XML 101 R27.htm IDEA: XBRL DOCUMENT
v3.25.1

Investments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
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):
| March 31, 2025
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Fixed maturities available-for-sale: |  |  |  |  |  |  |
U.S. government and agencies | $ | 29.3 |  |  | $ | 0.1 |  |  | $ | (0.1) |  |  | $ | 29.3 |
States and other territories | 10.5 |  |  | — |  |  | (0.2) |  |  | 10.3 |
Corporate securities | 135.6 |  |  | 1.4 |  |  | (0.5) |  |  | 136.5 |
Residential mortgage-backed securities | 20.9 |  |  | 0.1 |  |  | (1.2) |  |  | 19.8 |
Commercial mortgage-backed securities | 7.1 |  |  | — |  |  | (0.3) |  |  | 6.8 |
Asset backed securities | 9.5 |  |  | — |  |  | — |  |  | 9.5 |
Total fixed maturities available-for-sale | 212.9 |  |  | 1.6 |  |  | (2.3) |  |  | 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 | 175.4 |  |  | — |  |  | — |  |  | 175.4 |
Total | $ | 388.3 |  |  | $ | 1.6 |  |  | $ | (2.3) |  |  | $ | 387.6 |
| December 31, 2024
| Amortized Cost |  | Gross Unrealized Gains |  | Gross Unrealized Losses |  | Fair Value
Fixed maturities available-for-sale: |  |  |  |  |  |  |
U.S. government and agencies | $ | 24.8 |  |  | $ | — |  |  | $ | (0.2) |  |  | $ | 24.6 |
States and other territories | 11.2 |  |  | — |  |  | (0.3) |  |  | 10.9 |
Corporate securities | 131.8 |  |  | 0.8 |  |  | (1.1) |  |  | 131.5 |
Residential mortgage-backed securities | 21.5 |  |  | — |  |  | (1.5) |  |  | 20.0 |
Commercial mortgage-backed securities | 7.2 |  |  | 0.1 |  |  | (0.4) |  |  | 6.9 |
Asset backed securities | 11.8 |  |  | — |  |  | — |  |  | 11.8 |
Total fixed maturities available-for-sale | 208.3 |  |  | 0.9 |  |  | (3.5) |  |  | 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 | 167.6 |  |  | — |  |  | — |  |  | 167.6 |
Total | $ | 375.9 |  |  | $ | 0.9 |  |  | $ | (3.5) |  |  | $ | 373.3 |
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 March 31, 2025, and December 31, 2024 (in millions):
| March 31, 2025
| 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 | $ | 8.9 |  |  | $ | — |  |  | $ | 1.9 |  |  | $ | (0.1) |  |  | $ | 10.8 |  |  | $ | (0.1) |
States and other territories | 1.9 |  |  | — |  |  | 4.8 |  |  | (0.2) |  |  | 6.7 |  |  | (0.2) |
Corporate securities | 36.4 |  |  | (0.1) |  |  | 19.1 |  |  | (0.4) |  |  | 55.6 |  |  | (0.5) |
Residential mortgage-backed securities | 3.8 |  |  | — |  |  | 9.9 |  |  | (1.2) |  |  | 13.7 |  |  | (1.2) |
Commercial mortgage-backed securities | 1.4 |  |  | — |  |  | 4.1 |  |  | (0.3) |  |  | 5.5 |  |  | (0.3) |
Asset backed securities | 2.1 |  |  | — |  |  | 2.4 |  |  | — |  |  | 4.5 |  |  | — |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies | 1.9 |  |  | — |  |  | — |  |  | — |  |  | 1.9 |  |  | — |
Commercial paper | 8.4 |  |  | — |  |  | — |  |  | — |  |  | 8.4 |  |  | — |
Corporate securities | 18.0 |  |  | — |  |  | — |  |  | — |  |  | 18.0 |  |  | — |
Total | $ | 82.8 |  |  | $ | (0.1) |  |  | $ | 42.2 |  |  | $ | (2.2) |  |  | $ | 125.1 |  |  | $ | (2.3) |
| December 31, 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 | $ | 14.5 |  |  | $ | (0.1) |  |  | $ | 1.9 |  |  | $ | (0.1) |  |  | $ | 16.4 |  |  | $ | (0.2) |
States and other territories | 5.0 |  |  | (0.1) |  |  | 5.5 |  |  | (0.2) |  |  | 10.5 |  |  | (0.3) |
Corporate securities | 55.2 |  |  | (0.5) |  |  | 25.4 |  |  | (0.6) |  |  | 80.6 |  |  | (1.1) |
Residential mortgage-backed securities | 7.4 |  |  | (0.1) |  |  | 10.1 |  |  | (1.4) |  |  | 17.5 |  |  | (1.5) |
Commercial mortgage-backed securities | 0.4 |  |  | — |  |  | 4.1 |  |  | (0.4) |  |  | 4.5 |  |  | (0.4) |
Asset backed securities | — |  |  | — |  |  | 4.1 |  |  | — |  |  | 4.1 |  |  | — |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |
U.S. government and agencies | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Commercial paper | 6.3 |  |  | — |  |  | — |  |  | — |  |  | 6.3 |  |  | — |
Corporate securities | 7.4 |  |  | — |  |  | — |  |  | — |  |  | 7.4 |  |  | — |
Total | $ | 96.2 |  |  | $ | (0.8) |  |  | $ | 51.1 |  |  | $ | (2.7) |  |  | $ | 147.3 |  |  | $ | (3.5) |
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):
| March 31, 2025
| Amortized Cost |  | Fair Value
Due to mature: |  |  |
One year or less | $ | 39.0 |  |  | $ | 39.0 |
After one year through five years | 102.4 |  |  | 102.5 |
After five years through ten years | 32.7 |  |  | 33.4 |
After ten years | 1.3 |  |  | 1.2 |
Residential mortgage-backed securities | 20.9 |  |  | 19.8 |
Commercial mortgage-backed securities | 7.1 |  |  | 6.8 |
Asset backed securities | 9.5 |  |  | 9.5 |
Total fixed maturities available-for-sale | $ | 212.9 |  |  | $ | 212.2 |
Summary of Investment Income | The Company’s net investment income is comprised of the following (in millions):
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
Interest on cash and cash equivalents | $ | 2.1 |  |  | $ | 2.2 |  |  |  |  |
Fixed maturities income | 2.8 |  |  | 1.8 |  |  |  |  |
Short-term investment income | 1.1 |  |  | 2.0 |  |  |  |  |
Total gross investment income | 6.0 |  |  | 6.0 |  |  |  |  |
Investment expenses | (0.2) |  |  | (0.1) |  |  |  |  |
Net investment income | $ | 5.8 |  |  | $ | 5.9 |  |  |  |  |

X
- Definition Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-9 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aaa) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-2 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-3 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479106/326-30-50-4 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(8)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(9)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1 + Details
Name: | us-gaap_InvestmentIncomeTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration