XML 34 R21.htm IDEA: XBRL DOCUMENT v3.21.1

INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of AFS debt securities

The amortized cost and fair value of short-term investments and available-for-sale fixed maturity securities at March 31, 2021 and December 31, 2020 are as follows:

			March 31, 2021
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
			(dollars in millions)
Fixed maturities:
U.S. Treasury securities and agencies			$	16.0					$	0.1					$	(0.1)					$	16.0
Municipal securities			20.0						0.5						—						20.5
Corporate debt securities			50.6						1.2						(0.1)						51.7
Residential mortgage-backed securities			6.2						—						(0.1)						6.1
Commercial mortgage backed securities			31.4						0.5						—						31.9
Other debt obligations			10.0						0.1						—						10.1
Total fixed maturities			134.2						2.4						(0.3)						136.3
Short-term investments			3.0						—						—						3.0
Total			$	137.2					$	2.4					$	(0.3)					$	139.3

			December 31, 2020
			Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
			(dollars in millions)
Fixed maturities:
U.S. Treasury securities and agencies			$	16.9					$	0.1					$	—					$	17.0
Municipal securities			22.6						0.8						—						23.4
Corporate debt securities			87.5						3.1						(0.1)						90.5
Residential mortgage-backed securities			7.8						—						—						7.8
Commercial mortgage backed securities			57.1						1.3						—						58.4
Other debt obligations			23.5						0.4						—						23.9
Total fixed maturities			215.4						5.7						(0.1)						221.0
Short-term investments			3.0						—						—						3.0
Total			$	218.4					$	5.7					$	(0.1)					$	224.0

The following table reflects the gross and net realized gains and losses on short-term investments and fixed maturities that have been included in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2021 and 2020:

			Three Months Ended March 31,
			2021						2020
			(dollars in millions)
Realized gains on investments			$	2.5					$	—
Realized losses on investments			(0.1)						—
Net realized gains on investments			$	2.4					$	—

The following table sets forth the amortized cost and fair value of short-term investments and fixed maturity securities by contractual maturity at March 31, 2021:

			March 31, 2021
			Amortized Cost						Fair Value
			(dollars in millions)
Due in one year or less			$	9.4					$	9.4
Due after one year through five years			98.8						100.6
Due five years through 10 years			9.7						9.8
Due after 10 years			19.3						19.5
Total			$	137.2					$	139.3

Schedule of unrealized losses

The following tables reflect the gross unrealized losses and fair value of bonds, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2021 and December 31, 2020:

			March 31, 2021
			Less than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
			(dollars in millions)
Bonds:
U.S. Treasury securities and agencies			$	14.0					$	(0.1)					$	—					$	—					$	14.0					$	(0.1)
Municipal securities			6.4						—						—						—						6.4						—
Corporate debt securities			8.1						(0.1)						—						—						8.1						(0.1)
Residential mortgage-backed securities			4.3						(0.1)						0.3						—						4.6						(0.1)
Commercial mortgage-backed securities			3.1						—						—						—						3.1						—
Total bonds			$	35.9					$	(0.3)					$	0.3					$	—					$	36.2					$	(0.3)
			December 31, 2020
			Less than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
			(dollars in millions)
Bonds:
U.S. Treasury securities and agencies			$	15.7					$	—					$	—					$	—					$	15.7					$	—
Municipal securities			2.3						—						—						—						2.3						—
Corporate debt securities			2.9						(0.1)						—						—						2.9						(0.1)
Residential mortgage-backed securities			3.7						—						—						—						3.7						—
Commercial mortgage-backed securities			4.9						—						—						—						4.9						—
Other debt obligations			0.1						—						—						—						0.1						—
Total bonds			$	29.6					$	(0.1)					$	—					$	—					$	29.6					$	(0.1)

Schedule of net investment income

The following table sets forth the components of net investment income for the three months ended March 31, 2021 and 2020:

									Three Months Ended March 31,
															2021						2020
															(dollars in millions)
Interest on bonds															$	0.8					$	0.9
Interest on deposits and cash equivalents															0.3						1.1
Total															1.1						2.0
Investment expense															(0.2)						(0.1)
Net investment income															$	0.9					$	1.9

Schedule of credit ratings

The following tables summarize the credit ratings of investments at March 31, 2021 and December 31, 2020:

			March 31, 2021
			Amortized Cost						Fair Value						% of Total Fair Value
S&P Global rating or equivalent			(dollars in millions)
AAA			$	73.2					$	74.0					53.1		%
AA+, AA, AA-, A-1			17.0						17.3						12.5
A+, A, A-			36.4						37.1						26.6
BBB+, BBB, BBB-			10.6						10.9						7.8
Total			$	137.2					$	139.3					100.0		%

			December 31, 2020
			Amortized Cost						Fair Value						% of Total Fair Value
S&P Global rating or equivalent			(dollars in millions)
AAA			$	116.5					$	118.7					53.0		%
AA+, AA, AA-, A-1			22.7						23.3						10.4
A+, A, A-			57.5						59.4						26.5
BBB+, BBB, BBB-			21.7						22.6						10.1
Total			$	218.4					$	224.0					100.0		%

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

+ Details

Name:	us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-SubTopic 10
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 30
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=121582814&loc=SL82922888-210455

+ Details

Name:	us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of all significant concentrations of risk, including credit risk and market risk, arising from all financial instruments (as defined), whether from an individual counterparty or groups of counterparties. The disclosure concerning concentrations of risk may consist of the following information: (1) for concentrations of credit risk disclosure may include: (a) information about the (shared) activity, region, or economic characteristic that identifies the concentration, (b) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the entity would incur if parties to the financial instruments that make up the concentration failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the entity, (c) the policy of requiring collateral or other security to support financial instruments subject to credit risk, information about the entity's access to that collateral or other security, and the nature and a brief description of the collateral or other security supporting those financial instruments, and (d) the policy of entering into master netting arrangements to mitigate the credit risk of financial instruments, information about the arrangements for which the entity is a party, and a brief description of the terms of those arrangements, including the extent to which they would reduce the entity's maximum amount of loss due to credit risk and (2) for disclosure of quantitative information about the market risks of financial instruments that is consistent with the way the company manages or adjusts those risks, disclosure may include: (a) more details about current positions and perhaps activity during the period, (b) the hypothetical effects on comprehensive income (or net assets), or annual income, of several possible changes in market prices, (c) a gap analysis of interest rate re-pricing or maturity dates, (d) the duration of the financial instruments, (e) the entity's value at risk from derivatives and from other positions at the end of the reporting period and the average value at risk during the year, or (f) other ways of reporting quantitative information as internally developed.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13572-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 20
-URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13531-108611

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 23
-URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13587-108611

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13537-108611

+ Details

Name:	us-gaap_FairValueConcentrationOfRiskTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.9)
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.2)
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.7(a),(b))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.8)
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

Name:	us-gaap_InvestmentIncomeTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration