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INVESTMENTS

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

INVESTMENTS

INVESTMENTS

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 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)

There were no other-than-temporary impairments recognized in the three months ended March 31, 2021 or 2020, respectively.

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

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

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		%

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- Definition

The entire disclosure for investment.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 321
-URI http://asc.fasb.org/topic&trid=75115024

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 320
-URI http://asc.fasb.org/topic&trid=2196928

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 325
-URI http://asc.fasb.org/topic&trid=2197064

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-URI http://asc.fasb.org/topic&trid=2196965

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- References

No definition available.

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