Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022 ($ in millions):


	March 31, 2023
	Level 1		Level 2		Level 3		Total
Financial Assets:
Corporate debt securities	$	—	$	545.4	$	—	$	545.4
U.S. Government obligations	—		101.3		—		101.3
Asset-backed securities	—		1.8		—		1.8

Fixed maturities	$	—	$	648.5	$	—	$	648.5
Short term investments	—		89.4		—		89.4
Total	$	—	$	737.9	$	—	$	737.9

Financial Liabilities:
Warrant Liability (1)	$	—	$	—	$	—	$	—

(1) Fair value of Public and Private warrant liability amounted to less than $0.1 million as of March 31, 2023.


	December 31, 2022
	Level 1		Level 2		Level 3		Total
Financial Assets:
Corporate debt securities	$	—	$	530.2	$	—	$	530.2
U.S. Government obligations	—		117.3		—		117.3
Asset-backed securities	—		2.8		—		2.8

Fixed maturities	$	—	$	650.3	$	—	650.3
Short term investments	—		99.8		—		99.8
Total	$	—	$	750.1	$	—	$	750.1

Financial Liabilities:
Warrant Liability	$	—	$	—	$	0.3	$	0.3

Schedule of warrant liability

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


	March 31, 2023
Balance as of January 1	$	0.3
Initial measurement of warrants liability as of July 31, 2022	—
Change in fair value	(0.3)
Balance as of March 31 (1)	$	—

(1) Fair value of Public and Private warrant liability amounted to less than $0.1 million as of March 31, 2023.