v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net loss $ (122.9) $ (143.8)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 7.7 12.6
Stock-based compensation 68.9 42.8
Amortization of premium on bonds (3.5) (4.4)
Provision for bad debt 22.1 14.1
Gain on early lease termination 0.0 (2.3)
Changes in operating assets and liabilities:    
Premium receivable (181.0) (108.2)
Reinsurance recoverable 32.2 2.7
Prepaid reinsurance premium 29.2 50.2
Deferred acquisition costs (6.3) (1.3)
Other assets 5.2 3.6
Unpaid loss and loss adjustment expense 18.1 14.0
Unearned premium 171.2 112.9
Trade payables 0.5 0.6
Funds held for reinsurance treaties (43.7) (17.1)
Deferred ceding commission (8.0) (15.6)
Ceded premium payable 11.1 (4.8)
Other liabilities and accrued expenses 2.5 6.8
Net cash provided by (used in) operating activities 3.3 (37.2)
Cash flows from investing activities:    
Proceeds from short-term investments sold or matured 23.0 28.0
Proceeds from bonds sold or matured 412.5 299.6
Cost of short-term investments acquired (81.2) (23.7)
Cost of bonds acquired (436.9) (367.8)
Purchases of property and equipment (13.5) (6.3)
Net cash used in investing activities (96.1) (70.2)
Cash flows from financing activities:    
Proceeds from borrowings under financing agreement 140.8 96.3
Payments on borrowings under financing agreement (67.4) (40.7)
Proceeds from stock exercises 9.0 12.5
Net cash provided by financing activities 82.4 68.1
Effect of exchange rate changes on cash, cash equivalents and restricted cash (1.2) 9.1
Net decrease in cash, cash equivalents and restricted cash (11.6) (30.2)
Cash, cash equivalents and restricted cash at beginning of period 396.8 385.7
Cash, cash equivalents and restricted cash at end of period 385.2 355.5
Supplemental disclosure of cash flow information:    
Cash paid for income taxes 1.8 2.2
Cash paid for interest expense on borrowings under financing agreement 19.9 11.2
Non-cash transaction:    
Right-of-use assets derecognized due to modified lease liability $ 0.0 $ 3.1