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INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30, 2024 and December 31, 2023 are as follows:

			June 30, 2024
			Amortized Cost						Allowance for Expected Credit Losses						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
			(dollars in millions)
Fixed maturities:
U.S. Treasury securities and agencies			$	28.6					$	—					$	0.1					$	(0.3)					$	28.4
Municipal securities			23.8						—						—						(0.7)						23.1
Corporate debt securities			84.7						—						0.1						(1.5)						83.3
Residential mortgage-backed securities			21.0						—						0.1						(0.4)						20.7
Commercial mortgage-backed securities			42.1						—						—						(0.7)						41.4
Other debt obligations			27.0						—						—						(0.1)						26.9
Total fixed maturities			227.2						—						0.3						(3.7)						223.8
Short-term investments			11.7						—						—						—						11.7
Total			$	238.9					$	—					$	0.3					$	(3.7)					$	235.5
			December 31, 2023
			Amortized Cost						Allowance for Expected Credit Losses						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
			(dollars in millions)
Fixed maturities:
U.S. Treasury securities and agencies			$	14.6					$	—					$	0.1					$	(0.1)					$	14.6
Municipal securities			24.8						—						0.1						(0.8)						24.1
Corporate debt securities			66.3						—						0.2						(1.3)						65.2
Residential mortgage-backed securities			12.0						—						0.1						(0.2)						11.9
Commercial mortgage-backed securities			30.4						—						0.1						(0.7)						29.8
Other debt obligations			20.3						—						0.1						(0.1)						20.3
Total fixed maturities			168.4						—						0.7						(3.2)						165.9
Short-term investments			0.9						—						—						—						0.9
Total			$	169.3					$	—					$	0.7					$	(3.2)					$	166.8

The following table sets forth the amortized cost and fair value of short-term investments and available-for-sale fixed maturity securities by contractual maturity at June 30, 2024:

			June 30, 2024
			Amortized Cost						Fair Value
			(dollars in millions)
Due in one year or less			$	39.0					$	38.6
Due after one year through five years			151.4						149.1
Due five years through 10 years			24.7						24.5
Due after 10 years			23.8						23.3
Total			$	238.9					$	235.5

Schedule of Unrealized Losses

The following tables reflect the gross unrealized losses and fair value of short-term investments and available-for-sale fixed maturity securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2024 and December 31, 2023:

			June 30, 2024
			Less than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
			(dollars in millions)
Fixed maturities:
U.S. Treasury securities and agencies			$	23.0					$	(0.2)					$	2.6					$	(0.1)					$	25.6					$	(0.3)
Municipal securities			7.8						—						12.5						(0.7)						20.3						(0.7)
Corporate debt securities			33.1						(0.3)						34.3						(1.2)						67.4						(1.5)
Residential mortgage-backed securities			14.2						(0.1)						2.3						(0.3)						16.5						(0.4)
Commercial mortgage-backed securities			15.8						(0.2)						18.1						(0.5)						33.9						(0.7)
Other debt obligations			15.6						(0.1)						3.9						—						19.5						(0.1)
Total fixed maturities			109.5						(0.9)						73.7						(2.8)						183.2						(3.7)
Short-term investments			9.4						—						—						—						9.4						—
Total			$	118.9					$	(0.9)					$	73.7					$	(2.8)					$	192.6					$	(3.7)
			December 31, 2023
			Less than 12 Months												12 Months or More												Total
			Fair Value						Unrealized Loss						Fair Value						Unrealized Loss						Fair Value						Unrealized Loss
			(dollars in millions)
Fixed maturities:
U.S. Treasury securities and agencies			$	1.7					$	—					$	2.4					$	(0.1)					$	4.1					$	(0.1)
Municipal securities			3.1						—						15.1						(0.8)						18.2						(0.8)
Corporate debt securities			13.4						—						35.1						(1.3)						48.5						(1.3)
Residential mortgage-backed securities			4.1						—						1.9						(0.2)						6.0						(0.2)
Commercial mortgage-backed securities			9.1						(0.1)						13.4						(0.6)						22.5						(0.7)
Other debt obligations			4.4						—						4.4						(0.1)						8.8						(0.1)
Total fixed maturities			35.8						(0.1)						72.3						(3.1)						108.1						(3.2)
Short-term investments			0.3						—						—						—						0.3						—
Total			$	36.1					$	(0.1)					$	72.3					$	(3.1)					$	108.4					$	(3.2)

Schedule of Net Investment Income

The following table sets forth the components of net investment income for the three and six months ended June 30, 2024 and 2023:

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
			(dollars in millions)
Interest on bonds			$	2.3					$	1.0					$	4.0					$	1.9
Interest on deposits and cash equivalents			8.2						6.0						16.3						11.9
Total			10.5						7.0						20.3						13.8
Investment expense			(0.5)						(0.2)						(1.1)						(0.3)
Net investment income			$	10.0					$	6.8					$	19.2					$	13.5

Schedule of Credit Ratings

The following tables summarize the credit ratings of short-term investments and available-for-sale fixed maturity securities at June 30, 2024 and December 31, 2023:

			June 30, 2024
			Amortized Cost						Fair Value						% of Total Fair Value
			(dollars in millions)
S&P Global rating or equivalent
AAA			$	65.0					$	64.1					27.2		%
AA+, AA, AA-, A-1			102.0						100.8						42.8
A+, A, A-			55.2						54.0						22.9
BBB+, BBB, BBB-			16.7						16.6						7.1
Total			$	238.9					$	235.5					100.0		%

			December 31, 2023
			Amortized Cost						Fair Value						% of Total Fair Value
			(dollars in millions)
S&P Global rating or equivalent
AAA			$	53.0					$	52.1					31.2		%
AA+, AA, AA-, A-1			59.4						58.8						35.3
A+, A, A-			42.1						41.2						24.7
BBB+, BBB, BBB-			14.8						14.7						8.8
Total			$	169.3					$	166.8					100.0		%

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