| Credit rating
Debt Securities, Available-for-sale [Line Items]
Concentration percentage	54.60%	54.50%
AA+, AA, AA-, A-1
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 15.9	$ 14.7
Fair Value	$ 15.5	$ 14.8
AA+, AA, AA-, A-1 \| AFS securities \| Credit rating
Debt Securities, Available-for-sale [Line Items]
Concentration percentage	12.00%	11.40%
A+, A, A-
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 34.7	$ 33.4
Fair Value	$ 33.7	$ 33.6
A+, A, A- \| AFS securities \| Credit rating
Debt Securities, Available-for-sale [Line Items]
Concentration percentage	26.00%	25.90%
BBB+, BBB, BBB-
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 9.7	$ 10.5
Fair Value	$ 9.6	$ 10.7
BBB+, BBB, BBB- \| AFS securities \| Credit rating
Debt Securities, Available-for-sale [Line Items]
Concentration percentage	7.40%	8.20%

REINSURANCE

3 Months Ended

Mar. 31, 2022

REINSURANCE

The following table reflects amounts affecting the condensed consolidated statements of operations and comprehensive loss for reinsurance for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
		2022		2021
		(dollars in millions)










Premiums written:
Direct		$	173.5	$	202.5
Assumed		13.7		—
Ceded		(102.4)		(89.6)
Net premiums written		$	84.8	$	112.9
Premiums earned:
Direct		$	165.5	$	160.2
Assumed		9.2		—
Ceded		(96.4)		(101.1)
Net premiums earned		$	78.3	$	59.1
Losses and LAE incurred:
Direct		$	151.7	$	129.2
Assumed		11.2		—
Ceded		(66.2)		(69.3)
Net losses and LAE incurred		$	96.7	$	59.9

GEOGRAPHICAL BREAKDOWN OF GROSS WRITTEN PREMIUM

Gross written premium by state is as follows for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
		2022	2021
			Amount		% of Total		Amount		% of Total
State			(dollars in millions)
Texas(1)			$	37.3	19.9	%	$	43.0	21.2	%
Georgia			18.8		10.0		19.0		9.4
Louisiana			10.7		5.7		10.3		5.1
Colorado			10.7		5.7		8.9		4.4
Pennsylvania			10.0		5.3		10.4		5.1
Utah			9.0		4.8		8.6		4.2
Nevada			8.7		4.6		8.3		4.1
South Carolina			7.1		3.8		6.1		3.0
Oklahoma			6.3		3.4		6.6		3.3
Missouri			6.0		3.2		7.9		3.9
All others states			62.6		33.6		73.4		36.3
Total			$	187.2	100.0	%	$	202.5	100.0	%

______________

LONG-TERM DEBT - Schedule Of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Accrued interest payable	$ 4.9	$ 0.0
Unamortized discount and debt issuance costs	(14.1)	0.0
Total	$ 290.8	0.0
Secured debt \| Term Loan C
Debt Instrument [Line Items]
Long-term debt, gross		$ 0.0

Investments, Debt and Equity Securities [Abstract]

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of AFS debt securities

The amortized cost and fair value of short-term investments and available-for-sale fixed maturity securities at March 31, 2022 and December 31, 2021 are as follows:


	March 31, 2022
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(dollars in millions)
Fixed maturities:
U.S. Treasury securities and agencies	$	23.7	$	—	$	—	$	(0.6)	$	23.1
Municipal securities	20.4		—		—		(0.7)		19.7
Corporate debt securities	49.9		—		0.1		(1.3)		48.7
Residential mortgage-backed securities	2.9		—		—		(0.2)		2.7
Commercial mortgage backed securities	32.5		—		—		(0.6)		31.9
Other debt obligations	3.0		—		—		—		3.0
Total fixed maturities	132.4		—		0.1		(3.4)		129.1
Short-term investments	0.5		—		—		—		0.5
Total	$	132.9	$	—	$	0.1	$	(3.4)	$	129.6

	December 31, 2021
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(dollars in millions)
Fixed maturities:
U.S. Treasury securities and agencies	$	23.7	$	—	$	—	$	(0.4)	$	23.3
Municipal securities	20.4		—		0.3		(0.1)		20.6
Corporate debt securities	48.2		—		0.7		(0.2)		48.7
Residential mortgage-backed securities	3.5		—		—		—		3.5
Commercial mortgage backed securities	30.2		—		0.2		(0.1)		30.3
Other debt obligations	3.5		—		—		—		3.5


