v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Investments:    
Fixed maturities available-for-sale, at fair value (amortized cost: $508.3 and $383.1 at June 30, 2026 and December 31, 2025, respectively) $ 506.3 $ 387.0
Short-term investments (amortized cost: $10.8 and zero at June 30, 2026 and December 31, 2025, respectively) 10.8 0.0
Other investments 0.0 4.4
Total investments 517.1 391.4
Cash and cash equivalents 509.6 669.3
Restricted cash and cash equivalents 65.2 20.6
Premiums receivable, net of allowance of $8.5 and $8.9 at June 30, 2026 and December 31, 2025, respectively 330.7 332.8
Reinsurance premiums receivable, net of allowance of zero at June 30, 2026 and December 31, 2025 87.0 96.3
Reinsurance recoverable, net of allowance of $0.1 at June 30, 2026 and December 31, 2025 25.2 33.5
Deferred policy acquisition costs 47.1 44.4
Other assets 86.6 86.2
Total assets 1,668.5 1,674.5
Liabilities:    
Loss and loss adjustment expense reserves 489.2 483.6
Unearned premiums 384.0 393.7
Long-term debt 197.8 200.3
Premiums payable 87.6 96.7
Accounts payable and accrued expenses 47.9 74.2
Other liabilities 22.1 29.7
Total liabilities 1,228.6 1,278.2
Commitments and Contingencies
Redeemable convertible preferred stock, $0.0001 par value, 100.0 shares authorized, 14.1 shares issued and outstanding at June 30, 2026 and December 31, 2025 (redemption value of $126.5) 112.0 112.0
Stockholders’ equity:    
Additional paid-in capital 1,910.2 1,922.0
Accumulated other comprehensive (loss) income (2.0) 3.9
Accumulated loss (1,580.3) (1,641.6)
Total stockholders’ equity 327.9 284.3
Total liabilities, redeemable convertible preferred stock and stockholders’ equity 1,668.5 1,674.5
Class A common stock    
Stockholders’ equity:    
Common stock 0.0 0.0
Class B convertible common stock    
Stockholders’ equity:    
Common stock $ 0.0 $ 0.0