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