Root Insurance Announces Commitment to Embedded Partnerships with Support for Dreyer & Reinbold Racing Indianapolis 500 Team featuring Driver Ryan Hunter-Reay

COLUMBUS, Ohio, May 25, 2023 (GLOBE NEWSWIRE) -- Root, Inc. (NASDAQ: ROOT), the parent company of Root Insurance Company, is proud to announce its partnership with Dreyer & Reinbold Racing (DRR) for the 107th edition of the Indianapolis 500. Root will serve as the primary partner for the No. 23 DRR Chevrolet-powered car driven by Ryan Hunter-Reay in the legendary 500-mile race, scheduled to take place on Sunday, May 28th, at the historic Indianapolis Motor Speedway.

Root Insurance, known for its data-driven approach to car insurance, offers customers rates based primarily on their driving behavior. By utilizing advanced technology and providing a user-friendly app, Root delivers a seamless and customer-centric experience. The team's collaboration with DRR and its entry into this prestigious event is a testament to the company's dedication to forging meaningful partnerships in the automotive industry.

“We’re thrilled to be partnering with Dreyer & Reinbold Racing to showcase Root at the Indianapolis 500,” said SVP of Business Development, Jason Shapiro. “In coming to Root, I knew the power of the connectivity within the automotive community and rushed to jump on the opportunity to work with DRR and have Ryan at the wheel. This partnership marks an important milestone for Root as we reinforce our commitment to developing more partnerships in the embedded space.”

Ryan Hunter-Reay won the Indy 500 in 2014, the IndyCar Series Championship in 2012, and is a two time ESPY-Award winner (2013 & 2014) for the “Best Driver” in the world overall. Dreyer & Reinbold Racing also has an impressive legacy at the Indianapolis Motor Speedway having qualified 48 Indy 500 entries since 2000. The team returns to the “Brickyard” for the 24th consecutive year and is coming off back-to-back top 10 finishes in 2021 and 2022.  

"We are extremely excited to team up with Root and Indy 500 champion Ryan Hunter-Reay for this year's 500 Mile Race,” says Dennis Reinbold, DRR team owner. “We believe we have prepared outstanding cars for the 2023 Indy 500 and are eager to see Root in the winner's circle at the iconic Indianapolis Motor Speedway.”

The 107th edition of the Indianapolis 500, renowned as the "Greatest Spectacle in Racing," will take place on Sunday, May 28th, with the green flag scheduled for 12:45 p.m. EDT. NBC will provide live coverage of the event starting at 11 a.m.

About Root, Inc.
Founded in 2015 and based in Columbus, Ohio, Root, Inc. (NASDAQ: ROOT) is the parent company of Root Insurance Company. Root is revolutionizing insurance through data science and technology to provide consumers a personalized, easy, and fair experience. The Root app has more than 12 million app downloads and has collected more than 22 billion miles of driving data to inform their insurance offerings. For more information on Root, visit root.com.

Contact: [email protected]

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws regarding Root, Inc. relating to expectations about our future business results. In accordance with "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, we have included in Root's Form 10-K for the year ended Dec. 31, 2022, and other SEC filings, cautionary language identifying important factors, though not necessarily all such factors, that could cause future outcomes to differ materially from those set forth in the forward-looking statements. Copies of Root's Form 10-K and other SEC filings are available on the SEC's website, Root's website at https://ir.joinroot.com/investor-relations or by contacting Root's Investor Relations office.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c3dc2e01-d13f-437f-a49b-6c06a76bcb61

Root Insurance Car

Root Insurance pairs up with Dreyer & Reinbold Racing for the 2023 Indy 500, car driven by Ryan Hunter-Reay