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Investments | 12 Months Ended
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Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Unrealized gains and losses The following tables present cost or amortized cost and fair values of investments in fixed maturities at December 31, 2025 and 2024, respectively ($ in millions):
| Cost or Amortized Cost |  | Gross Unrealized |  | Fair Value
|  | Gains |  | Losses |
December 31, 2025 |  |  |  |  |  |  |
Corporate debt securities | $ | 499.2 |  |  | $ | 2.0 |  |  | $ | — |  |  | $ | 501.2 |
U.S. Government obligations | 139.5 |  |  | 0.6 |  |  | — |  |  | 140.1 |
Asset-backed securities | 45.3 |  |  | 0.2 |  |  | — |  |  | 45.5 |
Non-U.S. government obligations | 22.0 |  |  | — |  |  | — |  |  | 22.0 |
Total | $ | 706.0 |  |  | $ | 2.8 |  |  | $ | — |  |  | $ | 708.8 |
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 |
Gross unrealized losses for investments in fixed maturities was less than $0.1 million and $1.3 million as of December 31, 2025 and 2024, respectively. Gross unrealized gains and losses were recorded as a component of accumulated other comprehensive income. Contractual maturities of bonds The following table presents the cost or amortized cost and estimated fair value of investments in fixed maturities as of December 31, 2025 by contractual maturity ($ 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.
| December 31, 2025
| Cost or Amortized Cost |  | Fair Value
Due in one year or less | $ | 198.0 |  |  | $ | 198.6 |
Due after one year through five years | 505.1 |  |  | 507.2 |
Due after five years through ten years | 2.9 |  |  | 3.0 |
Due after ten years | — |  |  | — |
Total | $ | 706.0 |  |  | $ | 708.8 |
Aging of gross unrealized losses The following tables present 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 December 31, 2025 and 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
December 31, 2025 |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities | $ | 45.9 |  |  | $ | — |  |  | $ | 4.9 |  |  | $ | — |  |  | $ | 50.8 |  |  | $ | — |
U.S. Government obligations | 0.4 |  |  | — |  |  | — |  |  | — |  |  | 0.4 |  |  | — |
Asset-backed securities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Non-U.S. government obligations | 7.2 |  |  | — |  |  | — |  |  | — |  |  | 7.2 |  |  | — |
Total | $ | 53.5 |  |  | $ | — |  |  | $ | 4.9 |  |  | $ | — |  |  | $ | 58.4 |  |  | $ | — |
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-U.S. government obligations | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 182.8 |  |  | $ | (0.8) |  |  | $ | 53.0 |  |  | $ | (0.5) |  |  | $ | 235.8 |  |  | $ | (1.3) |
As of December 31, 2025, 54 of the securities held were in an unrealized loss position. Investments in fixed maturities with g ross unrealized losses for twelve months or more was less than $0.1 million and $0.5 million for the years ended December 31, 2025 and 2024, respectively. The Company determined that unrealized losses on investment in fixed maturities were primarily due to the interest rate environment, and not credit risk related to the issuers of these securities. The Company does not intend to sell these investments in fixed maturities, and it is not more likely than not that that the Company will be required to sell these investments in fixed maturities before the recovery of the amortized cost basis. No allowance for credit losses related to any of these securities was recorded for the years ended December 31, 2025 and 2024. Net investment income An analysis of net investment income follows ($ in millions):
| December 31,
| 2025 |  | 2024 |  | 2023
Interest on cash and cash equivalents | $ | 8.2 |  |  | $ | 8.3 |  |  | $ | 4.2 |
Fixed maturities | 29.1 |  |  | 24.4 |  |  | 17.0 |
Short-term investments | 0.9 |  |  | 1.6 |  |  | 3.8
Total | 38.2 |  |  | 34.3 |  |  | 25.0 |
Investment expense | 0.4 |  |  | 0.3 |  | 0.3 |
Net investment income | $ | 37.8 |  |  | $ | 34.0 |  |  | $ | 24.7 |
Investment gains and losses The Company had pre-tax net realized capital gains of $0.4 million and $0.1 million for the years ended December 31, 2025 and 2024, respectively, and pre-tax net realized capital loss of $0.6 million for the year ended December 31, 2023. Special deposits Bonds with a total carrying value of $12.5 million and $12.2 million at December 31, 2025 and 2024, respectively, which are included in fixed maturities available-for-sale in the consolidated balance sheets, were deposited with various state insurance departments, as required, to comply with state insurance laws. The carrying value of bonds deposited with each respective state is as follows ($ in millions):
| December 31,
U.S. State | 2025 |  | 2024
Delaware | $ | 2.8 |  |  | $ | 2.8 |
New York | 2.6 |  |  | 2.6 |
Washington | 1.2 |  |  | 1.2 |
Colorado | 1.1 |  |  | 1.1 |
Virginia | 0.8 |  |  | 0.9 |
New Mexico | 0.7 |  |  | 0.7 |
Ohio | 0.7 |  |  | 0.4 |
New Jersey | 0.6 |  |  | 0.6 |
North Carolina | 0.6 |  |  | 0.6 |
Nevada | 0.4 |  |  | 0.4 |
Arkansas | 0.3 |  |  | 0.3 |
Florida | 0.2 |  |  | 0.2 |
Massachusetts | 0.2 |  |  | 0.2 |
Kansas | 0.1 |  |  | 0.1 |
Kentucky | 0.1 |  |  | 0.1 |
Georgia | 0.1 |  |  | — |
Total | $ | 12.5 |  |  | $ | 12.2 |
Restricted investments Restricted investments are held in a trust account securing the Company’s insurance subsidiary's contractual obligations under the Property Catastrophe Excess of Loss reinsurance contract with a captive in Bermuda (Note 7) which will not be released until the underlying risks have expired or have been settled. Restricted investments include certain investments in debt securities and short-term investments of $81.5 million and $81.3 million as of December 31, 2025 and 2024, respectively.

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