v3.26.1
Unaudited Interim Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Investments:    
Fixed maturities available-for-sale, at fair value (amortized cost: $299.3 million and $291.7 million, respectively) $ 298.7 $ 293.4
Short-term investments, at fair value (amortized cost: $125.3 million and $152.5 million, respectively) 125.2 152.5
Total investments 423.9 445.9
Cash and cash equivalents 275.4 218.3
Restricted cash 29.4 31.8
Accounts receivable, net of allowance of $0.3 million and $0.2 million, respectively 282.1 250.1
Reinsurance recoverable on paid and unpaid losses and LAE 398.1 346.6
Prepaid reinsurance premiums 386.7 353.7
Ceding commissions receivable 132.8 98.7
Capitalized internal use software 42.3 43.0
Intangible assets 13.6 13.8
Other assets 77.6 103.6
Total assets 2,061.9 1,905.5
Liabilities:    
Loss and loss adjustment expense reserve 482.6 420.4
Unearned premiums 615.3 579.7
Reinsurance premiums payable 356.3 304.4
Provision for commission 39.3 36.3
Surplus note 47.9 47.9
Accrued expenses and other liabilities 71.8 80.7
Total liabilities 1,613.2 1,469.4
Commitments and contingencies (Note 12)
Stockholders’ equity:    
Common stock, $0.0001 par value per share; 80,000,000 shares authorized as of March 31, 2026 and December 31, 2025; 26,035,917 and 25,699,704 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 0.0 0.0
Additional paid-in capital 1,659.4 1,651.5
Accumulated other comprehensive (loss) income (0.6) 1.8
Accumulated deficit (1,210.1) (1,217.2)
Total stockholders’ equity 448.7 436.1
Total liabilities and stockholders’ equity $ 2,061.9 $ 1,905.5