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Investments (Tables) | 12 Months Ended
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Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract] |
Schedule 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):
| December 31, 2023
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Fixed maturities available-for-sale: |  |  |  |  |  |  |
U.S. government and agencies | $ | 18.6 |  |  | $ | — |  |  | $ | (0.2) |  |  | $ | 18.4 |
States and other territories | 9.3 |  |  | — |  |  | (0.4) |  |  | 8.9 |
Corporate securities | 91.3 |  |  | 1.1 |  |  | (1.3) |  |  | 91.1 |
Foreign securities | 0.9 |  |  | — |  |  | — |  |  | 0.9 |
Residential mortgage-backed securities | 20.7 |  |  | 0.1 |  |  | (1.3) |  |  | 19.5 |
Commercial mortgage-backed securities | 7.7 |  |  | — |  |  | (0.6) |  |  | 7.1 |
Asset backed securities | 16.1 |  |  | — |  |  | (0.3) |  |  | 15.8 |
Total fixed maturities available-for-sale | $ | 164.6 |  |  | $ | 1.2 |  |  | $ | (4.1) |  |  | $ | 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 | 187.1 |  |  | — |  |  | — |  |  | 187.1 |
Total | $ | 351.7 |  |  | $ | 1.2 |  |  | $ | (4.1) |  |  | $ | 348.8 |
| December 31, 2022
| Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
Fixed maturities available-for-sale: |  |  |  |  |  |  |
U.S. government and agencies | $ | 21.6 |  |  | $ | — |  |  | $ | (0.5) |  |  | $ | 21.1 |
States and other territories | 8.9 |  |  | — |  |  | (0.6) |  |  | 8.3 |
Corporate securities | 54.8 |  |  | 0.1 |  |  | (2.4) |  |  | 52.5 |
Foreign securities | 0.9 |  |  | — |  |  | (0.1) |  |  | 0.8 |
Residential mortgage-backed securities | 20.4 |  |  | 0.1 |  |  | (1.6) |  |  | 18.9 |
Commercial mortgage-backed securities | 6.5 |  |  | — |  |  | (0.7) |  |  | 5.8 |
Asset backed securities | 14.2 |  |  | — |  |  | (0.5) |  |  | 13.7 |
Total fixed maturities available-for-sale | $ | 127.3 |  |  | $ | 0.2 |  |  | $ | (6.4) |  |  | $ | 121.1 |
Short-term investments: |  |  |  |  |  |  |
U.S. government and agencies | $ | 129.1 |  |  | $ | — |  |  | $ | (0.2) |  |  | $ | 128.9 |
Commercial paper | 147.1 |  |  | — |  |  | (0.6) |  |  | 146.5 |
Corporate securities | 49.4 |  |  | — |  |  | — |  |  | 49.4 |
Total short-term investments | 325.6 |  |  | — |  |  | (0.8) |  |  | 324.8 |
Total | $ | 452.9 |  |  | $ | 0.2 |  |  | $ | (7.2) |  |  | $ | 445.9 |
Schedule 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, grouped by duration of time in a continuous unrealized loss position as of December 31, 2023 and December 31, 2022 (in millions):
| December 31, 2023
| Less than 12 months |  | 12 months or more |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses
Fixed maturities available-for-sale: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies | $ | 4.3 |  |  | $ | — |  |  | $ | 10.5 |  |  | $ | (0.2) |  |  | $ | 14.8 |  |  | $ | (0.2) |
States and other territories | 1.5 |  |  | — |  |  | 7.4 |  |  | (0.4) |  |  | 8.9 |  |  | (0.4) |
Corporate securities | 5.7 |  |  | — |  |  | 37.4 |  |  | (1.3) |  |  | 43.1 |  |  | (1.3) |
Foreign securities | — |  |  | — |  |  | 0.9 |  |  | — |  |  | 0.9 |  |  | — |
Residential mortgage-backed securities | — |  |  | — |  |  | 11.6 |  |  | (1.3) |  |  | 11.6 |  |  | (1.3) |
Commercial mortgage-backed securities | 0.4 |  |  | — |  |  | 5.8 |  |  | (0.6) |  |  | 6.2 |  |  | (0.6) |
Asset backed securities | 1.6 |  |  | — |  |  | 8.2 |  |  | (0.3) |  |  | 9.8 |  |  | (0.3) |
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 | $ | 200.6 |  |  | $ | — |  |  | $ | 81.8 |  |  | $ | (4.1) |  |  | $ | 282.4 |  |  | $ | (4.1) |
| December 31, 2022
| Less than 12 months |  | 12 months or more |  | Total
| Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross Unrealized Losses |  | Fair Value |  | Gross 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 territories | 3.6 |  |  | (0.1) |  |  | 4.6 |  |  | (0.5) |  |  | 8.2 |  |  | (0.6) |
Corporate securities | 30.5 |  |  | (1.5) |  |  | 11.1 |  |  | (0.9) |  |  | 41.6 |  |  | (2.4) |
Foreign securities | — |  |  | — |  |  | 0.8 |  |  | (0.1) |  |  | 0.8 |  |  | (0.1) |
Residential mortgage-backed securities | 6.3 |  |  | (0.3) |  |  | 7.6 |  |  | (1.3) |  |  | 13.9 |  |  | (1.6) |
Commercial mortgage-backed securities | 1.9 |  |  | — |  |  | 3.9 |  |  | (0.7) |  |  | 5.8 |  |  | (0.7) |
Asset backed securities | 5.5 |  |  | (0.2) |  |  | 3.7 |  |  | (0.3) |  |  | 9.2 |  |  | (0.5) |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies | 129.1 |  |  | (0.2) |  |  | — |  |  | — |  |  | 129.1 |  |  | (0.2) |
Commercial paper | 147.1 |  |  | (0.6) |  |  | — |  |  | — |  |  | 147.1 |  |  | (0.6) |
Total | $ | 341.9 |  |  | $ | (3.3) |  |  | $ | 32.8 |  |  | $ | (3.9) |  |  | $ | 374.7 |  |  | $ | (7.2) |
Schedule 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):
| December 31, 2023
| Amortized Cost |  | Fair Value
Due to mature: |  |  |
One year or less | $ | 29.9 |  |  | $ | 29.6 |
After one year through five years | 76.3 |  |  | 75.2 |
After five years | 13.9 |  |  | 14.5 |
Residential mortgage-backed securities | 20.7 |  |  | 19.5 |
Commercial mortgage-backed securities | 7.7 |  |  | 7.1 |
Asset backed securities | 16.1 |  |  | 15.8 |
Total fixed maturities available-for-sale | $ | 164.6 |  |  | $ | 161.7 |
Schedule of Investment Income | The Company’s net investment income is comprised of the following (in millions):
|  |  | Year Ended December 31,
|  |  |  |  | 2023 |  | 2022 |  |
Interest on cash and cash equivalents |  |  |  |  | $ | 7.3 |  |  | $ | 2.4 |  |  |
Fixed maturities income |  |  |  |  | 5.9 |  |  | 2.9 |  |  |
Short-term investment income |  |  |  |  | 10.4 |  |  | 3.9 |  |  |
Total investment income |  |  |  |  | 23.6 |  |  | 9.2 |  |  |
Investment expenses |  |  |  |  | (0.5) |  |  | (0.2) |  |  |
Net investment income |  |  |  |  | $ | 23.1 |  |  | $ | 9.0 |  |  |

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