Total	$	129.5	$	—	$	1.2	$	(0.8)	$	129.9

The following table reflects the gross and net realized gains and losses on short-term investments, fixed maturities and other investments that have been included in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
		2022		2021
		(dollars in millions)
Realized gains on investments		$	1.2	$	2.5
Realized losses on investments		—		(0.1)
Net realized gains on investments		$	1.2	$	2.4

The following table sets forth the amortized cost and fair value of short-term investments and fixed maturity securities by contractual maturity at March 31, 2022:


	March 31, 2022
	Amortized Cost		Fair Value
	(dollars in millions)
Due in one year or less	$	33.2	$	32.9
Due after one year through five years	78.4		76.1
Due five years through 10 years	7.1		6.8
Due after 10 years	14.2		13.8
Total	$	132.9	$	129.6

Schedule of unrealized losses

The following tables reflect the gross unrealized losses and fair value of short-term investments and available-for-sale fixed maturity securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2022 and December 31, 2021:


	March 31, 2022
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
	(dollars in millions)
Fixed maturities:
U.S. Treasury securities and agencies	$	7.5	$	(0.1)	$	14.3	$	(0.5)	$	21.8	$	(0.6)
Municipal securities	14.9		(0.5)		2.0		(0.2)		16.9		(0.7)
Corporate debt securities	39.8		(1.1)		2.3		(0.2)		42.1		(1.3)
Residential mortgage-backed securities	2.2		(0.1)		0.5		(0.1)		2.7		(0.2)
Commercial mortgage-backed securities	27.7		(0.6)		0.4		—		28.1		(0.6)
Other debt obligations	2.5		—		—		—		2.5		—
Total fixed maturities	94.6		(2.4)		19.5		(1.0)		114.1		(3.4)
Short-term investments	0.5		—		—		—		0.5		—
Total	$	95.1	$	(2.4)	$	19.5	$	(1.0)	$	114.6	$	(3.4)

	December 31, 2021
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
	(dollars in millions)
Fixed maturities:
U.S. Treasury securities and agencies	$	7.5	$	(0.1)	$	14.0	$	(0.3)	$	21.5	$	(0.4)
Municipal securities	8.9		(0.1)		—		—		8.9		(0.1)
Corporate debt securities	12.7		(0.1)		1.6		(0.1)		14.3		(0.2)
Residential mortgage-backed securities	1.9		—		0.5		—		2.4		—
Commercial mortgage-backed securities	8.7		(0.1)		—		—		8.7		(0.1)

Total fixed maturities	$	39.7	$	(0.4)	$	16.1	$	(0.4)	$	55.8	$	(0.8)

Schedule of net investment income

The following table sets forth the components of net investment income for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
		2022		2021
		(dollars in millions)
Interest on bonds		$	0.6	$	0.8
Interest on deposits and cash equivalents		0.2		0.3

Total		0.8		1.1
Investment expense		(0.2)		(0.2)
Net investment income		$	0.6	$	0.9

Schedule of credit ratings

The following tables summarize the credit ratings of investments at March 31, 2022 and December 31, 2021:


	March 31, 2022
	Amortized Cost		Fair Value		% of Total Fair Value
S&P Global rating or equivalent	(dollars in millions)
AAA	$	72.6	$	70.8	54.6	%
AA+, AA, AA-, A-1	15.9		15.5		12.0
A+, A, A-	34.7		33.7		26.0
BBB+, BBB, BBB-	9.7		9.6		7.4
Total	$	132.9	$	129.6	100.0	%


	December 31, 2021
	Amortized Cost		Fair Value		% of Total Fair Value
S&P Global rating or equivalent	(dollars in millions)
AAA	$	70.9	$	70.8	54.5	%
AA+, AA, AA-, A-1	14.7		14.8		11.4
A+, A, A-	33.4		33.6		25.9
BBB+, BBB, BBB-	10.5		10.7		8.2
Total	$	129.5	$	129.9	100.0	%

