Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2023 and December 31, 2022 ($ in millions):


	September 30, 2023
	Level 1		Level 2		Level 3		Total
Financial Assets:
Corporate debt securities	$	—	$	451.0	$	—	$	451.0
U.S. Government obligations	—		182.0		—		182.0
Asset-backed securities	—		0.4		—		0.4

Fixed maturities	$	—	$	633.4	$	—	$	633.4
Short term investments	—		73.4		—		73.4
Total	$	—	$	706.8	$	—	$	706.8

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

(1) Fair value of Public and Private warrant liability amounted to less than $0.1 million as of September 30, 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):


	September 30, 2023
Balance as of January 1	$	0.3

Change in fair value	(0.3)
Balance as of September 30 (1)	$	—

(1) Fair value of Public and Private warrant liability amounted to less than $0.1 million as of September 30, 2023.