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v3.25.4

Investments (Tables) | 12 Months Ended
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Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Amortized cost and fair values | 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 |
Schedule of 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 |
Schedule of 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) |
Schedule of 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 |
Schedule of Special deposits | 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 |

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