v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
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:
March 31, 2026
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
(in millions)
Fixed maturities available-for-sale:
U.S. government and agencies$87.4 $— $(0.4)$87.0 
States and other territories7.4 — (0.1)7.3 
Corporate securities144.9 1.4 (0.4)145.9 
Residential mortgage-backed securities37.0 0.1 (1.0)36.1 
Commercial mortgage-backed securities4.1 — (0.1)4.0 
Asset backed securities18.5 — (0.1)18.4 
Total fixed maturities available-for-sale299.3 1.5 (2.1)298.7 
Short-term investments:
U.S. government and agencies87.0 — — 87.0 
Corporate securities38.3 — (0.1)38.2 
Total short-term investments125.3 — (0.1)125.2 
Total$424.6 $1.5 $(2.2)$423.9 
December 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
(in millions)
Fixed maturities available-for-sale:
U.S. government and agencies$75.7 $0.1 $(0.1)$75.7 
States and other territories8.2 0.1 (0.1)8.2 
Corporate securities144.0 2.6 (0.2)146.4 
Residential mortgage-backed securities38.2 0.4 (0.9)37.7 
Commercial mortgage-backed securities5.2 — (0.2)5.0 
Asset backed securities20.4 — — 20.4 
Total fixed maturities available-for-sale291.7 3.2 (1.5)293.4 
Short-term investments:
U.S. government and agencies103.5 — — 103.5 
Corporate securities49.0 — — 49.0 
Total short-term investments152.5 — — 152.5 
Total$444.2 $3.2 $(1.5)$445.9 
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, 2026, and December 31, 2025:
March 31, 2026
Less than 12 months12 months or moreTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
(in millions)
Fixed maturities available-for-sale:
U.S. government and agencies$63.8 $(0.4)$2.2 $— $66.0 $(0.4)
States and other territories0.8 — 1.9 (0.1)2.7 (0.1)
Corporate securities62.3 (0.3)6.9 (0.1)69.2 (0.4)
Residential mortgage-backed securities11.1 (0.1)8.2 (0.9)19.3 (1.0)
Commercial mortgage-backed securities13.0 — 2.6 (0.1)15.6 (0.1)
Asset backed securities— — — (0.1)— (0.1)
Short-term investments:
Corporate securities34.0 (0.1)— — 34.0 (0.1)
Total $185.0 $(0.9)$21.8 $(1.3)$206.8 $(2.2)
December 31, 2025
Less than 12 months12 months or moreTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
(in millions)
Fixed maturities available-for-sale:
U.S. government and agencies$17.1 $— $3.2 $(0.1)$20.3 $(0.1)
States and other territories0.9 — 2.6 (0.1)3.5 (0.1)
Corporate securities7.5 — 8.6 (0.2)16.1 (0.2)
Residential mortgage-backed securities7.2 — 8.6 (0.9)15.8 (0.9)
Commercial mortgage-backed securities0.8 — 2.9 (0.2)3.7 (0.2)
Asset backed securities13.0 — 0.2 — 13.2 — 
Short-term investments:
Corporate securities
6.2 — — — 6.2 — 
Total$52.7 $— $26.1 $(1.5)$78.8 $(1.5)
Summary of Investments Classified by Contractual Maturity Date
The amortized cost and fair value of fixed maturities securities by contractual maturity are as follows:
March 31, 2026
Amortized CostFair Value
(in millions)
Due to mature:
One year or less$60.8 $60.7 
After one year through five years140.4 140.3 
After five years through ten years38.1 38.8 
After ten years0.4 0.4 
Residential mortgage-backed securities37.0 36.1 
Commercial mortgage-backed securities4.1 4.0 
Asset backed securities18.5 18.4 
Total fixed maturities available-for-sale$299.3 $298.7 
Summary of Investment Income
The Company’s net investment income is comprised of the following:
Three Months Ended March 31,
20262025
(in millions)
Investment income
6.8 6.0 
Investment expenses(0.1)(0.2)
Net investment income$6.7 $5.8