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v3.24.2.u1

Investments (Tables) | 6 Months Ended
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Jun. 30, 2024
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):
| June 30, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Fixed maturities available-for-sale: |  |  |  |  |  |  |
U.S. government and agencies | $ | 17.6 |  |  | $ | — |  |  | $ | (0.2) |  |  | $ | 17.4 |
States and other territories | 8.4 |  |  | — |  |  | (0.4) |  |  | 8.0 |
Corporate securities | 100.7 |  |  | 0.5 |  |  | (1.4) |  |  | 99.8 |
Foreign securities | 0.9 |  |  | — |  |  | — |  |  | 0.9 |
Residential mortgage-backed securities | 19.7 |  |  | — |  |  | (1.6) |  |  | 18.1 |
Commercial mortgage-backed securities | 7.6 |  |  | — |  |  | (0.4) |  |  | 7.2 |
Asset backed securities | 15.7 |  |  | — |  |  | (0.1) |  |  | 15.6 |
Total fixed maturities available-for-sale | 170.6 |  |  | 0.5 |  |  | (4.1) |  |  | 167.0 |
Short-term investments: |  |  |  |  |  |  |
U.S. government and agencies | 103.8 |  |  | — |  |  | — |  |  | 103.8 |
Commercial paper | 19.4 |  |  | — |  |  | — |  |  | 19.4 |
Corporate securities | 25.3 |  |  | — |  |  | — |  |  | 25.3 |
Total short-term investments | 148.5 |  |  | — |  |  | — |  |  | 148.5 |
Total | $ | 319.1 |  |  | $ | 0.5 |  |  | $ | (4.1) |  |  | $ | 315.5 |
| December 31, 2023
| Amortized Cost |  | Gross Unrealized Gains |  | Gross 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 |
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 June 30, 2024, and December 31, 2023 (in millions):
| June 30, 2024
| 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 | $ | 9.0 |  |  | $ | (0.1) |  |  | $ | 5.9 |  |  | $ | (0.1) |  |  | $ | 14.9 |  |  | $ | (0.2) |
States and other territories | 0.2 |  |  | — |  |  | 7.5 |  |  | (0.4) |  |  | 7.7 |  |  | (0.4) |
Corporate securities | 46.9 |  |  | (0.3) |  |  | 5.9 |  |  | (1.1) |  |  | 52.8 |  |  | (1.4) |
Foreign securities | — |  |  | — |  |  | 4.0 |  |  | — |  |  | 4.0 |  |  | — |
Residential mortgage-backed securities | 4.7 |  |  | (0.1) |  |  | 10.7 |  |  | (1.5) |  |  | 15.4 |  |  | (1.6) |
Commercial mortgage-backed securities | 0.4 |  |  | — |  |  | 5.9 |  |  | (0.4) |  |  | 6.3 |  |  | (0.4) |
Asset backed securities | 1.8 |  |  | — |  |  | 7.7 |  |  | (0.1) |  |  | 9.5 |  |  | (0.1) |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies | 5.2 |  |  | — |  |  | — |  |  | — |  |  | 5.2 |  |  | — |
Commercial paper | 19.4 |  |  | — |  |  | — |  |  | — |  |  | 19.4 |  |  | — |
Corporate securities | 13.2 |  |  | — |  |  | — |  |  | — |  |  | 13.2 |  |  | — |
Total | $ | 100.8 |  |  | $ | (0.5) |  |  | $ | 47.6 |  |  | $ | (3.6) |  |  | $ | 148.4 |  |  | $ | (4.1) |
| 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) |
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):
| June 30, 2024
| Amortized Cost |  | Fair Value
Due to mature: |  |  |
One year or less | $ | 31.4 |  |  | $ | 31.0 |
After one year through five years | 77.2 |  |  | 75.9 |
After five years | 12.5 |  |  | 12.3 |
After ten years | 6.5 |  |  | 6.9 |
Residential mortgage-backed securities | 19.7 |  |  | 18.1 |
Commercial mortgage-backed securities | 7.6 |  |  | 7.2 |
Asset backed securities | 15.7 |  |  | 15.6 |
Total fixed maturities available-for-sale | $ | 170.6 |  |  | $ | 167.0 |
Summary of Investment Income | The Company’s net investment income is comprised of the following (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Interest on cash and cash equivalents | $ | 2.8 |  |  | $ | 1.3 |  |  | $ | 5.0 |  |  | $ | 2.5 |
Fixed maturities income | 1.9 |  |  | 1.2 |  |  | 3.7 |  |  | 2.6 |
Short-term investment income | 1.5 |  |  | 3.0 |  |  | 3.5 |  |  | 6.0 |
Total gross investment income | 6.2 |  |  | 5.5 |  |  | 12.2 |  |  | 11.1 |
Investment expenses | (0.1) |  |  | (0.1) |  |  | (0.2) |  |  | (0.3) |
Net investment income | $ | 6.1 |  |  | $ | 5.4 |  |  | $ | 12.0 |  |  | $ | 10.8 |

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