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

NATURE OF BUSINESS	3 Months Ended
NATURE OF BUSINESS	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF BUSINESS	NATURE OF BUSINESSRoot, Inc. is a holding company which, directly or indirectly, maintains 100% ownership of each of its subsidiaries, including, among others, Root Insurance Company, an Ohio-domiciled insurance company; Root Property & Casualty Insurance Company, a Delaware-domiciled insurance company; and Root Reinsurance Company, Ltd., a Cayman Islands-domiciled reinsurance company together with Root, Inc. “we,” “us” or “our.” We were formed in 2015 and began writing personal auto insurance in July 2016. We are a technology company operating a primarily direct-to-consumer model with the majority of our personal insurance customers acquired through mobile applications. We offer auto and renters insurance products underwritten by Root Insurance Company and Root Property & Casualty Insurance Company.

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The consolidated effective tax rate was zero for the three months ended March 31, 2022 and 2021. The difference between these rates and the U.S. federal income tax rate of 21% was primarily due to a full valuation allowance on our U.S. deferred tax assets. As of March 31, 2022 and December 31, 2021, we did not have any unrecognized tax benefits for uncertain tax positions and had no interest or penalties related to uncertain tax positions.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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SHARE-BASED COMPENSATION - Narrative (Details) shares in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) shares	Mar. 31, 2021 USD ($)	Oct. 31, 2021 tranche shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 6,600,000	$ 2,300,000
Unrecognized compensation cost	2,100,000
Short Term Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of tranches \| tranche			3
Long Term Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of tranches \| tranche			5
Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	5,300,000	0
Unrecognized compensation cost	$ 30,300,000
Unrecognized compensation cost, period of recognition	2 years
Stock option expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 500,000	1,700,000
Unrecognized compensation cost, period of recognition	4 years
Unrecognized compensation cost, options	$ 4,100,000
Restricted stock unit expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	6,100,000	$ 600,000
Unrecognized compensation cost	$ 46,400,000
Unrecognized compensation cost, period of recognition	4 years
Class A Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares) \| shares			129.1
Carvana
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of tranches \| tranche			8
2020 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares) \| shares	43.9

OTHER COMPREHENSIVE INCOME AND ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 536.4	$ 1,032.4
Net current period other comprehensive loss	(3.7)	(3.5)
Ending balance	468.7	934.3
Change in net unrealized gains (losses) on investments:
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0.4	5.6
Other comprehensive loss before reclassifications	(3.7)	(1.1)
Net realized gains on investments reclassified from AOCI to net loss	0.0	(2.4)
Net current period other comprehensive loss	(3.7)	(3.5)
Ending balance	$ (3.3)	$ 2.1

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Share-based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2022

SHARE-BASED COMPENSATION

We maintain an equity incentive plan for the issuance and grant of equity awards (restricted stock, restricted stock units, or RSUs, and incentive and nonqualified stock options) to our officers, directors, employees and certain advisors. As of March 31, 2022, we had 43.9 million common shares authorized and available for issuance under the plan.

Warrants

In October 2021, we issued Carvana eight tranches of warrants, comprised of three tranches of “short-term warrants” and five tranches of “long-term warrants.” However, the exercisability of certain tranches are subject to Carvana’s decision to exercise certain other tranches. If Carvana exercises short-term tranches, then long-term tranche 1 warrants are cancelled and the remaining long-term tranches would be reduced such that Carvana will have the opportunity to purchase a maximum of 129.1 million shares of Class A common stock.

As of March 31, 2022, we determined that all short-term warrants were probable of vesting. Under that scenario, it is not a possible outcome for the long-term warrants to also vest, so they are considered not probable of vesting. We recognized $5.3 million and zero of warrant compensation expense related to these equity-classified warrants based on progress toward completing the integrated automobile insurance solution for Carvana’s car buying platform, or Integrated Platform, for the three months ended March 31, 2022 and 2021, respectively. This expense is included in sales and marketing of our condensed consolidated statements of operations and comprehensive loss. All of these warrants are out-of-the-money and therefore have no intrinsic value as of March 31, 2022.

As of March 31, 2022, there was $30.3 million of unrecognized compensation cost related to warrants. The remaining costs are expected to be recognized over a period of approximately two years.

