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Fair Value Measurement (Tables) | 3 Months Ended
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Mar. 31, 2025
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):
| March 31, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets: |  |  |  |  |  |  |
Cash, cash equivalents, and restricted cash | $ | 180.2 |  |  | $ | — |  |  | $ | — |  |  | $ | 180.2 |
Fixed maturities available-for-sale: |  |  |  |  |  |  |
U.S. government and agencies | 29.3 |  |  | — |  |  | — |  |  | 29.3 |
States and other territories | — |  |  | 10.3 |  |  | — |  |  | 10.3 |
Corporate securities | — |  |  | 136.5 |  |  | — |  |  | 136.5 |
Residential mortgage-backed securities | — |  |  | 19.8 |  |  | — |  |  | 19.8 |
Commercial mortgage-backed securities | — |  |  | 6.8 |  |  | — |  |  | 6.8 |
Asset backed securities | — |  |  | 9.5 |  |  | — |  |  | 9.5 |
Total fixed maturities available-for-sale | 29.3 |  |  | 182.9 |  |  | — |  |  | 212.2 |
Short-term investments |  |  |  |  |  |  |
U.S. government and agencies | 129.2 |  |  | — |  |  | — |  |  | 129.2 |
Commercial paper | — |  |  | 8.4 |  |  | — |  |  | 8.4 |
Corporate securities | — |  |  | 37.8 |  |  | — |  |  | 37.8 |
Total short-term investments | 129.2 |  |  | 46.2 |  |  | — |  |  | 175.4 |
Total financial assets | $ | 338.7 |  |  | $ | 229.1 |  |  | $ | — |  |  | $ | 567.8 |
Financial liabilities: |  |  |  |  |  |  |
Contingent consideration liability | $ | — |  |  | $ | — |  |  | $ | 10.8 |  |  | $ | 10.8 |
Total financial liabilities | $ | — |  |  | $ | — |  |  | $ | 10.8 |  |  | $ | 10.8 |
| December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets: |  |  |  |  |  |  |
Cash, cash equivalents, and restricted cash | $ | 232.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 232.8 |
Fixed maturities available-for-sale: |  |  |  |  |  |  |
U.S. government and agencies | 24.6 |  |  | — |  |  | — |  |  | 24.6 |
States and other territories | — |  |  | 10.9 |  |  | — |  |  | 10.9 |
Corporate securities | — |  |  | 131.5 |  |  | — |  |  | 131.5 |
Foreign securities | — |  |  | — |  |  | — |  |  | — |
Residential mortgage-backed securities | — |  |  | 20.0 |  |  | — |  |  | 20.0 |
Commercial mortgage-backed securities | — |  |  | 6.9 |  |  | — |  |  | 6.9 |
Asset backed securities | — |  |  | 11.8 |  |  | — |  |  | 11.8 |
Total fixed maturities available-for-sale | 24.6 |  |  | 181.1 |  |  | — |  |  | 205.7 |
Short-term investments |  |  |  |  |  |  |
U.S. government and agencies | 118.5 |  |  | — |  |  | — |  |  | 118.5 |
Commercial paper | — |  |  | 17.5 |  |  | — |  |  | 17.5 |
Corporate securities | — |  |  | 31.6 |  |  | — |  |  | 31.6 |
Total short-term investments | 118.5 |  |  | 49.1 |  |  | — |  |  | 167.6 |
Total financial assets | $ | 375.9 |  |  | $ | 230.2 |  |  | $ | — |  |  | $ | 606.1 |
Financial liabilities: |  |  |  |  |  |  |
Contingent consideration liability | $ | — |  |  | $ | — |  |  | $ | 11.7 |  |  | $ | 11.7 |
Total financial liabilities | $ | — |  |  | $ | — |  |  | $ | 11.7 |  |  | $ | 11.7 |
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):
| 2025 |  | 2024
Balance as of January 1, | $ | 11.7 |  |  | $ | 13.6 |
Payments of contingent consideration | (0.4) |  |  | (1.0) |
Changes in fair value | (0.5) |  |  | 1.6 |
Balance as of March 31, | $ | 10.8 |  |  | $ | 14.2 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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