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v3.25.1

Investments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
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 March 31, 2025 and December 31, 2024 ($ in millions):
|  | Cost or Amortized Cost |  | Gross Unrealized |  | Fair Value
|  |  | Gains |  | Losses |
March 31, 2025 |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 519.3 |  |  | $ | 1.7 |  |  | $ | (0.5) |  |  | $ | 520.5 |
U.S. Government obligations |  | 100.3 |  |  | 0.4 |  |  | (0.1) |  |  | 100.6 |
Asset-backed securities |  | 27.0 |  |  | — |  |  | — |  |  | 27.0 |
Non-U.S. government obligations |  | 7.5 |  |  | — |  |  | — |  |  | 7.5 |
Total |  | $ | 654.1 |  |  | $ | 2.1 |  |  | $ | (0.6) |  |  | $ | 655.6 |
December 31, 2024 |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 470.6 |  |  | $ | 1.3 |  |  | $ | (1.1) |  |  | $ | 470.8 |
U.S. Government obligations |  | 107.6 |  |  | 0.3 |  |  | (0.2) |  |  | 107.7 |
Asset-backed securities |  | 22.9 |  |  | — |  |  | — |  |  | 22.9 |
Non-U.S. government obligations |  | 6.0 |  |  | — |  |  | — |  |  | 6.0 |
Total |  | $ | 607.1 |  |  | $ | 1.6 |  |  | $ | (1.3) |  |  | $ | 607.4 |
Contractual maturities of bonds | The following table presents the cost or amortized cost and estimated fair value of investments in fixed maturities as of March 31, 2025 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.
|  | March 31, 2025
|  | Cost or Amortized Cost |  | Fair Value
Due in one year or less |  | $ | 309.7 |  |  | $ | 310.1 |
Due after one year through five years |  | 344.2 |  |  | 345.3 |
Due after five years through ten years |  | 0.2 |  |  | 0.2 |
Due after ten years |  | — |  |  | — |
Total |  | $ | 654.1 |  |  | $ | 655.6 |
Net investment income | Details of the Company's net investment income is as follows ($ in millions):
|  |  |  | Three Months Ended March 31,
|  |  |  |  |  | 2025 |  | 2024
Interest on cash and cash equivalents |  |  |  |  |  | $ | 2.2 |  |  | $ | 1.5 |
Fixed maturities |  |  |  |  |  | 7.1 |  |  | 5.8 |
Short-term investments |  |  |  |  |  | 0.3 |  |  | 0.4 |
Total |  |  |  |  |  | 9.6 |  |  | 7.7 |
Investment expense |  |  |  |  |  | 0.1 |  |  | 0.1 |
Net investment income |  |  |  |  |  | $ | 9.5 |  |  | $ | 7.6 |
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 March 31, 2025 and December 31, 2024 ($ 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
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 85.0 |  |  | $ | (0.2) |  |  | $ | 43.7 |  |  | $ | (0.3) |  |  | $ | 128.7 |  |  | $ | (0.5) |
U.S. Government obligations |  | 12.1 |  |  | (0.1) |  |  | — |  |  | — |  |  | 12.1 |  |  | (0.1) |
Asset-backed securities |  | 9.3 |  |  | — |  |  | — |  |  | — |  |  | 9.3 |  |  | — |
Non-US government obligations |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 106.4 |  |  | $ | (0.3) |  |  | $ | 43.7 |  |  | $ | (0.3) |  |  | $ | 150.1 |  |  | $ | (0.6) |
|  | 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, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 149.4 |  |  | $ | (0.6) |  |  | $ | 53.0 |  |  | $ | (0.5) |  |  | $ | 202.4 |  |  | $ | (1.1) |
U.S. Government obligations |  | 27.6 |  |  | (0.2) |  |  | — |  |  | — |  |  | 27.6 |  |  | (0.2) |
Asset-backed securities |  | 5.8 |  |  | — |  |  | — |  |  | — |  |  | 5.8 |  |  | — |
Non-US government obligations |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 182.8 |  |  | $ | (0.8) |  |  | $ | 53.0 |  |  | $ | (0.5) |  |  | $ | 235.8 |  |  | $ | (1.3) |

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