Employee Share-Based Compensation

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


	Three Months Ended March 31,
		2022		2021
		(dollars in millions)
Share-based compensation expense:
Loss and loss adjustment expenses		$	0.2	$	0.1
Sales and marketing		0.1		—
Other insurance expense		0.2		0.1
Technology and development		0.7		0.3
General and administrative		5.4		1.8
Total share-based compensation expense		$	6.6	$	2.3

The following table provides total share-based compensation expense by type of award:


	Three Months Ended March 31,
		2022		2021
		(dollars in millions)
Share-based compensation expense:
Restricted stock unit expense		$	6.1	$	0.6
Stock option expense		0.5		1.7
Total share-based compensation expense		$	6.6	$	2.3

As part of the January 2022 organizational realignment discussed in Note 9 “Restructuring Costs,” we modified certain share-based awards which resulted in $2.1 million of share-based compensation expense recognized in general and administrative expenses during the three months ended March 31, 2022.

As of March 31, 2022, there was $4.1 million and $46.4 million of unrecognized compensation cost related to unvested stock options and RSUs, respectively. The remaining costs are expected to be recognized over a period of approximately four years for unvested stock options and four years for RSUs.

Restricted Stock Units

A summary of RSU activity for the three months ended March 31, 2022 is as follows:


	Three Months Ended March 31, 2022
Restricted Stock Units	Number of Shares	Weighted-Average Grant Date Fair Value per Share		Aggregate Intrinsic Value
	(in millions, except per share amounts)
Nonvested at January 1, 2022	8.9	$	9.02	$	27.4
Granted	2.4	1.68
Vested	(0.9)	10.48		2.0
Forfeited, expired or canceled	(1.8)	8.68
Nonvested at March 31, 2022	8.6	$	6.29	$	16.8

Stock Options

A summary of option activity for the three months ended March 31, 2022 is as follows:


	Three Months Ended March 31, 2022
Options	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
	(in millions, except exercise price and term amounts)
Outstanding and exercisable at January 1, 2022	6.5	$	2.36	6.12	$	9.5
Granted	—	—
Exercised	(1.0)	0.35			1.8
Forfeited, expired or canceled	(0.3)	6.04
Outstanding and exercisable at March 31, 2022	5.2	$	2.56	5.89	$	2.9

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES

3 Months Ended

Mar. 31, 2022

LOSS AND LOSS ADJUSTMENT EXPENSE RESERVES

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


	Three Months Ended March 31,
	2022		2021
	(dollars in millions)
Gross loss and LAE reserves, January 1	$	320.2	$	237.2
Reinsurance recoverable on unpaid losses	(79.5)		(79.6)
Net loss and LAE reserves, January 1	240.7		157.6
Net incurred loss and LAE related to:
Current year	96.8		69.8
Prior years	(0.1)		(9.9)
Total incurred	96.7		59.9
Net paid loss and LAE related to:
Current year	36.4		25.3
Prior years	57.7		35.3
Total paid	94.1		60.6
Net loss and LAE reserves, March 31	243.3		156.9
Plus reinsurance recoverable on unpaid losses	65.1		83.8
Gross loss and LAE reserves, March 31	$	308.4	$	240.7

Incurred losses and LAE attributable to prior accident years was a decrease of $0.1 million and $9.9 million for the three months ended March 31, 2022 and 2021, respectively. For the three months ended March 31, 2022, the development of incurred losses related to prior periods was primarily related to lower-than-expected loss adjustment expenses on prior accident period claims, offset by higher-than-expected reported losses on material damage claims from inflationary impacts. For the three months ended March 31, 2021, the development of incurred losses related to prior periods was primarily related to lower-than-expected reported losses on bodily injury and uninsured motorist bodily injury claims and greater than expected recoveries from subrogation and salvage from 2020.

