Fair Value Measurements

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 and December 31, 2024 ($ in millions):

	March 31, 2025
	Level 1		Level 2		Level 3		Total
Financial Assets:
Corporate debt securities	$	—	$	520.5	$	—	$	520.5
U.S. Government obligations	—		100.6		—		100.6
Asset-backed securities	—		27.0		—		27.0
Non-U.S. government obligations	—		7.5		—		7.5
Fixed maturities	$	—	$	655.6	$	—	$	655.6
Short term investments	—		20.5		—		20.5
Total	$	—	$	676.1	$	—	$	676.1
Financial Liabilities:
Warrant Liability (1)	$	—	$	—	$	—	$	—

	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 amounted to less than $0.1 million as of both March 31, 2025 and December 31, 2024.

The fair value of all 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 three months ended March 31, 2025 and for the year ended December 31, 2024.

Warrant liability

Public and private warrants were assumed from Metromile Inc. ("Metromile") as part of the acquisition in July 2022, and these warrants do not meet the criteria for equity treatment and were recorded as a liability and presented under "Other liabilities and accrued expenses" on the condensed 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 condensed consolidated statements of operations and comprehensive loss.

The public warrants liability is classified as Level 1 for fair value hierarchy disclosure purposes as of March 31, 2025, due to the use of an observable market quote in an active market, following the listing of the public warrants in the New York Stock Exchange American in March 2023. The private warrants liability is classified as Level 2 as the Company utilizes the observable prices of the public warrants in deriving the value of the private placement warrants. The change in fair value of the Public and Private warrant liability amounted to less than $0.1 million as of both March 31, 2025 and December 31, 2024.