Root, Inc. and Tremor Partner to Place Property Catastrophe Reinsurance Program
Tremor and Root, Inc. (NASDAQ: ROOT), the parent company of the Root Insurance family of insurance companies, today announced that Root has successfully placed its June property catastrophe program with Tremor Panorama. As the leading online marketplace in reinsurance, Tremor enhances the placement process by using modern technology to help provide a more efficient and data-rich experience.
“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,” says Sean Bourgeois, Tremor’s Founder and 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.”
Tremor has recently announced more than $1 billion in new placement commitments with 20% more reinsurer capacity in the last quarter alone, and continues to add new insurers and reinsurers to its platform each month.
“As a leading insurtech company, Root is excited to partner with innovative companies like Tremor that are helping to move the industry forward,” says Isaac Espinoza, Root’s VP of Reinsurance. “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.”
Root is founded on the power of data and built on the belief that the services people need for everyday life should serve them better. The insurance innovator uses industry-leading, mobile-first technology that brings fairness and a best-in-class experience to drivers. With driving behavior, not demographics, as the #1 factor in determining drivers’ rates, Root is able to use test drive results and its powerful predictive data models to select and insure safer drivers.
Tremor is a venture-backed insurance technology firm where world class computer scientists, economists, market designers and industry practitioners are working together to build a modern risk-transfer marketplace. Tremor’s smart market platform incorporates intelligent market design, state-of-the-art auction technology, and sophisticated optimization techniques to vastly improve how risk is transferred around the world.
Root Insurance is the nation’s first licensed insurance carrier powered entirely by mobile. We were founded on the principle that auto insurance rates should be based primarily on how someone drives, not who they are. Using mobile technology and data science, Root offers personalized, fair rates to good drivers all through an easy-to-use app.
Root is headquartered in Columbus, Ohio, with renters insurance available in Arkansas, Missouri, Ohio, Georgia, Kentucky, Nevada, Tennessee, and Utah, and auto insurance currently available to drivers in Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maryland, Mississippi, Missouri, Montana, Nebraska, New Mexico, Nevada, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, West Virginia, and Wisconsin.
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