Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The following tables present the Company's fair value hierarchy for financial assets and liabilities measured as of December 31, 2024 and 2023 ($ in millions):

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Financial Assets:
Corporate debt securities	$	—	$	470.8	$	—	$	470.8
U.S. Government obligations	—		107.7		—		107.7
Asset-backed securities	—		22.9		—		22.9
Non U.S. government obligations	—		6.0		—		6.0
Fixed maturities	—		607.4		—		607.4
Short term investments	—		27.5		—		27.5
Total	$	—	$	634.9	$	—	$	634.9
Financial Liabilities:
Warrant liability (1)	$	—	$	—	$	—	$	—

(1) Fair value of Public and Private warrant liability classified as Level 1 amounted to less than $0.1 million as of December 31, 2024.

	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
Non U.S. government obligations	—		—		—		—
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 classified as Level 1 amounted to less than $0.1 million as of December 31, 2023.

The fair value of all our different classes of Level 2 fixed maturities and short-term investments are estimated by using quoted prices from a third-party valuation service provider to gather, analyze and interpret market information and derive fair values based upon relevant methodologies and assumptions for individual instruments.

There were no transfers between Level 1, Level 2, or Level 3 during the year ended December 31, 2024. There were no transfers between Level 1, Level 2 or Level 3 during the year ended December 31, 2023, other than the public and private warrants previously reported as Level 3 as discussed below.

Warrant liability

As part of the Metromile Acquisition as discussed in Note 5, public and private warrants were assumed from Metromile. These warrants do not meet the criteria for equity treatment and are recorded as a liability and presented under “Other liabilities and accrued expenses” on the consolidated balance sheets. These warrants are measured at fair value on a recurring basis at the end of each reporting period, with changes in fair value recognized and presented under “General and administrative expenses” in the consolidated statement of operations and comprehensive loss.

The public warrants liability is classified as Level 1 for fair value hierarchy disclosure purposes due to the use of an observable market quote in an active market, following the listing of the public warrants on New York Stock Exchange American in March 2023. The Company also reclassified the private warrants liability from Level 3 to Level 2, as the Company utilizes the observable prices of the public warrants in deriving the value of the private placement warrants.

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

	December 31,
	2024		2023
Balance as of January 1	$	—	$	0.3
Change in fair value	—		(0.3)
Balance as of December 31 (1)	$	—	$	—

                    

(1) Fair value of warrant liability amounted to less than $0.1 million as of December 31, 2024 and 2023.