INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2026

Investments, Debt and Equity Securities [Abstract]

Schedule of Amortized Cost and Fair Value and Gross and Net Realized and Unrealized Gains and Losses and Contractual Maturity

The amortized cost and fair value of short-term investments and available-for-sale fixed maturity securities at June 30, 2026 and December 31, 2025 are as follows:


	June 30, 2026
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(dollars in millions)
Fixed maturities:
United States Treasury securities and agencies	$	58.3	$	—	$	0.1	$	(0.2)	$	58.2
Municipal securities	22.0		—		0.1		(0.1)		22.0
Corporate debt securities	237.0		—		0.6		(1.5)		236.1
Asset-backed securities	191.0		—		0.4		(1.4)		190.0
Total fixed maturities	508.3		—		1.2		(3.2)		506.3
Short-term investments	10.8		—		—		—		10.8
Total	$	519.1	$	—	$	1.2	$	(3.2)	$	517.1

	December 31, 2025
	Amortized Cost		Allowance for Expected Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(dollars in millions)
Fixed maturities:
United States Treasury securities and agencies	$	48.4	$	—	$	0.8	$	—	$	49.2
Municipal securities	23.0		—		0.3		(0.1)		23.2
Corporate debt securities	157.3		—		1.9		(0.2)		159.0
Asset-backed securities	154.4		—		1.5		(0.3)		155.6
Total fixed maturities	$	383.1	$	—	$	4.5	$	(0.6)	$	387.0

The following table reflects the gross and net realized gains and losses on short-term investments and available-for-sale fixed maturities that have been included in the condensed consolidated statements of operations and comprehensive income for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(dollars in millions)
Realized gains on investments	$	—	$	—	$	0.1	$	—
Realized losses on investments	—		—		—		—
Net realized gains on investments	$	—	$	—	$	0.1	$	—

The following table sets forth the amortized cost and fair value of short-term investments and available-for-sale fixed maturity securities by contractual maturity at June 30, 2026:


	June 30, 2026
	Amortized Cost		Fair Value
	(dollars in millions)
Due in one year or less	$	56.7	$	56.6
Due after one year through five years	329.7		328.8
Due five years through 10 years	54.2		53.8
Due after 10 years	78.5		77.9
Total	$	519.1	$	517.1

Schedule of Unrealized Losses

The following tables reflect the gross unrealized losses and fair value of short-term investments and available-for-sale fixed maturity securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2026 and December 31, 2025:


	June 30, 2026
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
	(dollars in millions)
Fixed maturities:
United States Treasury securities and agencies	$	30.2	$	(0.2)	$	0.8	$	—	$	31.0	$	(0.2)
Municipal securities	8.7		(0.1)		2.9		—		11.6		(0.1)
Corporate debt securities	159.1		(1.3)		6.3		(0.2)		165.4		(1.5)
Asset-backed securities	113.5		(1.2)		4.1		(0.2)		117.6		(1.4)
Total fixed maturities	311.5		(2.8)		14.1		(0.4)		325.6		(3.2)
Short-term investments	10.8		—		—		—		10.8		—
Total	$	322.3	$	(2.8)	$	14.1	$	(0.4)	$	336.4	$	(3.2)

	December 31, 2025
	Less than 12 Months				12 Months or More				Total
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
	(dollars in millions)
Fixed maturities:
United States Treasury securities	$	2.0	$	—	$	0.7	$	—	$	2.7	$	—
Municipal securities	—		—		6.5		(0.1)		6.5		(0.1)
Corporate debt securities	21.5		—		7.4		(0.2)		28.9		(0.2)
Asset-backed securities	20.3		(0.1)		5.9		(0.2)		26.2		(0.3)
Total fixed maturities	$	43.8	$	(0.1)	$	20.5	$	(0.5)	$	64.3	$	(0.6)

Schedule of Net Investment Income

The following table sets forth the components of net investment income for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(dollars in millions)
Interest on fixed maturities and short-term investments	$	5.3	$	3.6	$	10.0	$	7.0
Interest on cash, cash equivalents, restricted cash, and restricted cash equivalents	4.8		6.3		10.1		12.3
Total	10.1		9.9		20.1		19.3
Impairment loss on other investments	(4.4)		—		(4.4)		—
Investment expense	(0.7)		(0.5)		(2.0)		(1.2)
Net investment income	$	5.0	$	9.4	$	13.7	$	18.1

Schedule of Credit Ratings

The following tables summarize the credit ratings of short-term investments and available-for-sale fixed maturity securities at June 30, 2026 and December 31, 2025:


	June 30, 2026
	Amortized Cost		Fair Value		% of Total Fair Value
	(dollars in millions)
S&P Global rating or equivalent
AAA	$	104.7	$	104.2	20.2	%
AA+, AA, AA-	218.2		217.4		42.0
A+, A, A-	155.8		155.2		30.0
BBB+, BBB, BBB-	40.4		40.3		7.8

Total	$	519.1	$	517.1	100.0	%


	December 31, 2025
	Amortized Cost		Fair Value		% of Total Fair Value
	(dollars in millions)
S&P Global rating or equivalent
AAA	$	81.5	$	82.1	21.2	%
AA+, AA, AA-	171.4		173.3		44.8
A+, A, A-	107.7		108.8		28.1
BBB+, BBB, BBB-	22.5		22.8		5.9
Total	$	383.1	$	387.0	100.0	%

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

- Definition

Tabular disclosure of all significant concentrations of risk, including credit risk and market risk, arising from all financial instruments (as defined), whether from an individual counterparty or groups of counterparties. The disclosure concerning concentrations of risk may consist of the following information: (1) for concentrations of credit risk disclosure may include: (a) information about the (shared) activity, region, or economic characteristic that identifies the concentration, (b) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the entity would incur if parties to the financial instruments that make up the concentration failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the entity, (c) the policy of requiring collateral or other security to support financial instruments subject to credit risk, information about the entity's access to that collateral or other security, and the nature and a brief description of the collateral or other security supporting those financial instruments, and (d) the policy of entering into master netting arrangements to mitigate the credit risk of financial instruments, information about the arrangements for which the entity is a party, and a brief description of the terms of those arrangements, including the extent to which they would reduce the entity's maximum amount of loss due to credit risk and (2) for disclosure of quantitative information about the market risks of financial instruments that is consistent with the way the company manages or adjusts those risks, disclosure may include: (a) more details about current positions and perhaps activity during the period, (b) the hypothetical effects on comprehensive income (or net assets), or annual income, of several possible changes in market prices, (c) a gap analysis of interest rate re-pricing or maturity dates, (d) the duration of the financial instruments, (e) the entity's value at risk from derivatives and from other positions at the end of the reporting period and the average value at risk during the year, or (f) other ways of reporting quantitative information as internally developed.

+ References + Details