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Investments | 6 Months Ended
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Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract] |
Investments | Investments Unrealized gains and losses The following tables present cost or amortized cost and fair values of investment in fixed maturities as of June 30, 2026 and December 31, 2025 ($ in millions):
|  | Cost or Amortized Cost |  | Gross Unrealized |  | Fair Value
|  |  | Gains |  | Losses |
June 30, 2026 |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 503.4 |  |  | $ | 0.1 |  |  | $ | (2.1) |  |  | $ | 501.4 |
U.S. Government obligations |  | 157.5 |  |  | — |  |  | (1.5) |  |  | 156.0 |
Asset-backed securities and collateralized loan obligations |  | 82.5 |  |  | — |  |  | (0.3) |  |  | 82.2 |
Non-U.S. government obligations |  | 29.0 |  |  | — |  |  | (0.1) |  |  | 28.9 |
Total |  | $ | 772.4 |  |  | $ | 0.1 |  |  | $ | (4.0) |  |  | $ | 768.5 |
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 |
Gross unrealized losses for investments in fixed maturities was $4.0 million as of June 30, 2026 and less than $0.1 million as of December 31, 2025. Gross unrealized gains and losses on investments in fixed maturities were recorded as a component of accumulated other comprehensive income (loss). Contractual maturities of bonds The following table presents the cost or amortized cost and estimated fair value of investments in fixed maturities as of June 30, 2026 by contractual maturity ($ 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.
|  | June 30, 2026
|  | Cost or Amortized Cost |  | Fair Value
Due in one year or less |  | $ | 100.8 |  |  | $ | 100.9 |
Due after one year through five years |  | 589.1 |  |  | 585.4 |
Due after five years through ten years |  | — |  |  | — |
Due after ten years |  | — |  |  | — |
Sub-total |  | 689.9 |  |  | 686.3 |
Asset-backed securities and collateralized loan obligations |  | 82.5 |  |  | 82.2 |
Total |  | $ | 772.4 |  |  | $ | 768.5 |
Net investment income Details of the Company's net investment income is as follows ($ in millions):
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2026 |  | 2025 |  | 2026 |  | 2025
Interest on cash and cash equivalents |  | $ | 1.9 |  |  | $ | 2.1 |  |  | $ | 4.0 |  |  | $ | 4.2 |
Fixed maturities |  | 7.8 |  |  | 7.2 |  |  | 15.5 |  |  | 14.4 |
Short-term investments |  | 0.1 |  |  | 0.2 |  |  | 0.2 |  |  | 0.5 |
Total |  | 9.8 |  |  | 9.5 |  |  | 19.7 |  |  | 19.1 |
Investment expense |  | 0.1 |  |  | 0.1 |  |  | 0.2 |  |  | 0.2 |
Net investment income |  | $ | 9.7 |  |  | $ | 9.4 |  |  | $ | 19.5 |  |  | $ | 18.9 |
Investment gains and losses The Company had pre-tax net realized capital gain of $0.2 million and $0.5 million for the three and six months ended June 30, 2026 and pre-tax net realized capital gain of $0.1 million for the three and six months ended June 30, 2025, which were included in "Commission and other income" in the condensed consolidated statements of operations and comprehensive loss. Aging of gross unrealized losses The following table presents the gross unrealized losses and related fair values for the Company’s investment in fixed maturities, grouped by duration of time in a continuous unrealized loss position as of June 30, 2026 and December 31, 2025 ($ 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
June 30, 2026 |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 411.6 |  |  | $ | (2.1) |  |  | $ | — |  |  | $ | — |  |  | $ | 411.6 |  |  | $ | (2.1) |
U.S. Government obligations |  | 144.2 |  |  | (1.5) |  |  | — |  |  | — |  |  | 144.2 |  |  | (1.5) |
Asset-backed securities and collateralized loan obligations |  | 63.4 |  |  | (0.3) |  |  | — |  |  | — |  |  | 63.4 |  |  | (0.3) |
Non-U.S. government obligations |  | 21.0 |  |  | (0.1) |  |  | — |  |  | — |  |  | 21.0 |  |  | (0.1) |
Total |  | $ | 640.2 |  |  | $ | (4.0) |  |  | $ | — |  |  | $ | — |  |  | $ | 640.2 |  |  | $ | (4.0) |
|  | 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 |  |  | $ | — |
As of June 30, 2026, 541 of the securities held were in an unrealized loss position. There were no i nvestments in fixed maturities with gross unrealized losses for twelve months or more as of June 30, 2026. Investments in fixed maturities with gross unrealized losses for twelve months or more amounted to less than $0.1 million as of December 31, 2025. The Company determined that unrealized losses on fixed maturities were primarily due to the interest rate environment, general market conditions, and not credit risk related to 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 the Company will be required to sell these investments in fixed maturities before recovery of the amortized cost basis. No allowance for credit losses related to any of these securities was recorded for the three and six months ended June 30, 2026. The Company does not measure an allowance for credit losses on accrued interest receivable and would instead write off accrued interest receivable at the time an issuer defaults or is expected to default on payments. 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 (see 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 $82.5 million as of June 30, 2026 and $81.5 million as of December 31, 2025.

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