v3.26.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2026
Dec. 31, 2025
Investments    
Fixed maturities available-for-sale, at fair value (amortized cost: $733.7 million and $706.0 million as of September 30, 2026 and December 31, 2025, respectively) $ 720.9 $ 708.8
Short-term investments (cost: $72.8 million and $14.1 million as of September 30, 2026 and December 31, 2025, respectively) 72.8 14.1
Total investments 793.7 722.9
Cash, cash equivalents and restricted cash 385.2 396.8
Premium receivable, net of allowance for credit losses of $6.1 million and $4.1 million as of September 30, 2026 and December 31, 2025, respectively 561.2 402.3
Reinsurance recoverable 121.2 153.4
Prepaid reinsurance premium 118.7 147.9
Deferred acquisition costs 18.4 12.1
Property and equipment, net 21.8 15.8
Intangible assets 8.1 8.1
Goodwill 19.0 19.0
Other assets 42.0 47.4
Total assets 2,089.3 1,925.7
Liabilities and Stockholders' Equity    
Unpaid loss and loss adjustment expense 321.2 303.1
Unearned premium 748.2 577.0
Trade payables 1.0 0.5
Funds held for reinsurance treaties 125.8 169.5
Deferred ceding commission 30.2 38.2
Ceded premium payable 35.0 23.9
Borrowings under financing agreement 231.6 158.1
Other liabilities and accrued expenses 124.5 121.8
Total liabilities 1,617.5 1,392.1
Commitments and Contingencies (Note 15)
Stockholders' equity    
Common stock, $0.00001 par value, 200,000,000 shares authorized; 77,864,430 and 75,907,215 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively 0.0 0.0
Additional paid-in capital 2,069.4 1,991.5
Accumulated deficit (1,587.2) (1,464.3)
Accumulated other comprehensive (loss) income (10.4) 6.4
Total stockholders' equity 471.8 533.6
Total liabilities and stockholders' equity $ 2,089.3 $ 1,925.7