Fair Value Measurements

9 Months Ended

Sep. 30, 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 September 30, 2025 and December 31, 2024 ($ in millions):

	September 30, 2025
	Level 1		Level 2		Level 3		Total
Financial Assets:
Corporate debt securities	$	—	$	490.7	$	—	$	490.7
U.S. Government obligations	—		132.4		—		132.4
Asset-backed securities	—		43.6		—		43.6
Non-U.S. government obligations	—		15.1		—		15.1
Fixed maturities	$	—	$	681.8	$	—	$	681.8
Short term investments	—		23.5		—		23.5
Total	$	—	$	705.3	$	—	$	705.3
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 September 30, 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 nine months ended September 30, 2025 and for the year ended December 31, 2024.