Root Stock Edges Higher as Hugo Deal Puts Its Low-Cost Growth Bet on Display
Root, Inc. shares rose 1.4% to $53.38 Friday after announcing a new distribution deal with Hugo, even as the broader market fell. The partnership will route Hugo customers seeking full coverage to Root’s platform. Root reported first-quarter net income of $35.9 million and improved underwriting results. Progressive and State Farm still dominate the U.S. auto insurance market.