v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables present the Company’s fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025 ($ in millions):

March 31, 2026
Level 1Level 2Level 3Total
Financial Assets:
Corporate debt securities$— $490.9 $— $490.9 
U.S. Government obligations— 163.1 — 163.1 
Asset-backed securities— 50.7 — 50.7 
Non-U.S. government obligations
— 27.1 — 27.1 
Fixed maturities$— $731.8 $— $731.8 
Short term investments— 19.5 — 19.5 
Total$— $751.3 $— $751.3 
December 31, 2025
Level 1Level 2Level 3Total
Financial Assets:
Corporate debt securities$— $501.2 $— $501.2 
U.S. Government obligations— 140.1 — 140.1 
Asset-backed securities— 45.5 — 45.5 
Non-U.S. government obligations
— 22.0 — 22.0 
Fixed maturities $— $708.8 $— $708.8 
Short term investments— 14.1 — 14.1 
Total$— $722.9 $— $722.9 
Financial Liabilities:
Warrant Liability (1)
$— $— $— $— 
(1) Fair value of Public and Private warrant liability amounted to less than $0.1 million as of December 31, 2025. These warrants expired on February 9, 2026.

The carrying value of Borrowings under financing agreement approximates the fair value as of March 31, 2026 and December 31, 2025, and is classified as Level 3.
The fair value of all different classes of Level 2 fixed maturities and short-term investments are estimated by using quoted prices from a third-party valuation service provider to gather, analyze and interpret market information and derive fair values based upon relevant methodologies and assumptions for individual instruments.
There were no transfers between Level 1, Level 2, or Level 3 during the three months ended March 31, 2026 and for the year ended December 31, 2025.