v3.26.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Summary of Fixed Maturities Securities and Short-term Investments
The amortized cost and fair value of fixed maturities securities and short-term investments are as follows:
September 30, 2026
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
(in millions)
Fixed maturities available-for-sale:
U.S. government and agencies$98.7 $— $(2.5)$96.2 
States and other territories7.1 — (0.3)6.8 
Corporate securities250.0 0.1 (7.9)242.2 
Residential mortgage-backed securities60.6 — (3.6)57.0 
Commercial mortgage-backed securities3.1 — (0.2)2.9 
Asset backed securities31.2 — — 31.2 
Total fixed maturities available-for-sale450.7 0.1 (14.5)436.3 
Short-term investments:
U.S. government and agencies51.5 — — 51.5 
Corporate securities11.3 — — 11.3 
Total short-term investments62.8 — — 62.8 
Total$513.5 $0.1 $(14.5)$499.1 
December 31, 2025
Amortized CostGross Unrealized GainsGross Unrealized LossesFair Value
(in millions)
Fixed maturities available-for-sale:
U.S. government and agencies$75.7 $0.1 $(0.1)$75.7 
States and other territories8.2 0.1 (0.1)8.2 
Corporate securities144.0 2.6 (0.2)146.4 
Residential mortgage-backed securities38.2 0.4 (0.9)37.7 
Commercial mortgage-backed securities5.2 — (0.2)5.0 
Asset backed securities20.4 — — 20.4 
Total fixed maturities available-for-sale291.7 3.2 (1.5)293.4 
Short-term investments:
U.S. government and agencies103.5 — — 103.5 
Corporate securities49.0 — — 49.0 
Total short-term investments152.5 — — 152.5 
Total$444.2 $3.2 $(1.5)$445.9 
Summary of Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value
The following tables present the gross unrealized losses and related fair values for the Company’s investments in available-for-sale debt securities and short-term investments, grouped by duration of time in a continuous unrealized loss position as of September 30, 2026, and December 31, 2025:
September 30, 2026
Less than 12 months12 months or moreTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
(in millions)
Fixed maturities available-for-sale:
U.S. government and agencies$90.9 $(2.4)$1.8 $(0.1)$92.7 $(2.5)
States and other territories5.2 (0.2)1.6 (0.1)6.8 (0.3)
Corporate securities216.5 (7.8)6.7 (0.1)223.2 (7.9)
Residential mortgage-backed securities49.5 (2.5)7.2 (1.1)56.7 (3.6)
Commercial mortgage-backed securities0.4 — 1.6 (0.2)2.0 (0.2)
Total $362.5 $(12.9)$18.9 $(1.6)$381.4 $(14.5)
December 31, 2025
Less than 12 months12 months or moreTotal
Fair ValueGross Unrealized LossesFair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
(in millions)
Fixed maturities available-for-sale:
U.S. government and agencies$17.1 $— $3.2 $(0.1)$20.3 $(0.1)
States and other territories0.9 — 2.6 (0.1)3.5 (0.1)
Corporate securities7.5 — 8.6 (0.2)16.1 (0.2)
Residential mortgage-backed securities7.2 — 8.6 (0.9)15.8 (0.9)
Commercial mortgage-backed securities0.8 — 2.9 (0.2)3.7 (0.2)
Asset backed securities13.0 — 0.2 — 13.2 — 
Short-term investments:
Corporate securities
6.2 — — — 6.2 — 
Total$52.7 $— $26.1 $(1.5)$78.8 $(1.5)
Summary of Investments Classified by Contractual Maturity Date
The amortized cost and fair value of fixed maturities securities by contractual maturity are as follows:
September 30, 2026
Amortized CostFair Value
(in millions)
Due to mature:
One year or less$52.9 $52.7 
After one year through five years192.7 187.9 
After five years through ten years106.3 100.9 
After ten years3.9 3.7 
Residential mortgage-backed securities60.6 57.0 
Commercial mortgage-backed securities3.1 2.9 
Asset backed securities31.2 31.2 
Total fixed maturities available-for-sale$450.7 $436.3 
Summary of Investment Income
The Company’s net investment income is comprised of the following:
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
(in millions)
Investment income
$8.1 $7.4 $21.7 $19.2 
Investment expenses(0.1)(0.1)(0.4)(0.4)
Net investment income$8.0 $7.3 $21.3 $18.8