Fair Value Measurements (Tables)

12 Months Ended

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


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Financial Assets:
Corporate debt securities	$	—	$	449.9	$	—	$	449.9
U.S. Government obligations	—		175.9		—		175.9
Asset-backed securities	—		1.6		—		1.6

Fixed maturities	—		627.4		—		627.4
Short term investments	—		45.8		—		45.8
Total	$	—	$	673.2	$	—	$	673.2

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

(1) Fair value of Public and Private warrant liability amounted to less than $0.1 million as of December 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

Fair value measurement inputs and valuation techniques

The Company utilized the binomial Monte-Carlo simulation to estimate the fair value of these warrants which were not actively traded as of December 31, 2022, and are determined based on the following assumptions:


						December 31, 2022
Weighted average expected term (years)						3.11
Risk-free interest rate						4.2%
Volatility						80%
Expected dividend yield						—%

Schedule of warrant liability

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


	December 31,
	2023		2022
Balance as of January 1	$	0.3	$	—
Initial measurement of warrants liability as of July 31, 2022	—		0.5
Change in fair value	(0.3)		(0.2)
Balance as of December 31	$	—	$	0.3