CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2026 |
Sep. 30, 2025 |
Sep. 30, 2026 |
Sep. 30, 2025 |
|
| Revenue | ||||
| Net earned premium | $ 294.8 | $ 140.0 | $ 759.4 | $ 356.8 |
| Ceding commission income | 17.4 | 32.2 | 61.4 | 89.5 |
| Net investment income | 10.3 | 9.7 | 29.8 | 28.6 |
| Commission and other income | 13.6 | 12.6 | 37.9 | 34.9 |
| Total revenue | 336.1 | 194.5 | 888.5 | 509.8 |
| Expense | ||||
| Loss and loss adjustment expense, net | 187.4 | 89.6 | 474.7 | 252.5 |
| Other insurance expense | 29.2 | 24.1 | 80.0 | 71.6 |
| Sales and marketing | 82.7 | 57.4 | 226.5 | 160.2 |
| Technology development | 29.2 | 24.7 | 86.1 | 69.1 |
| General and administrative | 50.8 | 35.0 | 140.8 | 96.7 |
| Total expense | 379.3 | 230.8 | 1,008.1 | 650.1 |
| Loss before income taxes | (43.2) | (36.3) | (119.6) | (140.3) |
| Income tax expense | 0.5 | 1.2 | 3.3 | 3.5 |
| Net loss | (43.7) | (37.5) | (122.9) | (143.8) |
| Other comprehensive loss, net of tax | ||||
| Unrealized (loss) gain on investments in fixed maturities | (9.0) | 0.6 | (15.6) | 2.2 |
| Foreign currency translation adjustment | (1.1) | 0.4 | (1.2) | 9.1 |
| Comprehensive loss | $ (53.8) | $ (36.5) | $ (139.7) | $ (132.5) |
| Per share data: | ||||
| Net loss per share attributable to common stockholders—basic (usd per share) | $ (0.56) | $ (0.51) | $ (1.60) | $ (1.96) |
| Net loss per share attributable to common stockholders—diluted (usd per share) | $ (0.56) | $ (0.51) | $ (1.60) | $ (1.96) |
| Weighted average common shares outstanding—basic (in shares) | 77,544,773 | 74,194,138 | 76,949,983 | 73,520,889 |
| Weighted average common shares outstanding—diluted (in shares) | 77,544,773 | 74,194,138 | 76,949,983 | 73,520,889 |
| X | ||||||||||
- Definition Ceded Commission Income No definition available.
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- Definition Other Insurance Expense No definition available.
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- Definition The total amount of expense recognized during the period for future policy benefits, claims and claims adjustment costs, and for selling, general and administrative costs. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- References No definition available.
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- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Income from agency and brokerage operations (includes sales of annuities and supplemental contracts); service charges, commissions, and fees from the sale of insurance and related services; and management fees from separate accounts, deferred annuities, and universal life products. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after effects of reinsurance, of expense (reversal of expense) for claims incurred and costs incurred in the claim settlement process. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount, after tax and reclassification adjustment, of gain (loss) in value of unsold investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), attributable to parent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to parent entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount, after premiums ceded to other entities and premiums assumed by the entity, of premiums earned. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of expense for research and development. Includes, but is not limited to, cost for computer software product to be sold, leased, or otherwise marketed and writeoff of research and development assets acquired in transaction other than business combination or joint venture formation or both. Excludes write-down of intangible asset acquired in business combination or from joint venture formation or both, used in research and development activity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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- Definition The aggregate total amount of expenses directly related to the marketing or selling of products or services. No definition available.
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- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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