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

Management reviewed the available-for-sale fixed maturity securities and short-term investments at each balance sheet date to consider whether it was necessary to recognize a credit loss as of June 30, 2026 and December 31, 2025. We do not intend to sell the securities, and it is not more likely than not that we will be required to sell the securities before recovery. Management concluded that the unrealized losses on the available-for-sale fixed maturity securities and short-term investments were due to non-credit related factors and, therefore, there was no allowance for credit loss as of June 30, 2026 and December 31, 2025.

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)

As of June 30, 2026 and December 31, 2025, other investments related to our private equity investments were zero and $4.4 million, respectively. During the three and six months ended June 30, 2026, we recognized an impairment loss of $4.4 million related to our private equity investments, which reduced the carrying amount of other investments to zero. The impairment loss was recorded in net investment income in our condensed consolidated statements of operations and comprehensive income. There were no realized or unrealized gains or losses recognized on private equity investments for the three and six months ended June 30, 2026 and 2025, and no impairment losses recognized for the three and six months ended June 30, 2025.

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	$	—


	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

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

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	%

Pursuant to certain regulatory requirements, we are required to hold assets on deposit with various state insurance departments for the benefit of policyholders. These special deposits are included in available-for-sale fixed maturity securities on the condensed consolidated balance sheets. As of June 30, 2026 and December 31, 2025, these required deposits had an amortized cost of $13.7 million and $15.7 million, respectively, and fair value of $13.8 million and $15.9 million, respectively. We maintain restricted cash equivalents and certain investments in a trust to meet collateral requirements with the fronting carrier. As of June 30, 2026 and December 31, 2025, we held investments in the trust of $87.5 million and $77.0 million, respectively. There are withdrawal and other restrictions on these deposits. Ultimately, when unearned premiums run off and loss reserves are paid under this program, any remaining trust balances will be released and available for general use.