Root, Inc., the parent company of the Root Insurance family of carriers, has successfully placed its June property catastrophe program with Tremor Technologies’ next generation trading platform, Panorama™.
Insurtech Root leverages industry-leading, mobile-first technology in order to bring fairness and a best-in-class experience to drivers.
The company focuses on driving behaviour rather than demographics to determine rates for drivers, enabling it to use test drive results and powerful predictive data models to select and insure safer drivers.
“When we got the call that the Root team wanted to place their entire property catastrophe program with us, we were thrilled. This team is known for being thoughtful, and for their commitment to innovation,” said Sean Bourgeois, Tremor’s Founder and Chief Executive Officer (CEO).
“In less than a week, we were able to organize the placement and bring more capacity than was needed, allowing Root to manage its long-term relationships during the process. We were particularly excited that we could bring new markets to the program while delivering competitive pricing subject to their constraints in record time,” he added.
Just last week, Tremor reported that insurers leveraging its enhanced Panorama™ trading platform sought more than $700 million in capacity from reinsurers in the month of May alone.
The programmatic re/insurance risk transfer marketplace has also announced over $1 billion in new placement commitments with 20% more reinsurer capacity in the last quarter alone. Furthermore, Tremor continues to add new insurers and reinsurers to its platform each month.
Isaac Espinoza, Root’s Vice President of Reinsurance, said: “As a leading insurtech company, Root is excited to partner with innovative companies like Tremor that are helping to move the industry forward.
“We were very happy to work closely with Tremor, our broker Willis Re, and our reinsurance partners to execute our property catastrophe program quickly. Through this partnership, we have been able to provide participating reinsurers with an incredible amount of data with efficient execution. We look forward to working with Tremor in the future.”
In September 2019, Root’s value hit $3.65 billion after a successful Series E funding round led by DST Global and Coatue raised an additional $350 million.
The following year, the insurtech filed a registration statement with the US Securities and Exchange Commission for an initial public offering (IPO) of its common stock.
