SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of share-based compensation expense

The following table displays warrant compensation expense recorded in the consolidated statements of operations and comprehensive loss:

	Years Ended December 31,
	2022		2021		2020
	(dollars in millions)
Warrant compensation expense:
Sales and marketing	$	8.8	$	8.8	$	—
Other insurance (benefit) expense	5.7		—		—
Total warrant compensation expense	$	14.5	$	8.8	$	—

The following table displays employee share-based compensation expense recorded in the consolidated statements of operations and comprehensive loss:

	Years Ended December 31,
	2022		2021		2020
	(dollars in millions)
Share-based compensation expense:
Loss and loss adjustment expenses	$	0.7	$	1.5	$	0.6
Sales and marketing	0.8		1.0		1.0
Other insurance (benefit) expense	0.8		1.6		1.0
Technology and development	3.3		4.5		5.8
General and administrative	24.9		10.7		20.4
Total share-based compensation expense	$	30.5	$	19.3	$	28.8

The following table provides total employee share-based compensation expense by type of award:

	Years Ended December 31,
	2022		2021		2020
	(dollars in millions)
Share-based compensation expense:
Restricted stock unit expense	$	28.8	$	14.9	$	0.6
Stock option expense	1.7		4.4		28.2
Total share-based compensation expense	$	30.5	$	19.3	$	28.8

Summary of warrants issued

The following table provides other key terms of the warrants:

Warrants	Exercise Price		Shares Issued (in millions)	Grant Date Fair Value per Share		Vesting Condition
Short-Term
Tranche 1	$	180.00	2.4	$	0.42	Completing the Integrated Platform
Tranche 2	$	198.00	3.2	$	0.37	50,000 policy originations
Tranche 3	$	216.00	1.6	$	0.18	75,000 policy originations
Total Short-Term			7.2
Long-Term
Tranche 1	$	180.00	1.4	$	0.42	100,000 policy originations
Tranche 2	$	225.00	1.5	$	0.35	200,000 policy originations
Tranche 3	$	270.00	1.5	$	0.24	300,000 policy originations
Tranche 4	$	405.00	1.5	$	0.09	400,000 policy originations
Tranche 5	$	540.00	1.3	$	0.04	500,000 policy originations
Total Long-Term			7.2

Summary of RSU activity

Restricted Stock Units

A summary of RSU activity for the year ended December 31, 2022 and 2021 is as follows:

Restricted Stock Units	Number of Shares	Weighted-Average Grant Date Fair Value per Share		Aggregate Intrinsic Value
	(in millions, except per share amounts)
Nonvested at January 1, 2021	—	$	331.38	$	6.2
Granted	0.7	165.06
Vested	—	325.62		1.0
Forfeited, expired or canceled	(0.2)	184.32
Nonvested at December 31, 2021	0.5	162.36		$	27.4
Granted	1.1	31.34
Vested	(0.1)	135.25		3.3
Forfeited, expired or canceled	(0.4)	81.38
Nonvested at December 31, 2022	1.1	$	51.81	$	5.0

Summary of option activity

A summary of option activity for the years ended December 31, 2022 and 2021 is as follows:

Options	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in Years)	Aggregate Intrinsic Value
	(in millions, except exercise price and term amounts)
Outstanding at January 1, 2021	0.6	$	43.02	7.75	$	137.7
Granted	—	194.76
Exercised	(0.2)	30.24			24.1
Forfeited, expired or canceled	—	79.92
Outstanding at December 31, 2021	0.4	$	42.48	6.12	$	9.5
Granted	—	21.42
Exercised	(0.1)	6.60			1.9
Forfeited, expired or canceled	(0.1)	83.89
Outstanding at December 31, 2022	0.2	$	38.15	5.63	$	0.2

Schedule of exercise price range

A summary of total options outstanding and exercisable at December 31, 2022:

	Options Outstanding and Exercisable
Options	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in Years)
	(in millions, except exercise price and term amounts)
Range of Exercise Prices:
$0.06 - $21.42	0.1	$	5.06	4.84
$21.42 - $130.50	0.1	$	51.97	6.34
$130.50 - $231.66	—	$	150.11	7.00