v3.26.3
Unaudited Interim Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Investments:    
Fixed maturities available-for-sale, at fair value (amortized cost: $450.7 million and $291.7 million, respectively) $ 436.3 $ 293.4
Short-term investments, at fair value (amortized cost: $62.8 million and $152.5 million, respectively) 62.8 152.5
Total investments 499.1 445.9
Cash and cash equivalents 311.8 218.3
Restricted cash 15.0 31.8
Accounts receivable, net of allowance of $0.3 million and $0.2 million, respectively 420.6 250.1
Reinsurance recoverable on paid and unpaid losses and LAE 547.5 346.6
Prepaid reinsurance premiums 554.2 353.7
Ceding commissions receivable 254.4 98.7
Capitalized internal use software 40.9 43.0
Intangible assets 13.1 13.8
Other assets 95.6 103.6
Total assets 2,752.2 1,905.5
Liabilities:    
Loss and loss adjustment expense reserve 642.7 420.4
Unearned premiums 867.9 579.7
Reinsurance premiums payable 590.4 304.4
Provision for commission 50.6 36.3
Surplus note 47.9 47.9
Accrued expenses and other liabilities 83.7 80.7
Total liabilities 2,283.2 1,469.4
Commitments and contingencies (Note 12)
Stockholders’ equity:    
Common stock, $0.0001 par value per share; 80,000,000 shares authorized as of September 30, 2026 and December 31, 2025; 26,621,710 and 25,699,704 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 0.0 0.0
Additional paid-in capital 1,674.7 1,651.5
Accumulated other comprehensive (loss) income (14.5) 1.8
Accumulated deficit (1,191.2) (1,217.2)
Total stockholders’ equity 469.0 436.1
Total liabilities and stockholders’ equity $ 2,752.2 $ 1,905.5