v3.26.3
Segment Information
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company operates in one reportable segment providing personal property and casualty insurance products within the United States and Europe, including the UK. Insurance coverage under the homeowners multi-peril, inland marine and general liability and private passenger auto lines of business are offered to individual customers through its direct to consumer distribution channel which follows the same underwriting and claims process. The Company's Chief Operating Decision Maker (“CODM”) is the Chief Executive Officer. The CODM manages the Company’s operations, evaluates the operating performance and decides on allocation of resources based on segment / consolidated net income (loss). Loss and loss adjustment expenses and advertising expenses (growth spend), as included in "Sales and Marketing expenses", in the condensed consolidated statements of operations and comprehensive loss, represents the significant expenses which are regularly provided and reviewed by the CODM. The operating results of the personal property and casualty insurance reportable segment is presented in the following table below ($ in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2026202520262025
Total revenue$336.1 $194.5 $888.5 $509.8 
less: Loss and loss adjustment expenses, net187.4 89.6 474.7 252.5 
         Other insurance expense29.2 24.1 80.0 71.6 
         Sales and marketing12.1 11.3 37.1 26.3 
         Advertising expenses70.6 46.1 189.4 133.9 
         Technology development29.2 24.7 86.1 69.1 
         General and administrative40.1 30.3 113.5 87.2 
         Interest expense8.1 4.6 21.3 11.9 
         Depreciation and amortization2.6 3.4 7.7 12.6 
         Other expenses (1) (2) (3)
— (3.3)(1.7)(15.0)
         Income tax expense0.5 1.2 3.3 3.5 
Segment / Consolidated Net Loss$(43.7)$(37.5)$(122.9)$(143.8)
(1) Includes $11.7 million of tax refund received in the second quarter of 2025 under the Employee Retention Credit Program (See Note 12)
(2) Includes $2.3 million of gain from early lease termination (See Note 15) and $1.0 million recovery related to the settlement of previously disclosed data security matter (See Note 15) both recorded in the third quarter of 2025.
(3) Includes $1.7 million recovery received in the first quarter of 2026 related to a pre-acquisition Metromile extra-contractual claim liability which was previously recorded in the third quarter of 2024.
The measure of segment assets is based on total assets as reported on the condensed consolidated balance sheets. The Company does not allocate its assets, including investments, or income taxes in evaluating the segment / consolidated net income (loss).
Gross written premium by location is as follows ($ in millions):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
LocationAmount% of GWPAmount% of GWPAmount% of GWPAmount% of GWP
California$88.9 19.7 %$70.2 21.1 %$240.5 20.5 %$191.9 22.0 %
Texas63.5 14.1 %42.0 12.6 %156.3 13.3 %113.3 13.0 %
New York40.1 8.9 %34.1 10.2 %107.4 9.1 %87.0 10.0 %
Washington21.6 4.8 %17.0 5.1 %58.9 5.0 %44.5 5.1 %
Illinois20.1 4.5 %16.0 4.8 %50.8 4.3 %41.7 4.8 %
Colorado19.2 4.3 %11.8 3.5 %48.2 4.1 %29.3 3.4 %
New Jersey18.0 4.0 %14.9 4.5 %47.9 4.1 %39.4 4.5 %
Florida15.0 3.3 %9.8 2.9 %39.2 3.3 %24.3 2.8 %
Pennsylvania13.0 2.9 %9.5 2.9 %33.3 2.8 %24.8 2.8 %
Arizona12.4 2.8 %8.2 2.5 %32.8 2.8 %21.7 2.5 %
All other118.5 26.2 %86.5 26.0 %307.4 26.3 %221.8 25.4 %
US430.3 95.5 %320.0 96.1 %1,122.7 95.6 %839.7 96.3 %
Europe and UK20.4 4.5 %13.3 3.9 %51.9 4.4 %32.3 3.7 %
Total$450.7 100.0 %$333.3 100.0 %$1,174.6 100.0 %$872.0 100.0 %