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Fair Value Measurement (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Summary of Fair Value, Assets Measured on Recurring Basis
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):
June 30, 2024
Level 1Level 2Level 3Total
Financial assets:
Cash, cash equivalents, and restricted cash$220.2 $— $— $220.2 
Fixed maturities available-for-sale:
U.S. government and agencies17.4 — — 17.4 
States and other territories— 8.0 — 8.0 
Corporate securities— 99.8 — 99.8 
Foreign securities— 0.9 — 0.9 
Residential mortgage-backed securities— 18.1 — 18.1 
Commercial mortgage-backed securities— 7.2 — 7.2 
Asset backed securities— 15.6 — 15.6 
Total fixed maturities available-for-sale17.4 149.6 — 167.0 
Short-term investments
U.S. government and agencies103.8 — — 103.8 
Commercial paper— 19.4 — 19.4 
Corporate securities— 25.3 — 25.3 
Total short-term investments103.8 44.7 — 148.5 
Total financial assets$341.4 $194.3 $— $535.7 
Financial liabilities:
Contingent consideration liability$— $— $13.8 $13.8 
Public warrants0.1 — — 0.1 
Private placement warrants— 0.1 — 0.1 
Total financial liabilities$0.1 $0.1 $13.8 $14.0 
December 31, 2023
Level 1Level 2Level 3Total
Financial assets:
Cash, cash equivalents, and restricted cash$195.1 $— $— $195.1 
Fixed maturities available-for-sale:
U.S. government and agencies18.4 — — 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-sale18.4 143.3 — 161.7 
Short-term investments
U.S. government and agencies137.7 — — 137.7 
Commercial paper— 34.5 — 34.5 
Corporate securities— 14.9 — 14.9 
Total short-term investments137.7 49.4 — 187.1 
Total financial assets$351.2 $192.7 $— $543.9 
Financial liabilities:
Contingent consideration liability$— $— $13.6 $13.6 
Public warrants0.1 — — 0.1 
Private placement warrants— 0.1 — 0.1 
Total financial liabilities$0.1 $0.1 $13.6 $13.8 
Summary of Liabilities Measured on at Fair Value, Unobservable Input Reconciliation The table below presents the changes in the contingent consideration liability valued using Level 3 inputs (in millions):
20242023
Balance as of January 1,$13.6 $11.9 
Payments of contingent consideration(1.8)(1.8)
Changes in fair value2.0 3.7 
Balance as of June 30,$13.8 $13.8