v3.25.2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets and Liabilities
The following tables provide information about our financial assets measured and reported at fair value as of June 30, 2025 and December 31, 2024:

June 30, 2025
Level 1Level 2Level 3Total
Fair Value
(dollars in millions)
Assets
Fixed maturities:
U.S. Treasury securities$48.0 $— $— $48.0 
Municipal securities— 22.3 — 22.3 
Corporate debt securities— 122.6 — 122.6 
Asset-backed securities— 126.3 — 126.3 
Total fixed maturities48.0 271.2 — 319.2 
Short-term investments3.5 — — 3.5 
Cash equivalents349.5 — — 349.5 
Total assets at fair value $401.0 $271.2 $— $672.2 
December 31, 2024
Level 1Level 2Level 3Total
Fair Value
(dollars in millions)
Assets
Fixed maturities:
U.S. Treasury securities and agencies$46.2 $— $— $46.2 
Municipal securities— 23.5 — 23.5 
Corporate debt securities— 105.7 — 105.7 
Asset-backed securities— 116.6 — 116.6 
Total fixed maturities46.2 245.8 — 292.0 
Short-term investments11.8 3.0 — 14.8 
Cash equivalents342.4 — — 342.4 
Total assets at fair value $400.4 $248.8 $— $649.2 
Schedule of Carrying Amounts and Fair Values of Financial Instruments As of June 30, 2025 and December 31, 2024, the carrying amounts and fair values of these financial instruments were as follows:
Carrying Amount
as of
June 30, 2025
Estimated Fair Value as of June 30, 2025
Carrying Amount
as of
December 31, 2024
Estimated Fair Value as of December 31, 2024
(dollars in millions)
Long-term debt$200.1 $204.6 $200.1 $204.9