v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Investments    
Fixed maturities available-for-sale, at fair value (amortized cost: $733.4 million and $706.0 million as of March 31, 2026 and December 31, 2025, respectively) $ 731.8 $ 708.8
Short-term investments (cost: $19.5 million and $14.1 million as of March 31, 2026 and December 31, 2025, respectively) 19.5 14.1
Total investments 751.3 722.9
Cash, cash equivalents and restricted cash 386.5 396.8
Premium receivable, net of allowance for credit losses of $4.5 million and $4.1 million as of March 31, 2026 and December 31, 2025, respectively 449.1 402.3
Reinsurance recoverable 145.5 153.4
Prepaid reinsurance premium 123.9 147.9
Deferred acquisition costs 14.2 12.1
Property and equipment, net 16.7 15.8
Intangible assets 8.1 8.1
Goodwill 19.0 19.0
Other assets 43.6 47.4
Total assets 1,957.9 1,925.7
Liabilities and Stockholders' Equity    
Unpaid loss and loss adjustment expense 308.8 303.1
Unearned premium 614.2 577.0
Trade payables 2.4 0.5
Funds held for reinsurance treaties 151.6 169.5
Deferred ceding commission 33.3 38.2
Ceded premium payable 21.1 23.9
Borrowings under financing agreement 179.6 158.1
Other liabilities and accrued expenses 128.9 121.8
Total liabilities 1,439.9 1,392.1
Commitments and Contingencies (Note 15)
Stockholders' equity    
Common stock, $0.00001 par value, 200,000,000 shares authorized; 76,786,720 and 75,907,215 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 0.0 0.0
Additional paid-in capital 2,017.4 1,991.5
Accumulated deficit (1,500.1) (1,464.3)
Accumulated other comprehensive income 0.7 6.4
Total stockholders' equity 518.0 533.6
Total liabilities and stockholders' equity $ 1,957.9 $ 1,925.7