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v3.24.2

Investments (Tables) | 6 Months Ended
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Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract] |
Amortized cost and fair values | The following tables present cost or amortized cost and fair values of investment in fixed maturities as of June 30, 2024 and December 31, 2023 ($ in millions):
|  | Cost or Amortized Cost |  | Gross Unrealized |  | Fair Value
|  |  | Gains |  | Losses |
June 30, 2024 |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 438.8 |  |  | $ | 0.3 |  |  | $ | (3.2) |  |  | $ | 435.9 |
U.S. Government obligations |  | 88.9 |  |  | — |  |  | (0.4) |  |  | 88.5 |
Asset-backed securities |  | 12.8 |  |  | — |  |  | — |  |  | 12.8 |
Total |  | $ | 540.5 |  |  | $ | 0.3 |  |  | $ | (3.6) |  |  | $ | 537.2 |
December 31, 2023 |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 453.6 |  |  | $ | 1.3 |  |  | $ | (5.0) |  |  | $ | 449.9 |
U.S. Government obligations |  | 176.8 |  |  | 0.4 |  |  | (1.3) |  |  | 175.9 |
Asset-backed securities |  | 1.6 |  |  | — |  |  | — |  |  | 1.6 |
Total |  | $ | 632.0 |  |  | $ | 1.7 |  |  | $ | (6.3) |  |  | $ | 627.4 |
Contractual maturities of bonds | The following table presents the cost or amortized cost and estimated fair value of investments in fixed maturities as of June 30, 2024 by contractual maturity ($ in millions). Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
|  | June 30, 2024
|  | Cost or Amortized Cost |  | Fair Value
Due in one year or less |  | $ | 175.5 |  |  | $ | 173.9 |
Due after one year through five years |  | 365.0 |  |  | 363.3 |
Due after five years through ten years |  | — |  |  | — |
Due after ten years |  | — |  |  | — |
Total |  | $ | 540.5 |  |  | $ | 537.2 |
Net investment income | of the Company's net investment income is as follows ($ in millions):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Interest on cash and cash equivalents |  | $ | 2.2 |  |  | $ | 1.0 |  |  | $ | 3.7 |  |  | $ | 2.2 |
Fixed maturities |  | 5.6 |  |  | 4.0 |  |  | 11.4 |  |  | 6.9 |
Short-term investments |  | 0.4 |  |  | 0.7 |  |  | 0.8 |  |  | 1.7 |
Total |  | 8.2 |  |  | 5.7 |  |  | 15.9 |  |  | 10.8 |
Investment expense |  | 0.1 |  |  | 0.1 |  |  | 0.2 |  |  | 0.2 |
Net investment income |  | $ | 8.1 |  |  | $ | 5.6 |  |  | $ | 15.7 |  |  | $ | 10.6 |
Aging of gross unrealized losses | The following table presents the gross unrealized losses and related fair values for the Company’s investment in fixed maturities, grouped by duration of time in a continuous unrealized loss position as of June 30, 2024 and December 31, 2023 ($ in millions):
|  | Less than 12 Months |  | 12 Months or More |  | Total
|  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 163.0 |  |  | $ | (0.9) |  |  | $ | 145.9 |  |  | $ | (2.3) |  |  | $ | 308.9 |  |  | $ | (3.2) |
U.S. Government obligations |  | 40.8 |  |  | (0.2) |  |  | 22.0 |  |  | (0.2) |  |  | 62.8 |  |  | (0.4) |
Asset-backed securities |  | 9.9 |  |  | — |  |  | — |  |  | — |  |  | 9.9 |  |  | — |
Total |  | $ | 213.7 |  |  | $ | (1.1) |  |  | $ | 167.9 |  |  | $ | (2.5) |  |  | $ | 381.6 |  |  | $ | (3.6) |
|  | Less than 12 Months |  | 12 Months or More |  | Total
|  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 89.0 |  |  | $ | (1.2) |  |  | $ | 178.3 |  |  | $ | (4.0) |  |  | $ | 267.3 |  |  | $ | (5.2) |
U.S. Government obligations |  | 79.6 |  |  | (0.2) |  |  | 57.7 |  |  | (0.9) |  |  | 137.3 |  |  | (1.1) |
Asset-backed securities |  | — |  |  | — |  |  | 0.2 |  |  | — |  |  | 0.2 |  |  | — |
Total |  | $ | 168.6 |  |  | $ | (1.4) |  |  | $ | 236.2 |  |  | $ | (4.9) |  |  | $ | 404.8 |  |  | $ | (6.3) |

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