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v3.23.1

Investments (Tables) | 3 Months Ended
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Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Summary of Amortized Cost and Fair Values of Fixed Maturity Securities | At March 31, 2023, the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows:
(in millions) |  | Cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities |  | $ | 23.7 |  |  | $ | 0.1 |  |  | $ | (1.5 | ) |  | $ | 22.3 |
Corporate debt |  |  | 7.1 |  |  |  | — |  |  |  | (0.3 | ) |  |  | 6.8 |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 30.8 |  |  | $ | 0.1 |  |  | $ | (1.8 | ) |  | $ | 29.1 |
At December 31, 2022, the Company’s amortized cost and fair values of fixed maturity securities are summarized as follows:
(in millions) |  | Cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities |  | $ | 22.8 |  |  | $ | — |  |  | $ | (1.8 | ) |  | $ | 21.0 |
Corporate debt |  |  | 8.2 |  |  |  | — |  |  |  | (0.4 | ) |  |  | 7.8 |
Total |  | $ | 31.0 |  |  | $ | — |  |  | $ | (2.2 | ) |  | $ | 28.8 |
Schedule of Investments' Gross Unrealized Loss and Fair Value | For securities in a loss position, the following table shows the investments’ gross unrealized loss and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2023:
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
(in millions) |  | Fair value |  |  | Unrealized losses |  |  | Fair value |  |  | Unrealized losses |  |  | Fair value |  |  | Unrealized losses |
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities |  | $ | — |  |  | $ | — |  |  | $ | 18.6 |  |  | $ | (1.5 | ) |  | $ | 18.6 |  |  | $ | (1.5 | )
Corporate debt |  |  | 1.2 |  |  |  | — |  |  |  | 5.6 |  |  |  | (0.3 | ) |  |  | 6.8 |  |  |  | (0.3 | )
Total |  | $ | 1.2 |  |  | $ | — |  |  | $ | 24.2 |  |  | $ | (1.8 | ) |  | $ | 25.4 |  |  | $ | (1.8 | )
For securities in a loss position, the following table shows the investments’ gross unrealized loss and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position as of December 31, 2022:
|  | Less than 12 Months |  |  | 12 Months or More |  |  | Total |
(in millions) |  | Fair value |  |  | Unrealized losses |  |  | Fair value |  |  | Unrealized losses |  |  | Fair value |  |  | Unrealized losses |
U.S. Treasury securities, obligations of U.S. Government agencies and municipalities |  | $ | 4.7 |  |  | $ | (0.1 | ) |  | $ | 16.3 |  |  | $ | (1.7 | ) |  | $ | 21.0 |  |  | $ | (1.8 | )
Corporate debt |  |  | 4.2 |  |  |  | (0.1 | ) |  |  | 3.6 |  |  |  | (0.3 | ) |  |  | 7.8 |  |  |  | (0.4 | )
Total |  | $ | 8.9 |  |  | $ | (0.2 | ) |  | $ | 19.9 |  |  | $ | (2.0 | ) |  | $ | 28.8 |  |  | $ | (2.2 | )
Amortized Cost and Fair Value of Fixed Maturity Securities by Contractual Maturity | The amortized cost and estimated fair value of the fixed maturity securities at March 31, 2023 by contractual maturity are set forth below:
(in millions) |  | Amortized cost |  |  | Fair value |
Years to maturity: |  |  |  |  |  |
Due in one year or less |  | $ | 3.7 |  |  | $ | 3.7 |
Due after one year through five years |  | $ | 27.1 |  |  | $ | 25.4 |
Due after five years |  | $ | — |  |  | $ | — |
Total |  | $ | 30.8 |  |  | $ | 29.1 |
The amortized cost and estimated fair value of the fixed maturity securities at December 31, 2022 by contractual maturity are set forth below:
(in millions) |  | Amortized cost |  |  | Fair value |
Years to maturity: |  |  |  |  |  |
Due in one year or less |  | $ | 6.5 |  |  | $ | 6.4 |
Due after one year through five years |  |  | 24.5 |  |  |  | 22.4 |
Due after five years |  |  | — |  |  |  | — |
Total |  | $ | 31.0 |  |  | $ | 28.8 |

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- Definition For all investments in an unrealized loss position, including those for which other-than-temporary impairments have not been recognized in earnings (including investments for which a portion of an other-than-temporary impairment has been recognized in other comprehensive income), a tabular disclosure of the aggregate related fair value of investments with unrealized losses and the aggregate amount of unrealized losses (that is, the amount by which amortized cost basis exceeds fair value). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126970911&loc=d3e27290-111563 + Details
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