v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 61.3 $ 40.4
Adjustments to reconcile net income to net cash provided by operating activities:    
Share-based compensation 16.0 14.8
Warrant compensation expense 3.5 0.0
Depreciation and amortization 5.8 4.0
Bad debt expense 19.1 17.8
Loss on extinguishment of debt 4.9 0.0
Net realized gains on investments (0.1) 0.0
Change in fair value of equity securities 4.4 0.0
Changes in operating assets and liabilities:    
Premiums receivable (17.0) (53.8)
Reinsurance premiums receivable 9.3 (14.2)
Reinsurance recoverable 8.3 19.3
Deferred policy acquisition costs (2.7) (9.5)
Other assets 4.3 9.0
Losses and loss adjustment expenses reserves 5.6 31.3
Unearned premiums (9.7) 41.3
Premiums payable (9.1) 13.8
Accounts payable and accrued expenses (28.9) (19.0)
Other liabilities (8.2) (16.4)
Net cash provided by operating activities 66.8 78.8
Cash flows from investing activities:    
Purchases of investments (173.2) (45.9)
Proceeds from maturities, calls and pay downs of investments 29.4 34.2
Sales of investments 4.7 0.1
Capitalization of internally developed software (7.2) (6.0)
Net cash used in investing activities (146.3) (17.6)
Cash flows from financing activities:    
Proceeds from exercise of stock options and restricted stock units 0.0 0.4
Taxes paid related to net share settlement of equity awards (10.5) (19.4)
Repurchase and retirement of common stock (20.7) 0.0
Proceeds from issuance of debt, net of issuance costs 197.7 0.0
Repayments of long-term debt (202.1) 0.0
Net cash used in financing activities (35.6) (19.0)
Net (decrease) increase in cash, cash equivalents, restricted cash, and restricted cash equivalents (115.1) 42.2
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period 689.9 600.3
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period $ 574.8 $ 642.5