Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Summary of Significant Accounting Policies

Cash, cash equivalents and restricted cash

The following represents the Company’s cash, cash equivalents and restricted cash as of March 31, 2023 and December 31, 2022:


	March 31,		December 31,
	2023		2022
Cash and cash equivalents	$	250.1	$	282.5
Restricted cash	4.7		4.0
Total cash, cash equivalents and restricted cash	$	254.8	$	286.5

Cash and cash equivalents consist primarily of bank deposits and money market accounts with maturities of three months or less at the date of acquisition and are stated at cost, which approximates fair value. The Company’s restricted cash primarily relates to security deposits for certain office leases. The Company also collects insurance policy premiums that it holds in a segregated cash account for transmittal to the underwriting carrier, or settlement of insurance related claims. The carrying value of restricted cash approximates fair value.

New Accounting Pronouncements

There are no new accounting standards not yet implemented that are expected to have a material effect on the Company's consolidated financial position or results of operations.