Online car insurance firm Root jumps after Q3 loss narrows

Root

02/11/2023 18:07

** Shares of online car insurance company Root  ROOT.O  rise
~15% to $10.15 
    ** After market close on Wednesday, co reported a narrower
Q3 loss of $3.16/shr vs $4.71/shr a year earlier
    ** Co says pricing changes allowed it to take advantage of
reduced competition and exceed profitability targets on new
business
    ** Co's Q3 gross accident period loss ratio improved by
11.3% to 68% on the back of its pricing and underwriting 
    ** Q3 gross premiums written jumped 49% to $224 mln
    ** Co's Q3 total new writings jumped nearly 5 fold
    ** Up to last close, ROOT stock was up ~97% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com))