RESTRUCTURING COSTS (Details) $ in Millions	3 Months Ended
RESTRUCTURING COSTS (Details) $ in Millions	Mar. 31, 2022 USD ($)
General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, accelerated	$ 0.7
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5.6
Payments for restructuring	3.3
Real Estate Exit Costs
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1.5

REINSURANCE (Details) - USD ($) $ in Millions	3 Months Ended
REINSURANCE (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Premiums written:
Direct	$ 173.5	$ 202.5
Assumed	13.7	0.0
Ceded	(102.4)	(89.6)
Net premiums written	84.8	112.9
Premiums earned:
Direct	165.5	160.2
Assumed	9.2	0.0
Ceded	(96.4)	(101.1)
Net premiums earned	78.3	59.1
Losses and LAE incurred:
Direct	151.7	129.2
Assumed	11.2	0.0
Ceded	(66.2)	(69.3)
Total incurred	$ 96.7	$ 59.9

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of fair value

The following tables provide information about our financial assets measured and reported at fair value as of March 31, 2022 and December 31, 2021:


	March 31, 2022
	Level 1		Level 2		Level 3		Total Fair Value
	(dollars in millions)
Assets
Fixed maturities:
U.S. Treasury securities and agencies	$	22.3	$	0.8	$	—	$	23.1
Municipal securities	—		19.7		—		19.7
Corporate debt securities	—		48.7		—		48.7
Residential mortgage-backed securities	—		2.7		—		2.7
Commercial mortgage-backed securities	—		31.9		—		31.9
Other debt obligations	—		3.0		—		3.0
Total fixed maturities	22.3		106.8		—		129.1
Short-term investments	—		0.5		—		0.5
Cash equivalents	124.1		—		—		124.1
Total assets at fair value	$	146.4	$	107.3	$	—	$	253.7

	December 31, 2021
	Level 1		Level 2		Level 3		Total Fair Value
	(dollars in millions)
Assets
Fixed maturities:
U.S. Treasury securities and agencies	$	22.6	$	0.7	$	—	$	23.3
Municipal securities	—		20.6		—		20.6
Corporate debt securities	—		48.7		—		48.7
Residential mortgage-backed securities	—		3.5		—		3.5
Commercial mortgage-backed securities	—		30.3		—		30.3
Other debt obligations	—		3.5		—		3.5
Total fixed maturities	22.6		107.3		—		129.9

Cash equivalents	127.0		—		—		127.0
Total assets at fair value	$	149.6	$	107.3	$	—	$	256.9

Schedule of carrying amounts and fair values of financial instruments

As of March 31, 2022 and December 31, 2021, the carrying amounts and fair values of these financial instruments were as follows:


	Carrying Amount as of March 31, 2022		Estimated Fair Value as of March 31, 2022		Carrying Amount as of December 31, 2021		Estimated Fair Value as of December 31, 2021
	(dollars in millions)
Long-term debt	$	290.8	$	304.0	$	—	$	—

LOSS PER SHARE - Schedule of Anti-Dilutive Securities (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	167.5	13.6
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	5.2	8.5
Nonvested shares subject to repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	2.0	4.6
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	8.6	0.5
Redeemable convertible preferred stock (as converted to common stock)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	14.1	0.0
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities (in shares)	137.6	0.0

LOSS PER SHARE

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

LOSS PER SHARE

The following table displays the computation of basic and diluted loss per share for both Class A and Class B common stock for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
		2022		2021
		(in millions, except per share amounts)
Net loss		$	(76.4)	$	(99.6)
Weighted-average common shares outstanding: basic and diluted (both Class A and B)		251.7		247.1
Loss per common share: basic and diluted (both Class A and B)		$	(0.30)	$	(0.40)

We excluded the following potentially dilutive common stock equivalents, presented based on amounts outstanding at each period end, from the computation of diluted loss per share attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect:


	As of March 31,
	2022	2021
	(in millions)
Options to purchase common stock	5.2	8.5
Nonvested shares subject to repurchase	2.0	4.6
Restricted stock units	8.6	0.5
Redeemable convertible preferred stock (as converted to common stock)	14.1	—
Warrants to purchase common stock	137.6	—
Total	167.5	13.6

LOSS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of earnings per share

The following table displays the computation of basic and diluted loss per share for both Class A and Class B common stock for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
		2022		2021
		(in millions, except per share amounts)
Net loss		$	(76.4)	$	(99.6)
Weighted-average common shares outstanding: basic and diluted (both Class A and B)		251.7		247.1
Loss per common share: basic and diluted (both Class A and B)		$	(0.30)	$	(0.40)

Schedule of anti-dilutive securities


	As of March 31,
	2022	2021
	(in millions)
Options to purchase common stock	5.2	8.5
Nonvested shares subject to repurchase	2.0	4.6
Restricted stock units	8.6	0.5
Redeemable convertible preferred stock (as converted to common stock)	14.1	—
Warrants to purchase common stock	137.6	—
Total	167.5	13.6

