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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenue        
Net earned premium $ 76.5 $ 31.2 $ 144.7 $ 58.6
Ceding commission income 17.5 15.5 34.7 29.5
Net investment income 5.6 1.2 10.6 2.1
Commission and other income 5.0 2.1 9.8 4.1
Total revenue 104.6 50.0 199.8 94.3
Expense        
Loss and loss adjustment expense, net 75.9 28.1 139.5 52.5
Other insurance expense 15.0 9.7 28.6 18.8
Sales and marketing 24.8 37.0 53.0 75.3
Technology development 24.1 17.8 45.9 34.7
General and administrative 30.7 22.4 63.4 50.6
Total expense 170.5 115.0 330.4 231.9
Loss before income taxes (65.9) (65.0) (130.6) (137.6)
Income tax expense 1.3 2.9 2.4 5.1
Net loss (67.2) (67.9) (133.0) (142.7)
Other comprehensive loss, net of tax        
Unrealized gain (loss) on investments in fixed maturities 1.2 (4.5) 7.2 (18.8)
Foreign currency translation adjustment 0.1 (5.5) (0.6) (6.6)
Comprehensive loss $ (65.9) $ (77.9) $ (126.4) $ (168.1)
Per share data:        
Net loss per share attributable to common stockholders—basic (usd per share) $ (0.97) $ (1.10) $ (1.92) $ (2.31)
Net loss per share attributable to common stockholders—diluted (usd per share) $ (0.97) $ (1.10) $ (1.92) $ (2.31)
Weighted average common shares outstanding—basic (in shares) 69,534,731 61,816,225 69,434,971 61,757,722
Weighted average common shares outstanding—diluted (in shares) 69,534,731 61,816,225 69,434,971 61,757,722