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v3.25.2

SHARE-BASED COMPENSATION (Tables) | 6 Months Ended
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Jun. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Warrants | The following table provides other key terms of the warrants:
Warrants |  | Exercise Price |  | Shares Issued (in millions) |  | Unrecognized Compensation Costs (in millions) |  | Vesting Condition
Short-Term |  |  |  |  |  |  |  |
Tranche 1 |  | $ | 180.00 |  |  | 2.4 |  |  | $ | — |  |  | Completing the Integrated Platform
Tranche 2 |  | $ | 198.00 |  |  | 3.2 |  |  | — |  |  | 50,000 policy originations
Tranche 3 |  | $ | 216.00 |  |  | 1.6 |  |  | — |  |  | 75,000 policy originations
Total Short-Term |  |  |  | 7.2 |  |  | $ | — |  |  |
Long-Term |  |  |  |  |  |  |  |
Tranche 1 |  | $ | 180.00 |  |  | 1.4 |  |  | $ | 11.0 |  |  | 100,000 policy originations
Tranche 2 |  | $ | 225.00 |  |  | 1.5 |  |  | 9.4 |  |  | 200,000 policy originations
Tranche 3 |  | $ | 270.00 |  |  | 1.5 |  |  | 6.6 |  |  | 300,000 policy originations
Tranche 4 |  | $ | 405.00 |  |  | 1.5 |  |  | 2.4 |  |  | 400,000 policy originations
Tranche 5 |  | $ | 540.00 |  |  | 1.3 |  |  | 1.0 |  |  | 500,000 policy originations
Total Long-Term |  |  |  | 7.2 |  |  | $ | 30.4 |  |  |
Schedule of Share-Based Compensation Expense | The following table displays share-based compensation expense recorded in the condensed consolidated statements of operations and comprehensive income (loss):
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
| 2025 |  | 2024 |  | 2025 |  | 2024 |  |
| (dollars in millions) |  |
Share-based compensation expense: |  |  |  |  |  |  |  |  |
Loss and loss adjustment expenses | $ | 0.8 |  |  | $ | 0.4 |  |  | $ | 1.4 |  |  | $ | 0.8 |  |  |
Sales and marketing | 0.3 |  |  | 0.2 |  |  | 0.5 |  |  | 0.3 |  |  |
Other insurance expense | 0.2 |  |  | 0.1 |  |  | 0.5 |  |  | 0.3 |  |  |
Technology and development | 1.5 |  |  | 0.7 |  |  | 2.8 |  |  | 1.5 |  |  |
General and administrative | 5.6 |  |  | 2.4 |  |  | 9.6 |  |  | 5.5 |  |  |
Total share-based compensation expense | $ | 8.4 |  |  | $ | 3.8 |  |  | $ | 14.8 |  |  | $ | 8.4 |  |  |
Schedule of Restricted Stock and Stock Options | The unrecognized compensation cost and the remaining weighted-average period over which these costs are expected to be recognized for restricted stock units and unvested stock options as of June 30, 2025 is as follows:
|  |  | Service-based Restricted Stock Units |  | Performance-based Restricted Stock Units |  | Market-based Restricted Stock Units |  | Unvested Stock Options |  |
|  |  |  |  | (dollars in millions) |  |
Unrecognized compensation costs |  |  |  |  | $ | 27.2 |  |  | $ | 33.1 |  |  | $ | 0.6 |  |  | $ | 0.3 |  |  |
Remaining weighted-average period cost is expected to be recognized (in years) |  |  |  |  | 1.6 |  | 3.0 |  | 1.7 |  | 1.3 |  |
Schedule of RSU Activity | A summary of restricted stock units activity for the six months ended June 30, 2025 is as follows:
|  | Six Months Ended June 30, 2025
|  | Service-based Restricted Stock Units |  | Performance-based Restricted Stock Units |  | Market-based Restricted Stock Units
Restricted Stock Units |  | Number of Shares |  | Weighted-Average Grant Date Fair Value per Share |  | Number of Shares |  | Weighted-Average Grant Date Fair Value per Share |  | Number of Shares |  | Weighted-Average Grant Date Fair Value per Share
|  | (in millions, except per share amounts)
Unvested at January 1, 2025 |  | 1.0 |  |  | $ | 25.89 |  |  | 0.2 |  |  | $ | 75.55 |  |  | 0.4 |  |  | $ | 5.71 |
Granted |  | 0.1 |  |  | 125.63 |  |  | 0.2 |  |  | 125.91 |  |  | — |  |  | — |
Vested |  | (0.4) |  |  | 21.70 |  |  | — |  |  | — |  |  | (0.1) |  |  | 6.70 |
Forfeited, expired or canceled |  | — |  |  | 52.34 |  |  | — |  |  | — |  |  | — |  |  | — |
Unvested at June 30, 2025 |  | 0.7 |  |  | $ | 45.56 |  |  | 0.4 |  |  | $ | 93.78 |  |  | 0.3 |  |  | $ | 5.43 |
Schedule of Restricted Stock Unit Activity | Additional information pertaining to restricted stock units for the six months ended June 30, 2025 and 2024 is as follows:
|  | Six Months Ended June 30, |  |  |
|  | 2025 |  | 2024 |  |  |
| (dollars in millions) |  |  |
Service-based restricted stock units: |  |  |  |  |  |  |
Total grant date fair value of awards granted |  | $ | 17.3 |  |  | $ | 7.3 |  |  |  |
Total grant date fair value of awards vested |  | 8.3 |  |  | 9.3 |  |  |  |
Total intrinsic value of awards vested |  | 44.6 |  |  | 29.7 |  |  |  |
Performance-based restricted stock units: |  |  |  |  |  |  |
Total grant date fair value of awards granted |  | $ | 17.3 |  |  | $ | — |  |  |  |
Market-based restricted stock units: |  |  |  |  |  |  |
Total grant date fair value of awards vested |  | $ | 0.5 |  |  | $ | 0.3 |  |  |  |
Total intrinsic value of awards vested |  | 10.1 |  |  | 2.4 |  |  |  |
Schedule of Option Activity | A summary of option activity for the six months ended June 30, 2025 is as follows:
|  | Six Months Ended June 30, 2025
Options |  | Number of Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (in Years) |  | Aggregate Intrinsic Value
|  | (in millions, except exercise price and term amounts)
Outstanding and exercisable at January 1, 2025 |  | 0.1 |  |  | $ | 34.13 |  |  | 3.15 |  | $ | 6.7 |
Granted |  | — |  |  | — |  |  |  |  |
Exercised |  | — |  |  | 13.09 |  |  |  |  | 3.2 |
Forfeited, expired or canceled |  | — |  |  | 45.53 |  |  |  |  |
Outstanding and exercisable at June 30, 2025 |  | 0.1 |  |  | $ | 34.80 |  |  | 2.78 |  | $ | 10.0 |

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 + Details
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