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Investments (Tables)
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Summary of Fixed Maturities Securities and Short-term Investments
The amortized cost and fair value of fixed maturities securities and short-term investments are as follows (in millions):
September 30, 2023
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Fixed maturities available-for-sale:
U.S. government and agencies$22.5 $— $(0.4)$22.1 
States and other territories10.1 — (0.6)9.5 
Corporate securities71.9 0.1 (2.6)69.4 
Foreign securities0.9 — — 0.9 
Residential mortgage-backed securities21.2 — (2.3)18.9 
Commercial mortgage-backed securities7.7 — (0.7)7.0 
Asset backed securities14.2 — (0.5)13.7 
Total fixed maturities available-for-sale148.5 0.1 (7.1)141.5 
Short-term investments:
U.S. government and agencies123.4 — (0.1)123.3 
Commercial paper47.6 — — 47.6 
Corporate securities17.6 — — 17.6 
Total short-term investments188.6 — (0.1)188.5 
Total$337.1 $0.1 $(7.2)$330.0 
December 31, 2022
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
Fixed maturities available-for-sale:
U.S. government and agencies21.6 $— $(0.5)$21.1 
States and other territories8.9 — (0.6)8.3 
Corporate securities54.8 0.1 (2.4)52.5 
Foreign securities0.9 — (0.1)0.8 
Residential mortgage-backed securities20.4 0.1 (1.6)18.9 
Commercial mortgage-backed securities6.5 — (0.7)5.8 
Asset backed securities14.2 — (0.5)13.7 
Total fixed maturities available-for-sale127.3 0.2 (6.4)121.1 
Short-term investments:
U.S. government and agencies129.1 — (0.2)128.9 
Commercial paper147.1 — (0.6)146.5 
Corporate securities49.4 — — 49.4 
Total short-term investments325.6 — (0.8)324.8 
Total$452.9 $0.2 $(7.2)$445.9 
Summary of Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
The following tables present the gross unrealized losses and related fair values for the Company’s investments in available-for-sale debt securities and short-term investments, grouped by duration of time in a continuous unrealized loss position as of September 30, 2023, and December 31, 2022 (in millions):

September 30, 2023
Less than 12 months12 months or moreTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Fixed maturities available-for-sale:
U.S. government and agencies$10.2 $(0.1)$11.9 $(0.3)$22.1 $(0.4)
States and other territories1.4 — 8.0 (0.6)9.4 (0.6)
Corporate securities36.4 (0.5)37.8 (2.1)74.2 (2.6)
Foreign securities0.9 — 0.9 — 
Residential mortgage-backed securities7.6 (0.3)11.4 (2.0)19.0 (2.3)
Commercial mortgage-backed securities1.3 — 5.8 (0.7)7.1 (0.7)
Asset backed securities5.6 (0.1)8.2 (0.4)13.8 (0.5)
Short-term investments:
U.S. government and agencies123.4 (0.1)— — 123.4 (0.1)
Commercial paper47.5 — — — 47.5 — 
Corporate securities17.6 — — — 17.6 — 
Total $251.0 $(1.1)$84.0 $(6.1)$335.0 $(7.2)

December 31, 2022
Less than 12 months12 months or moreTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
Fixed maturities available-for-sale:
U.S. government and agencies$17.9 $(0.4)$1.1 $(0.1)$19.0 $(0.5)
States and other territories3.6 (0.1)4.6 (0.5)8.2 (0.6)
Corporate securities30.5 (1.5)11.1 (0.9)41.6 (2.4)
Foreign securities— — 0.8 (0.1)0.8 (0.1)
Residential mortgage-backed securities6.3 (0.3)7.6 (1.3)13.9 (1.6)
Commercial mortgage-backed securities1.9 — 3.9 (0.7)5.8 (0.7)
Asset backed securities5.5 (0.2)3.7 (0.3)9.2 (0.5)
Short-term investments:
U.S. government and agencies129.1 (0.2)— — 129.1 (0.2)
Commercial paper147.1 (0.6)— — 147.1 (0.6)
Total$341.9 $(3.3)$32.8 $(3.9)$374.7 $(7.2)
Summary of Investments Classified by Contractual Maturity Date
The amortized cost and fair value of fixed maturities securities by contractual maturity are as follows (in millions):
September 30, 2023
Amortized CostFair Value
Due to mature:
One year or less$25.2 $24.9 
After one year through five years76.5 73.5 
After five years3.6 3.5 
Residential mortgage-backed securities21.2 18.9 
Commercial mortgage-backed securities7.7 7.0 
Asset backed securities14.2 13.7 
Total fixed maturities available-for-sale$148.5 $141.5 
Summary of Investment Income The Company’s net investment income is comprised of the following (in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Interest on cash and cash equivalents$2.2 $1.2 $4.7 $1.4 
Fixed maturities income1.5 0.6 4.1 1.1 
Short-term investment income2.1 0.8 8.1 1.7 
Total gross investment income5.8 2.6 16.9 4.2 
Investment expenses(0.1)(0.1)(0.4)(0.2)
Net investment income$5.7 $2.5 $16.5 $4.0