Root, Inc. Announces Resignation of Chris Olsen from the Board of Directors, and Its Nominating and Governance Committee
November 20, 2021 at 02:59 am IST
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On November 18, 2021, Chris Olsen informed Root, Inc. (the "Company") of his intention to resign from the Company's board of directors, and its Nominating and Governance Committee on which he had served as a member, effective immediately. Mr. Olsen had served as a member of the Company's and its predecessors' boards since 2016. He is Co-Founder and Partner of Drive Capital, a venture capital firm and early investor in the Company. Mr. Olsen's resignation will allow him to focus on other of Drive Capital's investments.
Root, Inc. is a holding company. The Company operates through its subsidiaries, including Root Insurance Company, Root Property & Casualty Insurance Company and Root Reinsurance Company, Ltd. The Company is a technology insurance company operating a direct-to-consumer model with its personal insurance customers acquired through mobile apps. It offers auto and renters insurance products underwritten by Root Insurance Company and Root Property & Casualty. The Company, by collecting and synthesizing sensory behavioral data across thousands of driving variables, including distracted driving, it strives to price auto insurance based more on causality than correlation. It uses telematics, mobile technology and its digital platform to collect data points that it evaluates in pricing and underwriting certain of its insurance policies, managing claims and customer support, and improving business processes. Its primary focus is on the United States auto insurance market.