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v3.26.1

Segment Information | 6 Months Ended
--- | ---
Jun. 30, 2026
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company operates in one reportable segment providing personal property and casualty insurance products within the United States and Europe, including the UK. Insurance coverage under the homeowners multi-peril, inland marine and general liability and private passenger auto lines of business are offered to individual customers through its direct to consumer distribution channel which follows the same underwriting and claims process. The Company's Chief Operating Decision Maker (CODM) is the Chief Executive Officer. The CODM manages the Company’s operations, evaluates the operating performance and decides on allocation of resources based on segment / consolidated net income (loss). Loss and loss adjustment expenses and advertising expenses (growth spend), as included in “Sales and Marketing expenses”, in the condensed consolidated statements of operations and comprehensive loss, represents the significant expenses which are regularly provided and reviewed by the CODM. The operating results of the personal property and casualty insurance reportable segment is presented in the following table below ($ in millions):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2026 |  | 2025 |  | 2026 |  | 2025
Total revenue |  | $ | 294.4 |  |  | $ | 164.1 |  |  | $ | 552.4 |  |  | $ | 315.3 |
less: Loss and loss adjustment expenses, net |  | 154.0 |  |  | 77.5 |  |  | 287.3 |  |  | 162.9 |
Other insurance expense |  | 26.7 |  |  | 21.4 |  |  | 50.8 |  |  | 47.5 |
Sales and marketing |  | 13.3 |  |  | 9.9 |  |  | 25.1 |  |  | 15.0 |
Advertising expenses |  | 64.4 |  |  | 49.7 |  |  | 118.7 |  |  | 87.8 |
Technology development |  | 30.0 |  |  | 22.4 |  |  | 56.9 |  |  | 44.4 |
General and administrative |  | 38.4 |  |  | 28.8 |  |  | 73.4 |  |  | 56.9 |
Interest expense |  | 7.0 |  |  | 4.0 |  |  | 13.2 |  |  | 7.3 |
Depreciation and amortization |  | 2.4 |  |  | 4.7 |  |  | 5.1 |  |  | 9.2 |
Other expenses (1) (2) |  | — |  |  | (11.7) |  |  | (1.7) |  |  | (11.7) |
Income tax expense |  | 1.6 |  |  | 1.3 |  |  | 2.8 |  |  | 2.3 |
Segment / Consolidated Net Loss |  | $ | (43.4) |  |  | $ | (43.9) |  |  | $ | (79.2) |  |  | $ | (106.3) |
(1) Includes $11.7 million of tax refund under the ERC program (see Note 12). (2) Includes $1.7 million recovery related to a pre-acquisition Metromile extra-contractual claim liability which was previously recorded in the third quarter of 2024. The measure of segment assets is based on total assets as reported on the condensed consolidated balance sheets. The Company does not allocate its assets, including investments, or income taxes in evaluating the segment / consolidated net income (loss). Gross written premium by location is as follows ($ in millions):
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |  |  |  |
|  | 2026 |  | 2025 |  | 2026 |  | 2025 |  |  |  |  |  |
Location |  | Amount |  | % of GWP |  | Amount |  | % of GWP |  | Amount |  | % of GWP |  | Amount |  | % of GWP |  |  |  |  |  |  |  |  |  |
California |  | $ | 77.9 |  |  | 20.5 | % |  | $ | 61.3 |  |  | 21.5 | % |  | $ | 151.6 |  |  | 20.9 | % |  | $ | 121.7 |  |  | 22.6 | % |  |  |  |  |  |  |  |  |  |
Texas |  | 52.1 |  |  | 13.7 | % |  | 38.8 |  |  | 13.6 | % |  | 92.8 |  |  | 12.8 | % |  | 71.3 |  |  | 13.2 | % |  |  |  |  |  |  |  |  |  |
New York |  | 34.0 |  |  | 8.9 | % |  | 27.0 |  |  | 9.5 | % |  | 67.3 |  |  | 9.3 | % |  | 52.9 |  |  | 9.8 | % |  |  |  |  |  |  |  |  |  |
Washington |  | 19.2 |  |  | 5.1 | % |  | 14.5 |  |  | 5.1 | % |  | 37.3 |  |  | 5.2 | % |  | 27.5 |  |  | 5.1 | % |  |  |  |  |  |  |  |  |  |
Illinois |  | 16.8 |  |  | 4.4 | % |  | 14.1 |  |  | 5.0 | % |  | 30.7 |  |  | 4.2 | % |  | 25.7 |  |  | 4.8 | % |  |  |  |  |  |  |  |  |  |
New Jersey |  | 15.5 |  |  | 4.1 | % |  | 12.8 |  |  | 4.5 | % |  | 29.9 |  |  | 4.1 | % |  | 24.5 |  |  | 4.5 | % |  |  |  |  |  |  |  |  |  |
Colorado |  | 16.1 |  |  | 4.2 | % |  | 10.7 |  |  | 3.8 | % |  | 29.0 |  |  | 4.0 | % |  | 17.5 |  |  | 3.2 | % |  |  |  |  |  |  |  |  |  |
Florida |  | 13.0 |  |  | 3.4 | % |  | 8.2 |  |  | 2.9 | % |  | 24.2 |  |  | 3.3 | % |  | 14.5 |  |  | 2.7 | % |  |  |  |  |  |  |  |  |  |
Arizona |  | 10.5 |  |  | 2.8 | % |  | 7.3 |  |  | 2.6 | % |  | 20.4 |  |  | 2.8 | % |  | 13.5 |  |  | 2.5 | % |  |  |  |  |  |  |  |  |  |
Pennsylvania |  | 10.8 |  |  | 2.8 | % |  | 8.3 |  |  | 2.9 | % |  | 20.3 |  |  | 2.8 | % |  | 15.3 |  |  | 2.8 | % |  |  |  |  |  |  |  |  |  |
All other |  | 98.6 |  |  | 26.0 | % |  | 71.9 |  |  | 25.3 | % |  | 188.9 |  |  | 26.2 | % |  | 135.3 |  |  | 25.3 | % |  |  |  |  |  |  |  |  |  |
US |  | 364.5 |  |  | 95.9 | % |  | 274.9 |  |  | 96.6 | % |  | 692.4 |  |  | 95.6 | % |  | 519.7 |  |  | 96.5 | % |  |  |  |  |  |  |  |  |  |
Europe and UK |  | 15.5 |  |  | 4.1 | % |  | 9.6 |  |  | 3.4 | % |  | 31.5 |  |  | 4.4 | % |  | 19.0 |  |  | 3.5 | % |  |  |  |  |  |  |  |  |  |
Total |  | $ | 380.0 |  |  | 100.0 | % |  | $ | 284.5 |  |  | 100.0 | % |  | $ | 723.9 |  |  | 100.0 | % |  | $ | 538.7 |  |  | 100.0 | % |  |  |  |  |  |  |  |  |  |

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