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Investments (Tables)
 6 Months Ended
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 CostGross Unrealized GainsGross Unrealized LossesFair Value
Fixed maturities available-for-sale:
U.S. government and agencies$17.6 $— $(0.2)$17.4 
States and other territories8.4 — (0.4)8.0 
Corporate securities100.7 0.5 (1.4)99.8 
Foreign securities0.9 — — 0.9 
Residential mortgage-backed securities19.7 — (1.6)18.1 
Commercial mortgage-backed securities7.6 — (0.4)7.2 
Asset backed securities15.7 — (0.1)15.6 
Total fixed maturities available-for-sale170.6 0.5 (4.1)167.0 
Short-term investments:
U.S. government and agencies103.8 — — 103.8 
Commercial paper19.4 — — 19.4 
Corporate securities25.3 — — 25.3 
Total short-term investments148.5 — — 148.5 
Total$319.1 $0.5 $(4.1)$315.5 
December 31, 2023
Amortized CostGross Unrealized GainsGross Unrealized 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-sale164.6 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 
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 months12 months or moreTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross 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 territories0.2 — 7.5 (0.4)7.7 (0.4)
Corporate securities46.9 (0.3)5.9 (1.1)52.8 (1.4)
Foreign securities— — 4.0 — 4.0 — 
Residential mortgage-backed securities4.7 (0.1)10.7 (1.5)15.4 (1.6)
Commercial mortgage-backed securities0.4 — 5.9 (0.4)6.3 (0.4)
Asset backed securities1.8 — 7.7 (0.1)9.5 (0.1)
Short-term investments:
U.S. government and agencies5.2 — — — 5.2 — 
Commercial paper19.4 — — — 19.4 — 
Corporate securities13.2 — — — 13.2 — 
Total $100.8 $(0.5)$47.6 $(3.6)$148.4 $(4.1)
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 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 CostFair Value
Due to mature:
One year or less$31.4 $31.0 
After one year through five years77.2 75.9 
After five years12.5 12.3 
After ten years6.5 6.9 
Residential mortgage-backed securities19.7 18.1 
Commercial mortgage-backed securities7.6 7.2 
Asset backed securities15.7 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,
2024202320242023
Interest on cash and cash equivalents$2.8 $1.3 $5.0 $2.5 
Fixed maturities income1.9 1.2 3.7 2.6 
Short-term investment income1.5 3.0 3.5 6.0 
Total gross investment income6.2 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