Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy for Financial Assets and Liabilities

The following tables present the Company’s fair value hierarchy for financial assets and liabilities measured as of September 30, 2022 and December 31, 2021 ($ in millions):

	September 30, 2022
	Level 1		Level 2		Level 3		Total
Financial Assets:
Corporate debt securities	$	—	$	572.8	$	—	$	572.8
U.S. Government obligations	—		116.3		—		116.3
Municipal securities	—		1.2		—		1.2
Asset-backed securities	—		2.8		—		2.8
Fixed maturities	$	—	$	693.1	$	—	$	693.1
Short term investments	—		142.8		—		142.8
Total	$	—	$	835.9	$	—	$	835.9
Financial Liabilities:
Warrant Liability	$	—	$	—	$	0.8	$	0.8

	December 31, 2021
	Level 1		Level 2		Level 3		Total
Financial Assets:
Corporate debt securities	$	—	$	588.7	$	—	$	588.7
U.S. Government obligations	—		101.5		—		101.5
Municipal securities	—		1.2		—		1.2
Asset-backed securities	—		—		—		—
Fixed maturities	$	—	$	691.4	$	—	691.4
Short term investments	—		110.4		—		110.4
Total	$	—	$	801.8	$	—	$	801.8
Financial Liabilities:
Warrant Liability	$	—	$	—	$	—	$	—

Schedule of Warrant Liability

The following table below presents the change in fair value of the warrant liability ($ in millions):

	September 30, 2022
Balance as of January 1	$	—
Initial measurement of warrants liability as of July 31, 2022	0.5
Change in fair value	0.3
Balance as of September 30	$	0.8

Fair Value Measurement Inputs and Valuation Techniques

The Company utilized the binomial Monte-Carlo simulation to estimate the fair value of these warrants which are currently not actively traded as of reporting date, and are determined based on the following assumptions:

	September 30, 2022
Weighted average expected term (years)	3.36
Risk-free interest rate	4.2%
Volatility	80%
Expected dividend yield	—