FAIR VALUE OF FINANCIAL INSTRUMENTS - Balance Sheet Grouping (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets
AFS securities	$ 129.6	$ 129.9
Cash equivalents	124.1	127.0
Total assets at fair value	253.7	256.9
U.S. Treasury securities and agencies
Assets
AFS securities	23.1	23.3
Municipal securities
Assets
AFS securities	19.7	20.6
Corporate debt securities
Assets
AFS securities	48.7	48.7
Residential mortgage-backed securities
Assets
AFS securities	2.7	3.5
Commercial mortgage backed securities
Assets
AFS securities	31.9	30.3
Other debt obligations
Assets
AFS securities	3.0	3.5
Total fixed maturities
Assets
AFS securities	129.1	129.9
Short-term investments
Assets
AFS securities	0.5
Level 1
Assets
Cash equivalents	124.1	127.0
Total assets at fair value	146.4	149.6
Level 1 \| U.S. Treasury securities and agencies
Assets
AFS securities	22.3	22.6
Level 1 \| Municipal securities
Assets
AFS securities	0.0	0.0
Level 1 \| Corporate debt securities
Assets
AFS securities	0.0	0.0
Level 1 \| Residential mortgage-backed securities
Assets
AFS securities	0.0	0.0
Level 1 \| Commercial mortgage backed securities
Assets
AFS securities	0.0	0.0
Level 1 \| Other debt obligations
Assets
AFS securities	0.0	0.0
Level 1 \| Total fixed maturities
Assets
AFS securities	22.3	22.6
Level 1 \| Short-term investments
Assets
AFS securities	0.0
Level 2
Assets
Cash equivalents	0.0	0.0
Total assets at fair value	107.3	107.3
Level 2 \| U.S. Treasury securities and agencies
Assets
AFS securities	0.8	0.7
Level 2 \| Municipal securities
Assets
AFS securities	19.7	20.6
Level 2 \| Corporate debt securities
Assets
AFS securities	48.7	48.7
Level 2 \| Residential mortgage-backed securities
Assets
AFS securities	2.7	3.5
Level 2 \| Commercial mortgage backed securities
Assets
AFS securities	31.9	30.3
Level 2 \| Other debt obligations
Assets
AFS securities	3.0	3.5
Level 2 \| Total fixed maturities
Assets
AFS securities	106.8	107.3
Level 2 \| Short-term investments
Assets
AFS securities	0.5
Level 3
Assets
Cash equivalents	0.0	0.0
Total assets at fair value	0.0	0.0
Level 3 \| U.S. Treasury securities and agencies
Assets
AFS securities	0.0	0.0
Level 3 \| Municipal securities
Assets
AFS securities	0.0	0.0
Level 3 \| Corporate debt securities
Assets
AFS securities	0.0	0.0
Level 3 \| Residential mortgage-backed securities
Assets
AFS securities	0.0	0.0
Level 3 \| Commercial mortgage backed securities
Assets
AFS securities	0.0	0.0
Level 3 \| Other debt obligations
Assets
AFS securities	0.0	0.0
Level 3 \| Total fixed maturities
Assets
AFS securities	0.0	$ 0.0
Level 3 \| Short-term investments
Assets
AFS securities	$ 0.0

SHARE-BASED COMPENSATION - Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 6.6	$ 2.3
Restricted stock unit expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	6.1	0.6
Stock option expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	0.5	1.7
Loss and loss adjustment expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	0.2	0.1
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	0.1	0.0
Other insurance expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	0.2	0.1
Technology and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	0.7	0.3
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total share-based compensation expense	$ 5.4	$ 1.8

LOSS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net loss	$ (76.4)	$ (99.6)
Weighted-average common shares outstanding: basic (both Class A and B) (in shares)	251.7	247.1
Weighted-average common shares outstanding: diluted (both Class A and B) (in shares)	251.7	247.1
Loss per common share: basic (both Class A and B) (in dollars per share)	$ (0.30)	$ (0.40)
Loss per common share: diluted (both Class A and B) (in dollars per share)	$ (0.30)	$ (0.40)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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