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v3.25.4

Income Taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Millions | Dec. 31, 2025 | Dec. 31, 2024
--- | --- | ---
Deferred tax assets: |  |
Net operating loss carryforwards | $ 359.9 | $ 331.4
Net unearned premium | 18.3 | 8.6
Deferred ceding commission | 6.5 | 13.3
Stock-based compensation | 6.1 | 5.5
Depreciation and amortization | 4.8 | 3.3
Lease liabilities | 2.5 | 2.3
Lease liabilities | 1.6 | 4.3
Startup costs | 0.3 | 0.4
Total gross deferred tax assets | 400.0 | 369.1
Deferred tax liabilities: |  |
Deferred acquisition costs | (2.5) | (2.5)
Right-of-use assets | (1.1) | (2.5)
Unrealized gain on investments | (0.6) | (0.1)
Total gross deferred tax liabilities | (4.2) | (5.1)
Valuation allowance | (395.8) | (364.0)
Total deferred tax assets, net | $ 0.0 | $ 0.0

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