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Fair Value Measurement | 12 Months Ended
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Dec. 31, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurement | 4. Fair Value Measurement The following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis (in millions):
| December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets: |  |  |  |  |  |  |
Cash, cash equivalents, and restricted cash | $ | 195.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 195.1 |
Fixed maturities available-for-sale: |  |  |  |  |  |  |
U.S. government and agencies | 18.4 |  |  | — |  |  | — |  |  | 18.4 |
States and other territories | — |  |  | 8.9 |  |  | — |  |  | 8.9 |
Corporate securities | — |  |  | 91.1 |  |  | — |  |  | 91.1 |
Foreign securities | — |  |  | 0.9 |  |  | — |  |  | 0.9 |
Residential mortgage-backed securities | — |  |  | 19.5 |  |  | — |  |  | 19.5 |
Commercial mortgage-backed securities | — |  |  | 7.1 |  |  | — |  |  | 7.1 |
Asset backed securities | — |  |  | 15.8 |  |  | — |  |  | 15.8 |
Total fixed maturities available-for-sale | 18.4 |  |  | 143.3 |  |  | — |  |  | 161.7 |
Short-term investments |  |  |  |  |  |  |
U.S. government and agencies | 137.7 |  |  | — |  |  | — |  |  | 137.7 |
Commercial paper | — |  |  | 34.5 |  |  | — |  |  | 34.5 |
Corporate securities | — |  |  | 14.9 |  |  | — |  |  | 14.9 |
Total short-term investments | 137.7 |  |  | 49.4 |  |  | — |  |  | 187.1 |
Total financial assets | $ | 351.2 |  |  | $ | 192.7 |  |  | $ | — |  |  | $ | 543.9 |
Financial liabilities: |  |  |  |  |  |  |
Contingent consideration liability | $ | — |  |  | $ | — |  |  | $ | 13.6 |  |  | $ | 13.6 |
Public warrants | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Private placement warrants | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Total financial liabilities | $ | 0.1 |  |  | $ | 0.1 |  |  | $ | 13.6 |  |  | $ | 13.8 |
| December 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets: |  |  |  |  |  |  |
Cash, cash equivalents, and restricted cash | $ | 244.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 244.5 |
Fixed maturities available-for-sale: |  |  |  |  |  |  |
U.S. government and agencies | 21.1 |  |  | — |  |  | — |  |  | 21.1 |
States and other territories | — |  |  | 8.3 |  |  | — |  |  | 8.3 |
Corporate securities | — |  |  | 52.5 |  |  | — |  |  | 52.5 |
Foreign securities | — |  |  | 0.8 |  |  | — |  |  | 0.8 |
Residential mortgage-backed securities | — |  |  | 18.9 |  |  | — |  |  | 18.9 |
Commercial mortgage-backed securities | — |  |  | 5.8 |  |  | — |  |  | 5.8 |
Asset backed securities | — |  |  | 13.7 |  |  | — |  |  | 13.7 |
Total fixed maturities available-for-sale | 21.1 |  |  | 100.0 |  |  | — |  |  | 121.1 |
Short-term investments |  |  |  |  |  |  |
U.S. government and agencies | 128.9 |  |  | — |  |  | — |  |  | 128.9 |
Commercial paper | — |  |  | 146.5 |  |  | — |  |  | 146.5 |
Corporate securities | — |  |  | 49.4 |  |  | — |  |  | 49.4 |
Total short-term investments | 128.9 |  |  | 195.9 |  |  | — |  |  | 324.8 |
Total financial assets | $ | 394.5 |  |  | $ | 295.9 |  |  | $ | — |  |  | $ | 690.4 |
Financial liabilities: |  |  |  |  |  |  |
Contingent consideration liability | $ | — |  |  | $ | — |  |  | $ | 11.9 |  |  | $ | 11.9 |
Public warrants | 0.2 |  |  | — |  |  | — |  |  | 0.2 |
Private placement warrants | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Total financial liabilities | $ | 0.2 |  |  | $ | 0.1 |  |  | $ | 11.9 |  |  | $ | 12.2 |
The Company’s policy is to recognize transfers into and transfers out of fair value hierarchy levels at the end of each reporting period. There were no transfers between levels in the fair value hierarchy during the years ended December 31, 2023 and December 31, 2022. Contingent Consideration The contingent consideration, relating to the Company’s 2019 acquisition of North American Advantage Insurance Services, LLC is re-valued to fair value at the end of each reporting period using the present value of future payments based on an estimate of revenue and customer renewals of the acquiree. North American Advantage Insurance Services, LLC’s ultimate parent company was Lennar Corporation, a related party of the Company. There is no limit to the maximum potential contingent consideration as the consideration is based on acquired customer retention. The table below presents the changes in the contingent consideration liability valued using Level 3 inputs (in millions):
| 2023 |  | 2022
Balance as of January 1, | $ | 11.9 |  |  | $ | 11.6 |
Payments of contingent consideration | (4.3) |  |  | (3.8) |
Changes in fair value | 6.0 |  |  | 4.1 |
Balance as of December 31, | $ | 13.6 |  |  | $ | 11.9 |
Warrant Liability The public and private warrants are measured at fair value on a recurring basis at the end of each reporting period within accrued expenses and other liabilities in the consolidated balance sheet. The Public Warrant Liability is classified as a Level 1 fair value measurement due to the use of an observable market quote in an active market. The Private Placement Warrants are classified as Level 2 fair value measurement Level 2 fair value measurement. The following table presents the changes in the fair value of the warrant liability (Public Warrants and Private Placement Warrants) (in millions):
| 2023 |  | 2022 |  |  |
Balance as of January 1, | $ | 0.3 |  |  | $ | 4.3 |  |  |  |
Changes in fair value | (0.1) |  |  | (4.0) |  |  |  |
December 31, | $ | 0.2 |  |  | $ | 0.3 |  |  |  |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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