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Marketable Securities
 12 Months Ended
Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Marketable Securities Marketable Securities
The Company has investments in certain debt securities that have been classified as available-for-sale and recorded at fair value. These investments are included in both assets for securities with a maturity of one-year or less and assets for securities with a maturity of more than one-year. These securities are held in the Insurance Company and shown as restricted given that the transfer of these assets is subject to the approval of the state regulators. As of December 31, 2021 and December 31, 2020, deposits with various states consisted of bonds, cash and cash equivalents with carrying values of $5.2 million and $4.9 million, respectively.
Following the adoption of accounting guidance for credit losses on January 1, 2021, when marketable securities are in an unrealized loss position and the Company does not record an intent-to-sell impairment, the Company will record an allowance for credit losses ("ACL") for the portion of the unrealized loss due to a credit loss. Any remaining unrealized loss on a fixed maturity after recording an ACL is the non-credit amount and is recorded in other comprehensive income (loss) ("OCI"). The ACL is the excess of the amortized cost over the greater of the Company's best estimate of the present value of expected future cash flows or the security's fair value. The ACL cannot exceed the unrealized loss and, therefore, it may fluctuate with changes in the fair value of the fixed maturity if the fair value is greater than the Company's best estimate of the present value of expected future cash flows. The initial ACL and any subsequent changes are recorded in net
realized capital gains and losses. The ACL is written off against the amortized cost in the period in which all or a portion of the related fixed maturity is determined to be uncollectible. For further information refer to Note 1, Basis of Presentation and Significant Accounting Policies.
Prior to January 1, 2021, when evaluating an investment for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, changes in market interest rates and the Company’s intent to sell, or whether it is more likely than not it will be required to sell the investment before recovery of the investment’s cost basis. Unrealized gains and losses arising from the revaluation of available-for-sale securities are included in the consolidated statements of other comprehensive loss. Realized gains and losses on sales of investments are generally determined using the specific identification method and are included in the consolidated statements of operations.
As of December 31, 2021 and December 31, 2020, the Company did not recognize credit losses or other-than-temporarily impairment losses, respectively.
The amortized cost and fair value of investments in fixed maturities classified as available-for-sale as of December 31, 2021 and December 31, 2020 are presented below (in thousands):
As of December 31, 2021
Amortized
Cost		ACL¹Unrealized
Gain		Unrealized
Loss		Estimated
Fair Value
Marketable securities - restricted
Corporate debt securities$2,547 $— $— $(2)$2,545 
U.S. treasury and agency securities35,385 — — (104)35,281 
Commercial paper16,081 — — — 16,081 
Asset backed securities8,728 — — (10)8,718 
Total marketable securities - restricted$62,741 $— $— $(116)$62,625 
¹ Represents the ACL recorded following the adoption of accounting guidance for credit losses on January 1, 2021. For further information refer to Note 1, Basis of Presentation and Significant Accounting Policies.
As of December 31, 2020
Amortized
Cost		Unrealized
Gain		Unrealized
Loss		Estimated
Fair Value
Marketable securities - restricted
Corporate debt securities$5,938 $17 $— $5,955 
U.S. treasury securities6,994 — — 6,994 
Commercial paper8,791 — — 8,791 
Asset backed securities2,911 — — 2,911 
Total marketable securities - restricted$24,634 $17 $— $24,651 
The amortized cost and estimated fair value of marketable securities as of December 31, 2021 and December 31, 2020 and are shown below by contractual maturity (in thousands):
As of December 31,
2021
Amortized
Cost		Estimated
Fair Value
Due within one year$41,603 $41,596 
Due between one to five years21,138 21,029 
$62,741 $62,625 
As of December 31,
2020
Amortized
Cost		Estimated
Fair Value
Due within one year$21,603 $21,629 
Due between one to five years3,031 3,022 
$24,634 $24,651 
The following table summarizes, for all fixed maturities classified as available-for-sale in an unrealized loss position at December 31, 2021, the aggregate fair value and gross unrealized loss by length of time those securities have been continuously in an unrealized loss position. The fair value amounts reported in the tables are estimates that are prepared using the process described in Note 2, Fair Value. The Company also relies upon estimates of several factors in its review and evaluation of individual investments, using the process described in Note 1, Basis of Presentation and Significant Accounting Policies in determining whether a credit loss impairment exists.
As of December 31, 2021
Less Than 12 Months12 Months or LongerTotal
Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Marketable securities - restricted
Corporate debt securities$737 $(2)$— $— $737 $(2)
U.S. treasury and agency securities31,809 (104)— — 31,809 (104)
Commercial paper1,808 — — — 1,808 — 
Asset backed securities8,716 (10)— — 8,716 (10)
Total in an unrealized loss position$43,070 $(116)$— $— $43,070 $(116)
As of December 31, 2020
Less Than 12 Months12 Months or LongerTotal
Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses		Fair ValueUnrealized
Losses
Marketable securities - restricted
Corporate debt securities$2,826 $— $— $— $2,826 $— 
U.S. treasury and agency securities1,016 — — — 1,016 — 
Commercial paper— — — — — — 
Asset backed securities593 — — — 593 — 
Total in an unrealized loss position$4,435 $— $— $— $4,435 $—