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Investments (Tables)
 12 Months Ended
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 CostUnrealized GainsUnrealized LossesFair Value
Fixed maturities available-for-sale:
U.S. government and agencies$18.6 $— $(0.2)$18.4 
States and other territories9.3 — (0.4)8.9 
Corporate securities91.3 1.1 (1.3)91.1 
Foreign securities0.9 — — 0.9 
Residential mortgage-backed securities20.7 0.1 (1.3)19.5 
Commercial mortgage-backed securities7.7 — (0.6)7.1 
Asset backed securities16.1 — (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 agencies137.7 — — 137.7 
Commercial paper34.5 — — 34.5 
Corporate securities14.9 — — 14.9 
Total short-term investments187.1 — — 187.1 
Total$351.7 $1.2 $(4.1)$348.8 
December 31, 2022
Amortized CostUnrealized GainsUnrealized LossesFair Value
Fixed maturities available-for-sale:
U.S. government and agencies$21.6 $— $(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-sale$127.3 $0.2 $(6.4)$121.1 
Short-term investments:
U.S. government and agencies$129.1 $— $(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 
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 months12 months or moreTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross 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 territories1.5 — 7.4 (0.4)8.9 (0.4)
Corporate securities5.7 — 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 securities0.4 — 5.8 (0.6)6.2 (0.6)
Asset backed securities1.6 — 8.2 (0.3)9.8 (0.3)
Short-term investments:
U.S. government and agencies137.7 — — — 137.7 — 
Commercial paper34.5 — — — 34.5 — 
Corporate securities14.9 — — — 14.9 — 
Total $200.6 $— $81.8 $(4.1)$282.4 $(4.1)

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)
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 CostFair Value
Due to mature:
One year or less$29.9 $29.6 
After one year through five years76.3 75.2 
After five years13.9 14.5 
Residential mortgage-backed securities20.7 19.5 
Commercial mortgage-backed securities7.7 7.1 
Asset backed securities16.1 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,
20232022
Interest on cash and cash equivalents$7.3 $2.4 
Fixed maturities income5.9 2.9 
Short-term investment income10.4 3.9 
Total investment income23.6 9.2 
Investment expenses(0.5)(0.2)
Net investment income$23.1 $9.0